Overview of the more popular sportsbook bets
and terms:
Straight Bets-Pick one team or one event.
The payoff for straight bets for a team to cover
the point spread is at a ratio of $10 for every $11 bet. This means a bettor
needs to pick 52.4% of all games correctly in order to break even (assuming
the bet for each game is exactly the same).
Other straight bets may include events, as opposed
to who wins or loses, and will be covered as we continue. But for our purposes
right now, straight bet means a bet is made on a single event, not in conjunction
with other bets.
Straight bets can be made using either the point
spread or the "money line".
Pointspread Bets
As stated earlier, the "line" is set for each
game by the odds makers. Favorites will have a - (minus) sign followed by
a number, while the underdogs will have a + (plus), followed by a
number.
Here's an example NFL line:
Denver + 7
Kansas City -7
Denver is the favorite and must win by 8 points
or more to win. If they win by exactly 7 points, the game is a "push" or
tie, and you get the amount of your bet back. If Denver wins by 6 points
or less, or loses the game, then those that bet on KC will win the
money.
A lot of times you'll see a 1/2 point, for example
Denver is -7 1/2 points. This eliminates "pushes" since a team can't
score 1/2 a point.
Sometimes you'll see games where the spread
is "Pick" or "PK". That means the line is 0 and no points are in effect...just
pick the winner.
Point spread bets can be either "straight" or
"parlay" bets.
Moneyline Bets
Here, the point spread isn't a factor, as you
only choose the winners of games. Since not all teams are created equal,
everyone would bet on the best teams. So, the casinos offer benefits for
betting on bad teams, while giving a penalty for betting on the good
teams.
These benefits and penalties are in the form
of odds. Let's take a look at a typical money line for the Denver/KC game
above.
Denver -175
KC +200
Notice the '+' and '-' signs. The '-'
sign for Denver means if you bet $175 on Denver, as the favorite, you would
only win $100 (plus your original bet). If you took the underdog, KC, and
bet $100, if KC won, you'd win $200 (plus your original bet).
If everything was totally even, both the + and
- numbers should be even. The differences in these numbers is where the casinos
get their "rake", or profit. In our example, they are taking in $200, but
only paying out $175.
Typically, Baseball games are bet using
a form of the money line, called the "run line", while the most common bets
on football are point spread bets. But money line bets are not limited to
only baseball. As a matter of fact, I prefer betting the money line on football
on the theory that coach's coach to win games, not cover spreads. How many
times have you seen a coach run the prevent defense while you helplessly
sit back and watch your team's lead (covering the spread) fall by the wayside?
(Note: This is not a recommendation, just pointing out another way of looking
at things...)
Boxing is also usually bet on the money line.
One of the more famous money line upsets in Las Vegas sportsbooks history
was when Buster Douglas upset Mike Tyson. Douglas was a 47 to 1 underdog,
meaning if you bet $10 on Douglas, you would have won $470.
Over/Under Bets
Here's a very popular bet among many Las Vegas
cabbies. You're betting on whether some total will be more or less than the
number posted.
Some common over/unders:
The Tyson/Hollyfield fight over/under was 9
rounds. If you bet the fight would last less than 9 rounds, you won. If,
like Nicky the Mole, you bet the fight would last more than 9 rounds, you
lost the moment Tyson took the infamous chomp and was disqualified. By the
way, this was the last boxing match bet by Nicky the Mole. Talk about your
bad bites turning into bad beats!
Denver/KC: Total = 43 This means after
the game, add up the total points BOTH Denver and KC scored. If the total
is 44 or more and you bet the "over", you're a winner! But, if both teams
scored less than that, you'll lose your wager. In Vegas sportsbooks, the
under hits more than the over, as most people "root" for points, although
this is not a strong enough trend to bank on.
Your payoff is also $10 for every $11 wagered,
since over/unders are considered straight bets. However, you can bet an
over/under as part of a parlay....
Parlay Bets
This is a bet where more than one event must
happen in order for you to win your bet. Since it's harder to predict multiple
events than it is for a single event, you'll get paid more than "even money"
if you win a parlay.
A parlay is most often bet using the point spread
for two or more games. Let's use the "lines" for the following two
games:
Denver -7
KC +7
-And-
Dallas -3
San Fran +3
Our "two teamer" may be Denver for game one
and San Fran for game two for our "two-team parlay". If Denver wins by 8
points or more AND San Fran either loses by less than 3 points or wins, then
we'll win our parlay. Any other result, and we lose.
Over/unders can also be a part of a parlay.
Say the over/under is 43 for the Denver game, we may make a parlay of "Denver
and Over"...meaning if Denver wins by more than 7 points AND all the points
scored in the game by BOTH teams is more than 43 points, we win our parlay.
Or, we can have a four team parlay, betting only over/unders. Any combinations
is fine...You want 3 over/unders and 3 point spread bets for a 6 teamer?
It's all up to you.
It's very easy to get a couple of parlay's in
for a single Monday Night Football game. Bet the point spread and over/under
for the first half, then another parlay for the point spread and over/under
in the second half. Yes...Vegas sportsbooks even have lines and over/unders
for each half!!!
Usually, ties will cause you to lose a parlay,
unlike straight bets, were ties are a push and you get your original wager
returned. There are a few sportsbooks offering "ties win" parlay cards, but
usually give slightly lower payouts in exchange.
Again, parlays are not for the serious bettors...The
payoffs for parlays doesn't equal the chances of winning, as compared for
straight bets. However, they can offer the gamer some serious fun, since
the payouts for a multi-team parlay can be very high....
# events
Payout
2
2.6 to 1
3
6 to 1
4
11 to 1
5
20 to 1
6
40 to 1
7
80 to 1
8
150 to 1
Teasers
A teaser is very similar to a parlay and is
played the same way. The big difference is that you get to add points to
your team's point spread. In the case of Denver being -7 for a parlay or
a straight bet, we get to add (usually) 6 points for a teaser. In this
case it means Denver is now only -1, instead of having to win by 7
points.
In exchange for the extra points, Teasers don't
pay odds as high as parlays give. This translates into more frequent
wins, as compared to parlays, but for less money each win. If you're the
type of person that just wants a little amusement, and wants fewer "ups and
downs"...try a teaser. If you're looking for action and the "big score",
play the parlays.
Future bets
At the beginning of a season, the play-offs,
or tournaments, sportsbooks will give odds for a team or player (such as
in a golf or tennis tourney) to be the ultimate winner.
In football, the Rams were about 4 to 1 at the
beginning of the season to win the Super bowl. What a difference a year makes!
Last year the Rams were something like 250 to 1 (don't quote me exactly),
making them one of the biggest upset winners in Las Vegas sportsbook history.
Betting $10 on the Rams to win the 2000 Super Bowl would have won you about
$2,500. Betting that the Rams will win the 2001 Super Bowl only will pay
about $40 on the same $40 bet.
The odds will change as the season or tournament
progresses...but the odds at the time of your bet will remain in effect....even
if Kurt Warner and Marshall Faulk both go down for the season.
Looking for even
more information? Use our exclusive Las Vegas search engine for the "Best
Vegas on the Net"!
Special Reports:
Also checkout these related Las Vegas Hack Attack links:
|
