Sports Betting Odds
Sports bets are most commonly placed on the outcome of a single event or game. In virtually all contests, there is a favorite and an underdog.
In order to make wagering more even, the oddsmaker draws up a betting odds line, or the betting odds, such that you can bet on the probability of a competitor's win.
For example, former world heavyweight champion Mike Tyson steps into the boxing ring to square off against "Rocky" star Sylvester Stallone. In this case, Tyson is obviously the favorite and Stallone the underdog.
The oddsmaker would then post the betting odds that probably would look something like this:
Tyson = 1 to 9 (noted as 1/9)
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 Stallone, you need only wager $1. If Stallone wins, you get $8 back, the $1 you bet plus the $7 you won.
If a moneyline is posted, the betting lines may appear as follows:
By clicking on either -120 or +240, you are betting on who you think will win the match. To win $1 on Tyson, you must wager $1.20. If he wins, you get $2.20 back, the $1.20 you bet plus the $1 you won. If you bet $1 on Stallone and he wins, you get $3.40 back, the $1 you bet plus the $2.40 you won.
If you want to bet on a point spread when teams are involved, you may have the choice of the following:
New York -3
If you click on -3 for New York, they must win by more than 3 points for you to win your bet. If you click on +3 Philadelphia, they may lose by 2 points or win outright for you to win your bet. If the +/- 3 adjustment results in a tie, the wager is push and you will get your money back. Games featuring 1/2 points will never push and will always end as a win or loss.
Straight Sports Betting
Definition of Sports Betting
A single or straight bet is a wager on the outcome of a single event or game. The wager is determined by a Point spread, a Moneyline, a Game Total, a Runline or Puckline. The team or event wagered on must win the game or event either outright or by covering the spread. The payout is determined by the odds posted.
Payouts for a single bet depend on the betting odds given by the house for the bet you have placed. Whether the bet is a moneyline, pointspread, runline or puckline, it's the betting odds that will dictate your payout.
Simply translate the betting odds (represented usually as a moneyline -110, -180, +140 etc.) to the multiplier (the Payoff Price plus one). Then, take the multiplier and multiply this by your bet to find out your Payout or Win (Payoff Price plus your original bet).
Multi-Single Betting Lines
The Multi-Singles function is a convenient way for users to enter multiple single bets at one time. Users of this feature will be able to select a number of individual wagers, up to a maximum of 20, select the bet amount to apply to their single bets, and confirm their multiple single wagers with one single click.
Payouts for a single bet depend on the betting lines given by the house for the bet you have placed. Whether the bet is a moneyline, pointspread, runline or puckline, it's the odds that will dictate your payout.
Simply translate the betting lines (represented usually as a moneyline -110, -180, +140 etc.) to the multiplier (the Payoff Price plus one). Then, take the multiplier and multiply this by your bet to find out your Payout or Win (Payoff Price plus your original bet).
Pari-Mutuel Betting system for Horse Betting
When you put a chip on a table in a casino, you have made a wager, a bet. Who "takes" your bet? The "other side" of your wager is the casino itself - the "house." The same is true when you bet in a sports book. Say that you put $22 down that the Giants will cover the spread in Sunday's game. The "house" is on the opposite side of that bet. In poker, the same concept does not apply. The "other side" of a bet at the poker table is "all other players in the pot." This is more like what happens in pari-mutuel betting at a racetrack. The pari-mutuel pool is the same as the "pot" in a poker game. If you win, your winnings come out of the pot in proportion to the bet you made, and you must share that pot with everyone else who won, just as you did. The major difference, of course, is that a poker player can, at any time in the hand, count up the poker pot by inspection and add up the money in his or her head.
Pari-mutuel betting nowadays employs high-tech methods to keep track of all the wagers made. The system reports the "pot odds" in real time, so that the players - the racing fans -- can just check the board to see what their odds are.
Pari-mutuel betting was an innovation that saved racing from almost certain death in the early 1900's. It was a safeguard against two different abuses common at the time: (1) the incorrect statement of betting propositions so that the house or bookie could keep all the edge for itself; and (2) speculation by the house or bookie on the outcomes of races, so that a gross miscalculation might cause funds not to be available for winners or to pay the purses.
The track posts the "track odds" on the "board" (really the big video screens) for each horse, prior to the race. Before a bets have been placed, the initial "track odds" can not reflect betting activity, so they are a prediction by track management on where each horse should start out in the bidding. This is called the "morning line." It stops being important after wagerers come into the picture. Pari-mutuel betting has this unique quality that the odds keep changing as bets are being placed, right up to the bell.
It should be obvious that when a horse is a strong favorite to win, the pot will have to be divided amongst many wagerers, so that each $2 bet will have a smaller projected payoff than a similar bet made on a less favored horse (where the number of tickets that will share the winnings is smaller.)
The "track odds" are nothing more than the result of this calculation: A $2 ticket with a possible payoff of $6 (based on the bets already registered) will have "track odds" of 2:1. This is parsed as follows: Of the $6 payoff, $2 goes to reimburse the wager. The $4 profit is twice the value of the ticket, so the payoff is "two-to-one." The implication in terms of the race itself is that the crowd thinks the horse has only one chance in three of winning. This would be a good bet to make if you thought the horse's chances of winning were better than 33%.
Calculating the Winnings
Once a bet has been made, and the bettor is sitting in the grandstands or standing on the apron, the question arises, "how much do I stand to win?" A "win pool" is the amount of money going to the winning horse. The "place pool" is shared between the two placing horses, and the "show pool" is divided among the three top finishers. To figure how much a win ticket might yield, take the amount of money in the win pool, subtract the takeout (15% to 20%, depending on the track, see below) and also the total amount bet on the horse to win (as that money is returned to all the winners). Then divide the result by the number of $2 bets on the horse, and add back $2 to represent the bet you made. The answer is an estimate of the payout on a win ticket in terms of a $2 bet. If your ticket is in a higher denomination, multiply the $2 yield accordingly. All the information required is available from the tot board in the infield and on the screens.
The value of a place ticket will be, approximately, the full amount of the "place pool," less the takeout, less the amount bet on the horse in question (as that is returned to the bettors), less the highest amount wagered on some other horse (assuming that horse will win and the funds are returned to those bettors). The result is the profit, which is divided by 2, as two horses share the place pool. Then divide that result by the number of $2 "place bets" on the horse and add back the $2 bet. Adjust for the size of your bet, if higher than $2. A similar approach can be used for a show ticket, subtracting out two horses and dividing the profit by three.
Not all the money collected in bets is paid out to winning bettors. Each dollar bet has to send a few cents to other places, too. This is called the "take out." The takeout will vary from track to track and sometimes from race to race. Generally it sits at around 20% or a little less. The takeout pays for the track operations, the purses, and the government. Yes, most state or local governments find horse racing to be an opportunity for a payday, too. This takeout can be thought of as the "vig" or the "hold."
"Breakage" is the odd cent or two that is rounded off a payout if the calculation is uneven. For example, if a bet of $1 was bet instead of $2 and the horse paid $2.90, a $1 ticket would be worth $1.45. Tracks do not pay out nickels. So the payment will be $1.40. The $.05 is "breakage." Who gets the breakage? A government. Tracks in some states have to deal with breakage to the nearest 1/5 of a dollar, so that $1.50 would break to $1.40. Others have breakage to the nearest dime, so that $1.50 would not have any breakage.
The Minimal Win and "Show Plungers
Race tracks must pay at least $2.10 on any horse that shows. (Given breakage, this would be the smallest amount of money that can be paid for a horse that is "in the money." It is also the law.) Sometimes, particularly since off track betting entered the scene, someone may bet a ton of money on a very strong horse to show. This would be as close to a "sure thing" as possible. Even though the horse only pays ten cents net of the bet, it can be a good profit if a lot of money was wagered. It's essentially 5% on a few minutes' effort.
Such bettors are taking advantage of one of the limits of the pari-mutuel system. They are called "show plungers" and sometimes bridge jumpers, and most often, even worse names. This is what happens. The heavy favorite in the race is almost guaranteed to place at least third. But taking into account the takeout, there are more winners than the pot can handle (since only 80% of the pot can go to winners). The track will have to "pony up" to make the pot big enough to reimburse the wagers made in the show pool and still pay a dime on each $2 ticket. Though tracks hate show plungers, the other bettors should not frown. The excessive wagering on the favorite almost certainly makes other horses have higher payouts that the "true odds" would require. Thus, they are bargain bets. Betting against a show plunger (i.e., on other horses to show) is a fairly low risk bet with a high "edge." In more correct racing parlance, the show plunger created nice overlays among the other horses to show.
Sports Betting on FuturesDefinition
Futures are single wagers placed on the outcomes of events, which are determined at sometime in the future. For example, a future may involve picking the winner of the NFL championship, the Stanley Cup, or the World Series.Payouts
Payouts for a futures bet depend on the betting odds given by the house for each bet you have placed. Usually futures bets are represented by basic, fixed betting odds (although sometimes a moneyline or a multiplier may be featured) with your payout being dictated by those posted betting odds.
To calculate your payout, simply translate the betting odds (a moneyline such as -110, -180, +140 etc., or fixed betting odds such as 3/1) to a multiplier (the Payoff Price plus one). Take the multiplier and multiply this by your bet to determine your Payout or Win Amount (Payoff Price plus your original bet).Rules
All wagers have action regardless of relocation or name changes.
Sportsbook Prop Betting OddsDefinition
A prop or proposition bet is a wager with 2 or more outcomes that are not directly related to the final score of an event. One notable characteristic of props is that they are rarely allowed to be placed in any type of combo bet. Bets such as these are also called exotics. Most featured props are usually single bets only
For example, betting lines on how many yards Peyton Manning will throw in his next game: less than 100; 101-150; 151-200; 201-250; 251-300 or 300+. There will be posted betting lines for each outcome.
A common entry in Prop Bets is a Field entry. This is a catch-all category for any competitor not specifically listed in the prop, but is competing in the event.
For example, a prop on a PGA event might list betting lines for the best 30 players: Tiger Woods 1/1, David Duval 5/1, etc. As PGA events often have 75 or more competitors, the other 45+ players that do not have betting odds posted individually would be listed indirectly as part of the Field. If any of the players in the Field win, the Field would be declared the winner for wagering purposes.Payouts
Payouts for a proposition bet will depend on the betting lines given by the house for each bet you have placed. The type of wager, whether the bet is a moneyline, multiplier, or basic odds, will dictate your payout accordingly.
To calculate a payout, simply translate the betting odds (a moneyline such as -110, -180, +140 etc., or fixed odds such as 3/1) to a multiplier (the Payoff Price plus one). Take the multiplier and multiply this by your bet to determine your Payout or Win Amount (Payoff Price plus your original bet).Rules
Parlay Sports Betting LinesDefinition
A parlay, also known as a combo bet, is a "selection of two or more wagering outcomes". All of the teams wagered on must win for the play to be active. If any one team loses, the entire wager is lost altogether. You may combine different sports, pointspreads and moneylines in win/loss and/or totals betting. If there is no action or cancellation, the parlay reverts to the next lowest number. For example, a 3-team parlay becomes a 2-team parlay. In the event of a tie in a 2-team parlay, the play becomes a straight bet. A "Combo" is the same as a parlay, except this term is used more commonly in soccer. A "Combo" bet is simply more than one selection from the games listed - usually from the soccer leagues. As in a parlay, you need to predict the result after 90 minutes of play (golden goals and overtime goals do not count) of all games that you pick.
Soccer on the moneyline is a three-outcome event, which means that you can pick either of the two teams to win, or you can pick a draw. If you do NOT pick the draw, and the game ends in a tie, then the wager is a loss.Payouts
Fixed Odds (No moneylines)
In fixed betting odds bets, the betting odds are fixed at standard odds -110 or 10% juice ($110 bet winning $100). The fixed odds are set according to the chart below and only apply to football and basketball pointspreads or totals. All the picks must have standard betting odds. If any of the picks involve other sports, Moneylines, or off-standard lines (-115, etc.), then the parlay becomes subject to True Odds.
To calculate the true odds payoff, simply convert the moneyline or odds to a multiplier (by going to the calculation table), and then multiply your bet by the product of the multipliers. For example, if you make a $10 parlay on two picks with true odds of -140 converts to 1.71 and odds of +120 converts to 2.20. Therefore, your payout is as follows: 10 x 1.71 x 2.20 = $37.62. Note that this payout includes your original wager, so the net win in this example would be $27.62.
Parlay Sports Betting Lines Rules
Sports Betting - Placing TeasersDefinition
A teaser is a selection of two or more outcomes in a single wager in which either the pointspread or total is adjusted in the bettor's favor. Each sport has its own range of points for teaser selections. A teaser adjusts the spread for the favorite so that it decreases the posted spread, or conversely, increases the posted spread for the underdog. If you select a total, the adjustment makes totals higher-to-go-under or lower-to-go-over.
Only the following sports/line-types may be teased:
A Sweetheart Teaser is a special teaser for both basketball and football, where you have the choice of incorporating either 3 or 4 picks (teams). Instead of the regular points, you may tease football by 10 (3 team) and 13 (4 team) points and basketball by 8 (3 team) and 10 (4 team) points. The payout in a 3 team sweetheart teaser is 10/11 and the payout in a 4 team sweetheart teaser is 5/6. A push in a sweetheart teaser is a loss. Sweetheart teasers never reduce. There are no Sweetheart Teasers for baseball.
Cross-sport Teasers - Football with Basketball
You may also bet cross-sport teasers. When you wager on cross-sport teasers with football and basketball, the points you receive remain in the same category:
For example, if you want to tease your football picks by 6, you'll have to tease your corresponding basketball pick(s) by 4. If you tease your basketball picks by 5 points, you'll have to tease your corresponding football pick(s) by 7 points.
Note: You may not combine football/basketball in four team sweetheart teasers.Payouts
There are no partial payouts. All propositions must cover for the teaser to be considered a win. (Exception: a push in a regular teaser reduces the payout). If any proposition loses, the entire teaser will be considered a loss.
A push in a regular teaser of 3 teams or more reduces the number of plays in the teaser. For example, a 4-team teaser has two pushes, it will become a 2-team teaser and the payout will be recalculated based on the new number of plays.
A push in a 2-team regular teaser results in a push. Also, if any portion of a 2-team teaser has a result of "No Action", the entire teaser will be graded "No Action".
A push in a Sweetheart Teaser is a loss. Sweetheart teasers never reduce and must have ALL propositions cover for the teaser to be considered a win. If any portion of a Sweetheart teaser has a result of "No Action", the entire Sweetheart teaser will be graded "No Action".
Games not played on the date specified are considered "No Action" and will reduce the teaser to the next lowest number of plays. Payouts are adjusted accordingly.
Maximum number of selections in a regular football or basketball teaser is 10.
Sports Betting - If BetsDefinition
An 'If' bet is a selection of two straight wagers joined together on one betting ticket by an 'if' clause. This type of wager allows you to increase your betting power and limit your risk by placing two straight bets on one betting ticket where your second bet will only have action 'if' your first bet in the sequence is successful. An 'If' bet will place the second bet immediately upon success of the first bet. An 'If' bet is also useful if you want to make more than one bet, but do not have adequate funds in your account to cover the second bet unless the first bet wins.
There are two types of action you can select when placing an 'If' bet, 'If Win Only' and 'Action'. 'If Win Only' means the second part of the wager only has action if the first part of the wager is a win. If the first leg is settled as a push, no action, or canceled the amount risked is returned to your sportsbook account. 'Action' means if for any reason the first part of the wager is settled as a win, push, no action, or canceled the second part of the wager is then placed.Example:
New England Patriots -8 $110 to win $100
If the Patriots lose, the wager is a $110 loss and stops there. If the Patriots win, the account will be credited $100 and the wager continues with $110 wagered on the Bills. If the Bills win, the wager is a $200 winner and, if the Bills lose, the wager is a $10 loss. If the Patriots wager is a push, no action or canceled then the wager is essentially becomes a single wager, $110 to win $100 on the Bills.
Please note: The wager description will always display the MAXIMUM risk amount, being the most you can lose with a loss of the first or second of the two wagers, and the MAXIMUM win amount, being the most you can win with both wagers winning on the ticket.
If Betting Rules
When placing an If-Bet with two different start times, the wager will be laid out according to the order in which the games appear on the wagering board. Therefore, the situation could arise, where the latter game appears on the first leg of the If-Betting slip. In order to switch the order of your picks, you must select "Switch my Picks", to bring the earlier game to the first leg.
Reverse Sports BettingDefinition
A reverse bet is a series of 'If' bets going both forward and in "reverse" order. Each team included in the reverse bet will pair with the other team to form two 'if' bets.Example: 1st part:
New England Patriots -8 $110 to win $100
Buffalo Bills (-175) $110 to win $63
Total risk $220 (Maximum Risk) to win $326 (Maximum Win)
Please note: The wager description will always display the MAXIMUM risk amount, being the most you can lose with a loss of the first and second of the two wagers, and the MAXIMUM win amount, being the most you can win with both wagers winning on the ticket.
Reverse Betting Rules
Round Robin Sports BettingDefinition
A Round Robin is a convenient way to enter multiple parlays at one time. They allow you to select between three and eight picks, choose to parlay or tease the bets, and combine them in parlays of two to six teams.Example:
If you are confident in the New England Patriots -8, Buffalo Bills +4 and Minnesota Vikings -10, but you do not want to parlay them in a three-team parlay, you can choose to parlay them in three separate two-team parlays.1st parlay:
New England Patriots -8
New England Patriots -8
Buffalo Bills +4
Your total risk amount for the three team, two way parlay is $15.00 (Max Risk) to win $39. (Max Win)
Round Robin Betting Rules:
Round Robin Calculation Table:
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