Sports Betting
For the uninitiated, sports betting can be a little intimidating. This is a quick overview on the basics of sports betting and the different types of bets.
THE BASICS: Sports bets are most commonly placed on the outcome of a single event or game, where there is a favorite and an underdog. The probability that the favorite will win is higher than for the underdog, so a 1-1 bet is unlikely (else everyone would bet on the favorite and the Sportsbooks would be out of business). To make wagering more even, the oddsmaker draws up an odds line, or 'the odds', so you can bet on the probability of who will win.
For example, former-world heavyweight champion Mike Tyson steps into the boxing ring to square off against Pee Wee Herman. Tyson is obviously the favorite and Pee Wee the underdog.
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The oddsmaker would post the odds to look something like this:
Tyson = 1 to 9
Pee Wee = 7 to 1
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Explanation:
To win $1 on Tyson, you must wager $9. If he wins, you get $10 back, the $9 you bet plus the $1 you won. On the other hand, to win $7 on Pee Wee, you need only wager $1. In the unlikely case that Pee Wee wins, you get $8 back, the $1 you bet plus the $7 you won.
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TYPES OF BETS:
| Spread Bet - The standard type of bet. Basically, it's the number of points that one team is favored over the other. The Bills might be listed as –3 ½ at home over the Dolphins. This means if you bet on the Bills, they have to win by four points or more for you to collect. You lay 11-10 odds. Also known as Pointspread Line.
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| Over/Under Bet - A bet on what the total game score will be. Can be made in any sport but is particularly popular in football.
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| Proposition Bet - A bet the sportsbook offers at the odds and conditions of its choosing. They can be exotic bets, like which team will score the most touchdowns etc. Most prop bets are offered at 11-10 odds. That means if you lose, you’re out $11. If you win, you get back $21. (the extra 10%, or 11th dollar, is the so-called juice, the sportsbook’s take for running the game).
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| Money Line Bet - A more complex type of bet. It’s used in low-scoring sports like baseball. There are two totals given, a negative and a plus side. For example, if you see a line like Braves –1.80; Mets +1.60 you are looking at a fairly unbalanced match. To win $1 on the Braves, you’d have to put up $1.80, while each $1 on the Mets will produce a profit of $1.60 should they win.
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THE POINT SPREAD:
The pointspread is used to handicap the favorite team by giving points to the underdog.
The bettor must choose either the favorite or the underdog. The favorite is always indicated by a minus sign (e.g. -8.5) and the underdog by a plus sign (e.g.+8.5).
For betting purposes, the outcome of the game is determined by taking the actual score and subtracting points from the favorite score or adding to the underdog's score. For example, The Green Bay Packers are 8 point favorites over the Miami Dolphins. The final score is Green Bay 20 Miami 13. If you took Miami, you win (13 plus 8 = 21 versus 20); if you took Green Bay, you lose (20 minus 8 = 12 versus 13). Although Green Bay won, based on the point spread they were not the winning bet.
In a pointspread, you must wager $11 to win $10 ($21 is returned to the winner). 10/11 is the standard for pointspread bets on most sports.
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WHERE TO PLAY:
Try some of these great online sports betting locations
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I
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I Bet Sportsbook offers a full range of wagering on all major sporting events including Football, Basketball, Baseball, Hockey, Golf, Tennis, Horse Racing, Auto Racing, Boxing and Soccer. Any wager may be placed over the Internet or telephone. |
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