Point Spread Basics
While moneylines, point spreads, and totals generally focus on the short term and specific matches, futures are long-term betting odds. They focus on events that will happen further down the line—in the future. There are some benefits and some risks associated with betting on futures.
If you win, you can earn a hefty payout. On the flip side, however, your money is locked up for a long period of time. During that time, a lot of things can go wrong. If you bet on a particular team to win the championship and one of their star players is injured, suddenly their prospects of winning do not look quite as good. Sometimes, the team may just hit a slump partway through the season and lose a lot of valuable momentum.
In this kind of bet, the odds are set at the beginning of the season, but they can go up or down as time goes on. Once you make your bet, however, it is locked in at whatever the odds were at the time you placed the bet. This is why making a bet on a long shot early on can bring a potentially substantial payoff. Choosing exactly when to make this sort of bet is important. Futures betting can be applied to more than just national championships. It can also be applied to things such as who will win the MVP award or other events that might happen down the line.
Prop bets generally refer to anything that is not directly tied to the outcome of the game. For example, in a football game, the oddsmakers may set the odds for which team will get more running yards. In the end, a prop bet can be on just about anything. Whatever an oddsmaker can imagine can become an interesting prop bet.
Full View Classic View. Betting Odds Market Default Markets. Moneylines Moneylines are the simplest type of bet. The standard vigorish is 10 percent on each wager. The manner in which this benefits the sportsbook is easy to explain. Most experienced customers have factored the vigorish into their wagers, and plan their bankrolls accordingly in the interest of simple math and convenience. In addition to wagering on either the point spread or total, sportsbook patrons almost always have the additional option of placing what is called a money-line wager.
A money-line wager simply removes the point spread from the equation, and notes that you are wagering on a specific team to win the game. The money-line price on each team is usually noted on the wagering menu to the far right of each team listed. A typical example would look like the following:.
In this example, the Giants are not only three-point favorites against the spread, they are favorites to win straight up on the money line.
To place this bet, you would tell the ticket writer you wish to place a wager on rotation number and state the desired amount. Conversely, money-line wagers on the underdog are popular because sportsbook customers can get a return that exceeds in the original wager. If you wish to place this wager, you would be passing up the option of taking the points and winning the bet if the Cowboys lose by fewer than three. They must win in order for your bet to cash, but the incentive is the handsome payout.
Parlays are popular wagers among bettors because of the appeal of potentially winning a good sum of money with a minimal investment. It's a widespread belief that parlays are mostly done by novice bettors, but experienced handicappers are known to play them as well. Parlays involve the selection of two or more propositions on a single wager, and all of the teams must win for the bet to become a winner. For instance, if you pick five teams on a parlay and four cover the spread, the bet is a loser.
Sportsbooks welcome parlays because of their significant house edge. For instance, the true odds on a two-team parlay are 4-to-1, but most betting outlets pay 2. The true odds on a three-led parlay are 9-to-1, though the standard payout is 6-to Even so, the potential for winning more than the initial investment have proven to be an irresistible lure for most sports bettors, regardless of experience level. Teasers are a popular variation of standard point-spread betting, as they give the customer an advantage by increasing the point value for their selected team.
For example, the six-point teaser is an extremely popular bet in professional football, where a high percentage of spread outcomes fall very close to the sportsbook's numbers. The possible payout of the parlay is determined by the combined likelihood of all bets placed. A parlay of riskier bets more underdogs will pay greater than a parlay of more likely bets more favorites.
Although the rules to win his bet are the same as a parlay, he is paid less than a regular parlay due to the increased odds of winning. A sports book may choose to buy in-play futures wagers at a price below the actual payout before a championship is decided if the potential payout is very high and thus, damaging to the sports book due to the money that may be lost.
The bookmaker functions as a market maker for sports wagers, most of which have a binary outcome: The bookmaker accepts both wagers, and maintains a spread the vigorish which will ensure a profit regardless of the outcome of the wager.
Bookmakers usually hold an advantage over their customers—for small wagers it is closer to a advantage—so the bookmaker will most likely survive over the long term. Successful bookmakers must be able to withstand a large short term loss. Many of the leading gambling bookmakers from the s to the s got their start during the prohibition era of the s.
They were often descendants of the influx of immigrants coming into the USA at this time. Although the common stereotype is that these bookies were of Italian descent, many leading bookies were of eastern European ancestry. Odds for different outcomes in single bet are presented either in European format decimal odds , UK format fractional odds , or American format moneyline odds. European format decimal odds are used in continental Europe, Canada, and Australia.
They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2. UK format fractional odds are used by British bookmakers. US format odds are the amount won on a stake when positive and the stake needed to win when negative. US odds of are an even bet.
In Asian betting markets, other frequently used formats for expressing odds include Hong Kong, Malaysian, and Indonesian-style odds formats. Odds are also quite often expressed in terms of implied probability , which corresponds to the probability with which the event in question would need to occur for the bet to be a break-even proposition on the average. In setting odds , the bookmaker is subject to a number of limitations: In many countries, bookmaking the profession of accepting sports wagers is regulated but not criminalized.
In areas where sports betting is illegal, bettors usually make their sports wagers with illicit bookmakers known colloquially as "bookies" and on the Internet , where thousands of online bookmakers accept wagers on sporting events around the world. The National Football League is fully against any sort of legalization of sports betting, strongly protesting it as to not bring corruption into the game.
On the other hand, the CEO of the International Cricket Council believe sports betting, in particular in India, should be legalized to curb illegal bookies where match fixing has occurred from nontransparent bookmakers. Many of the illegal proceeds also allegedly go to fund terror, drugs and other illegal activities. In the United States, it was previously illegal under the Professional and Amateur Sports Protection Act of for states to authorize legal sports betting, hence making it effectively illegal.
The states of Delaware , Montana , Nevada , and Oregon —which had pre-existing sports lotteries and sports betting frameworks, were grandfathered and exempted from the effects of the Act. In addition, there was a significant gender split: Age proved to be a divide: As always, a lot depends on who actually shows up to vote. Donald Hoover, FDU professor in International School of Hospitality and Tourism Management and former casino executive commented on the results, "Betting on sports is not an uncommon practice for many New Jerseyans, but for the most part, the state doesn't supervise it, doesn't tax it and doesn't take any revenue from it.
Woolley commented on the results, "If some states allow sports betting and profit by it, other states will want to follow. He announced on May 24, that he planned to go ahead and set up a system of wagering at the state's racetracks and casinos that fall, before the National Football League season ended.
In , despite federal law preventions, the state legislature of New Jersey and Governor Chris Christie signed a law that would allow sports betting to take place in New Jersey race tracks and Atlantic City casinos. Voters were asked whether New Jersey should allow sports betting even if federal law prevents it from doing so, or wait to allow sports betting until federal law permits it.
Krista Jenkins, director of the poll, commented, "Although support is not overwhelming, these numbers suggest the public is cautiously behind the goal of moving forward with legalized sports betting. In May , the Supreme Court ruled in the case in favor of New Jersey, ruling that the federal ban on sports betting in most states violated their rights. On June 5, , Delaware became the second state after Nevada to implement full-scale sports betting. Sports betting in the state is run by the Delaware Lottery and is available at the state's three casinos.
Prior to , the state offered limited sports betting consisting of parlay betting on NFL games. Delaware had been granted a partial exemption from the sports betting ban as it had made a failed attempt at legalized sports betting in