Morning lines are one man's opinion of how he thinks the public will bet. Its made 36 hours prior to post and means nothing. The guys in Vegas who do the point spreads are real good at it. The guys who typically do the ones for horse racing are novices.
I got a real laugh yesterday hanging around with non track goers telling me such and such horse is going off at this price, 4 hours before the race even went off. I tried telling them to ignore the morning lines but they continuously were giving the morning line odds out all day long instead of what was currenlt on the monitors, you know the real odds?
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