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So, what is a sportsbook?
By SportBettingStore | April 7, 2009
If you have looked into sports betting at all, then odds are that you have come across the term sports book. Just what is a sports book, though, and how does it affect the life of a sports bettor?
Well, sports books are like the managers of the sports betting world. They are called books because they keep the records of who bets on which events and games. They also set the odds so that people know who they are betting on, what they are betting on, and how much money they stand to win.
Make no mistake about it, sports books are businesses, and that means that they are out to make money. The books carefully consider both the math and the possibilities when it comes to the odds they offer on any sports events that they take wagers on.
Often, this means that the bookies (the common term for the people who take the wagers for the books) are less interested in the event itself, and more interested in the psychological makeup of the people placing bets. It might surprise you to know, for example, that the team labeled as a “favorite” on the books may not actually be the team most likely to win, based on talent. Instead, the favorite reflects the team that the most people are betting on.
This means that sports books will often “move the line” (the line is the amount required to place a bet) according to how many people are betting on a certain team. That line may reflect the spread, which might change even as the game is being played, or just in the amount of money required to be put down in order to make a wager.
Understanding the psychological aspect of sports betting as far as the sports books look at it is important for those looking to be successful sports bettors. It means that rather than betting on a team, you are betting against the many people who are placing similar bets. This can be illustrated by Big sports events, such as the Super Bowl.
During the Super Bowl, more people are likely to bet at the sports books than usual. These are known as “amateur” bettors. They don’t really know what they are doing, and more often than not they are betting on their emotions rather than on a realistic idea of the outcome. The sports books know this, and they will take advantage. In such cases, the books are likely to offer bad bets in order to make money on the amateurs. A smart bettor will take a look at the odds that the books are offering and take advantage of good prospects.
The two most popular bets offered by sports books are the spread and money lines. However, most sports books will offer a wide range of options for those who want to engage in sports betting. Here are some examples:
- Over/Under: Also known as totals, bettors place a wager on whether the score of the game will be over or under a certain amount. The scores of both teams are added together to determine the result.
- Proposition: Specific bets that can be placed on any number of events in a game, such as the number of yards kicked, the number of three point baskets, and just about anything else. They are typically very hard to win, but offer large payouts.
- Futures: Long term bets such as wagering on who will win first in a division, or who will win the Super Bowl, before the season starts.
- Teasers: A bet can be combined on the outcome of two or more games. This means the point spread can be adjusted, but the payout is much lower.
- Run/puck/goal lines: These offer a higher payout for favorites, but lower ones for the underdog. It?s a way to decrease the risk offered by a straight money line bet.
In closing, it is important to note that there are both legal and illegal sports books. Generally, legal sports books are out in the open and offer fair odds. They are definitely safer places to wager than illegal ones!
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Topics: Articles | 1 Comment »
July 7th, 2009 at 1:32 pm
Perfect!