Sports Betting 101 Pdf

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Three teller windows are available while the Sports Book is open. After hours, tickets can be cashed out at the main cage. Eight sports betting kiosks are also available, six in the Sports Book and two on the gaming floor, for 24/7 betting.

• Sports betting has its terminology you need to know. Though the list of sports betting jargon is long, to understand the rest, you need to learn these terms. When bookmakers set their numbers, they decide who they think will win the game and by how much. A favorite is who the bookmaker thinks will win the game, and receives a (-) on.
• Over the past few months, we’ve posted quite a few articles on sports betting. We posted three guides to cover the basics on handicapping baseball, basketball and football, but these didn’t nearly cover everything a beginner would need to know. We’ve also posted articles that cover basic terms, as well as other assorted betting tips.
• NFL Betting Tips and Top Beginners Mistakes in Betting the NFL in our Sports Betting 101 series for the new sports bettor direct from the WagerTalk TV Studio.

Let's jump right in and use an example to learn the primary types of 'straight bets' and how to read odds. Here's an example of a sports betting 'line' on a football game between the Seattle Seahawks and the Philadelphia Eagles. This information may be presented differently in other contexts, but this is how a football line would typically be laid out on our odds boards:

From left to right the line above includes ROTATION NUMBERS, team names, and the odds or prices for the three primary football bets: the POINT SPREAD, the TOTAL (or OVER-UNDER), and the MONEY LINE.

ROTATION NUMBERS

Use these numeric bet identifiers at the counter for easy and accurate bet placement.

The sequential '275' and '276' on the far left are called ROTATION NUMBERS or Bet IDs. Since many teams share their name with teams in other sports and leagues (Lions, Tigers, Bears, etc.), these numeric identifiers can be used for easy and precise bet identification at the sportsbook counter. Bettors are welcome to use team names, but stating rotation number, bet type, and bet amount is a common way to get a bet placed at the counter quickly and accurately.

In this example, saying '#276, money line, $50' would result in a $50 money line bet on the Eagles at odds of +200.

POINT SPREAD

Bet on whether the favored team will win by more than this proposed margin of victory.

The '-5' seen above is the POINT SPREAD and it represents a proposed margin of victory by the 'favorite' (the team expected to win). It's the number of points that will be subtracted from the favorite's score in order to determine point spread bet winners and losers. Betting on the point spread means betting on whether the favorite will defeat the 'underdog' by more than the point spread. When the point spread is 0, it is often shown as 'PK' since bettors must simply 'pick' the winner of the game regardless of margin of victory. Point spreads are the primary bet type for higher scoring head-to-head sports like football and basketball.

The Seahawks are giving up 5 points in our example. So in order to win their bet Seahawks point spread bettors need their team to win the game by more than 5 points. Conversely, Eagles bettors are getting 5 points. In order for Eagles point spread bettors to win their bets, the Eagles just need to lose by less than 5, or win the game. If the Seahawks win the game by exactly 5 points the result of the point spread addition or subtraction is a tie. This is called a 'push' and anyone who bet Seahawks -5 or Eagles +5 would neither win nor lose and instead get their bet refunded.

Like most other sportsbooks, our point spread bets have a 'juice' or 'vig' of -110 unless otherwise noted. This means a point spread bettor must risk $110 for every $100 they wish to profit. Scale that up or down as desired. Bet $11 to profit $10; bet $440 to win $400; bet $22,000 to win $20,000; etc.

TOTAL or OVER-UNDER

Bet on whether the total points scored by both teams combined will be more or less than this figure.

The '50' overlapping both rows is the TOTAL or OVER-UNDER. This is a proposed number of total points scored in the game by both teams combined. Over-under bettors decide whether they think the total points scored in the game will be 'over' (greater than) or 'under' (less than) this figure.

In this example, if the Seahawks and Eagles score a combined 51 points or more, bettors who took the Over win their bets. If the two teams score a combined 49 points or less, Under bettors win. If the total points scored lands exactly on 50 it's a push and everyone gets their bets refunded. Like point spread bets, the juice on totals is -110 unless otherwise noted.

MONEY LINE

Bet on which team will win the game.

The '-230' and '+200' on the far right make up the MONEY LINE for the game. Money line bets are all about predicting which team will win the game straight up (no point spread involved). A minus sign (-) indicates how much bettors must wager to win a profit of $100. A plus sign (+) indicates how much a bettor will profit on a wager of $100. Money lines are the primary bet type for relatively low scoring team sports like baseball and hockey, and for head-to-head individual sports like MMA and tennis.

Here the Seahawks money line is -230. If the Seahawks win the game, Seahawks money line bettors win $100 for every $230 they bet on the money line. A winning Seahawks money line bettor who wagered $230 would collect their $230 wager plus $100 profit. The Eagles money line is +200. If the Eagles win the game, an Eagles money line bettor who wagered $100 would make $200 profit and therefore collect $300 at the counter.

Like juice, money line odds are based on $100 wagers and win amounts, but bettors aren't required to bet in $100 increments. Scale the figures up or down to the desired bet size. In this example, a winning $230 Seahawks money line bet would profit $100 which means $23 would profit $10; $46 would profit $20; $2,300 would profit $1,000; etc.

This baseball line looks similar to the football example, but the bet types are rearranged a bit, and the odds on the far right look like something new. From left to right, this baseball line includes rotation numbers, team names, the money line, the total, and the RUN LINE which is the baseball equivalent of a Point Spread.

RUN LINES, PUCK LINES & GOAL LINES

Bet on whether the favored team will win by more than this proposed margin of victory.

In low scoring team sports, the margin-of-victory betting option is not called the point spread but is instead called the RUN LINE in baseball, the PUCK LINE in hockey, and the GOAL LINE in soccer. These lines work exactly the same way as a point spread, but they usually have adjusted juice rather than the standard -110 juice attached to most football and basketball point spreads.

In the above example, run line bettors who take the Dodgers need the Dodgers to win by more than 1½ runs to win their bet. In other words the Dodgers must win by 2 or more runs. And the '-105' juice indicates that Dodgers run line bettors must risk $105 for every $100 they want to win. Run line bettors who take the Rays need the Rays to lose by less than 1½ runs (the Rays must lose by just 1 run or win the game outright) and the '-115' juice indicates that Rays bettors must risk $115 for every $100 they hope to profit on a winning run line bet.

FIELDS

Bet on which of three or more possible outcomes will occur.

In order to cover all the primary bet types for the major sports we need to look at one more bet format: Fields. For bets with more than two competitors or possible outcomes, a Field (or 'Index') of potential results is presented as a list. Each outcome has a rotation number, a name or label, and the odds for that result. This format may be used to offer wagering on which of 4 teams will finish first in an NFL Division, which of 40 drivers will win a NASCAR race, which of 125 golfers will win a golf tournament, etc. We use money line notation for our fields. A minus sign (-) indicates the amount that must be wagered to win $100 and a plus sign (+) indicates how much a winning $100 bet will profit.

In the field above, the 15 potential winners of the NHL Western Conference Championship are offered for wagering. The Canucks, for example, are +1300 meaning a winning $100 bet on the Canucks will profit $1300.

That covers the standard straight bets and how to read our odds. If you have any questions at all just ask at the sportsbook counter and we'll be happy to help!

This page is provided for educational purposes only. Odds presented above cannot be wagered on and all of our official grading and payout policies can be found on our House Rules page.

Sports Betting 101 Pdf Download

In 2018, the United States Supreme Court’s decision in the Murphy v. NCAA case opened the door for legalized sports gambling. Immediately after that decision, the state legislatures went to work and many passed laws making wagering legal.

Though now legal in many states, sports betting enthusiasts found ways to gamble for years. Now, with legal casino and online operations growing in rapid numbers, it’s never been easier for a player to find action.

Sports Betting 101 Pdf Template

Are you a sports fan? Do you have the itch for some action but are not familiar with sports betting rules? Don’t be a square and bet before you know what you’re doing. That’s an easy way to lose money.

Check out our comprehensive guide on sports betting to educate yourself.

It Seems So Simple

For as long as there have been contests, someone bet on the outcome. From ancient Greece to present-day Las Vegas, sports and sports betting fit like a hand in a glove.

Many sports fans long consider it their favorite pastime. And to the inexperienced, sports wagering seems so simple. You pick who wins the game.

If you win, you make money. Yes, if it were only that easy.

The truth is, it’s not. You only have to look at how much revenue sportsbooks pull in every year to know how hard it is to make money.

Do you think bookmakers would bother operating on the wrong side of the law for so many years if sports gambling wasn’t profitable for them?

No, they wouldn’t. You need to know how complicated betting is before you can dip your toe into the gambling market. You don’t need to learn complicated strategy overnight, but you need foundational knowledge of the basics before you begin.

Important Terms

Sports betting has its terminology you need to know. Though the list of sports betting jargon is long, to understand the rest, you need to learn these terms.

Favorite

When bookmakers set their numbers, they decide who they think will win the game and by how much.

A favorite is who the bookmaker thinks will win the game, and receives a (-) on the board. A better receives less return for a winning bet on a favorite because they are more likely to win.

Underdog

An underdog is a team or competitor a sportsbook determines is less likely to win. You’ll see a (+) sign next to an underdog.

Players receive a greater return on winning underdog bets because these “dogs” are less likely to win.

Side

Every bet has at least two sides (there are some with three, but we’ll talk about those later).

Each side is given a corresponding number decided by a bookmaker. These sides exist in all three basic bet types.

Line

A line is all the numbers that correspond with a bet. This includes the full game or any specific time interval.

Types of Bets

Three basic bets serve as the foundation for all sports betting. When you walk into a casino sportsbook or pull up the app for the first time, you will see a series of numbers that are confusing if you don’t know what they mean.

Here we will explain the three types of bets and what the corresponding numbers mean.

Moneyline

A moneyline bet is a bet for a team or individual to win a contest. It’s the most simple bet to make.

This is easy to explain with a real-life example. Say you’re a college football fan and you want to make the championship game more interesting with a wager. You have a good feeling that Ohio State will beat Alabama, so you want to bet them to win.

You walk into the casino or pull up an online betting app and see Ohio State +225 and Alabama -286. These are the moneyline numbers. You know this means Alabama is the favorite while Ohio State is the underdog.

What do those numbers mean for you? If you bet $100 on underdog Ohio State, you win $225. However, to win $100 on Alabama, you must wager $286.

As you can see, you can win more money betting on dogs. That doesn’t mean you should always play them.

Spread

Sports bettors and bookmakers wouldn’t make much money if they only offered win/lose moneyline bets. If you’re a long-time sports fan you know that sometimes the talent discrepancy between two teams is immense.

Spread bets, also known as puck-line bets in hockey and run-line bets in baseball, are how you bet on these games. Every single contest has a corresponding spread.

With a spread bet, you bet on a team to win over a certain amount of points or lose by less than a certain amount of points. The bookmaker determines these numbers (in hockey and baseball these numbers are a standard 1.5, though they will move).

You have that feeling about Ohio State, but you’re not positive they’ll win. You do think it will be a close game.

You see Ohio State +225/+9 -110. You know that +225 is the moneyline number. That +9 is the spread number and the -110 is the odds associated with that spread number.

What does this mean? If you think Ohio State will lose by less than 9 points or win the game, you’ll win your bet at -110. That means to win $100 on that bet you’ll bet $110.

If you bet Alabama at -9 -110, that means Alabama must win the game by more than 9 points for you to win.

Total

A total or over/under number completes the line. You see Ohio State +225/+9 -110/75.5. That 75.5 is the number set by bookmakers on the combined point total of both teams.

To win an over bet, Ohio State and Alabama must combine to score more than 75.5 points. To win an under bet, these two teams must score less than 75.5.

The standard odds on these bets are -110, but they are subject to change.

Exotic Bets

Now that you know what the three basic bets are, you can start building exotic bets that are based on them.

Parlay

A parlay is two or more bets combined to increase your winnings. Sportsbooks and casinos have different rules on parlays and how you can play them.

If you’re looking to win a lot of money, parlays are a good way to do it. Say you like that Ohio State +9, but you also like Pittsburgh to win their pro football game that night at -15.5.

You can combine those bets. Two bets combined at -110 yield odds of +265. That means instead of winning $182 if you bet $100 on both, you win $265 by combining them!

The only catch? You must win all your bets in a parlay to win. If you go 8 for 9 on a parlay, you lose.

Teaser

Sportsbooks allow you to adjust the spreads or point totals on parlay bets through teasers. For football, they offer 6, 6.5, and 7 point teasers. This means your Ohio State and Pittsburgh parlay will have more favorable numbers.

In this scenario, let’s say you choose to tease by 7. For your teaser, Ohio State would now be +16, while Pittsburgh would be -8.5.

Because you’re given more favorable numbers, the book reduces your payout.

3-Way

A 3-way bet is a moneyline bet with three sides. You can bet on Ohio State to win, Alabama to win, or a tie.

These bets are offered for the full regulation not counting any overtime, or for set intervals of the game like quarters or halves.

You’ll find that the moneyline numbers on a 3-way yield higher payouts. They’re harder to win. If you bet Ohio State on a 3-way line to win the first half and the teams tie, you lose.

Round-Robin

A round-robin bet is a series of combined two-team parlays. Let’s say you bet Ohio State +9, Pittsburgh -15.5, and you like San Francisco at -3.5. All these bets have the standard juice of -110.

If you do this, you have three separate two-team parlay combinations you wager on. You have Ohio State and Pittsburgh, Ohio State and San Francisco, and Pittsburgh and San Francisco.

When you bet $100 on this round-robin, the casino assumes $300 in risk by extending that $100 to all three two-team parlays. Given that each parlay pays at +265, the maximum you will win if all three parlays hit is $795.

If only one parlay hits, you lost $200 but won $265. That means the book pays out $65.

The Logic Behind the Lines

To understand sports gambling, you have to understand how bookies and sportsbooks make money.

The primary way sportsbooks make money is through the “juice” or the “vig.” The juice is a commission the book keeps on each bet. When you place a $100 bet on the Ohio State spread, you get your $100 back plus $91 in winnings.

On the other side, people who bet $100 on Alabama lose their $100. This $9 difference, or vig, is kept by the book.

Because the book profits primarily on the juice, they set their lines to encourage even play on both sides.

That Ohio State vs. Alabama spread of 9 points doesn’t mean that a bookie believes Alabama will win by that much or more. They come to that number by determining what margin will entice an equal number of players to make bets on either side.

Understanding Line Movement

One of the most important aspects of sports betting to understand is line movement. You want to bet Ohio State at +9. By the time you get to the casino or get around to your sportsbook platform, you notice Ohio State now sits at +8.

What happened?

Betting lines are not static. When bookmakers release their initial lines, they begin to take bets. They set the original number to encourage play on both sides.

Experienced gamblers do not live in a vacuum. They have their ideas about what will happen in any given game. These preferences show with how much money comes in on either side.

If a majority of money comes in on Ohio State +9, bookmakers adjust the number to entice play on Alabama and even their ledger.

If money comes in heavy on the Alabama side at -9, the bookmaker will move that number up to get play on Ohio State. These movements can come from consistent public play or a large single wager.

When you bet on sports, you have to change how you think about picking games. Winning sports betting is not as simple as beating the sportsbook number. You play the sportsbook and fellow gamblers.

How to Win

Winning at sports gambling takes a lot of work and a lot of skill. The best sports bettors often top out at 55%. Given that even the best still lose 45% of the time, you have to expect you’ll lose a lot more when you start.

Sports gambling is about so much more than picking who wins. You have to keep your eyes on the numbers and you have to do a ton of research. Stat books and statistical probability are your best friends.

Once you learn how to interpret the numbers and statistics, you may see some success. Don’t bet on it.

Sports betting is, at best, a nice hobby and a great way to generate interest in a game. It’s best to start slow and have fun.

Sports Betting Will Be Here Forever

If there is a game or a contest anywhere in the world, be sure someone bets on it. From professional football to Ukrainian table tennis, gamblers will find a way to lay action.

Become familiar with the terms and the rules of sports betting. The best way to lose money is to give it to a bookmaker or casino with uninformed wagers.

Sports Betting Tutorial

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Sports Betting Basics