I will keep track of the all-underdogs record for the National Football League (NFL) 2025 season.
29-34-1 after 4 weeks = 17-21-1 road underdogs + 12-13 home underdogs.
For 3 decades through the 2022 regular season, home NFL underdogs was the best bet in sports -- not every year, but most years.
So far this year, overdog favorites have a 68% winning record before taking the spread into account. 14% of matches have been reversed on points against the spread (ATS). So far this year, the overdog winning % is a touch above the long-term trend and fewer matches have been decided on points than we might expect. It's early, but that is consistent with the hypothesis that the long-time misperception is no longer there in the betting market that overdog favorites will win by larger margins than turn out to be the case.
Could it possibly be the case that NFL underdogs no longer rule?
A simple all-underdogs strategy recorded 25 winning NFL regular seasons over the past 33 ATS. But, underdogs lost the last 2 NFL regular seasons.
Have bettors finally twigged to the fact that they overestimated overdog favorites for years through 2022-23? It's possible. I expect underdogs to win a bit more than 1/3 of all matches straight-up and a bit more than 1/6 of all matches on points. Over the previous two seasons, underdogs won a bit less than 1/6 of all matches on points and bit less than 1/3 of all matches straight-up. Are the unusual results of the past 2 seasons just a short-term random walk around the long-term average? Or has the underdog-tilt identified by Professor Steven Levitt vanished? We will need a few more seasons to reach a conclusion. In the meantime, I will stick with regular-season underdogs in 2025 in the just-for-fun pool that Godiva boy toy Archibald introduced me to. I will not abandon my all-underdogs regular season strategy just because of two consecutive bad years.
I should say that the all-underdog long-term winning % ATS is not high enough to make a living against the small commissions implicity built into odds offered by gambling houses.
Sports betting is the House of the Rising Sun of the 3rd millenium: "the ruin of many a poor boy". Dare I say that the 19th century House of the Rising Sun was more fun for customers, but not workers.