Introduction to Sports Gambling Quiz

Answer: Placing a bet of $150 will win an additional $100

Any bet with a "minus" before it is a bet that is favored or even money to win, because placing such a bet will return less money in winnings than was wagered. Essentially, for every $150 dollars wagered, the player can expect to win $100. In a decimal system a "-150" line would equate to 1.66x payout.

Answer: A bet of $100 will win an additional $250

The opposite of the favorite is the underdog. Any line with a "plus" before it has been deemed less likely to happen than not happen. A line of +250 indicates a heavy underdog, as a bet of $100 will return a total of $350 ($250 in total winnings). Underdog bets are generally more exciting for players as they have larger payouts.

Answer: All of these

Spreads are created in order to balance the odds between the two teams playing. If one of the teams is more likely to defeat the other, then they will get "handicapped" by a negative spread, that reduces their points at the end of the game, while their opponent will get supported by a positive spread.

In this case, the Chiefs are favored by 3.5 points, which implies that 3.5 points must be taken from their score at the end of the game. If they can still win the game after this subtraction, then they have "beat the spread". If they cannot, even if they win, then they have not covered the spread.

The Bills, on the other hand, get a 3.5 point bonus. This means that if they win, they have covered the spread implicitly, but they only need to lose by fewer than 4 points to "cover the spread" or be a winner on the books.

Answer: Money Line Bet

The "Money Line" is closely linked to the spread, because it simply allows you to choose which team will win. Generally, the more favorable the spread, the better the implied odds of the favorite winning, the lower the "Money Line" odds, and vice versa. A "Money Line" bet is effectively choosing a team with a Spread of 0.5 points.

Answer: Pick 'em

A "Pick 'em" bet for the game winner is one where the "Money Line" is the same for both teams, implying an equal probability to win. Conversely, the spread would generally be non-existent at even money odds, because the teams are so close to one another in quality that no one can plausibly be gifted additional points.

These are some of the most exciting games in sports to watch, when they live up to the type.

Answer: Parlay

A "parlay" can be as meek as a "2-leg parlay" or as large as a "30-leg parlay" if your sportsbook allows it. Most casual bettors enjoy parlays because the reward is larger and more exciting, since the odds of each individual events are multiplied by one another. For instance, choosing 8 different outcomes to all occur, assuming each outcome paid 2:1, would result in well over 200 times your money in returns.

Answer: Prop Bet

A prop bet is a bet on outcomes that are (theoretically, although not practically) unrelated to the outcome of the game or the total number of points scored in a game. As the online sports betting world evolved, so did the availability of all forms of different prop bets.

There are prop bets on the winner of the coin toss, the number of times a broadcaster says a word, the number of field goals scored, the number of touch down celebrations, and so on.

Answer: Push

A term not unique to sports betting, a push is any tie situation in gambling. It applies in particular to blackjack and baccarat, where pushes are quite common. In sports betting, pushes are not so common because lines are set up with specific "half-point" intervals to stop them from happening in most cases.

However, in some cases with integer lines or proposition bets that end up in injury, pushes can and do happen. If a push is a standalone bet, your money will be returned. If a push is part of a parlay, the book will treat the bet as null and judge the parlay while excluding the push leg.

Answer: Vig

Imagine an even money bet, like a coin toss. In a world with no vig, both heads and tails would pay equally, at 2 for 1 odds. However, sportsbooks offering the bets would offer the heads and tails bets at 1.9 for 1 odds instead. The further away the offered odds are from the true implied odds, the larger the sportsbook "vig".

This vig ensures the book is able to generate a profit in the long run regardless of which outcome occurs. Be careful: the more legs of a parlay you decide to include, the greater the sportsbook vig as a percentage of your total bet.

It's just math :)

Answer: Sharp

Many sharps spend their times analyzing data in order to create their own modelling systems that compete with that of the sportsbook. They test their modelling systems over hundreds of trials and determine whether or not they have an advantage over the bookie.

They also shop around for the best odds. The sharp does not need to win all of his or her bets. The sharp simply needs to have enough of an edge to beat the vig in the long run, and the discipline to continue studying, and never exceed their bankroll allowance.