I don't know any details about the betting, but Earnie was coming off of Ali, a showing that somewhat settled questions about his stamina, which had greatly surprised many over the championship distance. (During his post fight interview after facing Muhammad, he didn't appear particularly winded or fatigued.) Holmes previously had beaten Arrington, but wasn't particularly impressive to many in this effort. Cosell had witnessed Larry going back to at least 1972, and didn't seem to at all expect the sudden explosion off the ropes during the closing moments of round one which signaled his coming of age. Hard to imagine that Shavers was not favored going in.
Earnie Shavers was the betting-favorite. Not sure if he was a 2-1 favorite. One thing, Don King was betting for Earnie to win. He gave him $25,000 before the fight, to sign a contract, and give DK the promotional rights to Earnie's next fight.
Shavers was always looked upon as beatable but his power was always a factor, just that he was known for his losses more than his wins. Remember Shavers had already been beaten by 180lb Stan Ward, KO'd by Ron Stander, KO'd by Jerry Quarry in 1, beaten and dropped by 5"9 underdog (who had a 20-25 record) Bob Stallings, KO'd by Ron Lyle and beaten by Ali and most felt lost to a 13-4-1 Jimmy Young...He had a punchers chance against Holmes but despite his power Earnie was full of flaws who lost to ordinary guys and the better ones he fought.
Earnie was the #3 contender. Larry was the #4 contender. For those who did not think Larry could punch. He rocked Earnie late in Round 1, and almost dropped him. And, he rocked Earnie in Round 4, and almost dropped him. And he took an Earnie right hand, square on the button in Round 2, and shook it off.
my favourite larry holmes moment that DOESN`T involve him jumping off a police car is the right hand he took in the 2nd shavers fight...he got up, shock the cobwebs out and was taking it to earnie by the end of the round
