Sports Betting Guide and Overview
Sports Betting, long the province of land based casinos and local independent operators, has grown into a multi billion dollar industry thanks to the Internet. Sports fans can now place bets online or via a toll free number on virtually any event they wish. Most online sports books allow you to wager on football (World or American style), Basketball, Hockey, Boxing, Horse Racing, Auto Racing and more.
Sports betting is enjoyed by hundreds of thousands visitors to Las Vegas each year. If you've never tried your hand at sports betting before, we hope that this introduction will help you get started in this unique and exciting gaming opportunity - sports betting.
Wide arrays of betting propositions are available to players. They vary from two dollar parlay cards to the legendary $100,000 bets accepted at some sports books under special arrangements. (The standard maximum bet limit is $5,000 at most books).
Sports betting, horse racing betting, and poker are the only venues of chance open to the gaming public in which the player is not in direct competition with the casinos (the house). In all other casino games (such as craps, keno, slot machines, baccarat, blackjack and roulette), the house has a statistical advantage. In sports betting, however, players can gain an edge on the house when they can identify games where the posted line does not accurately reflect the true odds for the game's outcome. For more information on how to take advantage of this betting opportunity, see Section IV - Introduction to Handicapping for Beginners.
Many people find that placing bets on the outcome of a game greatly enhances their enjoyment in watching the game on television or listening to it on the radio. Most Las Vegas sports books have satellite hook-ups and big-screen TV's broadcasting the numerous college and pro games being played across the country and they post frequent scoring updates on the progress of all games on which they are taking action.
Nevada is the only state in which general sports betting is legal. State laws and the gaming control board provide regulations to insure the integrity of all sports book activities. The gaming control board is always open to referee disputes and uphold honest gaming.
When you walk into a sports book, you will see a large "Board" listing all of the games available for betting, along with the lines and odds for each game. In some books this board is a huge electronic marvel, rivaling the most sophisticated reporting system of a large brokerage house. Other books maintain the board by hand, with displays that are similar to the ones seen in old movies involving "bookies."
Sports books will only accept bets on those games, which have been posted on their board. These games are known as "board games." Generally, all major league baseball, NFL, NBA and NHL games are "on the board," whereas college games are limited to football and basketball match-ups being played by major Division I schools. Limited betting is available at some books on golf, tennis, car racing, and other miscellaneous sports.
Most sports books use the Official Nevada Rotation, supplied by the Official Nevada Sports Schedule. This rotation is a list of all the board games being played on a particular date along with starting times.
What's Your Bet?
Straight Wagers
Also referred to as a "side".
A straight wager is when you pick the team or person you believe is going to win.
The straight or side wager can be governed by a point spread, money line, or sometimes both depending on the sport.
Odds Line Bets
Unlike simple even odd wagers on the strict outcome of an event (i.e., you bet your friend $20.00 that the Lakers will win on Friday), professional sports bets include odds based upon the likely outcome. For example, if Mike Tyson is scheduled to box a lightly regarded contender, the line bet odds would reflect the challenge involved and pay out a much higher percentage to bettors on the "under dog." The percentage paid is directly proportional to the chances of that particular fighter winning as seen by the sports book analysts.
So, if you bet $20.00 on Joe Paluka to win against Iron Mike you might receive odds as high as 100 to 1. This would mean your $20 would net you $2000.00 if Paluka was victorious.
The lure of high pay outs is what drives the sports betting industry. The occasional Buster Douglas or NY Jets championship that come along are what make sports bettors some of the most hardcore gamblers on the Internet.
Point Spread
Common in football, basketball, and some hockey (puck line) wagers.
Basically if the number associated with your team is positive(+), then you add that number to your teams score. If the number associated with your team is negative(-), then you subtract that number from your team's score.
The side with the higher score after the points are added/subtracted is the winner.
All point spread bets are 11/10 or $11 to win $10, unless otherwise noted.
For examples check out the individual sport you are interested in wagering on.
Parlays
A parlay is two or more straight bets or totals combined into a single bet.
For the parlay wager to win all of the individual parts of the parlay must win.
You can mix different sports within the same parlay.
If all the teams within the parlay win the parlay is a winner
If one team within the parlay loses then the parlay is a losing wager.
If a team within the parlay ties or if "NO ACTION" the parlay automatically is reduced by one.
A tie on a two team parlay becomes a straight bet.
Taken from www.guide2sportsbooks.us
In all other casino games (such as craps, keno, slot machines, baccarat, blackjack and roulette), the house has a statistical advantage. In sports betting, however, players can gain an edge on the house when they can identify games where the posted line does not accurately reflect the true odds for the game's outcome.
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