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SPORTS BETTING (Tools)

Winning tools
 
An introduction to sports betting by Jimmy Sirody

Football took over from baseball as America's Game in the early 1980s, and it keeps getting more popular. When it comes to betting football, everybody considers himself an expert. For those who have had success wagering on football, do not change what you are doing. What follows are 10 guidelines to help you succeed. They may not fit your style and are not guaranteed. In my opinion, any casual bettor who claims to beat professional football on a regular basis is a liar. College football, maybe. The pros, no way.
 
Never lay more than seven points in the NFL
You can get away with laying big lumber in college, where the talent level between teams is huge. In the NFL, anybody can win. Or more importantly, any team can get the money. Do not fall in love with "public" teams that are double-digit favorites week after week. They will destroy you.
Bet 'overs' early and 'unders' late
A majority of recreational bettors are 'over' players. So it makes sense to bet 'unders' later in the week after the totals have been driven up. This holds true for TV games, as oddsmakers automatically inflate totals, knowing the public loves to bet anything it can watch.
Use power ratings
You do not have to know the name of every starting quarterback in the NFL or how many returning starters a college team has. What you should be looking for are holes in oddsmakers' numbers. The best way to accomplish this is find power ratings with which you are comfortable and stick with them. There are tons of newsletters that publish weekly power ratings. In most cases, you can line your garbage can with their selections, but check out how close their numbers are to the posted line. If a publication has an eight- to 10-point difference on every game, chuck it. That is not what you want. Do not look to come up with a play for every game. Be selective and find three or four solid plays.
Find ugly teams
I try to stay off glamour teams for two reasons. Oddsmakers tend to have a better opinion on teams that consistently are in the top-20. Therefore, it's possible to find bargains among lesser-known programs. With all the information available these days, you must be as well-informed as the man behind the counter. And, everyone basically is on the same side every week. If you do not get a number early, you are going to get a terrible price.
Never play parlays or teasers
If you ever have been in any of the fancy new Las Vegas betting palaces, remember those plush chairs and free drinks were paid for by parlay and teaser cards. If you are looking to stay in the battle for the long haul, avoid parlays. If your goal is to turn a toothpick into a lumberyard, then fire away.
Do not bet just to have action
Just because a game is on TV, does not mean you have to bet it. Security does not come around at sports books to check if you have a ticket on the game on the big screen. But do keep an eye on TV games and you likely will pick up information that will help in the future.
Do not be influenced by blowouts
This comes into play frequently after a Monday night rout. A lot of bettors can not wait to get down on the winning team. Do not forget, everybody watched the same game you did. One great performance (or one lackluster effort), means very little the following Sunday.
You can lay big numbers in college
Do not be afraid to lay big wood in the amateur ranks. You probably have noticed college numbers move to a much greater extent than those in the NFL. It is common for a college line to move as many as five or six points, while a two-point move in the NFL is huge. This is because of the relative parity in the pros and the vast disparity in the college ranks.
Always factor in strength of schedule
Casual fans often become overly impressed with teams that run up big scores week after week against inferior competition. When they finally run into serious opposition, often at an inflated price, they show their true colors. Who a team has played is much more important than how a team has played.

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The basics of betting sports #1

Walking into a bet shop for the first time can be intimidating. It is not nearly as complicated as it looks. What follows in the space below is a simplified look at betting on sports.

The first casino to open a sports book was The Union Plaza in the early 1970s. Since then, just about every hotel in town has implemented race and sports betting.

As in any business, there is a difference in personalities among employees of each establishment. Most workers will bend over backward to help out customers. But there are plenty of grouches. Baseball seems to provide novice bettors with the most problems.

Baseball

Betting on baseball is different from football and basketball because a pointspread is not used. Normally, 'money lines' are used, and that is where confusion can arise. The odds -- or money lines -- primarily are based on starting pitchers because they are considered the most decisive factor in each game's outcome. Here is how baseball games typically are listed on a betting board.
Game #901 Houston Astros S. Reynolds 8
Game #902 Los Angeles Dodgers K. Brown -150

Unless otherwise noted, teams listed second always are home. Kevin Brown is the scheduled starting pitcher for Los Angeles, and Shane Reynolds is expected to start for the Astros.

The figure to the right of Shane Reynolds' name is the total. Bettors can wager on whether the teams' combined runs will exceed (in this example) eight. Traditionally, bettors are required only to lay 'even money' (lay $1.10 to win $1.00) to bet a total. Occasionally, however, betting a total will require laying more 'juice.'

The figure to the right of Kevin Brown's name is the money line. A negative figure indicates favorite status. In this example, Brown is a $1.50 favorite. That means winning bets on Los Angeles would pay $1.00 for every $1.50 wagered.

Conversely, winning bets on the Astros would pay $1.40 for every $1.00 wagered.

Another example of how the money line could appear is shown below.
Game #901 Houston Astros S. Reynolds +140
Game #902 Los Angeles Dodgers K. Brown -150

It is important to remember that negative numbers signify the favorite. Positive numbers represent underdog status.

Game numbers should be used to identify teams. When ticket writers hear, "I want to the Dodgers for $150," they likely will ask for a game number in lieu of a team name. The proper way to call out that bet is, "Number 902 for 150 dollars."

The DBS schedule establishes bet numbers for every sporting event, and is available in every Las Vegas sports book. Sports books often compete for business by offering 15-cent, 10-cent or even 5-cent lines. The difference in these lines is seen in the 'comeback.' Our example incorporates a 10-cent line. If a sports book were to use a 20-cent line, the 'comeback' in our example would be only $1.30. Obviously, it is in the players' best interest to find a book that offers 'nickel lines.

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The basics of betting sports #2
 
Football and basketball

Baseball always had been known as our national pastime, but that does not seem the case today. Football is far more popular, as crowded sports books on autumn weekends would indicate. It seems everyone has an opinion when it comes to football -- and most are willing to back up those thoughts with a wager. Perhaps the most important advance in sports wagering occurred in the 1930s when the pointspread became popular.

Prior to its advent, sports were similar to horse racing, in which complicated odds were posted on the basis of a particular team winning outright. While this method works fairly well on evenly matched teams, it is less than satisfactory when one team clearly is superior to its opponent.

With a pointspread, winning a bet is not determined by which team actually emerges victorious, but by the contest's final score. Here is how it works. When a game ends, the pointpsread must be subtracted from the number of points scored by the favorite. After that step is taken, the team with the higher score is deemed the victor for betting purposes. (Or, adding the pointspread to the score of the underdog). Here is an example. The table below shows how a betting board would look if Michigan were a seven-point favorite over Purdue.
Game # 101 Purdue
Game #102 Michigan -7

Placing a wager on Michigan would require laying seven points. Therefore, when the game ends, seven points must be deducted from the total number of points scored by Michigan to determine the pointspread winner. If the Wolverines won, 24-20, then bettors who took Purdue would win. Even though Michigan won the game, bets on Michigan would have lost. If UM had prevailed, 28-20, then it would have 'covered' the pointspread. Had UM won, 27-20, all bets on the contest would be refunded.

Sports bettors should remember that a pointspread is not a prediction by oddsmakers as to a game's outcome. Rather, it is a number that oddsmakers feel will attract equal action on both sides of a game. If the same amount of money is bet on both sides of a particular event, bookmakers would have no liability. They simply would collect from the losers, pay the winners and keep their roughly 10 percent commission.

Here is how sports books make money. When placing a bet, customers pay a fee, called 'vigorish' or 'vig.' On most occasions, bettors must wager $11 to win $10. If a bookmaker takes two bets on an event -- one on each side for the same $11 -- he will pay the winner back $21 (the bettor's original $11, plus his $10 winnings). And he will keep the loser's $11. So, the bookmaker made a $1 profit.

Drawn out over a much larger scale, if a bookmaker takes in exactly $110,000 in bets on each side of a game, he stands to profit $10,000. To compensate for the 'vig,' bettors must win 52.38 percent of their wagers to break even (provided they all are of an equal amount).

Bettors also can wager on the total number of points scored between two teams. In these instances, bettors simply would decide whether they want to bet 'OVER' or 'UNDER' the total posted for a particular event. If the combined final score matches the total, bets are refunded.

Another type of bet is called a 'parlay,' which involves two or more outcomes as part of the same bet. In order to win a parlay, all of the components must win. The payouts for parlays is much greater than for straight bets. Parlay cards are the most popular betting option. Every sports book offers a variety of options and combinations. An example of how a parlay card traditionally pays out appears below.

2-teamer 13 to 5
3-teamer 6 to 1
4-teamer 10 to 1
5-teamer 20 to 1
6-teamer 40 to 1

Another type of wager is a 'teaser,' which offers bettors a more advantageous pointspread in exchange for lower payoffs. When betting a teaser, bettors are given 6, 6½ or 7 points for football and either 4, 4½, or 5 points for basketball. Proceed at your own risk. They're called teasers for a good reason. There is so much information available these days that well-informed players should be one step ahead of their bookmaker.

Shopping around for the best numbers is critical. Although very few exist, some people bet sports professionally. It also is important for sports bettors to risk only what they can afford to lose.

Bettors who do not check their tickets before leaving sports book counters could walk away with an erroneous bet. Mistakes can be made. Once customers walk away, they have no recourse.

A futures bet provides an entire season's worth of action at a small price. These wagers often involve picking a World Series, NBA title or Super Bowl winner weeks or months before the actual event.

A relatively new, but popular gimmick is halftime betting. Halftime wagering involves betting on a new pointspread and total once the opening two quarters are complete. These could be good chances to press an original bet or to 'get off' if bettors feel they have no chance.

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The basics of betting sports #3
 
Hockey

Hockey is the most complicated of the major sports on which to wager, as it also has the most variables. A puck line and a money line are the two options used by sports books when accepting hockey bets.

However, money lines generally are used.

Here is an example.
Chicago (-½) -165
Detroit

In this example, Chicago is the favorite and is laying one-half goal. Therefore, bettors wishing to wager on the Blackhawks would be required to bet $165 to win $100.

Detroit backers would receive one-half goal, and win $145 for every $100 wagered.

The other option when betting hockey is the puck line.

With a puck line, Chicago backers would have to lay 1½ goals. But they would not have to lay the $165. Rather, the wager would be 'even-money' (bet $100 to win $100).

Those who bet the Red Wings would receive a half-goal, while also risking even money.

An inherent danger for hockey bettors is the risk of teams scoring empty-net goals in a game's waning moments.

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Betting terms

Term Meaning
Action A bet
BM Bookmaker
BR Bankroll
Back door A 'cover' that occurs in the waning moments of a game
Bad beat Losing under unusual circumstances
Beard A runner; one who places a bet for another
Beef A dispute over the outcome of a bet
Bow-wow An underdog
Chalk A favorite
Circled game A contest on which betting limits are reduced (injuries and weather are the primary reasons for games to be circled)
Cover A pointspread win
Degenerate A compulsive gambler
Dime $1,000
Dollar $100
Earn Percentage hold
Exotic Any wager other than a straight bet or parlay (also referred to as a proposition or prop)
Exposure The maximum amount of money a sports book stands to lose on a game
Figure Amount owed to or by a bookmaker
Form A tabloid used for horse racing data
Getting down Placing a bet
Handicapper A person who studies factors such as statistics, injuries, weather and news to predict the outcome of games
Handle Total amount of money wagered
Hedge To reduce amount of action by wagering on the opposite side of a previous bet
Hook A half-point
Juice Amount of commission kept by the house (also referred to as vigorish or vig)
Laying a price Playing a favorite
Layoff Money bet by a house with another bookmaker to reduce its liability
Limit Maximum amount of money accepted for one wager
Line The odds on a game (also referred to as price)
Lock A surefire winner (there really is no such proposition)
Matador A cover that occurs in the waning moments of a game (also referred to as a back door cover)
Middle Betting both sides of a game at different prices with the hope of winning both wagers (An example: if a bettor played Maryland (minus-4) and Duke (plus-6), and Maryland won, 100-95, he would win both bets -- or "catch a middle")
Mush A bettor who is bad luck
Nickel $500
Off the board A game on which bookmakers are not accepting wagers (generally because of injuries)
Overlay A situation in which the odds on a game favor the bettors rather than the house
Parlay One bet ticket written with at least two wagers (all must win for the ticket to cash)
Past post To place a wager after an event has started
Pick'em A game with no favorite (the straight-up winner also would win bets)
Price The odds on a game
Puppy The underdog
Push A tie
Round robin A single ticket with comprised of more than one parlay
Rundown A list of odds on a particular day's games
Runner One who places bets for another
Scalper Someone who bets both sides of a game
Score A big win
Sharp A sophisticated or professional sports bettor
Square A novice sports bettor
Steam Heavy action on one side of a game
Straight bet One wager (as opposed to a parlay)
Sucker bet Parlays, teasers or exotics (anything bookmakers use to entice squares to bet more)
Taking a price Betting an underdog
Tapped out Broke from gambling
Teaser A sucker wager that allows bettors to add and subtract points from posted odds
Tout service A company that sells selections on games (most in the United States are dishonest)
Underlay A situation in which the odds on a game favor the house rather than bettors
Value An overlay
Vigorish Amount of commission kept by the house (also referred to as juice or vig)
Wise guy A professional sports bettor


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