Let me start by assuming that if you place a wager on a sporting event or bet on a game, you are legally allowed to do so. Las Vegas or any other legal place that accepts sports wagers. That is where I place all my wagers on sports. I would advise you to not make sports wagers without permission and ask you to follow the rules. I’m done with this.
If you’re like me and love to wager on sports (college football and basketball are my favorites), you will know how difficult it can be to win real money. Sometimes it appears plysbo that the people who set the lines for sports can see into the future, and predict the outcome of a team’s win or loss. Uncanny is the number of times a favorite 3 point score wins by 4 and loses by 2. However, it is hard to believe that if they were not so good, there wouldn’t be any market for sports betting. Everyone would win and everyone would lose.
One of the most important things to notice when you start sports betting is the variety of bets available. The “money line” bet is the most common, while the spread bet is the more popular. The money line allows you to simply pick a team that will win. The odds of winning are adjusted based on how likely that team is to win. A team that is likely to win easily might pay at odds of 1/10. This means you would need to pay $10 to win $1. This bet is the easiest to win. However, it isn’t the most lucrative.
The most popular form of betting on sports is against the spread. The oddsmakers attempt to decide how many points will be enough to make the game fair. To make the game fair, a team that is very poor will receive a lot of points. The spread is what you’re betting on. Let’s take for example, a team that is good is playing a team that is bad. The oddsmakers believe the team with 15 points more wins than the one with poor results. The spread would be set at 15 points. This would mean that the winning team must win by 16 points or more to win, and the losing team must lose by 14 points or less to win. If the winning team is tied, you would get your money back.
This makes betting on sports extremely difficult, as the oddsmakers are trying to make every game a coin-flip. The goal of the oddsmakers is to make each team have an equal chance at winning against the spread. This is to ensure that equal money can be bet on each side of the game. The casino can also make money from the “vig” fee it charges for every losing bet (typically 10%). The casinos would have the exact same amount of money on each side in a perfect world.
However, as you can see, casinos don’t actually make much money if they only take vig from sports bettors. They came up with a new type of bet, the “parlay”. Parlay is a type of sports betting where you can pick multiple teams to win or cover in one bet. They all must win. You get better payouts if all the teams you choose win. If you choose 5 teams to cover a parlay, your payout will be around 25/1. If you place $5 on a parlay with 5 teams, you will win $125. This sounds great! Your odds of winning are 3.125%, compared to 50% for straight up betting. However, the payout you receive for winning a parlay with five teams is not enough to cover the risk.
This should tell you that it’s much easier to win a lot of single bets than a lot of parlay bets, which pay out more but are harder to win. If you want to make money betting on sports, don’t forget to avoid the parlays the next time that you’re in Vegas for the NCAA Men’s Basketball Tournament, also known as March Madness, or the College Football Bowl Season. This will be your best decision.