Editorial

Wednesday, 24 March 2010 03:36

With online sports betting having grown as big as online casinos and poker rooms, learning how to take advantage of this growing phenomenon is a sensible move.

The number of online sports book websites is growing as fast as there are new customers to make use of their services. In the last 10 years, billions of dollars have been taken in by these sites making them serious rivals to other forms of online betting. So for anyone still not familiar with this form of online betting, here is a guide along with some of the terminology to help you put all the aspects of online sports betting together and have a better understanding of how it all works.

Point Spread

When it comes to high scoring games like basketball, the online sports book will create what is known as a "points spread." This is intended to attract a balance of sports bets on each of the teams involved in any one game. It works by allocating a points loading for each team so that for instance the favoured team will be given a 5 point lead over its opponent. If you bet on the favourite team, they would have to beat their opponent by greater than 5 points for you to win the bet, whereas if you'd bet on the underdog, you would win your bet even when the team that was favourite won by less than 5 points.

Over/Under

Where the point spread indicates the difference between each team, the "total" indicates how many points both teams are able to score. A sports betting website may post a total of say 186 points for a particular game involving two basketball teams. If you think the combined points achieved by both teams is likely to be more than 186, you place an "over" bet. When you think it likely to be less, you place an "under" bet.

Teasers

A less offered bet is the teaser bet, where the points spread on certain games is reduced along with the payout rate.

Money Line

A "money line" bet has become a highly popular online sports bet in both team games and individual sports such as boxing, tennis or martial arts fighting. It is more like a straight bet which does not involve calculating a point spread or over/under bets. With this type of bet, the closer together each number is to the other, the closer the sports book expects the match will be.

The money line number of the favoured team generally has a minus symbol before it, whereas the underdog will have a plus symbol before their number. The minus number indicates the amount you would need to wager on that team to win $100, whereas the plus number indicates the amount you would win by placing a $100 bet on them.

Futures

While it is true that any bet is made on the future outcome of an event, a "futures" bet takes this premise to the next level. Bets are placed not on the outcome of individual matches, but are placed on the outcome of, for instance a whole season, where a certain team may be tipped to win a championship or league. Sports websites will place odds on each team's chances of winning their league. In the case of tournaments, such as the FIFA World Cup, teams are scored according to their past and current form, so that the current European champions Spain are favourites and will carry the shortest odds, whereas a team with a more mediocre record such as the United States will be afforded longer odds. 

Parlays

Betting parlays are a way of laying a small bet for a chance of a big payoff. This is done by placing a single bet that covers multiple games in a kind of accumulating bet. If you guess the correct result of every game, you win a far greater payoff than you would have by betting on each game individually. While the potential rewards can be great for a small outlay, the house advantage on parlays is very high and can be anywhere between 20 and 50 percent for five or six team parlays.

The Juice

This is the sports website's way of making money on very closely matched teams that carry even money bets. It is a commission levied on each bet and is generally around 10 percent of the amount of the bet. Known as the juice or the vigorish, this commission covers a sports book's expenses and any losses they may incur when there are large bets on a winning underdog.

In Conclusion

Sports betting is popular because it involves the gambler on more levels than simpler games such as slots, keno or other casino games of chance. A person can have greater success at sports betting when they have detailed knowledge of the sport that can tip the odds more in their favour. In any case, it can be a great way to enjoy watching the sports matches you love while making some money when your knowledge combines with a little luck.