A sportsbook is a place bettors go to place their bets on various sporting events. Some online sportsbooks are set up to take wagers on casino games as well, but this article will focus exclusively on betting on sports.
Sportsbooks are usually found at casinos or other similar venues, but there are also a number of online sportsbooks available. In order to use these online bookmakers, players must know how to wager and what the terms used at a sportsbook mean. Here is a guide on how to wager and what some common betting terms mean:
Wagering Steps
Place your bet by choosing one or more of the following options:
• Straight wager. Players are betting on the outcome of one particular match-up between two teams.
• Parlay. A combination of two or more bets that players must win as a whole to win their bet. This is typically done by combining groups of 2-11 outcomes into a wager that a player must win as a whole.
• Proposition bet. A wager that is not related to the actual match-up, but rather some sort of side bet on an event outside of the game. These can include betting on an individual fighter, race, or anything else under the sun. Players must make the free bets on your favorite sport using bet credits directly with the house.
Wagers are paid according to several schedules, but the most common is the parlay schedule. This schedule shows how much players can win if they successfully place more than one bet on a ticket. A 2-team 6-point classic parlay for example will pay out about 2 to 1, while a 5-team 6-point parlay will pay out about 9 to 1. A player could make a wager on either or both types of parlays, depending on their luck with picking winners.
“Proposition bets” are also paid based on a schedule similar to the “money line.” This money line is not related to the double chance betting system used in hockey and is a separate line from the “point spread.”
Sportsbook Terms
For those who have never been to a sportsbook before, there are several standard terms that you need to know so you do not get lost. These include:
Spread – The number of points awarded by one team over another. This is similar to a handicap in soccer. For example, a team could be -7 points against another team, which means they are giving 7 points to that other team. In this case, if the +7 points team wins by 8 or more points, the bettor will win their bet. If they lose but still beat the spread by 2 or fewer points, the bettor will also win. If they lose by 1 point, the bet has no value.
Money line – This is a separate betting option from the point spread and indicates how much money players must risk in order to place their bets. For example, if Team A is +150 on the money line, this means that they can win $150 profit for every $100 wagered.
Point spread – The point spread indicates how many points one team is expected to win over another. If there is a “minus” number attached to the underdog, this means that they must win by that many points in order to cover the spread. For example, if there is a “minus three” next to Team A, this means that they are expected to win by at least four points in order to cover the spread. If Team A wins, bettors who took them will win straight bets but lose parlays and “money line” bets.
Money-line betting is popular because it eliminates favorites or underdog’s altogether when placing wagers. The odds are also well known ahead of time, which makes it easy for players to predict the possible outcomes.
“Parlays” are also well-loved because they give players much better payouts than straight bets. For example, if a player wagers $10 on Team A to beat Team B by 9 points (-110 money line), this is less risky than wagering $10 on Team A to beat Team B straight up. If the money lines were equal at -110, this means that players would need to risk $11 per wager for this to be equal.
The advantage of the parlay is that it can net players a larger profit for less risk. There are also several types of “proposition bets” that give players another chance to win big or lose big. These are typically only found at sportsbooks that specialize in them, but there are also several types of bets available on major sporting events as well.
Final Thoughts
Sportsbooks are not for everyone, but they can be very fun and rewarding for those who know how to play the game. Parlays are one of the most popular bets, but players will quickly discover that other proposition bets offer enormous payouts as well.
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