Know More About Sports Betting

By Author: John Foster
Total Articles: 23
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Aside from simple wagers, sports’ betting is commonly performed through a bookmaker or through various online Internet outlets. There are many types of bets that are included in it.

Bookmaking

The wide-ranging role of the bookmaker is to take action as a market maker for sports wagers, the majority of which have a binary outcome- a team either wins or loses. The bookmaker accepts both wagers and upholds a spread that can ensure a profit apart from of the outcome of the wager.

Sports Betting legal or illegal?

The Federal Wire Act of 1961 was an effort by the US government to prevent illegal bookmaking. Conversely, this Act does not apply to other types of online gambling. The Supreme Court has not ruled on the connotation of the Federal Wire Act as it relates to online gambling.

Bookmakers usually hold a 11-10 advantage over their customers (for small wagers it is closer to a 6-5 advantage) so he/she will most likely survive over the long term. Successful bookmakers must be able to withstand a large short term loss.

Many of the foremost gambling bookmakers got their start during the ...
... ruling out era of 1920s. They were often times decedents of the influx of immigrants coming into the USA at this time. Though the common stereotype is that these bookies were of Italian decent, it has been proven that many of the leading bookies were of eastern European Jewish Ancestry.

Odds in Online Sports Betting

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.

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 in a reputed sports betting site.