Has anyone bet in sports in Nevada?
March 92010
How does sports betting work in vegas? What are the payouts, is there juice?
What William H said in his answer is how most of the bets work — a commission of one-eleventh on winning bets. Suppose your team is favored by 6 points ("giving 6", shown as -6 on the board, with the underdog shown as +6). You pay $11 and get a ticket. If your team wins by more than 6, you take your ticket back to the window and get back $21 (your original $11 is returned, plus an $11 win, minus a $1 commission so that your net win is only $10). If your team loses, or wins by less than 6, your ticket is worthless and you’re out the $11. If your team wins by precisely 6, you turn in the ticket and get your $11 back. If you bet more than $11, the commission is still one-eleventh of the amount. You might bet $88 in the hope of getting a net win of $80.
The second-most-common form of sports betting is the "money line". You can bet your team to win, straight up, regardless of the point spread. You’ll be laying odds if you bet the favorite, and getting odds if you bet the underdog. An example of a money line might be: Los Angeles -250, New York +200. If you bet LA you’ll bet $250, and if LA wins the game (by any margin), you’ll get back your $250 plus winnings of $100 (no commission). If you bet New York you’ll bet $100, and if New York wins, you’ll get back your $100 plus winnings of $200. You can bet a fraction or multiple of the listed amount, of course. The amount listed is, for simplicity, keyed to a $100 win on the favorite and a $100 loss on the underdog.
If the teams are thought to be evenly matched, you might see a money line in which both have a negative number (both at -110, or one at -105 and one at -120). That means that, whichever team you bet, you have to give the casino odds. You’ll risk losing more than you stand to gain. That’s how the juice is implemented in the money line for a close game.
These two basic forms account for almost all the sports betting. There are some more exotic bet forms, such as parlays and teasers. You should probably stay away from them until you’re more experienced.
March 10th, 2010 at 12:46 am
You go to the window, you place your bet, give them the money, you get a ticket. If it wins, you go cash it in and get your winnings.
The payouts depend on the type of bet, could be anything.
Is there juice? Of course, how else do you think they make a profit?
References :
March 10th, 2010 at 1:27 am
If you bet $11, then you win $10 for a total of $21 to you. The difference is the juice.
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March 10th, 2010 at 2:01 am
What William H said in his answer is how most of the bets work — a commission of one-eleventh on winning bets. Suppose your team is favored by 6 points ("giving 6", shown as -6 on the board, with the underdog shown as +6). You pay $11 and get a ticket. If your team wins by more than 6, you take your ticket back to the window and get back $21 (your original $11 is returned, plus an $11 win, minus a $1 commission so that your net win is only $10). If your team loses, or wins by less than 6, your ticket is worthless and you’re out the $11. If your team wins by precisely 6, you turn in the ticket and get your $11 back. If you bet more than $11, the commission is still one-eleventh of the amount. You might bet $88 in the hope of getting a net win of $80.
The second-most-common form of sports betting is the "money line". You can bet your team to win, straight up, regardless of the point spread. You’ll be laying odds if you bet the favorite, and getting odds if you bet the underdog. An example of a money line might be: Los Angeles -250, New York +200. If you bet LA you’ll bet $250, and if LA wins the game (by any margin), you’ll get back your $250 plus winnings of $100 (no commission). If you bet New York you’ll bet $100, and if New York wins, you’ll get back your $100 plus winnings of $200. You can bet a fraction or multiple of the listed amount, of course. The amount listed is, for simplicity, keyed to a $100 win on the favorite and a $100 loss on the underdog.
If the teams are thought to be evenly matched, you might see a money line in which both have a negative number (both at -110, or one at -105 and one at -120). That means that, whichever team you bet, you have to give the casino odds. You’ll risk losing more than you stand to gain. That’s how the juice is implemented in the money line for a close game.
These two basic forms account for almost all the sports betting. There are some more exotic bet forms, such as parlays and teasers. You should probably stay away from them until you’re more experienced.
References :
March 10th, 2010 at 2:14 am
At the Palazzo/Venetian, I just place a "future" bet on upcoming the Superbowl, picking the teams most likely to win at about $20 for my favorite three teams (SF 49er’s – longshot, NE Patriots and Pittsburgh Steelers).
When I’m there in Las Vegas during Superbowl weekend, I place various "sucker" bets which are basically even money like; who wins the cointoss, who scores first, what type of scoring (safety, field goal, TD…..), how it’s scored (running, passing, kicking…..) name of player scoring first, and others that the casino sportsbook will conjure up.
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