Sports Betting glossary

Note: Different countries may use different terms for how to bet and also for the types of bets.
Sportsbook or Sports book (US) = Bookmaker or Bookies (UK)

• Accumulator - (Also, Parlay) A multiple bet. A kind of 'let-it-ride' bet. Making simultaneous selections on two or more games with the intent of pressing the winnings of the first win on the bet of the following game selected, and so on. All the selections made must win for you to win the accumulator.
• Action - A bet or wager of any kind is deemed Action if valid. Different rules apply in different sports in determining if a bet is action or no action (e.g. baseball bets are action when the game gets beyond 4½ innings).
• Ajax - UK slang term for 'Betting Tax'.
• All-In - With all-in betting there are no refunds given for scratched or withdrawn competitors or teams in an event where a bet is placed. Should an event be cancelled then the amount bet will be refunded.
• All Up - (Also, Accumulator) This involves picking the winners of more than one event. A single wager amount is placed on more than one outcome, whereby the stake and winnings of the first selection will be rolled over into the second selection and so on.
• Ante Post - (Also, Futures) Bets placed in advance predicting the outcome of a future event. Ante-post prices are those on major sporting events, usually prior to the day of the event itself. In return for the chance of better odds, punters risk the fact that stakes are not returned if their selection pulls out or is cancelled.
• Arbitrage - Where a variation in odds available allows a punter to back both sides and guarantee a win.
• Backed - A 'backed' team is one on which lots of bets have been placed.
• Banker - Highly expected to win. The strongest in a multiple selection in a parlay or accumulator. In permutation bets the banker is a selection that must win to guarantee any returns.
• Bar Price - Refers to the odds of the selections at the last quoted price and bigger. The bar price is the minimum odds for any of those selections not quoted. For example, in a large field, the Serie A outright markets may read Juventus 3/1, AC Milan 7/2, Inter Milan 4/1, Lazio 5/1, 8/1 Bar - meaning every other side is quoted at 8/1 or bigger.
• Beard (US) - A friend or acquaintance or other contact who is used to placing bets so that the bookmakers will not know the identity of the actual bettor. Many top handicappers and persons occupying sensitive positions use this method of wagering.
• Beef - A dispute or claim involving a player and his bookmaker or a casino dealer. A dispute over the outcome of a bet. A problematic situation involving a bet.
• Beeswax - UK slang term for betting tax. Also known as 'Bees' or 'Ajax'.
• Betting Tax - Tax on a Bookmaker's turnover. In the UK this is a 'Duty' levied on every Pound wagered. Common methods of recouping this by the punter are to deduct tax from returns (winnings) or to pay tax with the stake/wager. In the latter case, no tax is deducted from the punter's winnings.
• Bettor (US) - Someone who places or has a bet. A 'Punter' in the UK.
• Book - A bookmaker's tally of amounts bet on each competitor, and odds necessary to assure him of profit. Running a 'book' is the act of quoting odds and accepting bets on an event and the person doing it is called the 'Bookmaker'.
• Bookie - (U.K.) Short for bookmaker. The person or shop who accepts bets.
• Bookmaker - Person who is licensed to accept bets on the result of an event based on their provision of odds to the customer. (Sportsbook US).
• Bottle - UK slang, odds of 2 to 1.
• Bridge-Jumper (US) - Bettor who specializes in large show bets on odd-on favourites.
• Buck (US) - A bet of US$ 100 (also known as a 'dollar bet').
• Burlington Bertie - The price of 100-30.
• Buy Price - In Spread or Index betting, the higher figure quoted by an Index bookmaker.
• Buy the Rack (US) - Purchase every possible daily-double or other combination ticket.
• Canadian - Also known as a Super Yankee. A Canadian is a combination bet consisting of 26 bets with 5 selections in different events. The combination bet is made up of 10 doubles, 10 trebles, five 4-folds and one 5-fold.
• Carpet - UK slang for Odds of 3 to 1 (also known as 'Tres' or 'Gimmel').
• Century - GBP£ 100 (also known as a 'Ton').
• Chalk - The favored team.
• Chalk Player - Bettor on favourites.
• Circled Game - A game where the maximum bet is limited. The sportsbook or bookmaker puts a limit on the amount of action they are prepared to take on the game. This is most often due to doubts about key players, in games that feature key injuries, inclement weather, or unsubstantiated rumors regarding a team. Most bookies 'Circle' all Ivy League Games.
• Closing Line - The final list of point spreads offered before game time.
• Combination Bet - Selecting any number of teams/horses to finish first and second in either order.
• Cover - To bet the spread by the required number of points.
• Credit Betting - Betting using credit with a bookmaker.
• Dead Hit - Finishing equal. Both win.
• Deposit Betting - Betting with money deposited in advance with a bookmaker.
• Dime bet - A $1000 wager.
• Dividend - The agreed payout or return on any bet.
• Dog (US) - The underdog in any betting proposition.
• Dog Player (US) - A bettor who mainly wagers on the underdog.
• Dollar Bet - A $100 wager.
• Double(s) - A twin bet on two separate specified events or two parts of the same event. A form of parlay or accumulator.
• Double Carpet - UK slang for Odds of 33 to 1, based on 'Carpet'.
• Double or Nothing - An even-money bet, a bet that pays off exactly the amount wagered.
• Draw - Where competitors in an event finish evenly. Where there is a draw and this is not offered as a betting option, the return will be divided by the number of joint winners. Note that some sports have processes such as extra-time or play-offs to determine an event winner that are included as part of the bet where others are not. This may affect some bets and you should always be sure how an event would be decided in this instance.
• Drift - Odds that 'Lengthen', are said to have drifted, or be 'On the Drift'.
• Each Way - UK term for betting on a team or individual to win and/or 'Place'. The bet is automatically split into two, 50:50 and the odds for each bet are different. If your selection wins, the Place bet wins automatically. Therefore, you could win either both bets or Place only.
• Even Money - A 1:1 odds bet. A $1 stake would return $2 dividend ($1 win plus $1 staked).
• Favorite/Favourite - The team or individual the sportsbooks rate most likely to win that contest or event. Typically it has the most money bet on it.
• Field - 1) All the individual competitors in an event. 2) Odds offered on non listed (outsiders) players or teams collectively called the Field.
• Fixed Game - A game in which one or more participants willfully manipulate the final outcome of a game.
• Fixed Odds - Your dividend is fixed at the odds when you placed your bet. No matter how much the odds fluctuate the odds at the time you placed your bet are fixed and written on the ticket. Your dividend for winning is paid at the value stated on your ticket, no matter what happens after you have placed your bet.
• Flag - A bet consisting of 23 bets (a 'Yankee' plus 6 'Single Stakes About' bets in pairs) on 4 selections in different event.
• Flash (US) - Change of odds information on tote board.
• Flea - An annoying person who wants something for nothing. One who expects to be comped for a small wager.
• Fold - When preceded by a number, a fold indicates the number of selections in an accumulator (e.g. 5-Fold = 5 selections).
• Forecast - A wager that involves correctly predicting the 1st and 2nd for a particular event. This bet can be straight, reversed or permed. (USA, Perfecta or Exacta).
• Full Cover - All the doubles, trebles and accumulators involved in a given number of selections.
• Futures - (Also, Ante Post) Bets placed in advance predicting the outcome of a future event.
• Goliath - A goliath is a multiple bet consisting of 247 bets involving 8 selections in different events. The multiple bet breakdown is 28 doubles, 56 trebles, 70x4-folds, 56x5-folds, 28x6-folds, 8x7-folds and one 8-fold.
• Grand - GBP£ 1,000 (also known as a Big'un).
• Grand Salami - A slang word for the over/under total for the combined score of all the hockey contests on the schedule for that day.
• Grand Slam - The four major tennis tournaments Wimbledon, Australian Open, French Open, U.S. Open. Also the four major golf tournaments The Masters, U.S. Open, British Open, PGA Championship (Professional Golf Association). Also in baseball, a homerun with the bases loaded, scoring four runs.
• Handicap - Spread.
• Hang Cheng - The Asian equivalent for 'Point Spread'.
• Heinz - A Heinz is a multiple bet consisting of 57 bets involving 6 selections in different events. The multiple bet breakdown is 15 doubles, 20 trebles, 15x4-folds, 6x5-folds and one 6-fold.
• Home Field Advantage - Edge the home team is expected to have as a result of familiarity with the playing area, favorable demographics and effect of travel on the visiting team.
• Hoops - Slang word used to indicate the game of basketball.
• IBF - International Boxing Federation.
• In and Out Teaser (See also "Teaser" below) - An "in and out teaser" is when the player picks the favorite, underdog, over and under of the same game. For example: NY +3 1/2, Dallas -3 1/2. An in and out teaser would have a player take both NY and Dallas, and tease both, to increase the odds of winning the wager. So, if you teased both teams by 7 points, you would have: NY +10 1/2, Dallas +3 1/2. So long as the spread is covered, your wager will be a win.
• Index Betting - Spread betting.
• In The Red - Odds on.
• Joint Favorites - When a sportsbook or bookmaker cannot split two teams for favoritism, they may both be joint favorites.
• Jolly - Bookmakers slang for 'Favorite/Favourite'.
• Juice - The bookmaker's commission, also known as vigorish or vig.
• Kite - UK slang for a cheque ('Check' in the US).
• Lay a Bet - A bookie accepting a bet.
• Layer - Another term for Bookie.
• Layoff - A bookmaker's bet with another bookmaker made in order to help equalize the excess action he has accepted from his customers.
• LBO - Acronym for 'Licensed Betting Office' in the UK.
• Lengthen - The opposite of 'Shorten'. Referred to odds getting longer, that is, more attractive to the bettor.
• Lines - Odds offered to the punter.
• Linemaker - One who compiles or sets the original or subsequent betting lines.
• Lock - (As in 'Banker') US term for an almost certain winner. Easy winner.
• Long Odds - Generally greater than 10:1.
• Lucky 15 - A Lucky 15 consists of 15 bets involving 4 selections in different events, i.e. 4 singles, 6 doubles, 4 trebles, and 1 fourfold. As a consolation if you only have one winner it will be paid at double the odds. If you get all four winners, a 10% bonus will be added to your returns.
• Lucky 31 - A Lucky 31 consists of 31 bets involving 5 selections in different events, i.e. 5 singles, 10 doubles, 10 trebles, 5 four-folds plus 1 five-fold. . As a consolation if you only have one winner it will be paid at double the odds. If you get all five winners, a 20% bonus will be added to your returns.
• Lucky 63 - A Lucky 63 consists of 63 bets involving 6 selections in different events, i.e. 6 singles, 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold. As a consolation if you only have one winner it will be paid at double the odds. If you get all six winners, a 25% bonus will be added to your returns.
• Margin - The amount a competitor in an event finishes in front of another competitor.
• MLB - Major League Baseball.
• Money Line - (Also, Action Line or Spread Betting) The amount that must be wagered to win $100, or the amount won for a $100 wager.
• Multiples - See 'Accumulator'.
• MVP - Most Valuable Player.
• Nap - A newspaper corrospondents best bet of the day. Reputed to stand for 'Napoleon'.
• NBA - National Basketball Association.
• NCAA - National Collegiate Athletic Association.
• NFL - National Football League.
• NHL - National Hockey League.
• Nickel - A $500 wager.
• Odds - The sportsbook's or bookmaker's view of the chance of a competitor winning (adjusted to include a profit).
• Odds-against - Where the odds are greater than evens (e.g. 5 to 2).
• Odds Compiler - Same as 'Oddsmaker' below.
• Odds-on - An Odds-on bet has a Minus sign in front and is worked out in reverse. It is the amount you wager to win $100. In the U.K. it is a bet on odds below evens 1:1. In Europe, it is a bet on odds below 2:1.
• Oddsmaker - A person who sets the betting odds. (Sportsbooks or Bookies don't set the odds. Most major sportsbooks use odds set by Las Vegas oddsmakers.)
• Off the Board (US) - A game or event on which the sporstbook will not accept action.
• Outsiders - Those contestants that are not expected to win. The opposite to the favorite, usually offered at lengthy odds.
• Over/Under - A bet on whether the total points or goals scored by the two teams will be over or under a specified number.
• Parlay - (Also, Accumulator) A multiple bet. A kind of 'let-it-ride' bet. Making simultaneous selections on two or more games with the intent of pressing the winnings of the first win on the bet of the following game selected, and so on. All the selections made must win for you to win the parlay.
• Patent - A Patent consists of 7 bets involving 3 selections in different events, i.e. a single on each selection, plus 3 doubles and 1 treble.
• Permutations - To 'perm' selections. For example, if you have made 3 selections (A, B and C) you can 'perm' all the possible doubles. In this case all the doubles possible are AB, AC, and BC; a total of 3 individual bets, or lines. Similarly, if you have made 4 selections (A, B, C and D) you can also 'perm' all the possible doubles from these four. Now the doubles are AB, AC, AD, BC, BD, CD; a total of 6 individual bets, or lines.
• Picks - Betting selections, usually by an expert.
• PK or Pick - Evenly matched teams.
• Place - Finish in the top three, top four and sometimes also top five in a competition or event. A Place bet will win if the selection you bet on is among those placed. Different sportsbooks have different Place terms and you should check their rules before placing a bet.
• Point Spread - (Also, Handicap) The points allocated to the 'underdog' to level the odds with the 'favorite/favourite'.
• Price - The odds.
• Pucks - A slang word used to indicate the game of hockey.
• Punter - Bettor.
• Push - A game that is tied when the point spread is factored in.
• Return - Your total winnings on a bet.
• Round Robin - A bet consisting of 10 bets (3 pairs of 'Single Stakes About' bets plus 3 doubles and 1 treble) involving three selections in different events. (US, A series of three or more teams into two-team wagers).
• Scalper - One who attempts to profit from the differences in odds from book to book by betting both sides of the same game at different prices.
• Shorten - The opposite of 'Lengthen'. Referred to odds getting shorter, that is, less attractive to the bettor.
• Shut Out (US) - What happens to a bettor who gets on the betting line to late and is still waiting in line when the window closes. Also, in sports betting, when the losing team do not score.
• Single - A Straight bet on one selection to win one race or event, also known as a straight-up bet.
• Single Stakes About (or SSA) - A bet consisting of 2 bets on two selections (1 single on each selection any to come 1 single on the other selection reversed).
• Sportsbook - The person, shop or website who accepts bets.
• Spread - Point Spread.
• Spread Betting - (Also, Action Line or Money Line) The amount that must be wagered to win $100, or the amount won for a $100 wager. A bet is won or lost according to whether you correctly predict the result of an event (also known as 'action line' or 'money line'). Returns or losses are calculated in proportion to how right or wrong the bettor is, and can lead to huge returns or losses.
• Stanley Cup - Championship of Hockey.
• Steam - When a betting line starts to move quite rapidly, usually caused by many bettors betting on it.
• Store (US) - A sportsbook or a bookie.
• Super Bowl - NFL Championship game.
• Super Heinz - A Super Heinz consists of 120 bets involving 7 selections in different events, i.e. 21 doubles, 35 trebles, 35 four-folds, 21 five-folds, 7 six-folds and 1 seven-fold.
• Super Yankee - Alternative name for a multiple bet known as Canadian, a Super Yankee is a Yankee type bet with five selections instead of four.
• System - A method of betting, usually mathematically based, used by a punter or bettor to try to get an advantage.
• Teaser (See also "In and Out Teaser" above) - A bet on two or more teams where the bettor can add or subtract points from the spread to make their bets stronger in return for reduced odds. All results must match the selections to win the teaser.
• Thick'un - A big bet.
• Tie - A push, stand-off or a draw.
• Tips - Picks. The selections and predictions of competitors performance for an event from an expert or observer.
• Totals - Sports bet on whether the combined number of points or goals scored by the two teams will be over/under a given mark.
• Tote - Short for Totalisator. A system introduced to Britain in 1929 to offer pool betting on racecourses.
• Trebles - A triple bet on three events. A form of parlay or accumulator.
• Trixie - A Trixie consists of 4 bets involving 3 selections in different events, i.e. 3 doubles plus 1 treble.
• True Odds - The real odds of something happening as opposed to what the bookies offer.
• Two and Three Balls Betting - A golfing bet that involves predicting which player from either a group of two or three will shoot the lowest score over 18 holes.
• Underdog - The team that receives a point start in a handicap.
• Union Jack - A bet consisting of 8 trebles on 9 selections A to I: ABC, DEF, GHI, ADG, BEH, CFI, AEI, and CEG.
• Value - Getting the best odds on a wager.
• Vigorish or Vig. - The commission paid to the bookmaker.
• VS - Versus, against.
• WBA - World Boxing Association.
• WBC - World Boxing Council.
• Welsh/Welch - To fail to pay a gambling bet.
• Win Only - Betting on a competitor to win an event. Also known as 'Straight Out' or 'Money Line' betting.
• Wise Guy - A knowledgeable handicapper or bettor.
• WNBA - Womens National Basketball Association.
• World Series - Championship of Major League Baseball (MLB). The final seven games of the baseball playoffs between the two league champions to determine the world champion.
• Yankee - The term used for a bet that consists of four selections, combining them into six doubles, four trebles and one fourfold - i.e. eleven bets.

Source - http://www.ildado.com

Sporting bets in Formula one: rules

Championship Betting

1. Any bets placed on both the Drivers World Championship and the Constructors World Championship will stand even if the selection does not compete.
2. Bets will be settled according to the official Championship result at the podium presentation following the final race of the season. Where there is a tiea for the Championship, bets will be settled according to the most races won, followed by most second places, and so forth, as per FIA rules.
3. In match betting all bets will stand provided that both competitors participate in a minimum of ten World Championship events. The winner will be deemed to be the competitor who collects the most World Championship points with the weigh in considered the podium result of the final race of the season. Should either competitor fail to participate in ten events, then bets on both competitors will be void. Should there be a tie between competitors all bets will be settled in the same manner as Championship bets, as per FIA rules.
4. Any bets placed on group betting will stand even if the selection does not compete. The winner will be deemed the driver who collects the most World Championship points with the weigh-in considered as the the podium result of the final race of the season.

Race Betting

1. All bets will be settled on the result at the end of the race, with the podium presentation deemed the official weigh-in for settling purposes. Subsequent disqualifications and amended results do not count.
2. Any driver who does not start the race will be deemed as a non-runner and bets on that particular driver will be settled as void.
3. The start of the race will be deemed as the beginning of the formation lap with any driver opting to start from the pit-lane also deemed to be a starter for race purposes.
4. In the event that three or more teams withdraw after qualifying has been completed and before the first green light to signal the start of the race following the formation lap, all bets on the race will be made void.
5. Straight forecast betting refers to two drivers to finish first and second in a stated order. The drivers must finish in the first two positions in the classified race results - no other positions will count.
6. Dual forecast betting refers to two drivers to finish in first and second place in any order. The drivers must finish in the first two positions in the classified race results - no other positions will count.
7. The first car to retire market refers to the first team to retire a car from the race. The market will be settled based on the lap of the retirement. In the event of more than one driver retiring on the same lap, dead-heat rules may apply.
8. Winning Car bets will be settled on the team of the driver who wins the race.
9. Winning Margin bets will be settled according to timings provided by the FIA as the official result.
10. The Fastest Lap market will be settled on the driver who sets the fastest single lap of the race. Any driver who sets his fastest lap on their final lap, following the leader winning the race, will still be eligible to win this market.
11. Race Match Bets will be between two named drivers. Bets will be settled on the driver who achieves the highest race placing. If both drivers fail to complete the race, the driver completing the most laps will be deemed the winner. If both drivers retire on the same lap, bets will be made void. If either driver does not start the race then bets on both will be void.
12. Total Finishers bets will be settled on the total number of classified finishers according to the FIA official results. Drivers who fail to complete 90% of the race distance are classified as non-finishers.
13. ITV Driver of the Day bets will be settled based upon who is nominated by the ITV as their "driver of the day" following the race. If no "driver of the day" is announced or more than one driver shares the title then all bets will be void.
14. Should the race start under the Safety Car, then all bets concerning the Safety Car will be made void.
15. In the event of two drivers recording the same time, all bets will be settled according to FIA Classifications.

Qualifying

1. The Highest Official Qualifier (Pole Position) market will be settled on the official qualifying results as taken from the FIA, regardless of any demotions or penalties applied subsequently.
2. In Qualifying Match betting the winner will be deemed to be the driver who scores the best qualification result, regardless of any demotions or penalties applied subsequently. If either driver fails to begin a qualifying lap, then all bets on that match-up will be void. Official FIA places apply if the times are recorded as identical.
3. In the Fastest Qualifier market only the times set in the final session will count, regardless of faster times being set during the knock-out stages of qualifying.
   
4. In the event of two drivers setting identical qualifying times, bets will be settled according to FIA Classifications.

General Sports Betting Tips!

Let's take a look at a few tips that will help you profit as a sports bettor:

1: Knowledge
2: Money Management
3: Discipline

Knowledge: Know what you are doing! Don’t just wing it because someone told you they thought their team was going to win it all. Study up on the game and the sport before placing your bet. When it comes to successful sports wagering success, you must be scientific and heartless about the teams in question. Otherwise, you may as well throw your money away.

Know what trends to look for in each sport and how certain stats affect teams differently:

• Take weather into account. A cold, windy day might have an adverse affect on teams coming to Detroit if they are playing baseball, but if you try to give the Lions an advantage in an NFL game the same day, for the same reason, you are going to look very silly when someone shows you their covered stadium.
• Research recent matchups between the teams you are betting on. The team you like may have won six games in a row but historically bomb badly against the team you were thinking should lose because of that win streak. Some teams just match up well against others, regardless of other factors.
• Know what live and betting stats are relevant to this game. Does it matter that your pitcher has a stellar record against left-handed batters if the team he is facing has very few of those?
• Especially in prop bets, know the opposition as well as or better than the team you are wagering on. You don’t want to bet that Peyton Manning throws for 300 yards against the league’s strongest pass defense when you can also look and see that the running defense is not so hot and Manning has running backs in the backfield to pound the ball downfield on the ground.
• Look at the intangibles like injuries, suspensions, team chemistry, revenge factors and rivalries that can’t be expressed in terms of numbers.
• Timing is the key to beating the numbers. Make sure to keep an eye on lines as they often change as the game gets closer. Getting your wager in before your line goes down, or waiting until it goes higher in your favor is very often the difference between a win and a loss.
• Always include special teams, coaching and defensive analysis in your handicapping strategy. Ever been burned by a last-second, otherwise meaningless run back for a touchdown or a coach who does not watch the game clock, letting the other team get the ball back with time to score? The ability to secure good field position, or prevent it, is a key factor to consider.

Money Management: Unless you are Charles Barkley, you can’t afford to throw your whole bankroll on one game and, if you lose, just grab another roll. You need to set aside an amount that is no more than what you can afford to LOSE over the season. You need to be stingy! Sometimes it is hard to keep your bet amounts nearly the same, using only a small percentage of your bankroll - under 5% - for each wager. In fact, sticking to your program and not chasing losses is probably the hardest thing about wagering successfully over a period of time. Every once in a while, sure, go ahead and double your bet size. But make sure you do it only on very strong plays and not on what you WANT to be a strong play because you just lost a few. Sure things and locks do not exist in the real world.

Discipline: Discipline is the foundation you must have in order to properly manage your money and wager knowledgeably. If you lose your discipline, you will lose your bankroll. Period. If you have a good winning streak, say 8 wins and 2 losses, you are now up 6 units. Then you drop 3 in a row. At this point, you are still up 3 units. It is now easy to lose focus, forgetting your previous wins and the long haul and to double up on a couple bets to try to recoup the 3 losses. Now, if you lose those two doubled up bets, instead of still being up one unit overall, you are down one unit. It is only natural to want to chase the losses, but remaining true to your plan will pay off and make sense at the end of the season. To test this, try writing down the times you wanted to chase losses through a season, without actually chasing, and see what your bankroll would have been if you had chased instead of exercising discipline. Your profits will speak volumes.

Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. Perhaps more so than other forms of gambling, the legality and general acceptance of sports betting varies from nation to nation.
In the United States, for example, sports gambling is only legal in Nevada casinos, while in many European nations bookmaking (the profession of accepting sports wagers) is highly regulated but not criminalized. Proponents of legalized sports betting generally regard it as a hobby for sports fans that increases their interest in particular sporting events, thus benefiting the leagues, teams and players they bet on through higher attendances and television audiences. Opponents fear that, over and above the general ramifications of gambling, it threatens the integrity of amateur and professional sport, the history of which includes numerous attempts by sports gamblers to fix matches, although proponents counter that legitimate bookmakers will invariably fight corruption just as fiercely as governing bodies and law enforcement do. Most sports bettors are overall losers as the bookmakers odds are fairly efficient. However, there are professional sports bettors that make a good income betting sports.

Types of bets

Aside from simple wagers--betting a friend that one's favorite baseball team will win its division, for instance, or buying a football "square" for the Super Bowl--sports betting is commonly done through a bookmaker. Legal sports bookmakers exist throughout the world (perhaps most notably in Las Vegas). In areas where sports betting is illegal, bettors usually make their sports wagers with illicit bookmakers (known colloquially as "bookies") and on the Internet, where thousands of online bookmakers accept wagers on sporting events around the world. (In the United States, the legality of Internet wagering is ambiguous, due to the fact that online bookmakers generally operate outside of the U.S. Some online bookmakers do not accept wagers from the U.S. due to these unresolved legal questions.) The bookmaker earns a commission or "vigorish" by regarding the money at risk as less than the size of the bet placed. A common line is a $110 bet on a fair coin which pays $210 to win and $0 to lose. On this line, it costs $220 to bet both sides of the same coin simultaneously, but the combined bet always pays $210. The $10 loss constitutes the vig. There are opposing positions on whether the winner or loser can be construed as paying the vig, but this debate is not especially meaningful. If you view $110 to win $210 on a fair coin as $100 at risk, then it will appear as if the loser pays the vig; if you view the same line as $110 at risk, then it will appear as if the winner pays the vig. It happens that standard practice among bookies is to adjust odds so the amount at risk remains constant from the winning side of the proposition, hence the common perception that the loser pays the vig. Vigs expressed as percentages suffer from the same perceptual bias. On the line as given in this example, for a fair coin, the bookie has an expectation of making $5 for each $110 bet placed, which is often divided out and expressed as 4.5% Odds on teams or opponents are quoted in terms of the favorite (the team that is expected to win, thus requiring a riskier wager) and the underdog.

Bookmakers generally offer two types of wagers on the winner of a sporting event: a straight-up or money line bet, or a point spread wager. Moneylines and straight-up prices are used to set odds on sports such as soccer, baseball and hockey (the scoring nature of which renders point spreads impractical) as well as individual vs. individual matches, like boxing. For these sports, bookmakers in Europe and Asia generally use straight-up odds, which are quoted based on a payout for a single bet unit; for example, a 2-1 favorite would be listed at a price of 1.50, whereas an underdog returning twice the amount wagered would be listed at a price of 3.00.

American bookmakers generally use moneylines, which are quoted in terms of the amount required to win $100 on a favorite, or the amount paid for a $100 bet on an underdog. The amount "won" in a bet is the net amount over and above the initial bet. If a person wins $200 on a bet of $100, the bookmaker actually pays the winner $300 (i.e. $200 plus the initial bet of $100).

For example, a baseball game between the St. Louis Cardinals and Chicago Cubs might have a moneyline on St. Louis (the favorite) at -200 and Chicago (the underdog) at +180. A bettor looking to take St. Louis must risk $200 for every $100 he wishes to win over and above the initial $200 bet. A person wagering on Chicago will win $180 for every $100 he bets.

The +180 moneyline on Chicago includes a 20 cent "dime line". Bookmakers generally use a "dime line" with moneylines to calculate the vigorish they receive on losing wagers. Without the 20 cent dimeline in the example above, the Chicago moneyline would be +200.

For favorites of -120 to -150, the difference between the favorite and underdog is 10 cents; i.e., the underdog to a -120 favorite is priced at +110. The discrepancy between prices rises for favorites of -160 or higher.

Unlike point spread bets, a moneyline wager requires only that the team wagered upon win the match. In sports such as baseball, where certain teams can be heavy favorites against weaker opponents (sometimes as much as -350 or higher), the moneyline system requires that a hefty sum be risked on the favorite, while enticing underdog players with a higher payout.

In sports such as basketball or American football, betting on the point spread is more popular, although money line odds are usually offered as well. A point spread wager typically requires a bettor to risk $110 to win $100, the extra $10 being the bookmaker's vigorish if the wager loses. However, bettors backing the favorite collect only if their team wins by more than a specific victory margin, which is set at the time of the wager. This is called "covering the spread". Similarly, underdog bettors can collect even when their team loses, as long as they win against the point spread by losing by fewer points than were quoted by the bookmaker. For example, suppose that a college football game between Kansas State and Kansas had K-State as a 27 point favorite (quoted as K-State -27, or Kansas +27):

* If Kansas State defeats Kansas by more than 27 points, they have covered the spread and bettors on K-State would receive $100 on a $110 bet. Kansas bettors lose the $110 they wagered.
* If Kansas defeats K-State, bettors on Kansas would receive $100 on a $110 bet. K-State bettors lose the $110 they wagered.
* If Kansas loses by less than 27 points, they have won against the spread. Bettors on both sides are then treated exactly as if Kansas had won the game.
* If K-State wins by exactly 27 points, the wager is called a "push", and neither side wins. Standard practice by U.S. bookmakers is to return the stakes of all bettors on the game in full. To prevent pushes and ensure that they receive their commission on losing wagers, bookmakers often set point spreads that include a half-point.

Another common wager available for sporting events involves predicting the combined total score between the competing teams in a game. Such wagers are known as "totals" or "over/unders." For example, the K-State/Kansas football game described above might have a total of 55 points. A bettor could wager that both teams will combine for over 55 points, and play the "over." Or, he could predict that the score will fall under this amount, and play the "under." As with point spreads, bookmakers frequently set the totals at a number involving a half-point (i.e., 55.5), to reduce the occurrence of pushes.

In the United Kingdom, each-way golf betting is serviced by twenty or more bookmakers, some of which, including the larger UK and Irish bookmakers, bet in running. Before the tournament starts, bookies pay out on a quarter for the first five places, but the each way terms lessen throughout each and every five day tournament, with win-only markets usually available during the final round. Dead heats pay out a proportion of the win or each-way return.

Many bookmakers offer several alternative bets, including the following:

* Proposition bets. These are wagers made on a very specific outcome of a match. Examples include guessing the number of goals each team scores in a soccer match, betting whether a wide receiver in a football game will net more or less than a set amount of total yardage, or wagering that a baseball player on one team will accumulate more hits than another player on the opposing team.
* Parlays. A parlay involves multiple bets (usually up to 12) and rewards successful bettors with a large payout. For example, a bettor could include four different wagers in a four-team parlay, whereby he is wagering that all four bets will win. If any of the four bets fails to cover, the bettor loses the parlay, but if all four bets win, the bettor receives a substantially higher payout (usually 10-1 in the case of a four-teamer) than if he made the four wagers separately.
* Run line, puck line or goal line bets. These are wagers offered as alternatives to straight-up/moneyline prices in baseball, hockey or soccer, respectively. These bets feature a fixed point spread that offers a higher payout for the favorite and a lower one for the underdog. For example, the above-described Cardinals/Cubs baseball game might offer a run line of St. Louis -1.5 (+100) and Chicago +1.5 (-120). A bettor taking St. Louis on the run line can avoid risking $200 to win $100 on the moneyline, but will collect only if the Cardinals win by 2 runs or more. Similarly, a run line wager on the Cubs will pay if Chicago loses by no more than a run, but it requires the bettor to risk $120 to win $100.
* Future wagers. This bet predicts a future accomplishment by a team or player. One example is a bet that a certain NFL team will win the Super Bowl for the upcoming season. Odds for such a bet generally are expressed in a ratio of units paid to unit wagered. The team wagered upon might be 50-1 to win the Super Bowl, which means that the bet will pay 50 times the amount wagered if the team does so.

Bookmaking

Most people believe that bookmakers adjust their prices so that they get the same amount of money on both sides of a game. Theoretically, the bookmaker's only financial interest in the bets it accepts is the vigorish it takes from losing wagers, and it simply wants to ensure that the amount of wagers on each side is equal. However, some bookmakers are willing to take more risk and attempt to maximize their bottom line. While having an exactly equal amount of money wagered on each contestant would guarantee themselves a profit and eliminate their risk, that won't necessarily maximize their bottom line. They can make more money when they accept bets at odds which are "inflated" from those which are likely to occur. So for example, if the majority of their customers are going to bet on a team regardless of the price, they will set the price as high as possible. This is called "shading" the line. Generally, the public prefers to back the favorite, and unsophisticated bettors often show up during large events such as the Final Four and the Super Bowl. Some bookmakers actually offer different prices to different customers, using past bets as an indicator of who the customer will bet on as a way of additionally increasing their potential profit.

With a match offering a point spread, however, bookmakers must be careful of moving the line too much. Assume, for example, that a large number of K-State betters caused the line to be moved from 27 points all the way to 29 points. If K-State won the game by 28 points, the bookmaker would have to pay both those who wagered that K-State would win by 27 and those who took Kansas on the 29 point spread. Bookmakers refer to such an event as "being middled." This famously occurred in the 1979 Super Bowl between the Pittsburgh Steelers and Dallas Cowboys, which American bookmakers still remember as Black Sunday. For that game, bookmakers opened Pittsburgh as a 3.5 point favorite, and the line closed just before kickoff at Pittsburgh -4.5. Pittsburgh won the game 35-31, enabling both those who took the Steelers -3.5 and those who wagered on the Cowboys +4.5 to collect.

Sometimes, a point spread is set at an amount that equals a common margin of victory for a particular sporting event. For instance, American football games are often decided by 3 points (the amount awarded for a field goal) or 7 points (the amount awarded for a touchdown with a successful extra-point attempt). In the case of a football game where the favorite is -7, moving the line up or down would likely result in a middle if the favorite wins by exactly 7 points. In this situation, the bookmaker may choose to adjust the vigorish in response to unbalanced action, rather than move the point spread. If the 7 point favorite is getting the most wagers, a bookmaker may change the vigorish on that team from -7 (-110) to -7 (-120), and move the underdog to +7 (+100). Once this occurs, bettors looking to wager on the favorite must risk $120 for every $100 they wish to win, while underdog players will get even money for every dollar they wager.

A bookmaker's line can be influenced by one or several large wagers made on a match. Bookmakers pay particular attention to the bets of a professional sports gambler, commonly known within the industry as a "sharp" or "wiseguy." Some bookmakers will not accept bets from bettors they believe fit in this category. Professionals evade such efforts by hiring agents known as "beards" to place bets on their behalf. Groups of professionals who work together are known as a "syndicate." These syndicates will often place large wagers with several books simultaneously, causing the prices to move quickly. Observers refer to these fast line movements as "steam."

Conversely, bettors who are primarily recreational are referred to as "squares". Online, there are certain betting shops that cater more towards sharps and those toward squares. Shops that cater towards professionals generally have higher (or no) upper betting limits and offer lower vigorish, while making some of the money back on fees for withdrawals or minimum bets. Meanwhile, "square" shops generally have lower betting limits and offer more signup bonuses. In return, they charge the standard 11-to-10 vigorish, and offer worse moneylines than the "sharp" shops. In many of the minor sports, sharps make up the majority of bettors, while for large public sporting events such as the NCAA Men's Division I Basketball Championship and the Super Bowl, recreational bettors make up almost 90% of the betting action at sportsbooks, and are the top betting events both in Nevada and online.[1]

Because of how lines move quickly during sporting events, arbitrage betting is possible. Theoretically, this will guarantee a small profit of 3-6% when a person bets on one line at one shop and on the opposite line at another shop. However, a large sum of capital is required for the amount of reward, and great care must be exercised to avoid accidentally betting on the same side at both shops.

Arbitrage situations are commonly found during halftime and intermission periods, where there is a limited amount of time for each bookmaker to determine the line and accept bets. Arbitrage betting is also possible in the weeks and days prior to sporting events as betting lines, especially for American football, are generally set early in a given time period and then adjusted in reaction to betting patterns and other relevant information as the time of the game approaches. Savvy gamblers will sometimes be able to place an early bet using the initial line and a late bet using the later line and then hope that the actual result of the contest falls somewhere between the two bets, thus ensuring either a large win or zero losses.

With the advent of online gambling came odds comparison sites that highlighted arbitrage opportunities by displaying the realtime prices of a number of bookmakers alongside each other. These sites continue to provide the most crucial information to professionals and casual gamblers alike who are looking to bet at the best odds.

In general, all forms of arbitrage betting is commonly known as "middling" or "finding the middle" of a particular contest and were fairly common in the early days of organized sports gambling. However, the relatively recent advent of both better communications between the individual sports books, the internet, and more sophisticated linesmaking techniques, has led to fewer opportunities for gamblers to make these types of bets.

The Federal Wire Act of 1961 was an attempt by the US government to prevent illegal bookmaking.

Source - http://en.wikipedia.org/