Tuesday, January 23rd, 2018

How Sports Gambling Works

In this guide to gambling on sports, you’ll discover how sportsbooks, bookmakers, and casinos make money on sports betting, and how to read the betting line and big board to make the most informed bet on any event.

It can take a lot of work to come out ahead in serious sports betting. We’ll go over more than just how to bet on your favorite sports team. There’s a lot to cover, so hang on tight!

In the United States, only three states in the country allow sports betting, with the majority of sports bets taking place in Las Vegas, Nevada. Over the past few years, online sports betting sites have become popular all over the world. Know your options by reading our USA friendly online sportsbook, find the best betting sites and know the inside trends and secrets.

A facility that offers wagering on sports, either as a standalone business or as part of a casino, is known as a sports book, and there are over 100 such books licensed to operate in Nevada. They’re busy the entire year setting the line on college and professional sporting events. Some also set the line for car racing, and even political elections and any other events that may interest the nation. There’s even a line that lets you wager on the likelihood that Elvis is still alive. Your local bookmaker bases its own line off the line in Las Vegas, and USA Today reports on it every day in its sports section.

Though sports books may offer wagering on all kinds of events, we’ll be covering only the most popular sports available for betting in Nevada: baseball, basketball, football, boxing and hockey. You’ll be able to understand the odds, and your potential winnings, on any sports bet you make once we teach you how to read the betting line.

Lines in Nevada aren’t always set by the sports books themselves. Other businesses exist specifically for calculating the lines, and then they sell them to the sports books and casinos. This practice is more cost-effective than smaller sports books making the lines on their own because it can be a pricey to employee such in-house mathematical expertise. Yes, math can earn you big bucks.

Many of the more controversial lines available, such as Elvis being alive, are more for publicity purposes than for actual wagering. You can still bet on them, but there’s usually a set limit on how much you can wager, and sports books will refuse large bets. Sometimes these lines may seem too good to be true, which is why casinos only accept nominal bets on them. Such promotions bring in customers, but the low wager limits help keep costs down.

How the House Makes Money on Sports Betting

It’s important to know how casinos make money on sports betting before you truly can understand the betting line. Casinos make their money by betting against bettors in most casino games, but that’s not how they work sports wagers. Instead of betting against players, the sports books attempt to offer two bets that are equally attractive. This helps bring in similar amounts of money for both teams. To gather income, the casino charges a vigorish, or commission, on every wager it takes. The odds used to pay out winning bets have the commission worked into them. We’ll go over the specifics as we cover individual sports later on.

The house tries to keep bets equal for both teams because it is responsible for paying out the winning bets. If a winning team is bet higher than the losing team, the house could lose a lot of money paying out to the winning bettors.

The sports book or linemaker creates the betting line specifically to keep things as equally attractive as possible; the linemaker will enhance a bet on one team, and penalize the bets on the opposing team. This means the betting line will fluctuate until the game starts, trying to attract more bets to the team that has been under-bet thus far. If the betting line has been managed correctly, the house can be assured profit, no matter which team wins the match, after the start of the game and betting ends.

Sports Betting at 5dimes.com

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