Sports betting is the concept of forecasting the outcome of a sporting event and making a wager on that final result. You can place your bets at a Bookmaker or an online casino and bookmaker.
Sports gambling is against the law across the majority of the USA, prevalent throughout much of Europe, and an everyday component of the gambling industry in Nevada. If you are looking for a website that allows Americans to place bets on sporting events, take a look at this review to learn how to do so.
It’s difficult to determine how much money is bet on sports in the united states since nearly all of it is done illegally, but industry experts estimate a “handle” in excess of $200 billion annually. Hot Promotions! Bet live with a great sportsbook! Join NOW!
Different sports have distinct systems for oddsmaking and betting. There are even unique systems for the same sport, according to what type of game the bettor would like to play. But to fully understand these systems, you first have to understand the jargon.
Sports Betting Basics – Terms You Should Know
Action – Action is simply betting activity. Phrases such as “I want in on the action” or “Show me where the action is” come from this term. Since betting online on sports is illegal in many places, you can’t always search for your local bookie in the phone book.
Handicap - In sports betting, “to handicap” is to allow one team a points advantage in order to level the betting field.
Handle – The handle is the overall amount of money wagered on bets. Super Bowl betting produces the biggest handle of the year for nearly all bookies.
Sportsbook – An establishment that takes bets, often called a book. Somebody who takes bets is a bookie.
Juice – This is the percentage of all bets taken by the bookie as profit. The juice is also called the vig, short for vigorish. Quite often bookies take a straight percentage of the handle, but usually the vig is figured into the odds. Check out reduced juice here.
The spread – The point spread basically gives one team a few points advantage. The spread is used in high scoring games such as basketball and football. The purpose of the spread is level the playing field by making all games competitive for bettors. The point spread shows the favored team first, followed by a the actual spread, which is a negative number. The home team is always shown in capital letters.
Horse Racing is another popular sport to place bets on. You will see a lot of the same terms being thrown around. At this year’s Cheltenham Festival, Free Bet Finder has the biggest selection of offers if you would like to place a couple of free bets on these UK horse races.
Types of Sports Bets
Other than simple bets such as betting a friend that one’s favorite soccer team will win its division or purchasing a football “square” for the Super Bowl, sports gambling is generally performed through a bookmaker or through a variety of online sportsbooks. There are more bets placed on football than any other type of sporting event. The various kinds of bets include:
Money Line Bets
Money line bets are the easiest wagers to make. That’s why money line bets are the most popular type of bet for beginners and veterans alike. Betting on a team on the money line simply means that you are picking them to win straight up. When you place a bet on a team on the money line it doesn’t matter by how much or how little the team you bet on wins by, as long as they win. The line requires that people bet more to win less when betting on the favored team, called giving or laying odds.
Proposition bets are wagers made on a very specific final result of a match. Examples include guessing the amount of goals each team scores in a game, betting whether a certain player will score in a game, or wagering that a baseball player on one team will accumulate more hits than another player on the opposing team.
Parlays involve multiple bets (usually up to 12) and will compensate a successful bettor with a large payout. For example, a bettor could include four different wagers in a four-team parlay, whereby he is wagering that all four bets will win. If the four bets fails to cover, the bettor loses the parlay, but if all four bets win, the bettor receives a substantially higher payout (usually 10-1 in the case of a four-teamer) than if he made the four wagers separately.
Progressive Parlay Bets
A progressive parlay involves multiple bets (usually up to 12) and rewards successful bettors with a large payout, though not as large as normal parlays. However in a progressive parley, unlike a regular parley, a reduced payout will still be made even should a few of the bets lose.
A teaser allows the bettor to combine his bets on several different games. The bettor can adjust the point spreads for the two games, but realizes a lower return on the bets in case of a win.
Run Line, Puck Line, & Goal Line Bets
These are wagers offered as alternatives to straight-up/moneyline prices in baseball, hockey or soccer, respectively. These bets feature a fixed point spread that (usually) offers a higher payout for the favorite and a lower payout for the underdog (both compared to the moneyline).
While almost all sports wagers are by definition on future events, wagers shown as “futures” typically have a long-term horizon assessed in weeks or months; for example, a bet that a certain NFL team will win the Super Bowl for the new season. Such a bet must be made before the season starts in September, and winning bets will not pay off until the conclusion of the Super Bowl in January or February (although most of the losing bets will be clear well before then and can be closed by the book). You can learn more about Super Bowl betting here.
In these bets, the wagerer predicts opponents results against each other and not on the overall result of the event.
In totalizators (sometimes referred to as flexible-rate bets) the odds are changing in real-time based on the share of total exchange each one of the probable outcomes have received taking into account the return rate of the bookmaker offering the bet. For example: If the bookmakers return percentage is 90%, 90% of the amount placed on the winning result will be presented back to bettors and 10% goes to the bookmaker. Naturally the more money bet on a certain result, the smaller the odds on that end result become. This is comparable to parimutuel wagering in horse racing and dog racing.