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One of the many things I do not understand is sports betting. I hope that is due to a lack of interest in betting on games (as compared to just being thick-headed) and therefore I haven't bothered trying to learn how sports betting works. But I have wanted to know a little more about sports betting so that I could understand the betting jargon and how some were viewing the chances of the Jacks or other team in upcoming games.
Yotemeal, a member of this board and a stalwart on the USD fan board, GoYotes.net, posted a well-written explanation of the basics of sports betting. Thinking there was some true educational value in the post as well as some entertainment value, I obtained yotemeal's permission to republish the post on this board. So, I present below, yotemeal's "Vegas 101". JackJD
As a public disservice to those of you too comfortably affording diapers and groceries, I thought I’d offer up a little information (for entertainment purposes only
) on how football is wagered, as I’ve noted varying degrees of understanding on this board.
I’ll use the NDSU @ MONTANA game as an example, which some odds makers currently have listed as:
Spread Moneyline Over-Under
NDSU -15.5 -750
46
MONTANA +15.5 +450
There are three basic bets that can be placed on any one game (along with teasers, parlays and more exotic bets that we’ll save for 200-level instruction):
1. The "side" or "spread" – Playing the side is simply choosing a team, plus or minus points, determined by whether your pick is the favorite or underdog. The +/- number is the point spread. If you bet NDSU, for example, you’re actually taking NDSU -15.5 points, meaning the Bison have to win by more than 15.5 points to "cover" the spread. The favorite Bison are said to be "laying" 15.5 points, whereas Montana is "getting" 15.5 points as underdogs.
Whether you choose NDSU or Montana, you’ll be risking the "vig" or "juice," which is effectively a commission charged by a casino or bookie for accepting your bet. This is generally around 10 percent, but is often 20 percent on FCS games. In a 10-percent scenario, you must risk $110 to win $100. So a losing bet will cost you $110, while a winning bet will net you $100. Accordingly, in the event you placed bets on two games, winning one while losing the other, it’s not a wash; you’d still be down $10 because of the juice. Casinos and bookies endeavor to make money off the juice. They actually want the same amount of money bet on both sides of a game, because their risk is mitigated and they’re guaranteed the juice. That’s why you’ll sometimes see “line movement,” which is the odds makers adjusting the point spread to entice gamblers to a specific side that will correct an imbalance.
It’s also worth noting that the NDSU example spread has what’s called a "hook," which is that extra .5 that guarantees there won’t be a push. Obviously a team cannot win or lose by exactly 15.5 points. You’ll sometimes hear gamblers moan that they got "hooked," which means that extra half-point cost them money. For example, those who play NDSU -15.5 lose if NDSU only wins by 15. Had the line been a solid 15, they would’ve pushed. Hooks become huge factors when point spreads are hovering around "key numbers," most prominently 3s and 7s (think field goals and touchdowns). If you’re having to lay points, you’d certainly rather lay 3 points than 3.5, which leaves you exposed in a tight game. "Sharps" (i.e., professional gamblers) pounce on and even create favorable line movements as money pours in on a game. Sharps tend to bet underdogs. "Squares" (i.e., novice betters) are prone to betting favorites.
2. The "moneyline" – Playing the moneyline simply requires choosing which team you think will win the game outright. Moneyline betting requires that you pay a hefty premium if you’re going to take a moderate to heavy favorite. The moneyline is expressed in (+) or (-) terms. If you’re betting a favorite, you’ll see a (-) in front of the number, meaning you have to bet that amount to win $100. If betting an underdog, you’ll see a (+), meaning that’s what you’ll win on a $100 bet. In the example provided, it would take a $750 moneyline bet on NDSU to win $100. Conversely, you can risk $100 on Montana to win $450. There is no add-on juice on moneyline wagers. As you might imagine, moneylines sometimes aren’t even offered when there’s an obvious outcome, but some off-shore books will do so. You may recall that when USD played Oregon last year, the Yotes were +150,000 and the Ducks were -450,000, meaning a winning $100 USD ticket was worth $150k, while the same wager on Oregon was worth two cents!
3. The "over-under" or "total" – This one is real simple. The odds makers set a number on total points scored, and you decide if you think it will go over or under that total. If you think NDSU and Montana have shaky offenses and stout defenses, and think 46 is too high a total, you’d bet the under. Like sides, totals often have hooks and juice applies.
With that said, feast your eyes on some select week 1 matchups.
NDSU (-15.5, -750) @ MONTANA (+450)
SDSU (+5, +160) @ KU (-210)
ILLINOIS ST. (+9, +250) @ IOWA (-350)
YSU (+12, +320) @ PITT (-460)
SIU (+16, +475) @ INDIANA (-825)
MISSOURI ST. (+23, +1175) @ MEMPHIS (-2525)
USD (+36, +8000) @ KSTATE (-35000)
UNI (+8, +240) @ IOWA ST. (-320)
---yotemeal
Yotemeal, a member of this board and a stalwart on the USD fan board, GoYotes.net, posted a well-written explanation of the basics of sports betting. Thinking there was some true educational value in the post as well as some entertainment value, I obtained yotemeal's permission to republish the post on this board. So, I present below, yotemeal's "Vegas 101". JackJD
As a public disservice to those of you too comfortably affording diapers and groceries, I thought I’d offer up a little information (for entertainment purposes only
) on how football is wagered, as I’ve noted varying degrees of understanding on this board.I’ll use the NDSU @ MONTANA game as an example, which some odds makers currently have listed as:
Spread Moneyline Over-Under
NDSU -15.5 -750
46
MONTANA +15.5 +450
There are three basic bets that can be placed on any one game (along with teasers, parlays and more exotic bets that we’ll save for 200-level instruction):
1. The "side" or "spread" – Playing the side is simply choosing a team, plus or minus points, determined by whether your pick is the favorite or underdog. The +/- number is the point spread. If you bet NDSU, for example, you’re actually taking NDSU -15.5 points, meaning the Bison have to win by more than 15.5 points to "cover" the spread. The favorite Bison are said to be "laying" 15.5 points, whereas Montana is "getting" 15.5 points as underdogs.
Whether you choose NDSU or Montana, you’ll be risking the "vig" or "juice," which is effectively a commission charged by a casino or bookie for accepting your bet. This is generally around 10 percent, but is often 20 percent on FCS games. In a 10-percent scenario, you must risk $110 to win $100. So a losing bet will cost you $110, while a winning bet will net you $100. Accordingly, in the event you placed bets on two games, winning one while losing the other, it’s not a wash; you’d still be down $10 because of the juice. Casinos and bookies endeavor to make money off the juice. They actually want the same amount of money bet on both sides of a game, because their risk is mitigated and they’re guaranteed the juice. That’s why you’ll sometimes see “line movement,” which is the odds makers adjusting the point spread to entice gamblers to a specific side that will correct an imbalance.
It’s also worth noting that the NDSU example spread has what’s called a "hook," which is that extra .5 that guarantees there won’t be a push. Obviously a team cannot win or lose by exactly 15.5 points. You’ll sometimes hear gamblers moan that they got "hooked," which means that extra half-point cost them money. For example, those who play NDSU -15.5 lose if NDSU only wins by 15. Had the line been a solid 15, they would’ve pushed. Hooks become huge factors when point spreads are hovering around "key numbers," most prominently 3s and 7s (think field goals and touchdowns). If you’re having to lay points, you’d certainly rather lay 3 points than 3.5, which leaves you exposed in a tight game. "Sharps" (i.e., professional gamblers) pounce on and even create favorable line movements as money pours in on a game. Sharps tend to bet underdogs. "Squares" (i.e., novice betters) are prone to betting favorites.
2. The "moneyline" – Playing the moneyline simply requires choosing which team you think will win the game outright. Moneyline betting requires that you pay a hefty premium if you’re going to take a moderate to heavy favorite. The moneyline is expressed in (+) or (-) terms. If you’re betting a favorite, you’ll see a (-) in front of the number, meaning you have to bet that amount to win $100. If betting an underdog, you’ll see a (+), meaning that’s what you’ll win on a $100 bet. In the example provided, it would take a $750 moneyline bet on NDSU to win $100. Conversely, you can risk $100 on Montana to win $450. There is no add-on juice on moneyline wagers. As you might imagine, moneylines sometimes aren’t even offered when there’s an obvious outcome, but some off-shore books will do so. You may recall that when USD played Oregon last year, the Yotes were +150,000 and the Ducks were -450,000, meaning a winning $100 USD ticket was worth $150k, while the same wager on Oregon was worth two cents!
3. The "over-under" or "total" – This one is real simple. The odds makers set a number on total points scored, and you decide if you think it will go over or under that total. If you think NDSU and Montana have shaky offenses and stout defenses, and think 46 is too high a total, you’d bet the under. Like sides, totals often have hooks and juice applies.
With that said, feast your eyes on some select week 1 matchups.
NDSU (-15.5, -750) @ MONTANA (+450)
SDSU (+5, +160) @ KU (-210)
ILLINOIS ST. (+9, +250) @ IOWA (-350)
YSU (+12, +320) @ PITT (-460)
SIU (+16, +475) @ INDIANA (-825)
MISSOURI ST. (+23, +1175) @ MEMPHIS (-2525)
USD (+36, +8000) @ KSTATE (-35000)
UNI (+8, +240) @ IOWA ST. (-320)
---yotemeal
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