How the house makes its bread on the spread
Dear
Mark,
How does a casino make money on sporting bets when you bet
against the spread? Nick L.
Whenever you place a point-spread type wager, Nick, you
lay 11 to win 10. That means if you want to win $100, you
have to wager $110 no matter which team you are betting.
If you win, you will collect $210-your $110 wager plus the
$100 you just won. This commission, also called a vigorish
(a.k.a. vig), is the compensation taken by the house on
every sport bet wagered.
Dear Mark,
My brother-in-law never makes a bet on his favorite football
team, but on the final score. What type of bet is that?
Cindy H.
Football betting, Cindy, offers you the ability to wager
on the combined total of points scored by both teams during
a game. This bet is called a "totals" wager or
an under/over bet. Winning an over bet requires that more
points be scored than the linemaker's total. Winning an
under wager requires that fewer points be scored.
Dear Mark,
What percentage of sports bets do I have to win to be even
against the casino? Jessup C.
To break even against the house edge, you need to win at least 52.38 percent of any point-spread wagers you make.
Dear Mark,
What is your longest winning streak betting sports? Matt
O.
I once developed rotator cuff tendonitis patting myself
on the back when I picked winners in 19 out of 20 horse
races over two days when my ponies either won, or placed,
at Del Mar. Also, I have done extremely well handicapping
the Indianapolis 500. Other than that I feel I'm like the
veteran losing gambler who was hopelessly hooked on football
betting. Nothing else interested him. Unfortunately, he
lost almost every bet he made. Finally, even his bookie
felt bad for him. "You lose all your bets," said
the bookie. "Why don't you bet on hockey instead of
football?"
"Hockey" said the gambler in dismay. "But
I don't know anything about hockey!"
Dear Mark,
In our office football pool, I place near the bottom almost
every week. Any advice on what I can blame my continuous
losses on? Randy V.
Sports betting is a combination of both skill and luck. Your wins, Randy, come from your superb handicapping skills. Just blame your losses on a late game interception or fumble.
Dear Mark,
I live in California and don't want to drive to Las Vegas
just to place football bets. I've heard that you can make
wagers to sportsbooks in Nevada over the phone. Any truth
to this? Russell M.
Nevada casinos do offer account wagering via the phone, Russell, but ONLY if you live in the state of Nevada. Making a bet from outside of Nevada violates the Interstate Wire Act (18 U.S.C. 1084). This code provides criminal penalties to anyone engaging in the business of betting when using a wire communication facility for the transmission of interstate (that's you, Russell) or foreign commerce of bets or wagers on any sporting event or contest. Russell, you technically can't even call up a high school buddy who is dealing dice at the Mirage and ask him to place bets for you.
Dear
Mark,
When the casino sports book has a game circled, what does
it usually mean? Marty C.
A circled sporting event indicates that you will not be
able to bet the normal maximum. If the normal maximum betting
limit is $5,000, the casino may accept only a $2, 000 wager
on a circled game. Circled games generally mean that the
sports book is unsure of the correct line or the status
of an injured key player is unknown.
Dear Mark,
I realize that I am betting a long shot when I bet a 10-team
parlay, but what are my true chances of hitting it? Lorenzo
D.
The casino will pay you 500 for 1 when you hit a 10-team parlay, but your chances of hitting one are 1,023 to 1. Ouch! Too sweet a profit for the casino for my hard-earned money.
SPORTS BETTING TIPS
Sports betting is a game of skill. Find out how to gather and analyze data, weigh probabilities, and compare your opinion with the oddsmaker... read more »
RACEBOOK TIPS
Professional bookmaking for horseracing emerged in England during the 1800's. During this period, bookmaking was conducted by various individuals. Regulation as we know it did not exist... read more »