Sportsbook Betting / Sports Betting
Sports Betting News
Sportsbook Betting
World betting has become a popular sport with millions across the world placing their bets on different sports. With the advent of the Internet, online betting has found its place too, as many people opt to place their bets using this medium.
A sportsbook (abbreviated as book) or a race and sports book is a place where a person can bet on various sports competitions like soccer, horse racing and boxing. The method of betting varies with the sport and the nature of game. With the importance of the event, the betting options also increase.
The betting volume at sportsbooks changes throughout the year. Bettors bet more in their favorite sports played in particular season. Some major sporting events that don't follow a specific timeline, like boxing, can create business for all seasons.
Origin of Word "Sportsbook"
The word sportsbook takes its origin from the French word portmanteau, meaning a suitcase with two storage spaces. Sportsbook combines two meanings into one word. SPORTS, for sports gambling operation and BOOK for bookmaking.
Legality of Sports Betting
Issues on the legality of sports betting usually vary from nation to nation. For example, in North America, gambling on sports is generally forbidden. However, in many European nations, bookmaking or the profession of accepting sports wagers is considered an honorable one. It is considered as pastime for many sports fans that increase the interest in certain sporting events.
Odds on Sports Bets
Leo Hirschfield, in the mid 1930s started a company in Minneapolis, Minnesota called Athletic Publications, Inc., which published and distributed odds to bookies across the country by telephone and telegraph. A team of handicappers used to analyze the matchups study newspapers across the country. The firm was a major provider of odds and prices until it finally stopped its operations under the fear of prosecution from the Federal Wire Act of 1961.
Now-a-days most sportsbooks get their opening prices from other sportsbooks as well as private firms like Las Vegas Sports Consultants. They shuffle prices based on the bets coming in, news, injury, and weather information, and the price movement by other sportsbooks.
Sportsbooks of Nevada
Today there are about 150 licensed sportsbooks in the US, all located in Nevada casinos. As many casinos share the same parent company, they offer the exact betting choices and odds, which is a disadvantage to the astute gambler.
Offshore Sportsbooks
In the offshore sportsbooks, taxation and regulation vary greatly from country to country, but most of them offer convenient online betting round the clock.
Offshore sportsbooks vary from fraudulent operations to multi-billion dollar publicly traded companies. They range in focus, as some primarily cater to American sports, while others focus on European Soccer. Some sportsbooks handle large wagers while others have low betting limits. Payment methods are not universally accepted at all sportsbooks.
The most happening place in offshore sportsbook is Costa Rica. It offers an open regulatory environment and a large, capable workforce. In England, gambling reform has been triggered by the expected industry growth within. Jamaica, Gibraltar, Antigua, Curaçao, Australia, and many other countries around the world also boast of sportsbooks.
Online Sportsbooks
While online sportsbooks lack face-to-face transactions, they can accommodate more customers than land based sportsbooks and operate more economically. They pass lower costs on to customers in the form of cheaper prices or bonus incentives. They also offer similar products, such as casino games, bingo, and poker to their existing clients. If you are looking for racebooks try our directory by clicking the link.
Bet-Types
Bookmakers generally offer two types of wagers on the winner of a sporting event: a straight-up or money line bet, or a point spread wager. Money lines and straight-up prices are used to set odds on sports such as soccer, baseball and hockey as well as individual vs. individual matches, like boxing.
The bookmakers in Europe and Asia generally prefer straight-up odds. These are quoted based on a payout for a single bet unit; for example, a 2-1 favorite would be listed at a price of 1.50, whereas an underdog returning twice the amount wagered would be listed at a price of 3.00.
American bookmakers generally use moneylines, which are quoted in terms of the amount required to win $100 on a favorite, or the amount paid for a $100 bet on an underdog. The amount "won" in a bet is the net amount over and above the initial bet. If a person wins $200 on a bet of $100, the bookmaker actually pays the winner $300 (i.e. $200 plus the initial bet of $100).
Many bookmakers offer several alternative bets, including the following:
Proposition bets: These are wagers made on a very specific outcome of a match.
Parlays: A parlay involves multiple bets (usually up to 12) and rewards successful bettors with a large pay out.
Run line: puck line or goal line bets. These are wagers offered as alternatives to straight-up/moneyline prices in baseball, hockey or soccer, respectively. These bets feature a fixed point spread that offers a higher payout for the favorite and a lower one for the underdog.
Future wagers: This bet predicts a future accomplishment by a team or player.
Bookmaking
Most people believe that bookmakers attempt to "balance" their action, by adjusting their prices so that they get the same amount of money on both sides of a game. Theoretically, the bookmaker's only financial interest in the bets it accepts is the vigorish it takes from losing wagers, and it simply wants to ensure that the amount of wagers on each side is equal.
Sports Betting Scandals
Historically, betting on sports has been associated with a number of unsavory characters. A few examples are given below:
In 1919, gamblers bribed several members of the Chicago White Sox to throw the World Series. This became known as the Black Sox Scandal.
In 1978, mobsters organized a point shaving scheme with key members of the Boston College basketball team.
Andrés Escobar, a Colombian defender, was murdered shortly after his return from the 1994 World Cup, where he scored an own goal.
In early 2000, Hansie Cronje, then highly regarded captain of the South African cricket team, rocked the cricketing world with frank admissions of match fixing.
Proponents of legalized sports betting generally regard it as a hobby for sports fans that increases their interest in particular sporting events, thus benefiting the leagues, teams and players they bet on through higher attendance and television audiences.
Opponents of it fear that it threatens the integrity of amateur and professional sport, the history of which includes numerous attempts by sports gamblers to fix matches.
Sports Betting News Headlines
February 8th, 2010
(AP) — TRENTON, N.J. - A state Senate committee has approved a measure that calls for legalized sports betting at New Jersey casinos and horse racing tracks. It would ask voters to approve a constitutional amendment to allow in-person and account ...
February 8th, 2010
TRENTON, N.J. - Legislation that would allow New Jersey's horse racing tracks and Atlantic City casinos to accept wagers on sporting events will soon go before a state Assembly panel. It would allow gamblers to make bets in person, over the phone or ...
February 4th, 2010
... MOINES -- Legalized sports betting in Iowa bolted out of the gate early Wednesday, but it remains to be seen if support is strong enough for it to reach Gov. Chet Culver’s desk. The Senate State Government Committee ... President Jack Kibbie,
February 4th, 2010
DES MOINE, Iowa -- An Iowa Senate subcommittee unanimously approved a bill legalizing sports betting in Iowa, but even backers conceded they have a long way to go before such gambling is legal in the state. The measure would allow betting on ...
February 9th, 2010
Dwight Freeney and the Colts will try to become the first Super Bowl loser to reach consecutive Super Bowls since the '93 Bills. Chris Graythen/Getty Images One bad pass by Peyton Manning hasn't cost the Indianapolis Colts any cachet. Manning and the ...
February 9th, 2010
As Bob Gainey stepped into semi-retirement Monday afternoon, there was a lot of talk about his Great White Whale: Vincent Lecavalier . Twice, Gainey closed in on Lecavalier. Twice, the deals fell apart. But there was another near-miss that could have ...
February 9th, 2010
... or another, come into contact with the Woods circus over the last 10 weeks rather than from people inside the Woods camp) this has been the most un-crackable story in sport since ... argue with the logic of the betting markets, and as of the ...
February 8th, 2010
Electronic Arts is betting Facebook users, not just console and handheld players, want some Madden NFL action. Peter Moore, president of EA's sports label, told Bloomberg TV that the company will bring a version of the popular Madden franchise to ...
February 8th, 2010
Jay Rood , who runs the sports book for MGM/Mirage resorts in Las Vegas, has established the Super Bowl runner-up ... Both teams have a loyal betting audience. "I don't know that Dallas deserves to be up there, but Pittsburgh, without as many ...
February 8th, 2010
A majority of Iowans think the issue of gay marriage doesn't deserve lawmakers' limited time. Among six hot-button topics, a new Iowa Poll shows a majority of Iowans consider only a ban on text messaging while driving worth the Legislature's time ...
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