This week's fake SuperContest picks:
Last week: 3-2, Overall: 8-6-1, Fake rank: 120 (out of 745), top 17%
First, an updated Super Bowl odds graph.
For starters, Philly and New Orleans have fallen out of the top 5, to be replaced by Baltimore and San Diego. Second, this is a good opportunity to revisit some pre-season bets..
Before the season, I proposed some futures bets for super bowl, conference, and division winners. As the season progresses, books will update some of these lines. This gives us the opportunity to revisit these lines and perhaps take advantage of some additional value.
In our original strategy, it was not enough for a line by itself to have positive outcome value, because these bets are all mutually exclusive - since only one team can win the super bowl, a winning bet on Pittsburgh also implies losing bets on San Francisco, New Orleans, et al. (Also implying a losing bet on New Orleans? Betting on New Orleans, apparently.) That is still true. This means that any new bets we make must meet that same standard - a winning bet must have a positive expected value even after all other bets are losers. With that said, here's some additional super bowl plays after Week 3.
Original bets: PIT 14/1 (4.06 BU), MIA 75/1 (0.54 BU), SF 9/1 (1.64 BU), NO 18/1 (1.12 BU), 7.36 BU total.
San Diego Chargers (25/1): 2.7 BU
Pittsburgh Steelers (20/1): 2.8 BU
Seattle Seahawks (30/1): 1.8 BU
Before we made these bets, a total of 7.36 BU had been wagered on the Super Bowl. This brings the total to 14.66 BU. The consequences of these additions is that some of our pre-season bets have become less valuable. Specifically, if SF and NO were to win, they are still positive, but just barely. The threshold for adding additional teams from this point forward will be that much higher as a result, i.e. it will need to make up for the fact that some pre-season bets become losers even if they win. You will also notice that we are putting additional money on Pittsburgh at 20/1. This is because additional Pittsburgh money does not cancel out our original Pittsburgh bet, so its easier to have a positive outcome. The second reason is that the odds have gotten longer, so even with the Steelers at 1-2 right now this looks like a chance to grab some more value.
We can run the same exercise on our conference wagers (new division lines have not been posted).
Original conference bets: SF 9/2 (3.74 BU), NO 9/1 (2.04 BU), MIA 30/1 (1.32 BU), PIT 6/1 (6.56 BU)
Additional conference bets:
SEA (14/1): 4.1 BU
SD (10/1): 3.6 BU
PIT (9/1): 3.8 BU
CAR (40/1): 0.7 BU
This will be the last time I add any NFC Conference teams, because I have essentially soaked all the value from my original SF bet - any more money on the NFC and it becomes negative even if it wins. There is still some headroom in the AFC for additional plays if they become attractive.