From: jawebb@hydra.unm.edu (james webb)
Subject: Sport Betting FAQ
Date: Fri, 20 Nov 92 22:10:44 GMT
Organization: University of New Mexico, Albuquerque

	Where can I bet legally on Sports?

	You can bet leaglly on Sports in the United States only at a licensed 
Nevada Sports Book and in the Oregon State Lottery. If you try hard enough
you can probably find an illegal bookie in your home town, but frequently 
their odds are worse than those can get in Nevada. In most cases, you are not
allowed to phone in wagers to a Nevada Sports Book across state lines, but
there are exceptions. (What they are, I'm not sure. Anyone else know?)

	

	What sports can I bet on?

	You can bet on any sport the Sports Book you are wagering with covers.
At most books, this includes professional and college football and basketball,
professional baseball, professional hockey, and horse and dog racing. Every now
and then Sports Books will offer proposition bets (see below) on events like
professional golf tournaments and the Indy 500 and the like, but not on a
regular basis for other events in those sports.



	What is "the spread"?

	The spread is a point advantage given to a weaker team that is expected
to lose by X number of points. This is the odds makers way of making even bets
possible for a Sports Book. Usually if you bet against the spread you are making
an 11-10 bet. This means that you win $10 if you bet $11 for a total of $21 if
your team covers the spread.
	A team covers the spread if it wins the game with the score modified by
the spread. If Dallas and Washington are playing and the spread is (Dallas -7),
then Dallas has to win by at least 8 points to cover. Half-point spreads are
also possible. 



	Why do I have to bet $11 to win $10?

	This is one of the many ways the Sports book makes it's money. In an
ideal situation, the same amount of money will be bet on both sides of the line
and the Sports Book will take it's 10% from the losing side. If $55000 ($50000
and an addition $5000 to make the bets) was bet on Washington and $55000 bet on
Dallas, no matter who wins the game the SB will make $5000. In case of a tie,
all money is refunded. This is a rather simplified version as the spread moves
when one side becomes more heavily bet on.



	What are all of the different types of bets?

	Proposition bet:

	A prop bet is a bet the SB offers at odds and conditions of it's
choosing. Prop bets can be exotic bets like which team will score the most 
touchdowns, which team will shoot the most three pointers, which running back
will rush for the most yards, etc. Most prop bets are offered at 11-10 odds, but
some of the exotics will be offered at better or worse odds, depending on the
bet. 
	

	Money Line Bets:

	A money line bet is a bet on the straight up total of an event or 
the odds for a straight up prop bet. There are two totals given for either
side on a money line bet. A negative and a plus side. 

			Dallas		-170
			Washington 	+150

	What this means is that for every $17 you bet on Dallas, you win $10 if
they win. For every $10 you bet on Washington, you win $15 if they win. This is 
they way SB's make money off games by not giving points.

	Spread Bets:

	These are the standard bets to make. Basically a proposition bet at
11-10 odds where the conditions are you give or take points on the team you are
betting on hoping that the modified total of your teams score beats the other
teams straight score. Bets on the spread are often know as straight bets because
they pay even money (minus the 10% vig).


			Tampa Bay	+19 1/2
			Miami		-19 1/2

	This means that if you bet on Miami, Miami needs to score at least 20
more points than Tampa to cover. If you bet on Tampa, the score must be at least
within 19 for you to win. The bottom team is almost always the home team.


	Over/Under Bets:

	These are also 11-10 bets on what the total of the game will be. If the
total posted on a game is 39 1/2 points, then you can wager that the total score
of both teams added together will be either over or under the posted total.
	Betting the over is known as "betting on the ball", betting under is
known as "betting on the clock".

			Chicago		-5 1/2 	+130	1:00 pm
			Atlanta		+5 1/2	-150	42 1/2


	This gives the money line, the point spread, and the total for the game.
It also tells you that Atlanta is the home team, and the game starts at 1:00 pm.
As far as I know, this is the standard posting at mosts Books.


	Parlays:

	A parlay bet is betting on the outcome of two or more events, and 
getting higher odds than betting on the outcome of both events. The drawback is
that the odds aren't right and that you must win all of the events to win the
parlay.

		# of plays	Standard Odds	True Odds	
		----------	-------------	---------
		2 plays		    13-5	   3-1
		3 plays		    6-1		   7-1
		4 plays		    10-1	   15-1
		5 plays	    	    20-1	   31-1
		6 plays 	    40-1   	   63-1	
		7 plays		    80-1	   127-1

	The more events parlayed the worse the odds shift in the casinos 
advantage. The advantage for the player for parlays lies in the fact that he
can bet more on the same game (spread and over/under) and he can bet more on
two teams who are playing at the same time. 
	In order to be competitive, some casinos offer ties-win parlay cards.
This greatly helps the player. The Las Vegas Hilton SB is one of these.


	Teasers:

	A teaser bet is a bet where you can move the spread by a set amount, 
but have to pay to do it. You must bet at least two teams like a parlay and
win both. You can move the spread by on all the games by the set amount.


			Football Teasers

	# of teams	6 pts		6 1/2 pts	7 pts
	----------	-----		---------	-----
	2 teams		11-10		5-6		5-7
	3 teams		8-5		3-2		6-5
	4 teams		5-2		2-1		9-5
	5 teams		4-1		7-2		3-1
	6 teams		6-1		5-1		4-1
	
			Basketball Teasers

	# of teams	4 pts		4 1/2 pts	5 pts
	----------	-----		---------	-----
	2 teams		11-10		5-6		5-7
	3 teams		8-5		3-2		6-5
	4 teams		5-2		2-1		9-5
	5 teams		4-1		7-2		3-1
	6 teams		6-1		5-1		9-2


	Buying a half point:

	You can shift the spread a half point in your favor by laying 6-5 odds
instead of the standard 11-10. This is called buying a half point. You usaully
want to stay away from this bet except on three point spreads on football games.
This is also know as "buying the hook".


	Can I make a million dollars with one bet?

	Sure. Either bet $550,000 straight up, or go to Little Ceaser's which
offers a $2,000,000 payoff on a $5 parlay card if you can pick 20 out of 20.


	Who makes the odds?

	Las Vegas Sports Consultants Inc., establishes the odds for about 75% of
the licensed Sports Books in Nevada, as well as for the Oregon State Lottery. It
is run by Michael 'Roxy' Roxborough. He also operates as a consultant on gaming
stratigies, management, marketing, and personnel. Most illegeal books in and
out of Nevada draw their odds from what is posted at the various casinos. 
Transmitting gambling information across state lines is illegal.



	Do I have to be over 21 to bet on sports?

	Yes.


	What is the minimum bet that must be reported to the IRS?

	Well all gambling wins and losses are supposed to be reported to the IRS
at the end of the year, but if you bet more thant $10,000 at once, you must fill
out some IRS paperwork at the ticket counter.
	All money won must be reported to the IRS.

	
	If you would like to add to this FAQ, please send me the information
at jawebb@leo.unm.edu. Some of this information in this FAQ may be incorrect
and/or out of date as the sports betting industry is a very dynamic business.

	Most of the information in the FAQ was taken from the Art Manteris book
"Superbookie". Published by Contempary Books Inc. Copywright 1991.