SB bias...
SB "bias" is a theme that seems to crop up regularly. Let me give you an insider's view.
I work for one of the major SB companies. When we make a quote on the dow cash we calculate it from the futures price, minus a likely "fair value" reflecting dividends and cost of carry. We never ever EVER go around the cash.
Most of the time this doesn't matter too much, as the cash is pretty well behaved and will tend to trade at its fair value to the futures. HOWEVER, during the first 15-30 minutes of the day, the cash market is a nonsense number. This is because it is the running average of a bunch of stocks, some of which are not yet open, and therefore not yet tradable, and therefore don't yet have a meaningful price. So you can never trade "the cash" at this time of day, whether you use a SB firm, a basket trading progam, or whatever.
To give an example: the dow closed at 9400 yesterday. Today Microsoft comes out with a profit warning, and is expected to open significantly lower, pushing the market down 100 points or so. The futures markets will factor this in, and therefore so will the "daily dow" quote of every single spread betting bookmaker. When the cash starts trading, it will do so at around 9400. It will stay around 9400 until Microsoft opens, feeds into the calculation and causes the market to dive instantaneously to 9300. Everyone knows the fall is coming, but nobody can trade it, as to trade it would require the ability to sell MSoft at its pre-profit-warning level.
So offering quotes around the cash would be a quick way for bookies to go broke (no bad thing, you might argue). I have seen one occasion on which one of the newer companies tried this, presumably through ignorance. We laughed until we were sick, then sold the hell out of their quote, as did their fortunate clients. They never did it again.
The purpose of any "Daily Dow" quote is to predict the closing level of the market that day, ignoring all the shenanigans inbetween. We can and very often do get this wrong... ...but we'd get it wrong far more often if we took any notice of the cash index during opening periods, sudden moves in the futures markets etc.
There are no free money trees in finance, I'm afraid.
Apart from being a bookmaker, that is ;-).