March Madness is over. The Super Bowl is a memory. The NBA and NHL playoffs are coming up so let’s review some of the basics of sports betting for those who want to get in on the fun, as described by BetMGM.
Point Spread
What is a point spread in betting?
Most games will have a favorite and an underdog. The point spread—or handicap—is what oddsmakers think the margin of victory is likely to be. If you bet on the favorite you will take the points (-2.5 for example) from that team’s final score. Conversely, if you bet on the underdog you add these points (+2.5) to that team’s final score.
Take this basketball scenario: If Brooklyn is the favored team over Washington by 2.5 points and you bet Brooklyn you’re betting it will win by more than 2.5 points. If Brooklyn wins by less than 2.5 points, you lose. Alternatively, if you bet Washington, it can win, tie, or lose the game by less than 2.5 points and you will win your bet.
How do bookmakers calculate points spread?
Bookmakers use several methods when calculating a point spread. The goal is to find a line that accurately reflects the competitive difference between two teams, and factors include recent performance, injuries, weather, and player or coaching matchups. These factors will be accumulated to derive some form of team rating—often called power ratings—which will then be used to determine the spread.
But on every bet the bookmaker needs to make money. So on an even-money bet, the odds are -100 because the bookmaker will make $10 on your winning bet. It’s not a “money grab” but the profit margin on sports betting is very narrow. This kind of edge is built into every bet. When you see straight bets at a -120 edge, you know you’re getting squeezed.
Money Line
What is a moneyline bet?
A moneyline bet is the simplest bet you can make at a sportsbook. There are no point spreads to consider but that doesn’t mean there isn’t a favorite and underdog. When betting the moneyline, your potential bet payout will change depending on which team is favored. The payout is presented in relation to a $100 wager. A (+) represents how much more than $100 the bet pays. Conversely, a (-) represents how much you must bet to win $100.
If Brooklyn is seen as the stronger team (-143) and you bet $100 on them, you will win $70. Adversely, if you bet $100 on Washington, the underdog at (+120), you will win $120 from the same $100 bet.
Points Total (Over/Under)
What is an Over/Under in sports betting?
The points total allows you to bet without picking a side in the matchup. Instead, you are simply betting on how many points will be scored. Also known as “Over/Under,” this bet is a wager on the combined points scored by both teams in a game.
In the Brooklyn vs. Washington game, the Over/Under is 233.5 points. If you bet the over, you’re betting the total points scored in the game will be 234 or higher. If you bet the under, you’re betting the total points will be 233 or lower.
Parlay Bets
What is a parlay bet?
A parlay is multiple wagers in one bet. Because the odds are higher, the payout is also higher. But if any of your wagers is incorrect, the entire bet is lost.
You can combine or “parlay” the Nets -2.5 and the Knicks -1.5 into one single bet. If the first bet wins, your bet is rolled into the next game. If the next bet wins as well the payout will be higher than if you had bet each game separately. But if either bet loses, the entire bet is lost.
How are parlay bet odds calculated?
The reason parlay bets pay you out more money for correctly picking multiple individual bets has to do with how the odds are calculated.
Parlay odds are calculated by multiplying each line’s odds sequentially. The more lines you add, the more the multiplier grows, offering longer odds and greater payouts.
To help you understand the difference in payouts, we will compare betting three individual matchups at -110 odds versus combining them into a three-line parlay:
If you won all three individual bets of $100 at -110, the total profit would be $272.73. However, if you played all three games as a parlay wager, the profit on a single bet of $300 would be $1787.40!
Parlays are for people who like big payouts and aren’t worried about longer odds of winning.
“Same Game Parlay” (SGP) is a single bet combining multiple bets from the same event. All selections must win for the SGP to be settled as a winner. If any selection within a SGP is voided with a loss, then the entire SGP is voided.
“Same Game Parlay Plus” (SGP+) is a parlay that includes at least one SGP and additional straight selections or additional SGPs from other events. If a straight selection or SGP within the SGP+ wager is voided by a loss, then the SGP+ wager odds will be re-calculated using the remaining legs.
If any selection (either SGP or single wager) within an SGP+ is settled as a loss, then the entire SGP+ is settled as a loss.
Prop Bets
A little action on the side.
“Prop” bet is short for proposition bet. This is a wager on a result that will occur in-game and often has nothing to do with the game’s final outcome. Prop bets can involve a team’s or individual’s performance.
This football game prop is on the combined number of touchdowns scored by both teams. You can bet over or under 6½.
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