source: nytimes.com
A Surprising Turn in Sports History
In 1980, the sports world witnessed an event that would forever mark its significance: the Miracle on Ice. This wasn’t just a game; it was the underdog U.S. Olympic hockey team challenging the dominant Soviet Union. At the time, many wondered if there was a way to profit from betting on this unforeseen outcome.
The Context Behind the Bet
Herb Brooks, the U.S. team’s coach, famously said, “If we played ’em 10 times, they might win nine. But not this game. Not tonight.” These words, though not directly related to betting, reflected the daunting odds set by bookmakers of that era.
Understanding the Betting Odds
While various estimates on the U.S. moneyline for this historic game floated around—some like Jimmy Vaccaro suggested odds between +400 and +600, and others speculated numbers as high as +800—a clear consensus was hard to find. It’s crucial to highlight that during this time, Olympic betting wasn’t as prevalent as it is today. Factors such as the lack of online betting and the game’s tape delay certainly impacted the betting fervor.
Crunching the Numbers Before the Game
The U.S. team’s odds were heavily influenced by numerous factors. For instance, a 2010 Monte Carlo simulation initially gave them a staggering 1000-1 chance to win Gold. But as the games progressed, this was adjusted to a more reasonable 17-1, given the team’s performance. In contrast, the Soviets had a robust 77% chance to bag the Gold, roughly equivalent to a -335 betting line. Hockey, unlike other sports, possesses an element of unpredictability. A standout performance by a goalie or a single unexpected puck move can dramatically shift the game’s outcome. Even a powerhouse like the Soviet team wasn’t exempt from this unpredictability.
Initial Betting Lines
When setting a betting line, it’s vital to account for the pre-game probability. According to simulations from Chin and Granat, the U.S. team had a win probability of 7% to 14%. This suggests a moneyline between 6-1 and 12-1. Weighing these and other factors, the opening lines were set as: – Soviet Union: -2,000 – United States: +1,000 – Draw: +1,000
Adjustments in the Betting Market
As the game approached, betting dynamics began to shift. The U.S.’s 10-3 loss to the Soviets in a pre-Olympic exhibition might have been a deterrent for many bettors. However, one cannot underestimate the surge of patriotism in American sports betting. Given that betting was more localized back then, it’s likely the lines were tweaked to cater to a surge in bets rooting for the U.S. Hence, the lines finally settled at: – Soviet Union: -1,400 – United States: +800 – Draw: +1,000
Historical Perspective
When we place the Miracle on Ice beside other monumental sports upsets, it offers a unique perspective. For instance, while the U.S. team had to overcome just one formidable adversary, Leicester City’s Premier League title victory at 5,000-1 was a season-long battle over 38 games. If the odds for the U.S. were indeed around +400 or +600, it would be somewhat comparable to a lesser-known basketball team overcoming an NBA giant.
The Unforgettable Outcome
In the face of seemingly insurmountable odds, the U.S. team clinched a 4-3 victory, even though they were outperformed in shots and scoring chances. Echoing coach Herb Brooks’ words, they won the one game that truly counted. To wrap up, the 1980 Miracle on Ice wasn’t just a milestone in sports; it also offers a deep dive into the nuances of sports betting. This event serves as a testament that in sports, particularly hockey, passion, determination, and a bit of luck can overcome even the most calculated odds.