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Sportsbooks and Racebooks
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Sports BettingSports betting is the most popular form of betting in the world. Wagering on sporting events is usually done in a part of the casino called the Sportsbook. The objective of sports betting is to correctly predict the outcome of a given sporting event. Usually the types of bets available to the bettor fall into one of the 4 categories listed below:
Examples of Bet Types: Sample Future Bet -You made make a bet at the beginning of the season on Pittsburgh to win the Super Bowl with odds of 10 to 1. If you bet $100 and Pittsburgh did win you win $1100 ( Your $100 bet plus $1000 for the winning bet).
Sample Point Spread Bet- You may see the following point spread listed: Dallas -6 1/2 vs. Detroit Here you will see the Dallas is favored to win the game by more 6 1/2 points. This means that if bet on Dallas and they win by 7 or more points you also win. If Dallas wins by 6 or less points they have failed to "cover the spread" (win by a predicted amount) and you will lose your bet. The sportsbook make money by charging a commission of typically $1 for every $10 bet so if you bet and then paying bets back at 10 to 11. If you bet $11 and win you will get back $21 from the Sports book (Your $11 bet plus $10 for the winning bet).
Sample Money Line Bet- You may see the following money line information listed: Washington -190 New Orleans +125 What this means is that since Washington is favored to win the payout will be lower on winning Washington bets. The -190 means if you bet on Washington, you will win $90 for every $100 you wager. Of course most sportsbooks will allow you to make fractional bets on that amount so you could simply make a $10 bet with the hope of winning $19 if Washington wins. Likewise New Orleans is an underdog so winning bets for them will pay out more. Here the +150 means that for every $100 you bet you will win $150. Therefore a $10 winning bet on New Orleans would return $25. Sample Over Under Bet- You may see a listing on the sportsbook board that lists the following : Colorado O/U Tennessee 50 What this means is that the sportsbook is predicting the combined scores of both teams will be 50 points. You simply make a bet on whether the combined scores of both teams will be greater than or less than 50. If the combines score is exactly 50 it is a tie and bets are returned. Over Under bets are paid out in the same fashion as Point Spread Bets; usually 10 to 11. So a winning $11 bet would pay back $21.
Betting on Football Football is the most popular sport for sports bettors with heavy action going to both college and professional leagues. Types of bets made for football include the Future, Point Spread, Money Line, and Over Under. When visiting a sportsbook you may see a game listed as such:
From this you can tell that Oakland is playing at New York (The home team is listed in ALL CAPS) and New York is a 5 point favorite (Favorites are listed first). Furthermore you can tell that the money line says you must bet $150 on New York to win $100 while a bet of $100 on Oakland would win you $175. Also you can see the Over/Under is 38. After reading this you can simply decide which bets to make and then go up to the betting window, make your bets, then enjoy the games. Sportsbooks also give football bettors a chance to make what is called a parlay bet. The parlay bet is usually a string of 3 or more bets on different games that will give the bettor a large payout, but only if all of his bets are winning ones, otherwise the bettor loses. Betting on Basketball Betting on Professional and College Basketball is offered at sportsbooks. Bettors usually make point spread and Over/ Under bets on basketball games. One might see the following game listed on the board of a sportsbook:
From this listing you can see that Duke is favored to beat North Carolina because they are listed first, and North Carolina is the home team because they are listed in ALL CAPS. One can also see that Duke is favored to win by 6 points and that the Over/ Under for the game is 152 points. Basketball bets also include parlay bets as in football.
Betting on Baseball While not as popular as football and basketball; betting on professional baseball is offered by sportsbooks. Generally speaking most betting on baseball games is done using the money line. The board in a sportsbook may show a listing like the one below:
From this listing you can see that Boston is favored to win since they are listed first and that New York is the home team since they are listed in ALL CAPS. The baseball money line is based on a $5 bet so what this listing means is that you must bet $8 on Boston in order to win $5. Likewise a $5 bet on New York would win you $7.50. Occasionally you will see Over/Under bets listed for baseball games as well. Betting on Hockey Hockey is the up and coming sport and interest on betting on professional hockey is increasing rapidly. Sportsbooks generally use point spreads when listing hockey games so you might a listing like the following on the board:
Here you can see that Los Angeles is the home team since they are listed in ALL CAPS and since they are listed first they are the favorite as well. If Los Angeles wins by 3 or more goals they will win the bet and cover the spread. If Los Angeles loses or wins by 2 or less goals they fail to cover the spread and therefore any bets on them would lose. Hockey bets usually pay 10 to 11 so an $11 bet would win $21.
Betting on Boxing Wagering on top prize fights is an exciting way to watch a fight. Sportsbooks take moneyline bets for boxing matches and the fights will be listed with the favorite listed on top and the underdog listed below. Bets are generally based on units of $5. You may see a listing like the following on the sportsbooks' board:
Here you can see that Lewis is favored to win the fight and that it would take a bet of $10 to win $5 (for a total of $15 to the winning bettor). Likewise a $5 bet on Holyfield would win $6 ( for a total of $11).
Betting on Horses Betting on horses at racebooks has long been a popular activity. Horse racing bets start at a minimum of $2 and payouts for winning bets on horses are listed on the board. When betting on horses there are three basic bets that can be made: Win - On this bet you are predicting that your horse will win the race. Place - While the payouts are lower for this bet, you will win if your horse finishes either first or second. Show - This bets pays even less than the Place bet, but you win if your horse finishes first, second, or third. In addition there are several other common bets made at the racebook. They are the Exacta, the Daily Double, and the Trifecta. In the Exacta you must correctly predict which horse will win the race and which horse will come in second in a given race. In the Daily Double you must correctly predict the winning horses for the first and second race of the day. In the Trifecta you must correctly predict which horse will come in first, which one will come in second, and which horse will come in third in a given race. These bets are longshots but pay big if you win.
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1. Know What You Are Betting On. Knowledge is Power. Don't make big bets on sports, teams, or horses you know little about. For sports bettors keep up on teams by reading publications like The Sporting News and use the internet to get up to the minute information. Horse Racing fans can get publications like The Daily Racing Form to keep up with the latest information on the horses. 2. Read Professional Guide Books - These books can go into much greater detail than is practical on a web page and will prove to be one of your best weapons. . Below is a list of recommended books:
We have even more books in our Casino Bookstore! Guide to Online Sportsbooks and Racebooks - Below is a list of Sportsbooks and Racebooks:
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