When you place a wager on sports, you’ll often encounter the notation “+500” next to the total. What does that mean? We sat down with Joe Hachem, sports editor at OddsBuster, to break down the most common sports betting terms and explain their meanings.
Wager: Is It A Gamble?
Everyone who participates in sports betting is aware of the notion of a wager. The line items next to sporting events are there for a reason: someone is willing to bet on the outcome of the game. When you place a wager on a sporting event, you are essentially placing a gamble on the outcome of the game. The difference is that instead of risking your own money, you are essentially betting on someone else’s money. Although it’s not quite as bold as it sounds, at the end of the day you’re still essentially gambling. If you don’t like that idea, don’t place bets on sports. There are plenty of other ways to wage your gambling dollars.
Odds: What Are They?
Odds are one of the most fundamental concepts in every area of sports betting, and for good reason: they are essentially the chances of an event happening.
As a general rule of thumb, the longer the odds, the more you’ll need to win in order to cover your bet. For example, a 2.5-to-1 odds ball game will likely be better than a 5-to-1 odds ball game, for the simple reason that it’s easier to win 2.5 balls than it is to win five balls. However, if you’re looking to make a quick buck, you might want to consider betting on baseball because of its low odds of happening (3.7 percent, according to the latest stats).
Money Line: What Is It?
The money line is perhaps the most straightforward of all the sports betting terms. It essentially refers to the total amount of money that will be wagered on an event. For example, if you want to bet $10 on a football game, the money line would be “$10 on Michigan”.
“+” symbols are often used in reference to the money line, as it is considered easier to bet on the favorite instead of the underdog. However, in actuality it’s the exact same as betting on the favorite because the money line simply refers to the total amount that will be wagered. In the example above, if you were to bet $10 on the underdog team, Michigan, you would be placing a $20 wager because you are risking $10 while the other team is only risking $10.
Parlay: Is It Confusing Words For “Ticket” Or “Parties”?
If you’re unfamiliar, a parlay is an agreement between two or more individuals or institutions to wager on the results of multiple sporting events or gambling opportunities. In layman’s terms, it’s essentially “tickets” or “parties” on multiple events. For example, let’s say that you and your brother have a parlay where you’re betting on the results of the Cleveland Browns, San Francisco 49ers, and Houston Texans games. In that case, you might want to look at betting on the Browns +350, San Francisco +350, and Houston +450 (350, in this case, stands for “two-thirds of a bet”). If you win any of those three bets, you win the parlay, and each individual game contributes towards your grand winnings. If any of those games end in a tie or if One Of Those Games Ends In A Scoreless Draw, then you have no winnings from that game.
Best Bet: What Does It Mean?
The best bet is essentially the opposite of the parlay: it’s the selection that you feel is the most attractive or likely to win. You’re putting your own money on the line and risking it on the outcome of a game.
If you follow sports betting trends, you’ll often see that the best bets are the ones that are currently hot. For example, if you are following Indian baseball, you might notice that the hot team right now is the Oakland A’s. The A’s have a very strong pitching staff and an excellent offense, which makes them an ideal pick to win the World Series this year. Similarly, the Tampa Bay Rays are currently one of the best bets for the 2020 World Series, due to their exciting array of young stars and pitching depth.
Futures: What Are They?
Futures are essentially long-term bets on sporting events that are not yet fixed. They are the counterpart to the best bet and are often used in conjunction with each other. If you want to bet on the winner of the 2021 World Series, you would put a futures bet on the New York Yankees, since they are the current champs and it is still early in the year.
Futures are often used to determine the “over/under” for certain statistics, such as home runs, runs scored, and losses. For example, if you want to bet $100 that the Yankees will score at least four runs in the next game, you would place a $100 bet on the under 4.5 runs, and the Yankees will cover your bet.
Full Time/Part Time: What Does It Mean?
If you’re referring to the number of games that an individual will play, then it means that they either play every game or as many games as possible. There is no in between. For example, if you bet $100 on a baseball game and that game ends in a tie, you will not win your money back since there is no next game. The same concept goes for part time: either the individual plays all of the games or none of them.
Expedited Payout: What Does It Mean?
An expedited payout is a type of payout where you receive your winnings immediately upon reaching the settlement point. For example, if you bet $10 on the New York Yankees in game one and they win, you will get a $10 payout within two days. However, if they lose, you will not receive your winnings for another two weeks.
Expedited payouts are considered faster and more convenient, but they can also be more expensive than traditional payout methods. For example, if you use an online betting site and wager $10, you’ll likely get your $10 in 24 hours, but if you prefer to use a land-based casino then you might have to wait two weeks for your winnings. It’s all about the speed you want: if you want to make a profit, you might want to consider the benefits of an expedited payout.
Payback: What Does It Mean?
A payback is the amount of money that you must return to the person who paid you to win. If you lose, then you will not be paid back for your wager. For example, if you bet $100 on the Cleveland Browns and they win by two points, you will have to pay back $102 since you were paid to win $100.
When deciding how much you want to payback, you have to consider how much you would normally win on an event and then increase it by a percentage to make sure that you’re not getting too high of a payout. For example, if you normally win $100 on a Browns game and the payout is 40 percent, you will need to win ($140) before you can claim your $100 back, since 40 percent of $140 is $56. In general, you want to make sure that you’re not giving away too much money. This is why many sportsbooks only offer paybacks in multiples of 10’s or 20’s, to ensure that they get their money back. You might also need to check with the state or district you live in, since some states have limitations on how much you can win and pay back on sports bets. In general, you can find all of the state lines and payback limits at the official websites of the professional sports leagues. Be sure to obey all legal betting limits, or you could wind up in legal hot water.