Sportbook
Bets
The basics
When you bet on sports is to beat the 'Oddsmakers' or the 'Odds
Compilers' and win some money. Additionally, placing a bet on your
favorite sport event makes the game exciting and more enjoyable.
Betting is done through Sportbooks
(US) or Bookmakers (UK) entities that accept bets. You can bet on
the outcome of several sporting events, such as; Baseball, Basketball,
Football, Tennis, Hockey, Snooker and Soccer games.
To place a sports bet, you go to
a sportbook gambling, physical or online. You could also bet over
the phone with many sportbooks. Note that a sports book or sportbook
is not the same as an oddsmaker. The sportbook simply accepts sports
bets. An oddsmaker is a person who sets the betting odds.
You need to state what you are betting
on by making a selection, the type of bet and the amount you are
wagering. Your selection will obviously depend on the odds offered,
so you will want to examine the range of odds available before you
make a decision.
There are many types of bets you
can place. Some sportbooks may offer more betting varieties and
combinations than others. Below is a list of the more common types
of bets.
Straight bet or Single
This is the simplest and most common bet. You bet on a winner at
given odds.
Point Spread
This bet lets you bet on a winner from two selections who have been
made equal by allocating appropriate points to the underdog team.
The Point Spread is the number of points allocated and is shown
with a + sign for the favorite and a - sign for the underdog. The
favorite has to win by more than the Point Spread for you to win,
otherwise you lose your bet even if the team wins. Inversely, if
you bet for the underdog, that team has to lose by less than the
Point Spread for you to win. If the favorite wins by the exact Point
Spread, then it is a push or a tie. You get your bet back. To eliminate
a tie result, the oddsmakers sometimes include a half point spread.
Since scores use full numbers only, one team has to win outright.
Buy Points
Also, to buy Key Points. Move the Point Spread favorably at a price.
The Money Line
This establishes the odds for each team but inversely proportional
to what would have been a Point Spread, and is indicated by a +
for the underdog and a - sign for the favorite. Say team A is favorite
and quoted at -180 and B is the underdog at + 120. The bets offered
would be 10:18 odds-on for the favorite, and 12:10 for the underdog.
For every $180 you bet on A you would win $100 or lose $180, but
for every $100 you bet on B you would win $120 or lose $100.
Total
A bet for the number of points scored in the game by both teams
combined, including points scored in overtime.
Over/Under
A bet that the combined number of points scored by the two teams
in the game will be Over or Under the total set by the oddsmaker.
Parlay or Accumulator
A multiple bet. A kind of 'let-it-ride' bet. Making simultaneous
selections on two or more games with the intent of pressing the
winnings of the first win on the bet of the following game selected,
and so on. All the selections made must win for you to win the parlay.
If a game is a tie, postponed or cancelled, your parlay is automatically
reduced by one selection; a double parlay becomes a straight bet,
a triple parlay becomes a double. A parlay bet can yield huge dividends
if won.
Teaser
It is like a parlay, but with the option to add or subtract points
(called 'moving the line') from one or more Spread bets. When betting
a teaser additional points are either added to the underdog or subtracted
from the favorite. The odds vary according to the number of points
the spread is moved and the number of teams combined to form the
teaser. As in the parlay, all selections must win for the teaser
to win. Teasers odds are usually worse than the parlays.
If-wager
A bet that allows the bettor to make a second wager, up to an equal
amount, pending a win on the first selection. Open Wager. Open wagers
allow the bettor to play teasers or parlays making a selection at
different times and even different days.
Future
A bet on a future event. At the start of each season, the sportbooks
give out odds for teams to win a certain championship. The odds
change as the game date approaches and in most cases get shorter,
but if you win you get paid at the original odds that you took.
This is possibly one of the most profitable bets if you have considerable
knowledge of the sport that you are betting on including the players,
and a good sense of judgment.
Exotic Bets
Betting on unusual events. Some sportbooks post odds and take bets
on a wide variety of other sports related events and activities.
A few others will take bets on just about anything you can think
of.
Proposition Bet or Prop Bet
An offer of bets at odds and conditions chosen by the sportbook,
usually on 'Exotic' bets.
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