What does 13/10 mean in betting?
The odds of winning on a particular sports bet will always be presented as odds-on-bookmaker or bookmaker’s-odds. For instance, a $100 bet placed at 10:00 pm on Wednesday, July 31st at CG Technology will cost you $13.10 in vigorish (or ‘bookmakers’ fee’). Don’t bother trying to keep track of fractions and decimals – odds are often rounded to the nearest whole number and many bookmakers provide their customers with online betting calculators. If you’re looking for an explanation of odds and their applications, continue reading – otherwise, you might want to check out the other side of the equation.
Rounding Rules For Bookmakers
Rounding rules may seem like an unnecessary complication but they can be a pain in the behind if you don’t follow them. First, when a bet is placed, the bookmaker will usually round the odds up or down to the nearest even number, thus ensuring that the ratio of winning to losing bets stays the same. For example, if the odds for a particular match are 3:1, the bookmaker will always round up to the nearest even number (4:2 or 4:1). Second, when a bet is settled, the bookmaker will usually apply the same rule. For instance, if you bet $100 on a hockey game and the puck goes in the net for the winning goal, the bookmaker will match your $100 bet plus give you $200 in winnings. Third, when there’s a tie, the bookmaker will usually apply the closest even rule. If the numbers are the same, it could go either way – whether your team wins or loses the game will determine which number is ‘closest to even’. In the example above, it would come down to the final seconds of the game and whether or not the goalie makes a stop. The bookmaker will then match your $100 plus give you $200 in winnings. If you have a question about how these rounding rules apply to a particular set of odds, you can always use a betting calculator to do the math for you.
Betting On The Internet
Many bookmakers offer online betting for those who aren’t fortunate enough to have a good local option. Just remember that many online bookmakers don’t offer the same level of service as their brick-and-mortar counterparts so make sure you’re aware of this before placing a bet. The most popular online betting sites are simply a way for legitimate sportsbooks to make extra money aside from offering the traditional in-house betting option. Most online bookmakers are actually just a front for sports betting entrepreneurs who want to make a few bucks off of your wagers. Make sure you’re aware of this too if you decide to place a bet online – you may end up losing more money than you would if you placed the same bet in person at a brick-and-mortar sportsbook.
The Inverse Odds Principle
Odds are often used to predict the winner of an event based on the total amount wagered on the event. This is called the ‘inverse odds’ principle – in other words, the more you wager on an event, the more you should win on that event (provided you meet the appropriate requirements). This concept can be difficult to understand if you aren’t used to dealing with odds but if you’re ever in the position of having to predict the winner of an event based on the amount wagered, odds will make more sense than they do in real life. If you have a question about whether or not you will win based on the amount invested or vice versa, you can use a betting calculator to check out the answer for yourself. Just remember that the inverse odds principle is often used in conjunction with betting on prop bets and futures bets – all of which are essentially the same as betting on the outcome of an event (with the exception of futures bets, which are discussed in more detail below).
Futures Bets
The inverse odds principle doesn’t always apply. Sometimes, you’ll see an event listed with odds that appear to go in the opposite direction of what you’d expect. These are called ‘futures’ bets and they are usually used to gauge public opinion on a certain event. For example, if the 2014 FIFA World Cup was being held today and you wanted to bet on the winner, you might notice that many bets are currently being placed on the Netherlands to win the tournament – despite the fact that Dutch players are actually banned from participating in the tournament. This is because people are assuming that the Dutch will be able to pull off an upset and deny the German side a repeat appearance in the tournament finals. This type of bet (and its related odds) is known as a ‘futures’ bet (or a ‘prop bet’) because, essentially, you’re betting on the outcome of an event that hasn’t happened yet. If you have a question about whether or not you’ll win a particular bet based on the amount invested or vice versa, you can use a betting calculator to check out the answer for yourself. Just remember that betting on futures is a bit of a risky business – if you’re not careful, you can lose a lot of money if your prediction is wrong.
Prop Bets
Prop bets are often used in conjunction with futures bets to make wagers on a third party’s opinion or on something that has no real bearing on the outcome of an event. For instance, a prop bet on the Over/Under on the total score of the game might state, “In the event of a tie, the under will win” – in other words, if the game ends in a tie, you’ll win the bet regardless of how many points either team actually scores. If you have a question about whether or not you’ll win a particular bet based on the amount invested or vice versa, you can use a betting calculator to check out the answer for yourself. Just remember that these types of bets are a bit of a gray area and you might end up in legal trouble if you don’t abide by the laws set forth by the Federation of Federal Reservations (FEDERF)—especially if you’re betting on something that has to do with finance or government.
Parlors
A parlor is similar to a betting parlor in that it provides a place for people to come together and wager on sporting events. However, the main difference is that a parlor is usually open to the general public and doesn’t require any type of membership to join. You don’t need a parlor to bet on sports but, for the purposes of legality, you must abide by the laws set forth by the Federation of Federal Reservations (FEDERF) if you decide to engage in wagering. Just remember that many states, including California and New York, have some form of state prohibition on ‘lotteries’ (whether or not they are online bookmakers)– so make sure you’re aware of any and all restrictions before placing a bet.
State And Federal Laws
As you might imagine, states and the Federal Government have an interest in regulating sports wagering – not only because it is often viewed as a form of gambling but also because it can affect the integrity of an event or game. Just remember that, for the time being, there aren’t any definitive answers to whether or not online sports betting is legal in all 50 states – though it is definitely legal in many places around the country. Make sure you understand the local and state laws concerning sports wagering before you make a bet. If you have a question about whether or not you’re allowed to place a particular bet in your area based on the laws set forth in your state, you can use a sports wagering law calculator to help you determine the answer.