Vegas Vice Returns for March Madness

March Madness is finally here. This is the time of year where the water cooler talk turns to college hoops, where the debates begin about who belongs in the Big Dance and who was robbed.

I've been away from writing for RealMoney for a couple of years, but I've continued to wager here in Las Vegas, the only state in the country where sports betting is legal. Of course, offshore wagering has now far surpassed the legalized betting in Las Vegas, so many people now have access to betting with a click of the mouse. The purpose of this column is to analyze March Madness from a point-spread perspective, while also providing insight into the relative strengths of teams from different conferences.

Power Ratings

In handicapping conference tournaments, there are a number of factors to take into consideration in deciding which teams will prevail, both straight up and against the point spread. For me, the starting point is power ratings. Power ratings are measures of relative strength between teams. Oddsmakers keep power ratings and set the line by comparing the power ratings between teams. I also keep power ratings, which I adjust on a weekly basis during the season, depending on how the teams perform. ...