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Sport Betting
Sports betting is the activity of predicting sports results by making a bet on the outcome of a sports event/game. In the United States, an Act in 1994 made it illegal to operate a "betting, gambling or wagering scheme", except for in the states of Delaware, Nevada, and Oregon. Nevada is the only state allowing sports gambling. In European nations bookmaking is regulated but not criminalized. Sports betting enthusiasts regard it is a form of making the sports events or games more interesting. Those opposed to sports betting are worried that it threatens the integrity of sports. This has become realized in history with sports gamblers attempting to fix matches (for example paying someone to play badly, or “throw” a game). Online sports betting is commonly done through a bookmaker. Thousands of online bookmakers accept wagers on sporting events around the world. There are also sports betting exchanges which allow bettors to bet against each other, instead of bookmakers. The bookmaker earns a commission by regarding the money at risk as less than the size of the bet placed. Standard practice among bookies is to adjust odds so the amount at risk remains constant from the winning side of the proposition. Odds on teams are usually decided with 1 team being the favorite (the team that is expected to win, therefore lower odds) and the underdog (the team expected to lose, therefore higher odds). Bookies generally offer two types of wagers/bets on the winner of a sporting event: a straight-up or money line bet, or a point spread wager. Straight-up odds are quoted based on a payout for a single bet. Example: a 2-1 favorite would be listed at a price of 1.50 - and an underdog returning twice the amount bet would be listed at a price of 3.00. Moneylines are quoted in terms of the amount required to win $100 on a favorite, or the amount paid for a $100 bet on an underdog. The amount won in a bet includes the initial bet. For example if a person wins $200 on a bet of $100, the bookmaker actually pays the winner $300 (i.e. $200 plus initial bet of $100). Moneyline bets require only that the team bet upon win the match.. In sports like basketball or American football, betting on the point spread is more popular, but money line odds are offered as well. A point spread bet requires a bettor to risk $110 to win $100, the extra $10 being the bookmaker's if the bet loses. Bettors backing the favorite collect only if their team wins by more than a specific number of points, which is set at the time of the bet. This is called "covering the spread". Underdog bettors can collect even when their team loses, as long as they win against the point spread by losing by fewer points than were quoted by the bookmaker at the time of placing the bet. For example a college football game between Oklahoma and Kansas has Oklahoma as a 27 point favorite: * If Oklahoma beats Kansas by more than 27 points, the spread is covered and bettors on Oklahoma would get $100 on a $110 bet. Kansas bettors will lose the $110 they put down. * If Kansas beats Oklahoma, bettors on Kansas would receive $100 on a $110 bet. Oklahoma bettors lose the $110 they put down. * If Kansas loses by less than 27 points, they have won against the spread. Bettors on both sides are then treated exactly as if Kansas had won the game. * If Oklahoma wins by exactly 27 points, the bet is called a push, and neither side wins. Standard practice by bookmakers is to return the money of all bettors on the game. To prevent this from happening (pushes), bookmakers sometimes set point spreads that include a half-point. Another common bet available for games involves predicting the combined total score between the two teams in a game. These bets are known as totals or over/unders. For example, the Oklahoma/Kansas football game described above might have a total of 55 points. You could bet that both teams scores will combine for more than 55 points, playing the over. Or you could predict that the score will be less than this total, playing the under. Again, to prevent pushes bookmakers sometimes set point spreads that include half a point for these bets. Many bookmakers offer several alternative bets, including the following: * Proposition bets. These are bets made on a very specific outcome of a match. E.g. Betting on the number of goals each team scores in a football match, or who scores the first goal * Parlays. A parlay is basically multiple bets (usually up to 12) and usually has a high payout or high odds. E.g. You could on four different games in a four-team parlay. If any of the four bets don’t go your way, you lose the parlay. If all four bets win, You will receive a much higher payout than if you made the same four bets separately. * Run line, puck line or goal line bets. These are bets offered as alternatives to straight-up/moneyline prices in baseball, hockey or football, respectively. These bets have a fixed point spread that offers a higher payout for the favorite and a lower payout for the underdog. * Future bets. This bet predicts a future accomplishment by a team or player. One example is a bet that Liverpool football team would win the Champions League. At the beginning of the season this would have very high odds, with the odds decreasing as the season moves on if Liverpool go through to each round.
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