It involves betting on an event in which there is no fluctuation on the payout. In Australia , the practice is usually known as "SP betting". It is customary with fixed-odds gambling to know the odds at the time of the placement of the wager the "live price" , but the category also includes wagers whose price is determined only when the race or game starts the " starting prices ". In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked or may earn more than mathematically expected.
An imbalanced book may arise since there is no way for a bookmaker to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis personal view and knowledge. With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange , allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the "true odds.
In making a bet where the expected value is positive, one is said to be getting "the best of it". However, if someone offered odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, one would be getting "the worst of it" because the chance is only 1 in 52 that the ace will be chosen. Player A wins if the dice add up to 12, of which there is only one possible case. Player B wins if the dice fall in any other combination, of which there are 35 possibilities.
When making a bet in which one must put more at risk than one can win, one is laying the odds. Rational bettors will do so only if the actual chances of an adverse outcome are low enough that the expected outcome even after deduction of taxes and any transaction costs is favorable to the person placing the bet.
Laying odds is reflected in the colloquial expression "[I would] dollars to doughnuts " — with which the speaker is expressing a willingness to risk losing something of value in exchange for something worthless, because winning that bet is a certainty.
Bookmakers sell bets based on the odds of a specific outcome, but lay betting allows the bettor in some English-speaking countries, the "punter" to reverse roles with the bookmaker, using odds to sell the opposite outcome to the bookmaker. In this context, "lay" is used in the sense of "layman", i. Favoured by bookmakers in the United Kingdom and Ireland and common in horse racing , fractional odds quote the net total that will be paid out to the winning bettor relative to the stake.
The term "fractional odds" is something of a misnomer, especially when visually reinforced by using a slash as opposed to, e. This fraction may be derived by subtracting 1 from the reciprocal of the chances of winning; for any odds longer than "even money," this fraction will be an improper one. Not all fractional odds are traditionally read using the lowest common denominator.
Perhaps most unusual is that odds of are read as "one-hundred-to-thirty". Fractional odds are also known as British odds, UK odds,  or, in that country, traditional odds. Favoured in Continental Europe , Australia , New Zealand and Canada , decimal odds differ from fractional odds by taking into account that the bettor must first part with their stake to make a bet; the figure quoted, therefore, is the winning amount that would be paid out to the bettor.
It is considered to be ideal for parlay betting because the odds to be paid out are simply the product of the odds for each outcome wagered on. Decimal odds are also known as European odds , digital odds or continental odds and tend to be favoured by betting exchanges because they are the easiest to work with for trading, in this case the purchase and sale of upside and downside risk.
Moneyline odds are favoured by United States bookmakers and as such are sometimes called American Odds. Moneyline refers to odds on the straight-up outcome of a game with no consideration to a point spread. To convert fractional odds to decimal, take the fractional number, convert it to decimal by doing the division, and then add 1.
For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1. The method for converting moneyline to decimal odds depends on whether the moneyline value is positive or negative. Using American odds, this will result in both outcomes initially being quoted at i.
Of course, bettors will not necessarily risk the same amount of money on both outcomes every time. In such circumstances, there are two ways a sportsbook can mitigate the risk. In actual scenarios, even adjustments of i. Though this bet is most commonly made with the combined score of the two teams, many other statistics can be used, including:. A variant of overunder betting, known as Under Over, is a dice game played at various festivals. The object of the game is to predict whether the dice will roll to a total of under 7, over 7, or at 7.
The game is typically played with 2 dice. For instance if one bets one dollar on under and the dealer rolls under, they gain a dollar as well as get their dollar back. If the dealer rolls a seven and one bets on it, they make four dollars. Once all the bets have been placed the attendant closes the betting board with a screen and then puts the dice through the chute.
Players then get paid accordingly. One variation of Under Over involves foam dice, two of which are thrown in the middle of the players; in another variation, two balls are thrown into a giant wheel consisting of twelve spaces of numbers ranging from 1—6. No wire fence is used to block the bets in that case. From Wikipedia, the free encyclopedia. Type of wager at a sportsbook. For other uses, see Over—under disambiguation.
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Flipped these opportunities into serving as EIC at a Void Magazine, radio broadcaster for xl, sometimes TV cohost, and currently full-time problem solver for clients at Brumleve Brands. Since , GuysGirl has become the voice for the female fan covering national topics on major sports, entertainment, and their surrounding culture. Through our editorial features, radio, livestream and TV broadcasts, we promote the on and off the field lifestyle of the female fan.
Covering the Spread? The Line? Sports Betting Terms Explained! Many girls feel somewhat afraid to ask questions when it comes to sports. Example: Ned bet against the spread that the Patriots -7 would beat the Eagles. That means the Patriots would have to win by more than 7 points for Ned to win his bet.
About The Author. Blythe Brumleve Digital media creator, strategist, and problem solver. There is generally legislation requiring that gaming devices be statistically random , to prevent manufacturers from making some high-payoff results impossible. Since these high payoffs have very low probability , a house bias can quite easily be missed unless the devices are checked carefully.
Most jurisdictions that allow gambling require participants to be above a certain age. In some jurisdictions, the gambling age differs depending on the type of gambling. For example, in many American states one must be over 21 to enter a casino, but may buy a lottery ticket after turning Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished in law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms.
Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are subject to different types of regulation. Under common law , particularly English Law English unjust enrichment , a gambling contract may not give a casino bona fide purchaser status, permitting the recovery of stolen funds in some situations.
In Lipkin Gorman v Karpnale Ltd , where a solicitor used stolen funds to gamble at a casino, the House of Lords overruled the High Court's previous verdict, adjudicating that the casino return the stolen funds less those subject to any change of position defence. Law precedents are somewhat similar. An interesting question is what happens when the person trying to make recovery is the gambler's spouse, and the money or property lost was either the spouse's, or was community property. Hotel Del Rio.
Ancient Hindu poems like the Gambler's Lament and the Mahabharata testify to the popularity of gambling among ancient Indians. Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court. The Catholic Church holds the position that there is no moral impediment to gambling, so long as it is fair, all bettors have a reasonable chance of winning, there is no fraud involved, and the parties involved do not have actual knowledge of the outcome of the bet unless they have disclosed this knowledge ,  and as long as the following conditions are met: the gambler can afford to lose the bet, and stops when the limit is reached, and the motivation is entertainment and not personal gain leading to the "love of money"  or making a living.
Thomas Aquinas wrote that gambling should be especially forbidden where the losing bettor is underage or otherwise not able to consent to the transaction. For these social and religious reasons, most legal jurisdictions limit gambling, as advocated by Pascal.
Gambling views among Protestants vary, with some either discouraging or forbidding their members from participation in gambling. Methodists , in accordance with the doctrine of outward holiness , oppose gambling which they believe is a sin that feeds on greed; examples are the United Methodist Church ,  the Free Methodist Church ,  the Evangelical Wesleyan Church ,  the Salvation Army ,  and the Church of the Nazarene.
The Arabic terminology for gambling is Maisir. They ask you about intoxicants and gambling. Say: 'In them both lies grave sin, though some benefit, to mankind. But their sin is more grave than their benefit. While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting. Gambling games that take place outside of casinos include Bingo as played in the US and UK , dead pool , lotteries , pull-tab games and scratchcards , and Mahjong.
Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices , the winner of television competitions such as Big Brother , and election results.
One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.
Betting on team sports has become an important service industry in many countries. For example, millions of people play the football pools every week in the United Kingdom. In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA Basketball Tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball.
Based on Sports Betting, Virtual Sports are fantasy and never played sports events made by software that can be played every time without wondering about external things like weather conditions. Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome.
Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage. One can also bet with another person that a statement is true or false, or that a specified event will happen a "back bet" or will not happen a "lay bet" within a specified time.
This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.
Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse hoping it will win or lay a horse hoping it will lose, effectively acting as bookmaker. Spread betting allows gamblers to wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome.
For example, a wager can be based on the when a point is scored in the game in minutes and each minute away from the prediction increases or reduces the payout. Many betting systems have been created in an attempt to "beat the house" but no system can make a mathematically unprofitable bet in terms of expected value profitable over time.
Widely used systems include:. Many risk-return choices are sometimes referred to colloquially as "gambling. Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks , bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria:.
Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling:. Studies show that though many people participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior that involves variation in brain chemistry , can become a harmful, behavioral addiction.
Behavioral addiction can occur with all the negative consequences in a person's life minus the physical issues faced by people who compulsively engage in drug and alcohol abuse. The Russian writer and problem gambler Fyodor Dostoevsky portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers.
He also associates gambling and the idea of " getting rich quick ", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette. There are many symptoms and reasons for gambling.
Gamblers gamble more money to try to win back money that they have lost and some gamble to relieve feelings of helplessness and anxiety. In the United Kingdom, the Advertising Standards Authority has censured several betting firms for advertisements disguised as news articles suggesting falsely a person had cleared debts and paid for medical expenses by online gambling.
The firms face possible fines. A study of 32 countries found that the greater the amount of gambling activity in a given country, the more volatile that country's stock market prices are. Gamblers exhibit a number of cognitive and motivational biases that distort the perceived odds of events and that influence their preferences for gambles. From Wikipedia, the free encyclopedia. Wagering of money on a game of chance or event with an uncertain outcome.
For other uses, see Gamble disambiguation , Gambler disambiguation , Betting disambiguation , and Bets disambiguation. Main article: Gambling in the United States. Main article: Gambling law. Main article: Table game. Main article: Fixed-odds betting. Main article: Parimutuel betting. Main article: Sports betting. Main article: Virtual sports. Main article: Arbitrage betting. Main article: Betting strategy.
This section possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of original research should be removed. August Learn how and when to remove this template message. Main article: Problem gambling. Nelson; Loeb, Robert A. Retrieved 22 September
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