Sports betting terms explained variance

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When the next match between Liverpool and Everton rolls around, you want to treat it as its own even and figure out what the odds are on that specific match. Do the odds offered by the bookmakers reflect that fact? In that case, the value bet will likely be on Everton winning rather than their city rivals. Figuring out what you think the actual value of a sports team is at any given moment is crucial in betting.

Having a figure in your head of the chances of a team or player winning or losing will then allow you to compare and contrast that with the odds that are being offered by a bookmaker. This will allow you to find value bets, which are bets that offer a positive expected value rather than a negative one.

This is also where we come back to talking about variance, with the long-term being crucial to your finding Expected Value. You need to know what your winning edge is as a bettor. Is The Bet Worth Placing? The big thing that understanding Expected Value does is it allows you to work out whether a bet is worth placing or not. There is no hard and fast rule on this front, with different bettors having different approaches.

It is often the case that wagers with a positive expected value come with long odds. As a result, they are risky short-term bets even if they promise long-term value. Again, this is why the best punters tend to think in the long-term rather than the short.

You want to shift the odds in your favour, but this take time. In which case, the house usually wins. Alabama is favored by 10 and wins by exactly 10 points. Sell Points To take a more favored return on investment by decreasing the odds of winning, usually by lowering the point-spread advantage or money line.

Stake The money or collateral wagered on the outcome of a sporting event. Superfecta Wagering on the first four finishers of a race, predicted in the correct order. Taking the Points Betting on the underdog and accepting points on the spread or money line, which can result in a gambling win despite a technical on-field loss. All bets must be winners in order to pay out. Trifecta Wagering on the first three finishers of a race, predicted in the correct order.

Wager To bet or gamble on the outcome of a sporting event, most often within the parameters of agreed upon odds. Wise Guy A bettor with advantageous insider information.