I still don't understand betting

#4
#4
Volsnknox said:
Cover the spread, under/over, and how that relates to winning and losing! Vegas sure does though and they lost big!

http://www.espn.com/chalk/story/_/id/20744924/nfl-las-vegas-sportsbooks-struggle-nfl-week-2
Click to expand...

Vegas sets the line (straight up/ money line, Point Spread, and Over/Under) in hopes of getting equal amounts of money bet on both sides. If that happens, there is no way Vegas can lose money. They would net 4.5% on every dollar bet.

Why 4. 5%? Because you must bet $11 to win $10. So you bet $11 on team A and I bet $11 on Team B. A total of $22 is collected and $21 will be paid to the winner. The extra $1 is for Vegas. It doesn't sound like much but there are millions bet every week and if done correctly (even money on both sides) Vegas can't lose.

What happened on Sunday is there clearly wasn't even money placed on the games and, in Vegas' view, the wrong side won. Often times it goes the other way where the money is bet on the incorrect side and Vegas racks up.

Hope this helps. It gets a lot more difficult with ALL the different wager types and prop bets.
 
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#5
#5
Boca Vol said:
Vegas sets the line (straight up/ money line, Point Spread, and Over/Under) in hopes of getting equal amounts of money bet on both sides. If that happens, there is no way Vegas can lose money. They would net 4.5% on every dollar bet.

Why 4. 5%? Because you must bet $11 to win $10. So you bet $11 on team A and I bet $11 on Team B. A total of $22 is collected and $21 will be paid to the winner. The extra $1 is for Vegas. It doesn't sound like much but there are millions bet every week and if done correctly (even money on both sides) Vegas can't lose.

What happened on Sunday is there clearly wasn't even money placed on the games and, in Vegas' view, the wrong side won. Often times it goes the other way where the money is bet on the incorrect side and Vegas racks up.

Hope this helps. It gets a lot more difficult with ALL the different wager types and prop bets.
Click to expand...

This was really useful for me. I never understood how Vegas made money on both sides being perfectly even, if it ever happens.
 
#7
#7
Bet on college football and make easy money, just don't bet on your own team. lol the golden rule
 
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#8
#8
Boca Vol said:
Vegas sets the line (straight up/ money line, Point Spread, and Over/Under) in hopes of getting equal amounts of money bet on both sides. If that happens, there is no way Vegas can lose money. They would net 4.5% on every dollar bet.

Why 4. 5%? Because you must bet $11 to win $10. So you bet $11 on team A and I bet $11 on Team B. A total of $22 is collected and $21 will be paid to the winner. The extra $1 is for Vegas. It doesn't sound like much but there are millions bet every week and if done correctly (even money on both sides) Vegas can't lose.

What happened on Sunday is there clearly wasn't even money placed on the games and, in Vegas' view, the wrong side won. Often times it goes the other way where the money is bet on the incorrect side and Vegas racks up.

Hope this helps. It gets a lot more difficult with ALL the different wager types and prop bets.
Click to expand...

You lost me here. How was it not $2 leftover for Vegas if $10 on each bet was to be paid out to the winner?
 
#9
#9
Rasputin_Vol said:
You lost me here. How was it not $2 leftover for Vegas if $10 on each bet was to be paid out to the winner?
Click to expand...

You get the $11 you wagered, plus $10 in winnings. The loser pays the entire $11 wager. Vegas nets $1.
 
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