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 Sports Betting Tips and Strategies

 

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Sports Betting Tips and Strategies

Sports betting, Tips and Strategies from the Pros, “King of Las Vegas” Wayne Allen Root and “Mr. Chicago”, sports journalist Chet Coppock reveal the “Ten Deadly Sins” of sports betting.

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 Sport Betting Glossary

Aside from simple wagers such as betting a friend $20 that one’s favorite baseball team will win its division, $100 that a college football team will win a bowl game or the national championship, or buying a football “square” for the Super Bowl, sports betting is commonly performed through a bookmaker (bookie) or through various online Internet outlets. The many types of bets include:

  • Straight Bets are wagers that are made against the spread. The spread, or line, is a number assigned by the bookmakers which handicaps one team and favors another. For example, in the NBA, when two teams play each other, one is perceived as being more likely to win. To attempt to make wagering on the underdog desirable, the bookmaker will give them points. Before game 5 of the 2012 NBA Finals, the Miami Heat were expected to beat the Oklahoma City Thunder. The line read: Miami -3, Oklahoma City +3. To determine who wins against the spread, the line is either added or subtracted from a team’s final score. In the above example, if the bettor chose Miami, he would subtract 3 points from Miami’s final score and compare that to Oklahoma’s final score. For him to win his bet, Miami would have to win the game by 4 points or more. This is the most common type of bet in sports.
  • Proposition bets are wagers made on a very specific outcome of a match. Examples include predicting the number of goals each team scores in a handball match, betting whether a player will score in a football game, or wagering that a baseball player on one team will accumulate more hits than another player on the opposing team.
  • Parlays involve multiple bets (usually up to 12) and will reward a successful bettor with a large payout. For example, a bettor could include four different wagers in a four-team parlay, whereby he is wagering that all four bets will win. If any of the four bets fails to cover, the bettor loses the parlay, but if all four bets win, the bettor receives a substantially higher payout (usually 10-1 in the case of a four-teamer) than if he made the four wagers separately.
  • Progressive parlays. A progressive parlay involves multiple bets (usually up to 12) and rewards successful bettors with a large payout, though not as large as normal parlays. However in a progressive parlay, unlike a regular parlay, a reduced payout will still be made even should some of the bets lose.
  • Teasers. A teaser allows the bettor to combine his bets on two or more different games. The bettor can adjust the point spreads for the two games, but must get all the games correct to win and recognizes a lower return in comparison to parlays.

 

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  • If bets. An if bet consists of at least two straight bets joined together by an if clause which determines the wager process. If the player’s first selection complies with the condition (clause), then the second selection will have action; if the second selection complies with the condition, then the third selection will have action and so on.
  • Run line, puck line, or goal line bets. These are wagers offered as alternatives to straight-up/moneyline prices in baseball, hockey, or soccer, respectively. These bets feature a fixed point spread that (usually) offers a higher payout for the favorite and a lower payout for the underdog (both in comparison to the moneyline).
  • Future wagers. While all sports wagers are by definition on future events, bets listed as “futures” generally have a long-term horizon measured in weeks or months; for example, a bet that a certain NFL team will win the Super Bowl for the upcoming season. Such a bet must be made before the season starts in September, and winning bets will not pay off until the conclusion of the Super Bowl in January or February (although many of the losing bets will be clear well before then and can be closed out by the book). Odds for such a bet generally are expressed in a ratio of units paid to unit wagered. The team wagered upon might be 50-1 to win the Super Bowl, which means that the bet will pay 50 times the amount wagered if the team does so. In general, most sportsbooks will prefer this type of wager due to the low win-probability, and also the longer period of time in which the house holds the player’s money while the bet is pending.
  • Head-to-Head. In these bets, bettor predicts competitors results against each other and not on the overall result of the event. One example are Formula One races, where you bet on two or three drivers and their placement among the others. Sometimes you can also bet a “tie”, in which one or both drivers either have the same time, drop out, or get disqualified.
  • Totalizators. In totalizators (sometimes called flexible-rate bets) the odds are changing in real-time according to the share of total exchange each of the possible outcomes have received taking into account the return rate of the bookmaker offering the bet. For example: If the bookmakers return percentage is 90%, 90% of the amount placed on the winning result will be given back to bettors and 10% goes to the bookmaker. Naturally the more money bet on a certain result, the smaller the odds on that outcome become. This is similar to parimutuel wagering in horse racing and dog racing.
  • 2nd half bets. A 2nd half (Second half) bet is also sometimes called a halftime bet. This bet is placed only at halftime of a particular sporting event. This bet can be placed on the spread(Line) or over/under. The resulting bet that is placed is won or lost only on the points scored by both teams in the second half only.
  • In-play betting. In-play betting is a feature offered by some online sports books that enables bettors to place new bets while a sporting event is in progress.

Sports Betting Odds Explained

Odds for different outcomes in single bet are presented either in European format (decimal odds), UK format (fractional odds), or American format (moneyline odds). European format (decimal odds) are favored 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 favored by British bookmakers. They are the ratio of the amount won to the stake. Fractional odds of 1/1 are an even bet. US format odds are favored in the United States. They 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. Wikipedia

Decimal Fractional US Hong Kong Indo Malay Implied Probability
1.50 1/2 -200 0.50 -2.00 0.50 1 in 1.5 = 67%
2.00 Evs (1/1) +100 1.00 1.00 1.00 1 in 2 = 50%
2.50 6/4 +150 1.50 1.50 -0.67 1 in 2.5 = 40%
3.00 2/1 +200 2.00 2.00 -0.50 1 in 3 = 33%
Conversion formulas
x To Do this
Decimal Fractional x-1, then convert to fraction
Decimal US 100*(x-1) if x>2; -100/(x-1) if x<2
Fractional Decimal divide fraction, then x+1
Fractional US divide fraction, then 100*x if x>=1; -100/x if x<1
US Decimal (x/100)+1 if x>0; (-100/x)+1 if x<0
US Fractional x/100, if x>0; -100/x, if x<0
Decimal Hong Kong x-1
Hong Kong Indo x if x>=1; (1/x)*-1 if x<1
Hong Kong Malay x if x<=1; (1/x)*-1 if X>1

In Asian betting markets, other frequently used formats for expressing odds include Hong Kong, Malaysian, and Indonesian-style odds formats. Odds are also quite often expressed in terms of implied probability, which corresponds to the probability with which the event in question would need to occur for the bet to be a breakeven proposition (on the average).

Many online tools also exist for automated conversion between these odds formats.

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