In theory, this site was going to be
solely about gambling, and things relating to Vegas odds (thus the name, of course). That obviously isn't how things worked out, which is probably a good thing. But it's still something I'm quite interested in.
One of my favorite things to do is to look at the Vegas lines to gauge the strength of teams. Before this site started, I did this for the NCAAs last year and Luke Winn actually
posted them on his SI blog. They ended up being a better predictor of tournament success than Pomeroy's percentages (BasketballProspectus.com
coming soon, BTW). So here are the percentages for each team to win the WS, according to the Vegas lines at five different sites (sportsbetting.com, sportsinteraction.com, betus.com, bodoglife.com, vip.com):

That Yankees percentage is absolutely enormous. They're 2:1 on two sites, which is pretty ridiculous. That being said, these lines wouldn't hold if people weren't betting on them, so they're clearly getting action. There are two schools of thought here.
The first is exhibited by Joe Sheehan below, but is an opinion also held by the majority of contributors to Baseball Prospectus. From his chat on Monday night:
"I can't emphasize this enough. No team in the postseason is worse than 9-1 to win it all. All four teams in the NL, no matter who wins tonight, are essentially even. So the Cubs have as good a shot as anyone."
No team being worse then 9:1 means each postseason team has at least a 10% chance of winning it all. Even if you give the other six teams the minimum, and the Red Sox and Yankees the remaining percentage, that's still only 20% each. And, quite obviously, that's completely unrealistic. If I had to guess, Sheehan probably wouldn't put any team above 14-15%. But their the Yankees are, damn near 1 in 4 odds.
How? Well, there aren't a whole lot of people out their as smart as Sheehan, for one thing.
But more importantly are the Yankee fans who think it's their God given right to throw a ticker tape parade in late October every year. You'd think, after six years of not winning, that they would understand that you can't win
every year. Apparently, you'd be wrong. It would be an interesting exercise to see how ridiculous you could make the line and still have people bet on this team. There's no doubt in my mind people would be on them to win the WS at like 3:2. Even money? Maybe.
I focus on NYY because so many of my friends are Yankee fans, but the Red Sox are certainly in the same boat, if to a slightly lesser extent. Do Boston and New York, making up 1/4 of this tournament, really have a chance of winning approaching 50%? I find that pretty hard to believe. Are they the two best teams? Yeah,
probably. And even by a decent margin, if you look at RS/RA (although that margin is smaller in a short series because of the strength of the Angels' and Indians' 1-2s,
IMO).
That little rant went on for far too long. The point of this post, in theory, was to use the Vegas odds to gauge the strength of each team. Since I think it's pretty obvious that these lines are skewed by the size/passion/stupidity of the fan bases of the Yanks and Sox, I attempted to adjust it, keeping the relative strengths of the other six teams in tact. This is pretty arbitrary, but what are you gonna do.

That looks much more realistic, I think. Amazing that the team with the best record in the NL is dead last, isn't it? Thats what happens when you've been outscored by 20 runs, I guess. The Phillies and Cubs coming in third and fourth doesn't mean thats where Vegas thinks they rank overall, of course; that's just because the NL sucks. I'm amazed that the Indians, with the two best starters in the league, are this low, but so it goes.
Because I enjoy this thoroughly, here are the %s for each series (these are just from sportsbetting.com, the series odds are more or less the same everywhere):
COL (43.8%) @ PHI (56.2%)
CHC (54.3%) @ ARI (45.7%)
LAA (38.4%) @ BOS (61.6%)
NYY (61.6%) @ CLE (38.4%)
Yankees are a big favorite, even on the road. That obviously isn't surprising, but I am kind of amazed that they're favored (slightly, -115) on the road against a guy who's probably the Cy Young winner this year (CC).
If any Yankee fans want to complain about my bitterness in the comments that's legit, but please tell me how they are 2.5X as good as the Indians.
Related: 2007 Pythagorean Power Rankings [SkyKing 162]
Completely unrelated but fascinating: "Why Willie Randolph Should Hold Off on Buying That House in Westchester" [BP, Silver]