| 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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