Gambling Tips

To the unknowledable observer, sports betting can seem pretty confusing. There are a lot of random numbers and abbreviations that make it hard to understand what is going on. However, much like the game of craps, sports betting is a lot easier to understand than it appears. Here’s a rundown of the basics:

Spread

Sports books make their money through what is called a “spread”. When two teams play each other, one team is the “favorite” and one team is the “underdog”. The favorite is denoted by a minus (-) symbol and the underdog is denoted by a plus (+) symbol. So the line for a game could be Philadelphia (-110) vs. New York (+110).

In the case of the favorite (the minus), you have to risk that number to win $100. In the case of the underdog (the plus), you win that number when you risk $100. So in the above example, you could put $110 on Philadelphia to win $100, or $100 on New York to win $110. It should seem clear how Philadelphia is the favorite in this example. After all, you have to risk a larger amount than you stand to win in the event that they are victorious.

The “line” (which is a sports betting term for proposition, or that which is being bet upon) in this example has no “vig” (short for “vigorish” which means “fees”). If a sports book offered their customers a line of -110 vs. +110, they would make no money. They way they make money is by “spreading” the line to create discord.

For example, a more common line is -110 vs. +100. So if the sportsbook accepts $100 worth of action on each side of this line, they will either owe $100 or $90.91 for a total payout of $190.91 despite having accepted $200 in wagers. The fee is built into the line.

Vig

You can guage how much “vig” a sports book is taking from its customers based on how large the spread is. A “dime” spread (example: -130 vs. +120) is pretty standard for most sporting events. In some sports, most notably baseball, “nickel” spreads (example: -125 vs. +120) can be found. When the game is more lopsided, the spread will seem huge, but this doesn’t necessarily mean there is a lot of vig. If a favorite is -400 to win the game, the underdog will usually be +350 or so. Although this seems like a huge spread (fifty points), the fee (from a percentage standpoint) is about the same.

Futures

Another common sports betting offering is a “futures” bet. This is where you bet on the outcome of an entire season or playoff race. For example, all throughout the NFL season, you can bet on who will win the Super Bowl. Since it is unclear which two teams will be in the Super Bowl, you can bet on any team to win. The odds for this bet are expressed as a ratio (example: Jacksonville 50:1). The number on the right side of the ratio is how many dollars you have to risk to win the number on the left side of the ratio. In other words, risk $1 to win $50 on Jacksonville to win the Super Bowl.