Recent from talks
Sports betting
Knowledge base stats:
Talk channels stats:
Members stats:
Sports betting
Sports betting is the activity of predicting sports results and placing a wager on the outcome.
Sports bettors place their wagers either legally, through a sportsbook or bookmaker (colloquially known as "bookies"), or illegally through privately run enterprises. The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and debts. Many legal sportsbooks are found online, operated over the Internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las Vegas, or on gambling cruises through self-serve kiosks. There are different types of legalized sports betting now such as game betting, parlays props and future bets. They take bets "up-front", meaning the bettor must pay the sportsbook before placing the bet. Due to the nature of their business, illegal bookies can operate anywhere but only require money from losing bettors and do not require the wagered money up front, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality.
There have been a number of sports betting scandals, affecting the integrity of sports events through various acts including point shaving (players affecting the score by missing shots), spot-fixing (a player action is fixed), bad calls from officials at key moments, and overall match-fixing (the overall result of the event is fixed). Examples include the 1919 World Series, the alleged (and later admitted) illegal gambling of former baseball player Pete Rose, and former NBA referee Tim Donaghy.
This is a list of sports bet types common to the United States.
The bookmaker functions as a market maker for sports wagers, most of which have a binary outcome: a team either wins or loses. The bookmaker accepts both wagers, and maintains a spread (the vigorish) which will ensure a profit regardless of the outcome of the wager. The Federal Wire Act of 1961 was an attempt by the US government to prevent illegal bookmaking. However, this Act does not apply to other types of online gambling. The Supreme Court has not ruled on the meaning of the Federal Wire Act as it pertains to online gambling.
Bookmakers usually hold an 11–10 advantage over their customers—for small wagers it is closer to a 6–5 advantage—so the bookmaker will most likely survive over the long term. Successful bookmakers must be able to withstand a large short term loss. (Boyd, 1981)
Many of the leading gambling bookmakers from the 1930s to the 1960s got their start during the prohibition era of the 1920s. They were often descendants of the influx of immigrants coming into the US at this time. Although the common stereotype is that these bookies were of Italian descent, many leading bookies were of eastern European ancestry.
Odds for different outcomes in single bet are presented either in European format (decimal odds), UK format (fractional odds), or American format (money line odds). European format (decimal odds) are used in continental Europe, Canada, and Australia. They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2.00 are an even bet. UK format (fractional odds) are used by British bookmakers. They are the ratio of the amount won to the stake – the solidus "/" is pronounced "to"; for example, 7/1 is "seven to one". Fractional odds of 1/1 are an even bet. US format odds are the amount won on a 100 stake when positive, and the stake needed to win 100 when negative. US odds of 100 are an even bet.
Hub AI
Sports betting AI simulator
(@Sports betting_simulator)
Sports betting
Sports betting is the activity of predicting sports results and placing a wager on the outcome.
Sports bettors place their wagers either legally, through a sportsbook or bookmaker (colloquially known as "bookies"), or illegally through privately run enterprises. The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and debts. Many legal sportsbooks are found online, operated over the Internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las Vegas, or on gambling cruises through self-serve kiosks. There are different types of legalized sports betting now such as game betting, parlays props and future bets. They take bets "up-front", meaning the bettor must pay the sportsbook before placing the bet. Due to the nature of their business, illegal bookies can operate anywhere but only require money from losing bettors and do not require the wagered money up front, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality.
There have been a number of sports betting scandals, affecting the integrity of sports events through various acts including point shaving (players affecting the score by missing shots), spot-fixing (a player action is fixed), bad calls from officials at key moments, and overall match-fixing (the overall result of the event is fixed). Examples include the 1919 World Series, the alleged (and later admitted) illegal gambling of former baseball player Pete Rose, and former NBA referee Tim Donaghy.
This is a list of sports bet types common to the United States.
The bookmaker functions as a market maker for sports wagers, most of which have a binary outcome: a team either wins or loses. The bookmaker accepts both wagers, and maintains a spread (the vigorish) which will ensure a profit regardless of the outcome of the wager. The Federal Wire Act of 1961 was an attempt by the US government to prevent illegal bookmaking. However, this Act does not apply to other types of online gambling. The Supreme Court has not ruled on the meaning of the Federal Wire Act as it pertains to online gambling.
Bookmakers usually hold an 11–10 advantage over their customers—for small wagers it is closer to a 6–5 advantage—so the bookmaker will most likely survive over the long term. Successful bookmakers must be able to withstand a large short term loss. (Boyd, 1981)
Many of the leading gambling bookmakers from the 1930s to the 1960s got their start during the prohibition era of the 1920s. They were often descendants of the influx of immigrants coming into the US at this time. Although the common stereotype is that these bookies were of Italian descent, many leading bookies were of eastern European ancestry.
Odds for different outcomes in single bet are presented either in European format (decimal odds), UK format (fractional odds), or American format (money line odds). European format (decimal odds) are used in continental Europe, Canada, and Australia. They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2.00 are an even bet. UK format (fractional odds) are used by British bookmakers. They are the ratio of the amount won to the stake – the solidus "/" is pronounced "to"; for example, 7/1 is "seven to one". Fractional odds of 1/1 are an even bet. US format odds are the amount won on a 100 stake when positive, and the stake needed to win 100 when negative. US odds of 100 are an even bet.
Recent media