SPORTSBOOK BASICS
Watching sports is one thing. Wagering on them is another!
We've assembled some basic wagering tips to better assist you in placing your wagers and making certain you maximize on current odds.
Sports betting is a game of skill. The challenge is to gather and analyze as much information as you can about a game, weigh the probabilities of each team winning, and subsequently compare your opinion to the odds maker's.
Make the right judgment and you win. It's as simple as that. While luck may be a deciding factor in the outcome of any single game, and will inevitably go against you on occasion, it will balance out in the long run. Being a consistent winner in sports betting is not about luck but whether you are prepared to invest the time and effort to become knowledgeable about the sports you bet on, whether you can weigh all the factors in a cool, objective fashion, and whether you adopt a consistent, disciplined, long-term approach to your betting. Do all these and you will come out a winner. Remember, it's you against the odds maker, not the bookmaker.
The bookmaker is simply a middle man who operates on a small profit margin and, ideally, likes to see half the money wagered on one team and half on the other, assuring him of a profit. If too much of the money goes on one team, the bookmaker will move the line or point spread to encourage bets on the other team in an effort to balance his book. The person you are attempting to beat is the odds maker and his views on each team's chances.
Just by flipping a coin you will be right 50 percent of the time. At odds of 10/11 only 52.4 percent of your bets have to win for you to overcome the bookmaker's profit and break even, so you only need a very small edge to become a winner. Do your homework, bet selectively and 55 percent winning bets is definitely achievable and 60-65 percent is a realistic target. At those levels you will have an extremely profitable, as well as enjoyable, hobby.
Basic Types of Sports Wagers:The most common type of sports wager is on the result of a single game, known as a straight wager. One team is typically favored over another by a point spread; the favorite gives the underdog points as a head start, for betting purposes only. The favorite is always indicated by a minus sign (-3) and the underdog by a plus sign (+3). The amount of points a customer must give is estimated to be the amount that will generate equal wagering on both the underdog and the favorite. For betting purposes, the result of the game is determined by taking the actual score and subtracting points from the favorite's score or adding points to the underdog's score. So, a favorite can win game is determined by taking the actual score and subtracting points from the favorite's score or adding points to the underdog's score. So, a favorite can win the game but lose it for betting purposes and an underdog can lose the game but win it for betting purposes.
In all straight bets which are set by a point spread, the customer lays $11 for every $10 the customer wishes to win. For example, the Green Bay Packers may be favored by 7 points over the Chicago Bears. A customer who wishes to win $10 on Green Bay must give Chicago 7, if Green Bay wins by more than 7points than the customer wins $10. If Green Bay wins by less than 7 points or loses outright, then the customer loses $11. On the other side in order for the Chicago bettor to win, Chicago must win the game outright or lose by less than 7 points.
A customer can also bet whether the combined number of points or goals scored by the two teams in the game will be over or under the total set by the odds maker. For example, if the total is 42 and you believe that the combined points scored by the two teams will exceed that number, you would bet over. You would bet under if you believe the total points score will be less than 42.
A bet on a match up between two teams may be set by a money line instead of a point spread. If a match up is determined by a money line, like American baseball, then it will cost the customer more to wager on the favorite. For example, the Atlanta Braves may be favored over the Chicago Cubs by 150. In this example, the customer must lay $150 in order to win $100 if Atlanta wins the game, no point spreads are involved. If Atlanta loses, the customer loses $150. However, the customer could bet on Chicago, in which case the customer would lay $100 in order to win $140 (10 cent line). If Chicago loses, the customer only loses $100, because Chicago is the underdog.
Exotic Sports Wagers:A parlay is a bet on 2 or more teams or selections. The customer can combine different sports, point spreads and money lines. In a parlay your original stake and winnings are re-invested on the next game and all selections must be correct - one loss and your parlay loses. In the event of a push (tie), game cancellation or a pitcher that you have specified not starting, the parlay reduces to the next lower number, e.g. a 4-team parlay becomes 3-teams. A winning parlay wager will pay many times more than the initial wager.
Parlay Payoffs/Odds for Basketball and Football:
- 2 teams - 3/1
- 3 teams - 6/1
- 4 teams - 10/1
- 5 teams - 20/1
- 6 teams - 40/1
- 7 teams - 80/1
- 8 teams - 150/1
Decimal Conversion Chart:-1.05 = .95 -1.85 = .54 COMBINATION BASEBALL PAYOFFS. Because of the money line used in baseball, there are no set payoffs for tying a number of teams together in parlays. Payoffs are determined by a simple formula that changes the money line into a decimal number and combines it with the other lines in the parlay. The first step is to change the money line into its decimal value. Use the chart at the left for this purpose.
- -1.10 = .91 -1.90 = .53
- -1.15 = .87 -1.95 = .51
- -1.20 = .83 -2.00 = .50
- -125 = .80 -2.10 =.48
- -1.30 = .77 -2.20 = .45
- -1.35 = .74 -2.30 = .43
- -1.40 = .71 -2.40 = .42
- -1.45 = .69 -2.50 = .40
- -1.50 = .66 -2.60 = .38
- -1.55 = .64 2.70 = .37
- -1.60 = .62 -2.80 = .36
- -1.65 = .61 -3.00 = .33
- -1.70 = .59 -3.25 = .31
- -1.75 = .57 -3.50 = .29
- -1.80 = .55
HOW TO CALCULATE BASEBALL PARLAYS:
For each PRICE or ODDS quote on your teams, look at their respective PAYOFFS above (to $1) and always add $1 to these payoffs.
Multiply your BET times the products of these payoffs (+$1) for your parlay return. Example: Bet $50 on Cardinals (-150) parlayed to Tigers (-130)
BET x CARDINALS x TIGERS = RETURN (-150) (-130)$50 x 1.66 x 1.77 = $146.91RETURN INCLUDES THE $50 BET
Teasers:
A Teaser is a bet on 2 or more teams or selections. The difference between a teaser and a parlay is that in a teaser you adjust (tease) the line in your favor. For example New York might be favored by 7 points in one game and Chicago might be favored by 10 points in a second game. A 6 point teaser would adjust the point spreads 6 points in the customers favor; i.e. New York would now be favored by 1 point (7-6=1). The customer might make a bet on a 6 point teaser with Chicago and New York. In this example the customer is betting that Chicago will win by 4 points 10-6=4) and New York will win by 1 point (7-6=1). As in the parlay, all teams must win.
Teaser Payoffs/Odds for Basketball and Football
Football- points 6 6.5 7
Basketball - points 4 4.5 5
2 teams 11/10 6/5 13/10
3 teams 9/5 8/5 3/2
4 teams 3/1 5/2 2/1
5 teams 9/2 4/1 7/2
6 teams 7/1 6/1 5/1
7 teams 10/1 9/1 8/1
8 teams 15/1 12/1 10/1
3 Team 10 point Football Teasers & 3 Team 8 point Basketball Teasers Odds are 6/5 --Ties Lose
A future bet is a wager on an event or outcome that will be determined sometime in the future. For Example, it might be a bet made at the start of the season on Dallas Cowboys to win the Super Bowl. Futures odds change continuously throughout the season - YOU GET THE ODDS IN EFFECT AT THE TIME YOU BET. Futures bets often attract (high) odds to the bettor.
An If Win wager is an excellent choice for money management. You wager a fixed amount on one team if that team wins or the game is tied, then another fixed amount -up to the original amount- shall be placed on a different team. Your first wager must win in order for you to have action on the remaining wagers. If the first wager loses, there is No Action thereafter.
You cannot have duplicate teams in the same If Win wager.
Examples:
Example 1:
Broncos -7 Win
if win
Falcons -3 Win
Stake $110.00
Win $200.00
Example 2:
Broncos -7 Win
if win
Falcons -3 Lose
Stake $110.00
Lose $10.00
Example 3:
Broncos -7 Lose
if win
Falcons -3 Win
Stake $110.00
Lose $110.00
A Reverse wager is the same as two "if win" Bets. If wager A wins, the bet goes to wager B. If B wins, the bet goes to wager A. If wager A loses, the bet does not go to wager B. If wager B loses, the bet does not go to wager A. If wager A wins, the bet goes to wager B and if wager B loses, the bet does not go to wager A. A standard reverse bets are Double Action; therefore in the event of a tie the bet is still active.
Examples:
Example 1
Broncos -7 Win
if win
Falcons -3 Win
Stake $220.00
Win $400.00
Example 2
Broncos -7 Win
if win
Falcons -3
Stake $220.00
Lose $120.00
Example 3
Broncos -7 Lose
if win
Falcons -3 Lose
Stake $220.00
Lose $220.00
Falcons -3 Win Falcons -3 Lose Falcons -3 Lose if win if win if win Broncos -7 Win Broncos -7 Win Broncos -7 Lose
Buy Points:
You can move a point spread up to three one-half points in your favor. You must pay an extra 10% for each half point that the line is moved. When buying points on or off the point spread of 3, there is an additional 10% vigorish. Points cannot be bought on money lines or half times.
European Odds:
European odds are different from the North American style of odds. In North America money lines are used to determine the line. In North America a team that is +140 would be a 40 point
underdog. This means that for every $100 wagered the bettor would win $140. For this to be true in a European style of betting the odds would be 2.40. Meaning that for $100 wagered the bettor would win $140. The 2.40 represents the entire amount wagered and won by the bettor.
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