Most of us have heard of betting on the favorite in sports – especially in the case of horse racing. However, did you know that you could actually place a sports bet on the result of a game, or even the performance of an individual player?
What is oddsmaking and how do I bet on horses?
Oddsmaking: The Mathematics Behind Gambling
Oddsmaking is the process of calculating the odds of an event occurring. For example, what are the odds of my car breaking down on the freeway this afternoon?
Well, that depends on many factors such as the time of day and how fast I’m going, among other things. If I’m early, the chances are that my car will make it to the next exit without breaking down. But if I’m driving on the freeway at rush hour, the chances are that my car is going to break down before I make it to the next exit.
When you make a wager on a sporting event, you’re usually betting on the outcome of the game. However, you can also place a wager on the “progress” of the game – i.e. do you get odds when you place a bet on the Cubs winning the World Series this year?
This essentially is placing a wager on whether or not the Cubs will win the World Series. If you’re interested in placing a wager on this, then you should probably research the odds of the Cubs winning the World Series before making your wager.
Horse Betting: Do You Get Odds When You Place or At Post?
In the case of horse racing, you’ll usually hear the odds expressed as “handicap” or “trainer’s score” – i.e. what is the handicap for Little Lord Fauntleroy?
This is a reference to a famous Englishman who was challenged to a race by a rat. Upon arriving at the starting line, the rat jumped out and bit Little Lord Fauntleroy – rendering him unable to run. The rat then ate the Englishman’s valuables before tossing his body over the side of the racetrack.
This is when the story takes a turn for the weird. While Little Lord Fauntleroy’s valuables were scattered throughout the countryside, he miraculously came back to life and claimed his estate. The rat, however, was never found.
In the case of a handicap race, you’ll often find the more athletic horses listed at the top of the odds while the slow horses are at the bottom. This is because, typically, the more athletic horses are given more weight – making them seem more powerful than their slower counterparts. The reverse is true for the steeplechase races, in which sharp-shooting hounds are given more weight than pack horses.
This can make for some interesting scenarios when you’re placing bets on horse races. For example, let’s say you’re playing the ponies and you’re not sure which horse to bet on. You consult your friends at the bar and one suggests you bet on Bold Eagle because he’s fast and another suggests you bet on Midnight Sun because he’s well-bred. Which one do you pick?
This is when it becomes important to research the odds of each horse before making a wager. If you do the research and the odds are in your favor, then by all means, go with your gut and place the wager. But if the odds are against you, then it’s probably best not to risk it.
How Do I Place A Bet On A Horse Race?
For those of you unfamiliar with sports betting, let me give you a primer. When you get to a gaming table, there should be a sign or an electronic sign informing you of the following:
- the team or player you’re betting on
- the odds of that team winning
- the maximum amount you’re allowed to bet
- whether or not you prefer American or British odds
- whether or not the casino offers live betting (most places do, but not all do)
As you might imagine, there’s quite a bit of information to process before you get up to the gaming table. You’ll want to make sure you have a clear head before you start placing bets because the last thing you want to do is place a bet on a horse that you can’t afford and then find yourself in a financial pickle. Keep all this in mind as you make your way to the table.
What Is The Process For Winning Money Off A Sportsbook?
When you get to the table, you’ll be presented with a menu of choices. You can either bet on the outcome of a single game or you can bet on the cumulative score (i.e. the total combined score of all the games).
If you bet on the outcome of a single game, then you’ll need to choose either the home team or the away team. You’ll also need to make a choice regarding which league you want to bet on. If you chose NHL, then you’ll need to decide whether or not you want to bet on American football, baseball, or hockey. Once you make your selection, you’ll need to input the selection into the menu bar above the table.
If you bet on the cumulative score, then you can choose to wager on any number of games. However, you’ll also need to decide if you want to bet on American football, baseball, or hockey. In this case, you’ll only need to input the teams’ names into the menu bar above the table – much like you would if you were placing a wager on the outcome of a single game.
After you input the wager, you’ll need to click on the blue “Place Bet” button to add the wager to your betting line. Remember, the more you bet on a single game, the higher the juice or commission you’ll have to pay (in some cases).
Making Cash Off A Sportsbook
The nice thing about the sign above the table is that it tells you how much money you have left to place bets with. If you’re winning, then you have enough money left over from previous wagers to continue playing – at least for a little while. If, however, you’re losing, then this is probably a sign that it’s time for you to go.
In most cases, you’ll find that the sportsbooks are more than willing to take your money and give you more in return. As long as you keep betting small sums on friendly games, then there’s no reason why you shouldn’t be able to make some decent cash playing sports.
If you’re looking for a way to make a quick buck, then playing the ponies may be the place to be. With the right bookmaker and the right odds, you may be able to win some money off a bet. But keep in mind that the more you bet, the higher the juice or commission you’ll have to pay – so be sure you can afford it.