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Sport Betting

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Terminology

sportsbook / bookie

A free standing shop, or in dedicated space at land based casinos, sportsbooks have become popular meeting spots for bettors and sports fans alike. Sportsbooks accept bets on US events, plus action from around the globe, and provide giant screens for bettors to watch the action play out. The location/name of the place where you make the bet. An establishment/online that takes bets(wager) on sporting events and pays out winnings.

  • Wager - Placing a bet on any event offered at a sportsbook, casino or racebook. The wager is to bet: you might say to your fellow train passengers, "I'll wager ten dollars that we won't get to Chicago on time." Wager is the act of gambling, or in another term make your bet.
  • Bet - Any wager involving money wagered at a sportsbook, casino, racebook or poker room. The bet is to gamble or risk something valuable against an unknown outcome. Poker players bet on each hand, hoping the cards they hold will beat those of the other players.

odds

A value per outcome in an event. Betting lines set by a bookmaker on a variety of events.

  • The odds are the chances that something will happen. If you flip a coin, the odds are 50-50 you'll get heads.

Example how it could be represented:

  • American Odds – American odds are displayed differently than the rest of the world. Moneyline odds are shown as + or – a number in the US. Outside of the US, the same odds might be presented with a decimal point or by a fraction. Example: Yankees +400 American odds would be 5.0 or 4/1. The bettor takes home the same amount of money if the wager wins.
    • American format (-200)
      • American odds are in a “big three” group that also includes fractional and decimal odds. American moneylines posted at (-110) are the same as 1.91 decimal odds and 10/11 fractional pricing. All three formats return a $100 profit on a winning $110 wager.
  • Decimal Odds – This is a different way to present odds than Americans are used to. They’re sometimes called “European odds” since this is how odds are listed with European sportsbooks. The math is easier to figure out for most bettors than US moneyline odds. Decimal odds are derived from a simple calculation of the amount bet x odds.
    • Decimal (1.50)
  • Fractional Odds – Another kind of odds used mainly in Britain and Ireland. Odds are listed in fraction form (1/5) instead of as a moneyline (-500) that US sportsbooks use.
    • Fractional (1/2)

chalk

Another term for favorite. Los Angeles is the chalk side if the Lakers are a -3 point favorite over the Houston Rockets.

  • Chalk bettor - A player that bets on favorites with the majority of their wagers

favorite

The “expected” winner in a game “by the Bookie”. When a team or person is heavily favored to win a game or event. They often have very low odds paying much less than the amount wagered.

underdog

The “expected” loser in a game “by the Bookie”.

push

When a results lands on the betting number and all wagers are refunded. Any wager where the final result is a tie. If a basketball spread is 11 points and the final score is 120-109 spread bets on both teams are graded as a push and original stakes are returned. When a point spread wager lands exactly on the line offered by the sportsbook. The bettor receives their money back if they push. For example, New England Patriots are favored by 14 points against the New York Jets. If they win by exactly 14 points, the wager pushes and the bettor gets their original wager back.

unit/stake

The amount of money a bettor risks when placing a bet. Original stakes are returned on all winning wagers and many bets that are graded as a push. The amount that will be places to bet.

  • Betting Unit – A betting unit is the amount of a typical wager. Bettors may have different sized bankrolls and a unit is a way to share how much was bet without giving away a specific dollar amount. For example, a high roller might have a unit size of $10,000 per wager while a low roller has a unit size of $20 wager per wager.

pick

An selection in a game/event that you will be placing the bet. A betting option where the odds are exactly the same on both sides.

Type of Bets

moneyline

It is a type of bet that wins IF the selected selection wins by at least 1 point. A straight up bet, without any point spread, where bettors need to predict the outright winner. Favorites are posted with a negative (-185) odds while underdogs are listed with a positive (+165) price.

  • Multiple bets - Same as parlay, multiple bets are a single wager that consists of at least two sides on a single ticket. All sides must win (or push) to cash winning multiple bets.
    • Double: Single parlay ticket with two sides.
    • Treble: Single parlay ticket with three sides.
    • Trixie: Three sides create three double bets and one treble bet.
    • Patent: Three sides create three single bets, three double bets and one treble bet.
    • Yankee: Four sides create one four-leg parlay, six double bets and four treble bets.
    • Lucky 15: Four sides create four single bets, one four-leg parlay, six double bets and four treble bets.
    • Lucky 31: Five sides create one five-leg parlay, five four-leg parlays, five single bets, ten double bets and ten treble bets.

spread

It is a type of bet where a team must win or not lose by a predetermined margin. Taking or laying points when betting on a competition. Selecting Los Angeles at -7 point odds against New York (+7) is a spread bet. The Rams need to defeat the Giants by at least eight points to cash a winning ticket. Bettors lay the spread with favorites and take the spread with underdogs.

total

props

Often shortened to prop bet, proposition bets are exotic or special wagers that are offered on most sporting events. NFL Super Bowl prop betting options number in the hundreds.

  • Special - Similar to prop and exotic wagers, special bets are added to a competition beyond the more common moneyline, game total and spread betting options.

future

A wager placed on an event that will take place in the near or distant future. Betting on the winner of the Super Bowl, Stanley Cup, NBA Finals and World Series are popular futures options. Futures are also offered in soccer, major horse races, plus golf and tennis tournaments.

parlays

A single bet, also known as an accumulator or multiple, that consists of two or more sides. Each side must win to produce a winning ticket. A selection that ends as “push” is voided from a parlay ticket.

teasers - total

Teaser odds: Any line moved up or down by a bookmaker to entice (tease) bettors. Players can tease odds on a single game by using alternate lines. They can also place a parlay bet from a teaser card issued by a sportsbook.

Teaser Card: A daily list of all games, from one specific sport, where the odds are higher or lower than the prices posted on the main betting board. Teaser card bets require selecting two or more sides.

teasers - spread

combination/tricks

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