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Sports betting is the ultimate money game for the sports fan. Through any of a number of online sportsbooks you can bet on the outcome of baseball, basketball, football, hockey and soccer games, car races, boxing matches and other popular sporting events. If you know your favorite sport inside and out, you can overcome "the juice", beat the oddsmakers and fatten your wallet. Also, placing a sports bet makes the outcome of the game more meaningful and the game itself more enjoyable and thrilling.
The sportsbook and the oddsmaker To place a sports bet, simply go to a sportsbook -- a place that accepts sports bets. VIP Sports and Interwetten are examples of online sportsbooks. Many sportsbooks also accept bets by telephone. You may sometimes hear sportsbooks referred to as bookmakers or bookies. These terms are generally reserved for disreputable or illegal operations -- the leg-breaker variety.
Note that a sportsbook is not the same as an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is a person who sets the betting odds. Most major sportsbooks use odds set by Las Vegas oddsmakers. These oddsmakers typically work for major hotel sportsbooks.
Most online sportsbooks are located in the Caribbean and Europe.
Types of bets You can place a number of different bets including straight bets, parlays, teasers and over/unders. Click on the following links for details.
Straight bets and the point spread Straight bets are the most common sports bets. When you place a straight bet, you simply pick the team that will win or lose the game. The moneyline Oddsmakers don't set a point spread for baseball games. Instead, they set a moneyline, which gives odds that one team will beat another.
Total or over/under bets A total wager is a bet on the combined number of points scored in the game by both teams. Bettors can also wager on whether the teams will score more or less points than the line.
Parlays A parlay is a combined bet on two, three, four or more games.
Teasers A teaser is like a parlay, but you can add or subtract points from the spread to make your bets stronger.
Future bets Bettors lay odds on a team's chance of winning the championship - at the start of a season.
Exotic bets Sportsbooks often post odds and accept wagers on a variety of other activities, just to keep things interesting. Bet on a presidential race or who wins the Oscar.
Payoffs and odds The payoff for football, basketball, and hockey is $100 for every $110 wagered, unless otherwise noted.
If-win bets Bettors wager a fixed amount on one team, and if that team wins, bet another fixed amount on a different team.
Sports Betting Glossary Learn the difference between a parlay and a teaser, or what the moneyline is.Sports betting is the ultimate money game for the sports fan. Through any of a number of online sportsbooks you can bet on the outcome of baseball, basketball, football, hockey and soccer games, car races, boxing matches and other popular sporting events. If you know your favorite sport inside and out, you can overcome "the juice", beat the oddsmakers and fatten your wallet. Also, placing a sports bet makes the outcome of the game more meaningful and the game itself more enjoyable and thrilling.
The sportsbook and the oddsmaker To place a sports bet, simply go to a sportsbook -- a place that accepts sports bets. VIP Sports and Interwetten are examples of online sportsbooks. Many sportsbooks also accept bets by telephone. You may sometimes hear sportsbooks referred to as bookmakers or bookies. These terms are generally reserved for disreputable or illegal operations -- the leg-breaker variety.
Note that a sportsbook is not the same as an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is a person who sets the betting odds. Most major sportsbooks use odds set by Las Vegas oddsmakers. These oddsmakers typically work for major hotel sportsbooks.
Most online sportsbooks are located in the Caribbean and Europe.
Types of bets You can place a number of different bets including straight bets, parlays, teasers and over/unders. Click on the following links for details.
Straight bets and the point spread Straight bets are the most common sports bets. When you place a straight bet, you simply pick the team that will win or lose the game. The moneyline Oddsmakers don't set a point spread for baseball games. Instead, they set a moneyline, which gives odds that one team will beat another.
Total or over/under bets A total wager is a bet on the combined number of points scored in the game by both teams. Bettors can also wager on whether the teams will score more or less points than the line.
Parlays A parlay is a combined bet on two, three, four or more games.
Teasers A teaser is like a parlay, but you can add or subtract points from the spread to make your bets stronger.
Future bets Bettors lay odds on a team's chance of winning the championship - at the start of a season.
Exotic bets Sportsbooks often post odds and accept wagers on a variety of other activities, just to keep things interesting. Bet on a presidential race or who wins the Oscar.
Payoffs and odds The payoff for football, basketball, and hockey is $100 for every $110 wagered, unless otherwise noted.
If-win bets Bettors wager a fixed amount on one team, and if that team wins, bet another fixed amount on a different team.
Sports Betting Glossary Learn the difference between a parlay and a teaser, or what the moneyline is.
Q:S1 Where can I bet legally on Sports?A:S1 (Philip Galanter)
Leaving aside various forms of (animal) racing, there are at least four ways tobet on sports in the US, and of these two are legal, one is illegal, and one isambiguous.
You can bet legally at licensed Nevada Sports Books, and illegally with bookiesin virtually every town. Most of the following describes the ins and outs ofgambling at sports books. There are two points worth noting here. First, NevadaSports Books can set up phone accounts, but will not accept wagers across statelines. Second, odds with illegal bookies are often worse than those one can getin Nevada.
Betting with offshore (international) sports books seems to be on the rise, andpromises to spread from phone services to internet based online services. Fromthe point of view of bets and odds offered, these books are similar to licensedNevada Sports Books. The legality of these services is, at best, ambiguous.There are claims and opinions on all sides of the argument, but few legalprecedents. In addition, some offshore books are run by old trustworthy firms,some are fly-by-night scams, and many are somewhere in between. Cavaet Bettor.
The last way (and other than in state Nevada betting the only other clearlylegal way) to bet on sports in the US is the Oregon Lottery. This was describedas follows in a rec.gambling post:
The Oregon lottery is alive and well as far as football betting. The game is called sports action. The line is set by Jim Feist. It is set and printed on Wednesday and does not change. This can work to the bettor's advantage due to changes in team lineups due to injuries and such. The minimum wager is $2.00 and the minimum number of games bet is 3. The payoffs for a three game win is $5.00 per dollar wagered. Four games gets $10.00 per dollar wagered. All other wagers are paid on a paramutual fashion. For example, a seven game winner usually pays around $160 to $350. The maximum number of games that can be bet have a winner. A week or two ago $14,000 carried over in the 14 pool. There are also some games that are called special play games with over/under total score. The line seems to be fairly consistent with the Vegas line on the Wednesday that it is set.
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Q:S2 What sports can I bet on?A:S2
You can bet on any sport the Sports Book you are wagering with covers. At mostbooks, this includes professional and college football and basketball,professional baseball, professional hockey, and horse and dog racing. Every nowand then Sports Books will offer proposition bets (see below) on events likeprofessional golf tournaments and the Indy 500 and the like, but not on aregular basis for other events in those sports.-------------------------------------------------------------------------------
Q:S3 What is "the spread"?A:S3
The spread is a point advantage given to a weaker team that is expected to loseby X number of points. This is the odds makers way of making even bets possiblefor a Sports Book. Usually if you bet against the spread you make an 11-10 bet.This means that you win $10 if you bet $11 for a total of $21 if your teamcovers the spread.
A team covers the spread if it wins the game with the score modified by thespread. If Dallas and Washington are playing and the spread is (Dallas -7),then Dallas has to win by at least 8 points to cover. Half-point spreads arealso possible.-------------------------------------------------------------------------------
Q:S4 Why do I have to bet $11 to win $10?A:S4
This is one of the many ways the Sports book makes it's money. In an idealsituation, the same amount of money will be bet on both sides of the line andthe Sports Book will take it's 10% from the losing side. If $55000 ($50000 andan addition $5000 to make the bets) was bet on Washington and $55000 bet onDallas, no matter who wins the game the SB will make $5000. In case of a tie,all money is refunded. This is a rather simplified version as the spread moveswhen one side becomes more heavily bet on.-------------------------------------------------------------------------------
Q:S5 What are all of the different types of bets?A:S5
Proposition bet
A prop bet is a bet the SB offers at odds and conditions of it's choosing. Propbets can be exotic bets like which team will score the most touchdowns, whichteam will shoot the most three pointers, which running back will rush for themost yards, etc. Most prop bets are offered at 11-10 odds, but some of theexotics will be offered at better or worse odds, depending on the bet.
Money Line Bets
A money line bet is a bet on the straight up total of an event or the odds fora straight up prop bet. There are two totals given for either side on a moneyline bet. A negative and a plus side.
Dallas -170 Washington +150
What this means is that for every $17 you bet on Dallas, you win $10 if theywin. For every $10 you bet on Washington, you win $15 if they win. This is theway SB's make money off games by not giving points.
Spread Bets
These are the standard bets to make. Basically a proposition bet at 11-10 oddswhere the conditions are you give or take points on the team you are betting onhoping that the modified total of your teams score beats the other teamsstraight score. Bets on the spread are often know as straight bets because theypay even money (minus the 10% vig).
Tampa Bay +19 1/2 Miami -19 1/2
This means that if you bet on Miami, Miami needs to score at least 20 morepoints than Tampa to cover. If you bet on Tampa, the score must be at leastwithin 19 for you to win. The bottom team is almost always the home team.
Over/Under Bets
These are also 11-10 bets on what the total of the game will be. If the totalposted on a game is 39 1/2 points, then you can wager that the total score ofboth teams added together will be either over or under the posted total.Betting the over is known as "betting on the ball", betting under is known as"betting on the clock".
Chicago -5 1/2 -180 1:00 pm Atlanta +5 1/2 +150 42 1/2
This gives the money line, the point spread, and the total for the game. Italso tells you that Atlanta is the home team, and the game starts at 1:00 pm.As far as I know, this is the standard posting at mosts Books.
Parlays
A parlay bet is betting on the outcome of two or more events, and gettinghigher odds than betting on the outcome of both events. The drawback is thatthe odds aren't right and that you must win all of the events to win theparlay.
# of plays Standard Odds True Odds ---------- ------------- --------- 2 plays 13-5 3-1 3 plays 6-1 7-1 4 plays 10-1 15-1 5 plays 20-1 31-1 6 plays 40-1 63-1 7 plays 80-1 127-1
The more events parlayed the worse the odds shift in the casinos advantage. Theadvantage for the player for parlays lies in the fact that he can bet more onthe same game (spread and over/under) and he can bet more on two teams who areplaying at the same time.
In order to be competitive, some casinos offer ties-win parlay cards. Thisgreatly helps the player. The Las Vegas Hilton SB is one of these.
Teasers
A teaser bet is a bet where you can move the spread by a set amount, but haveto pay to do it. You must bet at least two teams like a parlay and win both.You can move the spread by on all the games by the set amount.
Football Teasers
# of teams 6 pts 6 1/2 pts 7 pts ---------- ----- --------- ----- 2 teams 11-10 5-6 5-7 3 teams 8-5 3-2 6-5 4 teams 5-2 2-1 9-5 5 teams 4-1 7-2 3-1 6 teams 6-1 5-1 4-1
Basketball Teasers
# of teams 4 pts 4 1/2 pts 5 pts ---------- ----- --------- ----- 2 teams 11-10 5-6 5-7 3 teams 8-5 3-2 6-5 4 teams 5-2 2-1 9-5 5 teams 4-1 7-2 3-1 6 teams 6-1 5-1 9-2
Buying a half point
You can shift the spread a half point in your favor by laying 6-5 odds insteadof the standard 11-10. This is called buying a half point. You usually want tostay away from this bet except on three point spreads on football games. Thisis also know as "buying the hook".-------------------------------------------------------------------------------
Q:S6 Can I make a million dollars with one bet?A:S6
Sure. Bet $1,100,000 straight up.-------------------------------------------------------------------------------
Q:S7 Who makes the odds?A:S7 (Philip Galanter)
Las Vegas Sports Consultants Inc., establishes the odds for about 75% of thelicensed Sports Books in Nevada, as well as for the Oregon State Lottery. It isrun by Michael 'Roxy' Roxborough. He also operates as a consultant on gamingstrategies, management, marketing, and personnel. Most illegal books in and outof Nevada draw their odds from what is posted at the various casinos.Transmitting gambling information across state lines for the purpose of placingor taking bets is illegal. News items about point spreads and the like can bereported for informational and entertainment purposes only.-------------------------------------------------------------------------------
Q:S8 Do I have to be over 21 to bet on sports?A:S8
Yes.-------------------------------------------------------------------------------
Q:S9 What is the minimum bet that must be reported to the IRS?A:S9
Well all gambling wins and losses are supposed to be reported to the IRS at theend of the year, but if you bet more than $10,000 at once, you must fill outsome IRS paperwork at the ticket counter. All money won must be reported to theIRS.-------------------------------------------------------------------------------
Q:S10 Are there any good books or articles on sports gambling topics?A:S10 (Philip Galanter)
Here are some sports gambling related books I've found to be useful, insuggested reading order for beginners. The obscure ones I've purchased from theGamblers Book Club, although I don't know if they are still in print. I tend tolike writers that are objective and more interested in your winning than beinga fan.
Orkin, Mike. "Can You Win?", W.H.Freeman and Co., 1991. IBSN 0-7167-2155-4(soft)
Presents a general overview of gambling presenting the real odds of various games. It only assumes a high school level of mathematics understanding. The 32 page section on sports betting doubles as a guide to the various betting options available, and there is also a 16 page section on horserace betting. A brief treatment on Kelly betting as applied to sports gambling is included.
An overview concentrating on the question posed by the title, the author concludes the sports section with the observation:
"If you're going to gamble, which games should you play? I recommend sports betting. There are two reasons for this: 1 - Unlike in roulette, craps, and keno, it's impossible to prove that you can't win in the long run. 2 - When you win, it's because you're smart, and when you lose, it's because somebody fumbled."
Sugar, Bert Randolph. "The Caesars Palace Sports Book of Betting", St. Martin'sPress, 1992. IBSN 0-312-05058-5 (paper)
The author is a well known sports writer and Las Vegas insider. A good popular introduction to sports betting with equal amounts of information on betting terms, options, odds, and the like, various considerations for each major sport; advice on handicapping based on matchups, streaks, injuries and stat.s; history and color; and money management.
numerical recipe approach to even complicated betting scenarios such as simultaneous games, simultaneous single and multiple parlay plays, win-show-place betting, and more. Also included are some useful tables (variables include % of wins, number of teams, variations to include parlays or not) showing optimal bets, risk and expectancy. Also included are some program listings in BASIC for (now mostly obsolete) hand calculators that may be useful as pseudocode.
The cosmetics do not, however, inspire trust. It would be nice if a r.g math weenie would review it.
Sports Betting BasicsDifferent sports have different systems for oddsmaking and betting. There are even different systems for the same sport, depending on what kind of game the bettor wants to play. But to understand any of these systems, you first have to understand the jargon. 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 on sports is illegal in many places, you can't always look up your local bookie in the phone book.
Handicap - In sports betting, "to handicap" is to give one team a points advantage in order to level the betting field.
Handle - The handle is the total amount of money wagered on bets. Super Bowl betting generates the biggest handle of the year for most bookies.
Sportsbook - An establishment that takes bets, also known as a book. An individual who takes bets is a bookie.
Juice - This is the percentage of all bets taken by the bookie as profit. The juice is also known as the vig, short for vigorish. Sometimes bookies take a straight percentage of the handle, but more often the vig is figured into the odds.
Photo courtesy Jim Byrne, Glasgow West EndIn much of Europe, bookmakers are licensed by the government and have public officeslike this one in Glasgow, Scotland.
The spread - The point spread is used in high-scoring sports like football and basketball. It is basically a handicap used to make all games competitive in the eyes of bettors. The spread gives one team an advantage of a few points. Standard notation for the point spread shows the favored team first, followed by a negative number (the actual spread). The home team is shown in capital letters. So if Buffalo was playing against Green Bay in Green Bay, and they were favored to win by seven points, it would look like this:
Buffalo -7; GREEN BAYIf someone bets on Buffalo to win, Buffalo would actually have to win by more than seven points for the bet to pay off. It's as if Green Bay were given a seven-point lead at the start of the game.
The money line - In sports like baseball, scoring isn't high enough to use a point spread. The money line is used instead. A money line listing might look like this:
WHITE SOX -1.20; Astros +1.10Sometimes the decimal point is left out, so 120 is the same as 1.20. If you want to bet on the favored team, the White Sox, you have to bet $1.20 for every $1 you want to win. If you want to bet on the underdog Astros, you have to bet $1 for every $1.10 you want to win. This is known as the dime line, because ten cents separate the favorite from the underdog. Most bookies offer a dime line, although it can increase to a 20 cent line or greater if one team is heavily favored.
If the money line seems confusing, think of it as a simple pricing system. You want to win a certain amount of money on your bet. Chances are greater that the favored team will win the game, so it costs more to bet on the favorite to win that amount than it costs to bet on the underdog.
Here's an example: Imagine that using the money line above with the White Sox and the Astros, you want to win about $100. If you place your bet on the favored White Sox, you will pay the bookie $120. If you win, you get your $120 back, plus $100 in winnings. If you lose, the bookie keeps your $120 (technically, bookies collect on losing bets after the game most of the time, but for our example we'll assume the bet is prepaid). If you bet $100 on the Astros, you'll get $110 in winnings if they win, and only lose $100 if they lose.
Pick'em - Sometimes money line games will be listed as "pick" or "pick'em." This means that the teams are considered equal, and the line on both teams is -1.10. Betting on either team requires $1.10 per $1 in potential winnings [ref].
Pools, cards, and parlays - A parlay is just a combination bet. Instead of making five separate bets on five different games, the bettor places a single parlay bet, hoping he or she can predict the outcome of all five games. If any one of the games is a loser, the entire parlay is a loser. The payout is better for parlays, because the odds of successfully picking multiple winners are much tougher to beat [ref]. Most people are familiar with parlays through office betting pools or football cards. If you've ever paid $5 to select your winners from a list of that week's football games (sometimes using the spread, sometimes using the straight scores) in hopes of winning the weekly prize, then you have made an informal parlay bet. Office pools don't usually involve actual bookies beyond the person who organizes the pool, and no one takes juice from the pool. All the money is distributed to the winner or winners.
Next, we'll find out how oddsmakers set the line and figure out the spread.
Oddsmaker vs. BookieWhat's the difference between an oddsmaker and a bookie? A bookie's job is purely mechanical. He gets the line from Vegas or another source, offers bets at those odds, then collects money from the losers, pays out to the winners and keeps the vig. Oddsmakers don't actually take bets -- they study the games and set the lines. Bookies often adjust the spreads for their games, so they do a little oddsmaking, and oddsmakers work for casinos, which operate sports books that take bets.

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