I see your point but strongly disagree.
If you were smart enough to use Steamers as a guideline to bet the over/under on the Vegas odds you're going to be profitable.
Obviously in hindsight there are alot of misses. Please let me know if you or your wife predicted the Jays to come in last or the Red Sox to come in first? Projection systems can't count for injuries, dramatic drop offs ( Pujols, Hamilton ect) but neither can you or your wife.
this is a portion of an article that one of my favorite sports handicapper wrote.
Juice, and the power of 55%
"Even though most sports bettors are losers in their own right (as a whole, bettors actually win an average of only 48% of their bets - less than they would expect to win if they just flipped a coin for every game), their losses are compounded by the fact that the house takes a cut of winnings, also known as the 'juice' or 'vig.' Most sports books charge a 10% commission on wins, which means that a bettor must actually win 52.4% of his games just to break even. (Wagering $100 per game, a bettor loses $100 with a loss and wins $90.91 with a win, so he must go 11-10 (11/21 = 52.38%) to break even). Recently, some online books have started to offer lower juice, betting exchanges and deposit bonuses, which reduce the house edge.
In order to beat the juice and win in sports betting, a bettor must employ a disciplined approach in their analysis of each game using methods that have proven to be successful in the long run. I discuss my math models and analytical metrics in my Handicapping Methods essay, but you must realize that only the best and most knowledgeable handicappers can win more than 52.4% of their games. In their 2007 two page article about my handicapping success, the Wall Street Journal wrote, "...fewer than 100 people can sustain (win rates of 55%) over time. Most of them belong to professional betting syndicates that hire teams of statisticians, wager millions every week and keep their operations secret." Even fewer bettors can hit 55-56%
Touts often claim to be able to hit 60% or higher, but as I explain in my essay on Bayesian Probability, anyone who tells you that their long term expected winning percentage is higher than 60% is deluding themselves. For a bettor to claim a greater than 60% long term expected win percentage, that would be mean that Vegas would have to consistently release lines with egregious errors, and that simply just does not happen often enough for claims of greater than 60% long term expected win percentages to be caused anything other than blind, short-term luck."
- Dr Bob
Steamers does hit at around a 55% percent clip. For the average joe that might not seem very impressive but for someone who bets on sports it's quite profitable. If you want to try and beat the over/under with the Vegas odds vs Steamers projections see how you do?