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Basketball
Gambling Basics
Basketball
always had been known as our national pastime, but that does not seem
the case today. Football is far more popular, as crowded sports books
on autumn weekends would indicate. It seems everyone has an opinion when
it comes to football -- and most are willing to back up those thoughts
with a wager. Perhaps the most important advance in sports wagering occurred
in the 1930s when the pointspread became popular.
Prior
to its advent, sports were similar to horse racing, in which complicated
odds were posted on the basis of a particular team winning outright. While
this method works fairly well on evenly matched teams, it is less than
satisfactory when one team clearly is superior to its opponent.
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With
a pointspread, winning a bet is not determined by which team actually
emerges victorious, but by the contest's final score. Here is how it works.
When a game ends, the pointpsread must be subtracted from the number of
points scored by the favorite. After that step is taken, the team with
the higher score is deemed the victor for betting purposes. (Or, adding
the pointspread to the score of the underdog). Here is an example. The
table below shows how a betting board would look if Michigan were a seven-point
favorite over Purdue.
|
Game
# 101
|
Purdue
|
|
|
Game
#102
|
Michigan
|
-7
|
Placing
a wager on Michigan would require laying seven points. Therefore, when
the game ends, seven points must be deducted from the total number of
points scored by Michigan to determine the pointspread winner. If the
Wolverines won, 24-20, then bettors who took Purdue would win. Even though
Michigan won the game, bets on Michigan would have lost. If UM had prevailed,
28-20, then it would have 'covered' the pointspread. Had UM won, 27-20,
all bets on the contest would be refunded.
Sports
bettors should remember that a pointspread is not a prediction by oddsmakers
as to a game's outcome. Rather, it is a number that oddsmakers feel will
attract equal action on both sides of a game. If the same amount of money
is bet on both sides of a particular event, bookmakers would have no liability.
They simply would collect from the losers, pay the winners and keep their
roughly 10 percent commission.
Here
is how sports books make money. When placing a bet, customers pay a fee,
called 'vigorish' or 'vig.' On most occasions, bettors must wager $11
to win $10. If a bookmaker takes two bets on an event -- one on each side
for the same $11 -- he will pay the winner back $21 (the bettor's original
$11, plus his $10 winnings). And he will keep the loser's $11. So, the
bookmaker made a $1 profit.
Drawn
out over a much larger scale, if a bookmaker takes in exactly $110,000
in bets on each side of a game, he stands to profit $10,000. To compensate
for the 'vig,' bettors must win 52.38 percent of their wagers to break
even (provided they all are of an equal amount).
Bettors
also can wager on the total number of points scored between two teams.
In these instances, bettors simply would decide whether they want to bet
'OVER' or 'UNDER' the total posted for a particular event. If the combined
final score matches the total, bets are refunded.
Another
type of bet is called a 'parlay,' which involves two or more outcomes
as part of the same bet. In order to win a parlay, all of the components
must win. The payouts for parlays is much greater than for straight bets.
Parlay cards are the most popular betting option. Every sports book offers
a variety of options and combinations. An example of how a parlay card
traditionally pays out appears below.
|
2-teamer
|
13
to 5
|
|
3-teamer
|
6
to 1
|
|
4-teamer
|
10
to 1
|
|
5-teamer
|
20
to 1
|
|
6-teamer
|
40
to 1
|
Now
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Another
type of wager is a 'teaser,' which offers bettors a more advantageous
pointspread in exchange for lower payoffs. When betting a teaser, bettors
are given 6, 6½ or 7 points for football and either 4, 4½, or 5 points
for basketball. Proceed at your own risk. They're called teasers for a
good reason. There is so much information available these days that well-informed
players should be one step ahead of their bookmaker.
Shopping
around for the best numbers is critical. Although very few exist, some
people bet sports professionally. It also is important for sports bettors
to risk only what they can afford to lose.
Bettors
who do not check their tickets before leaving sports book counters could
walk away with an erroneous bet. Mistakes can be made. Once customers
walk away, they have no recourse.
A
futures bet provides an entire season's worth of action at a small price.
These wagers often involve picking a World Series, NBA title or Super
Bowl winner weeks or months before the actual event.
A
relatively new, but popular gimmick is halftime betting. Halftime wagering
involves betting on a new pointspread and total once theng two quarters
are complete. These could be good chances to press an original bet or
to 'get off' if bettors feel they have no chance.
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