Casino SPORTS BETTING Instruction
Learn the rules and terminology for Sports Betting and some basic sports wagering strategy. Sports betting is the game of predicting sports results and making bets on the outcome of the sporting event. The bookmaker or bookie charges a commission, called a vig short for Vigorish for hosting the bet. On the internet, thousand of bookmakers accept wagers on sporting events that take place around the world. Betting odds are started as which team is the favorite and which is the underdog, whereas the favorite is the team expected to win and the underdog is the team expected to lose. The favorite return on a bet is less then 1 to 1 and the underdog return on a bet is greater then 1 to 1 because of the probability that the outcome winner will more likely be the favorite.
Types of Sports Bets
The two types of bets are money line and point spread.
Money line bets are straight up bets where the winner of the contest is picked and the bettor is paid depending on the odds of that team winning.
The point spread bet adds points to the underdog so that the likelihood of a team winning after the spread is added is fifty-fifty. Bettors betting on the favorite win only if their team wins by more than the spread, which is determined at the time of the wager. This is known as covering the spread. On the other hand, an underdog bettor can win even if their team loses as long as they win against the point spread, because the favorite score is reduced by the amount of points in the spread which was set at the time of the wager.
Generally, bookmakers use money lines which are stated in terms of the amount needed to be bet to win $100 on a favorite or the amount paid for a $100 bet on an underdog. The bet won is total amount over and above the initial bet, i.e. if a bettor wins $100 on a bet of $100, the winner is paid $200.
If the spread makes the score for each team equal, then the bet is a push and the bet is returned to the bettor.
Combined total score, known as totals or over/unders is another betting option. Bettors can choose whether the total combined score of both teams will be over the set amount or under the set amount.
Proposition bets are wagers on various things that may occur during a game. There are many different types of prop bets that can be available and often are unusual such as which team will score first, which player gets the most hits, who hits the first home run or how the first touchdown will be scored.
Parlays are a serious of different bets up to 12 and all must occur for the bettor to win. Though it is less likely to predict multiple outcomes, parlays pay very well. For example, a better bets 4 football game outcomes, if he is successful in guessing all four, he will be paid about 10 to 1 instead of 1 to 1 four times.
Future Wagers are bets that predict a future accomplishment by a team. Often done for predicting the Superbowl champion, the World Series champion, or even the Presidential election outcome.
Sports Betting Strategy
It is difficult to overcome the vig of the bookies in the long run. But, there are people whose main income is derived from betting sports so it is possible. One thing to note is that it is not recommended chasing a losing day by trying to win it all back at once with a bigger bet. It is usually a lot better to play with a long term mindset meaning keep to the betting pattern your using and do not increase your bets to combat short term negative fluctuations.