How Does Online Sports Betting Work?

Online sports betting have become very popular throughout the world. People can bet on a variety of different sports events through an online betting site. To get a better idea of what makes online sports betting so popular it helps to know how it works. It deals with not only getting a bet placed but also with signing up for betting services.

What happens first is that a customer will sign up for services from an online sporting betting site. The person will need to send one’s information and fund an account with money from a credit or debit card. After the information goes through and the person’s account is funded that customer can begin betting on sports online.

After a period of time the member could end up earning money as a result of successful bets. That member will generally be able to request a check for the money that the person is asking for. Commissions are generally required but these commissions are usually less than ten percent of the value that the customer is asking for in many cases.

When looking into joining an online sports betting site it will help to look into the regulations that are involved. Many websites will receive registration through small countries to work to offer online betting services. These include countries like Costa Rica. This is important because a website will need to be fully licensed by an international government that supports online betting in order for it to work properly. The business will also be subject to regular government checks to make sure that all betting services are fairly supported.

While betting online customers can bet on a variety of different sports events. These events include football events, boxing matches, horse races and even golf events. People can even bet on events with spreads, which deal with how much of a margin of victory that a team will receive, and even over/under events that deal with how many points or other things will happen in certain events. The bettor will then place a certain monetary amount on the bet that is being made.

After the event takes place the sportsbook will take out the money that the customer lost or deposit money that the customer won. This generally takes place not long after the event that was bet on is finished.

Online sports betting are a unique thing to check out. This is a form of entertainment and gaming where a customer will sign up for services, fund an account and bet on various different sports events. It will be important when getting registered for one of these online sports betting sites to look into the regulations that are involved.

‘Middling’ the Pointspread in Sports Betting

What is ‘middling’ and why bother with it? Middling is where you can seriously increase your bet winnings by profiting from both sides of the action.

You can do this by carefully monitoring the movement of the line and finding a situation where betting both sides becomes advantageous. The down side would be a small loss due to the vig / juice (sportsbook commission).

You can use this betting strategy in any sports where you have a pointspread, so NFL, NBA, NHL, MLB and college sports. As an example lets take a basketball match-up between the Lakers and the Cavaliers. We’ll keep things simple and for arguments sake say that the spread for the first posted line reads: Lakers -3, Cavaliers + 3.

The smart bettor evaluates this spread and determines that the Lakers are good value and so bets the Lakers at -3 on the pointspread.

A day or two later the bookmaker decides that he is taking a lot of action on the ever-popular Lakers, so in an attempt to even things up, he decides to move the spread to Lakers -4.5 and by default the Cavaliers to +4.5. The linesmaker fundamentally wants to attract more action on the Cavaliers and slow down the amount of action he is receiving on the Lakers.

The odds remain at this level and the smart bettor decides to go in again and bet the Cavs at +4.5. What does he hope to achieve by this? He is looking to middle the spread.

If the Lakers go on to win by 4 points he wins his Laker bet at -3 and wins his Cavalier bet at +4.5. Say he wagered $110 on both bets at the standard odds of -110, he makes $200. If he loses, he loses on one bet for -$110 and wins on the other for +$100, and so only loses $10.

Now of course the bettor won’t be hitting his middles in every game or even every fifth game but all he needs to do to break even is to hit his middles once in twenty-one games. So if his total loss after twenty games is $200 (20x$10) and he hits his middle on game twenty-one, he will win $200.

In all likelihood the smart player will be hitting his middles far more often than once in every twenty-one games. He’s getting terrific value and reducing his down side dramatically – the reason for betting middles in the first place. If the bettor does not worry about his downside, he may simply choose to stick with his original bet, in this case the Lakers at -3, knowing that he has a great bet with the spread having moved to -4.5.

It gets better for ‘middlers’ in terms of their downside because they can still make a profit even if they don’t hit their middles. Quite often they will ‘push’ (draw/break even) on one bet and win on the other. So if the Lakers win by 3 points, the bettor would push that bet at -3 and get his stake returned for no loss – but he will win on the Cavaliers’ bet at +4.5 making a profit of $100.

Remember that the better the line movement the more chance there is of hitting a ‘middle’.

Online Sports Betting

Betting on the results of sporting events has always been a popular hobby. Now with the Internetand online betting facilities, placing a bet has become easier than ever before.

A wager can be placed in the usual manner like with a bookmaker or through the bet exchange, a new innovation on the Internet. Through this, individuals can place bets against each other with the “house” taking a small commission.

Usually, betting online means that you will be betting against a point spread. The purpose of the point spread is to even out the betting so that the amount bet on the underdog is equal to the amount bet on the favorite. This guarantees a 10% profit for the house on half the bets made, no matter which team wins. When a betting line mirrors the public view of the two competing teams, it usually does well.

To bet online successfully you should be able to spot trends. While this may not guarantee a win, it is a valuable indication of a game’s outcome. Remember not to bet on a team just because you like the team. Choose teams for the right reasons, not just because you are optimistic about your favorite team.

Ideally, you should not bet on your home team, as it is difficult to be objective. When you bet, do it with conviction and limit the number of games you play, as you need to concentrate. Don?t ever overstretch yourself. By limiting your weekly plays to somewhere between 5 and 7 games you will be able pick more accurately as well as keep track of your records.

Before betting you must evaluate teams regularly. Just because you were lucky enough to win last week does not mean you?ll win again next week. Gather as much statistical information as possible; it is usually available in newspapers. Always rely on your research and don?t follow emotion or hunches. Your emotions are not as reliable as what’s written in black and white!

Casino, Sports Betting, and Lottery – A Comparison of the House Edge

The house edge, which is the commission that a gambling agent such as a

casino, a sportsbook (bookmaker), or a lottery administrator charges, is a

yardstick that measures how a specific gambling game is fair and reasonable.

It is one of the most important factors that every player should consider whenever he/she is engaged in any type of gambling, inasmuch as it indicates how much of the money wagered goes to the gambling agent’s pocket and how much is redistributed to the winners. Indeed, a house edge cannot be zero since casinos, sportsbooks, and lottery administrators have to make some money in order to cover their expenses, and to make some profit as well. Yet, a high house edge simply means that the players are unnecessarily being ripped-off, and as a result, any gambling game with a high house edge should certainly be avoided by a

knowledgeable gambler.

In this article, we shall compare, in the simplest way

possible, the house edges of a roulette, an evens-odd betting, and a Cash 3

lottery game as representatives of the three major gambling categories.

The Equation

The easiest way to compute a house edge is to compare the actual winnings that are

paid by the respective agents to the winnings that would be paid in a

fair game or bet. A fair game or a fair bet is one in which no commission

is involved; an obvious model is a game between friends. Therefore, in

percentage form, the house edge is obtained by subtracting an actual game winning

from a fair game winning and dividing the result by the fair game winning,

finally multiplying by 100. Thus,

House Edge = [ (fair game winning – actual game winning) / fair game winning ] *

100

Roulette

Because of its simplicity and popularity, we shall consider the roulette as a

representative casino game. A European roulette wheel has grooves marked by the

numbers 0 to 36; the American wheel (also called Las Vegas wheel) has an

additional groove marked as ’00’. So, the European wheel has a total of 37

numbers, while the American wheel has 38. Internet casinos usually make available

the option to select the type of wheel the customer prefers, but the brick and

mortar casinos normally offer only one type. The winning number in a roulette

game is the number corresponding to the groove where a spinning ball lands.

Now, consider a fair game in which 38 friends are playing the roulette at home,

and each one selects a number and places a $1 bet on the number (no two or more

players wagering on the same number). When the ball is spun and lands in a

groove, the number marking that groove will be the winning number.

The person who has selected this winning number collects all the money on the

table thus making him win $37. On the other hand, if the game were conducted in

a casino, the winner would be paid only $35. The difference between the two

winnings applied in the above equation gives us the house edge of a roulette game

as

( 37 – 35 ) / 37 * 100 = 2 / 37 * 100 = 5.4%

This means that every time you spend a $100 on an offline or online casino roulette, $5.40 goes to the casino and the rest is redistributed to the winners. Evidently, there are quite a number of casino games and the house edge varies

from game to game, many of them having a house edge less than that of the

roulette. For obvious reasons, a good gambler always prefers games that have low house

edges, while the casino itself loves those games with high house edges. For example,

the house edge of craps is 1.4% which makes it one of the most preferred casino

games by the players.

Even-odds Sports Betting

Again, because of its simplicity, we shall consider an even-odds betting as a

representative of this category of gambling. By even-odds we mean that the event

(usually a sports game) has equal chances of going either way. An example is a

tennis match between two competitive players each of which has an equal chance

of winning the match.

A fair bet, in this case, is just a simple bet between two friends who just

pick one of the tennis player as winner. If these two friends wager $1 each, the

winner will collect $2, thus winning $1. If instead the bets are placed

through a sportsbook, the winner will collect only $1.91, since the odds of an

evens game at most bookies and online sportsbooks is 1.91. If you are not familiar with the

decimal representation of odds, 1.91 is the same as 10/11 in UK notation and

-110 in US odds notation. Odds of 10/11 mean that you’ll win $10 when you wager $11; and odds of -110 mean that you have to wager $110 in order

to win $100. Anyway, since the winnings paid by a sportsbook is only $0.91, the house

edge of an even-odds betting
will therefore be

( 1 – 0.91 ) / 1 * 100 = 0.09 * 100 = 9%

So, this is how sportsbooks make a living. Since several internet sportsbooks offer odds higher than 1.91 in order to lure

bettors, the house edge could be smaller than 9%, which is one of the things that the bettor should be looking for when searching for a sportsbook. On the other hand, if the bettor is

wagering on parlays the house edge would be significantly higher than 9%; for

big parlays, it could go as high as 40%.

It should be apparent by now that the gambler is better off with casino games

than sports betting. It should also be noted that while the house edge could

be a major factor to consider while selecting a gambling game, it is by no means

the only one. For instance, one should consider the fact that casino games are

mostly games of chance, while sports betting also involves a learned decision in

selecting a pick, consequently leading to a higher probability of winning a bet.

Cash 3

Depending on the state you are in, this lottery game may be known by a

different name such as Pick 3, Play 3, Daily 3, etc. In this game, the player

selects a three-digit number from 000 to 999, and plays the number as a straight

or as a box. A straight play is a prediction that the number will come exactly

as selected while a box is a prediction for the number to come in any order. For

instance, if a player selects the number 672 and plays it straight, he/she will

win if the number drawn is exactly 672. Instead, if the player plays 672 as a

box, he/she will win as long as the drawn number contains a 6, a 7 and a 2, in

any order (276, for example). Obviously, a straight game pays much more

than a box game for the same amount wagered.

Now consider 1000 friends (maybe in a club) selecting a number as a straight,

each for $1, so that all the 1000 possible numbers are covered. When the winning

number is drawn, the person who has selected that lucky number will be deemed a

winner and will cash in all the $1000 collected, so making him win $999. This is

a fair game. In the case of state lotteries, however, the winner will be paid

only $500 in most states. Some states may pay a little bit less, others may pay

a little bit more, but $500 is more or less the standard. The winner therefore

wins $499. The house edge for a Cash 3 game will therefore be

( 999 – 499 ) / 999 * 100 = 500 / 999 * 100 = 50%

This house edge applies not only to the Cash 3 game but also to all state

lottery games such as Play 4, Cash 5, Mega, Fantasy 5, Lotto, Power Ball, etc.

So, whenever you are playing the state lottery, remember that you are wagering

only half of your money on the actual lottery; the other half, you are

just giving it away. Where this other half goes is not the gambler’s concern,

since his/her main objective is to win some money in order to pay the ever

present bills, or to get out of a miserable life, or to change his/her

20-year-old car. As regards contributing to education and other noble causes,

there are other means of collecting money called taxes and charities.

Unfortunately, many states do not allow casino games, and furthermore,

sports betting is illegal in the United States. The player is therefore left

with no choice but to cross state borders in search of a casino, or more

recently, to engage in online sports betting through the several offshore

internet sportsbooks. Nowadays, there is a plethora of trustworthy online

casinos and sportsbooks operating from Canada, the UK, Antigua, Costa Rica, and

so on.

The Conclusion

As far as the house edge is concerned, it has been shown that casino games

are the best choice for the gambler. On the other end, any state lottery is a

pretty miserable game to play. Nevertheless, besides the house edge, there is

also the possibility of winning to consider.

Casino games, like lotteries are mostly games of chance; the player just

selects a number or numbers and waits to see what luck brings him/her. There is

absolutely no basis to prefer one number to others. Some people try to analyze

previously drawn numbers in order to see the trend and predict the next numbers.

This strategy may work a few times, but not always. Keep in mind that it is the

players, and not the machines, who remember the previous numbers. In short, the

possibility of winning a roulette or the lottery entirely depends on luck.

While there is little or nothing that a roulette or a lotto player can do to

initially select a possible winning number, the situation could be quite

different in the case of betting. With a lot of information and some assistance from

sports handicappers, it is possible to predict the outcome of a sports event

with more certainty than predicting a Cash 3 number.