This Blog is about sports book betting
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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
UK resists costly criminal cases for bet cheats
September 14th, 2010
Britain's gambling regulator will not pursue expensive criminal prosecutions against betting cheats when it feels sports bodies can apply their own sanctions quicker. Nick Tofiluk, who oversees the Gambling Commission's Sports Betting Intelligence Unit, says that much of the evidence gathered during investigations would often not stand up in court.
River North betting parlor abruptly closes
September 13th, 2010
Betting on the races has come to a screeching halt at a River North neighborhood.Stretch Run Sporting Club and Grille, 540 N. LaSalle, closed abruptly Sept. 5, after the company managing the restaurant operations abruptly cleared out, partners said.The facility, which offered live race wagering, was operated by Inter-Track Partners, LLC, a joint venture of Hawthorne Race Course, Maywood Park ...
For sports books, 'it's like Christmas'
September 13th, 2010
In sports books across Vegas on Sunday, men wore expensive team jerseys and drank cheap beer for the opening weekend of NFL betting.
Former North Providence Councilman Douglas faces new extortion charge
September 13th, 2010
Sports betting added to multiple charges against North Providence's Raymond Douglas
Book report: Houston hands sportsbooks a Texas-sized win
September 14th, 2010
Sports Interaction betting analyst Carson Pike reviews where the action was in the last week.
NFL Game Preview for September 19, 2010: Miami Dolphins @ Minnesota Vikings
September 13th, 2010
The sports betting world was not surprised by the results the Miami Dolphins and Minnesota Vikings came up with in their opening games of the season. The Vikings and their injured wide receiver corps were no match for the defense of the New Orleans Saints. The Dolphins were actually expected to have an easier time against the Buffalo Bills in their season opener, but the Bills defense proved to ...
Internal Communications Executive
September 14th, 2010
Betfair is the world's biggest online sports betting company and pioneered the first successful betting exchange in 2000. Driven by cutting-edge technology, Betfair enables customers to choose their own odds and bet even after the event has started.
We are keen to regularise betting: ICC chief executive
September 14th, 2010
International Cricket Council (ICC) chief executive Haroon Lorgat Tuesday said he is keen to speak to governments of various cricket playing countries to consider the regulation of betting and also discuss the issue of verifying cricketer's agents.
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