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The Basics to Wagering on Sports
House Advantage, Spreads , Money Line Bets
What is the spread?
The spread is the point advantage given to a weaker team that is expected to lose by a certain number of points. This is a way of making even bets possible for Sports Books. If you bet against the spread, you usually make an 11-10 bet. This means that you win $100 if you bet $110 for a total of $210 if your team covers the spread.
A team covers the spread if it wins the game against the spread. If Dallas and New York are playing and the spread is (Dallas -7), then Dallas has to win by at least 8 points to cover. Half-point spreads are also possible. If Dallas wins the game buy 6 or less points, the bet is lost. If Dallas wins the game by exactly 7 points, the bet is pushed. When a bet is pushed, the bettor will receive the original amount of the bet back as if the wager was never placed.
Why do I have to bet $11 to win $10?
This is the way the Sports book makes money. In an ideal situation, the same amount of money will be bet on both sides of the line and the Sports Book will take its 10% from the losing side. If $110,000 ($100,000 and an addition $10,000 to make the bets) was bet on New York and $110,000 bet on Dallas, no matter who wins the game the SB will make $20,000. In case of a tie, all money is refunded.
What are all of the different types of bets?
Proposition bet
A prop bet is a wager offered at odds and conditions of a bookie's choosing. Prop bets can be exotic bets like which team will score first, which team will shoot the most three pointers, which running back will rush for the most yards, etc. Prop bets are offered at 11-10 odds and as money line wagers.
Money Line Bets
A money line wager is a bet on the straight up total of an event or the odds for a straight up prop bet. There are two totals given for either side on a money line bet. A negative and a plus side.
Dallas -170
New York +150
What this means is that for every $17 you bet on Dallas, you win $10 if they win. For every $10 you bet on New York, you win $15 if they win. This way the Sports Book makes money off the game regardless who wins.
Bets Against the Spread
These are standard bets. Usually a bet at 11-10 odds where you give or take points on the team you are betting. Bets against the spread are often know as straight bets because they pay even money (less the 10% vig).
Los Angeles +19 1/2
Detroit -19 1/2
This means that if you bet on Detroit, Detroit needs to score at least 20 more points than Los Angeles to cover. If you bet on Los Angeles, the score must be at least within 19 for you to win. Due to the half point, there is no tie. The bottom team is almost always the home team.
Over/Under Wagers
These are also usually 11-10 bets on the total points of the game. If the over/under is 39 1/2 points, then you can bet that the total score of both teams added together will be either over or under this amount.
Denver -5 1/2 -180 1:00 pm
Miami +5 1/2 +150 42 1/2
This gives the money line, the point spread, and the total for the game. It also tells you that Miami is the home team, and the game starts at 1:00 pm.
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