Jazmine Sullivan on Friday (October 2) clapped back at haters of her new look. The R&B singer earlier this week revealed a slimmer physique on the set of the music video shoot for her new single. Money is wagered on the best score on each of the front nine (holes 1–9), back nine (holes 10–18), and total 18 holes. The Nassau is one of golf's most classic and best known wagers. It is also known by the size of the bets, e.g. '2-2-2' or '5-5-5', and 'Best Nines.'
Understanding different types of sports bets can sometimes seem overwhelming
to people. The reason for this, though, is not because the bets are actually
confusing at all. It is because they are usually explained by a friend, or a
website that is not well written and key components of the explanation are left
out. Thankfully, we’re going to make sure that once and for all, you understand
one of the most common types of sports bets available. You’ll quickly see that
sports betting is a lot easier to understand and participate in than most people
give it credit for.
This is a number backed with two numbers on either side of it in a five-piece bet. According to Wikipedia: For example, “0 and the Neighbors” is a five- piece bet with one piece straight-up on 3, 26, 0, 32 and 15. Neighbors bets are often put on in combinations. In response to a statement. Slang for Fa sho, which is slang for For sure; which means Sure or Okay. (Derived slang from the 1980's.). BET Uncut's recently-announced Valentine's Day return had fans basking in the rose-colored x-rated nostalgia of the past. Valentine's Day weekend is underway, and as such, romance and lust alike.
What Is a Moneyline/Win Bet?
One of the most common sports bets that you may have already made against a
friend without even knowing it is a moneyline bet. The moneyline bet is also
referred to as a win bet, depending on what part of the world you are in. The
United States refers to this bet as a moneyline bet while most of the rest of
the world refers to this as a win bet. Leave it to the US to need to be
different 🙂
Basically, all you are doing is selecting which team or person is going to
win an event. As we said earlier, you may have already made this type of bet
before without even knowing it. If you ever bet your friend a few bucks that a
certain team would win a game, you made a moneyline/win bet.
Winning or losing a moneyline bet only depends on if the team or individual
wins the game or event or not. It does not matter how many points or how
decisively they win the game by.
Let’s say the Dallas Cowboys are
playing the Green Bay Packers during Monday Night Football and you think the
Cowboys are going to win. If you place a moneyline bet on the Cowboys, you will
win your bet if the Cowboys win by one point or if they win by 100 points. If
the Packers win by any amount of points, you lose your bet.
This is the same for sports where you have individuals instead of teams
competing. For example, if you make a moneyline bet that Roger Federer will win
his next tennis match, you will win your bet when he wins and lose your bet when
he loses. It does not matter how he wins or by how many sets he wins. A win is a
win, and a loss is a loss when it comes to moneyline bets.
How Do Moneyline Bets Payout?
As you may have already suspected, all moneyline bets are not created
equally. Different moneyline bets will pay out different amounts depending on
who is competing. Let’s look at an exaggerated example to show you why. Let’s
say that Mike Tyson, one of the greatest boxers of all time, is going to fight a
boxing match against a six-year-old kid. Would it be fair to pay a bettor the
same amount if they picked Mike Tyson to win than if they picked the doomed
six-year-old to win? Of course, it’s not. If that were the case, everyone would
bet all of their money on Mike Tyson and the sportsbook would be broke the next
day. Moneyline bets payout dependent on how big of a favorite or underdog the
person or team you are betting on is.
- The bigger the favorite the team or person is, the less money you will be
paid on a winning bet. - The bigger the underdog the team or person is, the more money you will be
paid on a winning bet.
The amount that you are paid for a winning selection is decided by the casino
and made public before you make your bet. These are depicted with a plus or
minus sign and then a number that shows how far in each direction. If that’s
confusing, it will make a lot more sense with some examples. You might hear
people refer to this as the line. (The line is also commonly used to refer to
the point spread which we will address in a later post).
- If a team has a plus (+) sign in front of their name, they are an underdog.
- If a team has a minus (-) sign in front of their name, they are a favorite.
The larger the number next to the plus or minus sign, the more significant of
a favorite or underdog the team is.
For example, here are a few sample lines from an actual sportsbook that we
will use for an example.
In this example, the Buffalo Bills, Jacksonville Jaguars, and the St. Louis
Rams are all favorites. The Rams are the biggest favorites, and the Bills are
the smallest favorites. The Carolina Panthers, Tampa Bay Buccaneers, and New
Orleans Saints are all underdogs. The Saints are the biggest underdogs, and the
Panthers are the smallest underdogs.
How Do I Figure out How Much Money I’ll Win on a Moneyline Bet?
If you’ve been following along half asleep, now is the time to turn up that
attention. This part isn’t that confusing, but it is the part that most people
usually get lost on. Don’t worry, though. We are going to take it slow and walk
you through it step by step with plenty of great examples. You’ll be an expert
teaching everyone else in no time.
The amount that you win or lose on a moneyline bet is set by the plus or
minus sign and the number that is attached to it. Let’s start with the times
that we are the underdogs.
As an Underdog
As we already know, when we are the underdogs we are going to get paid more
than a standard even bet. If you’ve ever bet with friends, you probably bet like
this…”If my team wins, you owe me $10. If your team wins, I owe you $10.”
Regarding a moneyline, that would look like either +100 or -100.
The number after the plus sign is the amount we will win for every $100 we
bet. So in our bet with our friend, for every $100 we bet, we will win $100.
This is an even money bet. Let’s pull up our football lines from earlier to look
at a few more examples.
- If we were to bet $100 on the Carolina Panthers, we would get paid $105 for a
winning bet. - If we were to bet $100 on the Tampa Bay Buccaneers, we would get paid $110
for a winning bet. - If we were to bet $100 on the New Orleans Saints, we would get paid $135 for
a winning bet.
This does not mean that you have to bet in even increments of $100. If you
bet more or less, it will just follow the same ratio of payouts. We can divide
the number by 100 and get the amount we will get paid for every dollar we bet.
For example, let’s look at a few different bet amounts on the New Orleans
Saints.
Currently, we already know that if we were to bet $100 on the New Orleans
Saints, we would get paid $135 for a winning bet.
If we wanted to figure out how much we would get paid per $1 bet, we would
divide the moneyline number by 100. 135 divided by 100 equals 1.35. We would get
paid $1.35 for every $1 we bet.
So let’s apply that to a few bet numbers…
- If we were to bet $50 on the New Orleans Saints, we would get paid $50 times
$1.35, or $67.50 for a winning bet. - If we were to bet $250 on the New Orleans Saints, we would get paid $250
times $1.35, or $337.50 for a winning bet.
As a Favorite
Let’s take a look now at what a moneyline bet would pay out if we are a
favorite. As we already know, when we are the favorites we are going to get paid
less than a standard even bet as we are probably going to win our bet more
often.
The number after the minus sign is the amount you have to bet to win $100.
Let’s pull up our football examples again to make this a bit clearer.
- If we wanted to win $100 on the Buffalo Bills, we would have to bet $125.
- If we wanted to win $100 on the Jacksonville Jaguars, we would have to bet
$130. - If we wanted to win $100 on the St. Louis Rams, we would have to bet $155.
As you can see, we have to wager more money for the same payout the bigger
favorite the team is. Again, this does not mean that you have to bet in $100
increments. If you’d like to find out the amount you will win on other sized
bets, you need to figure again out the amount you will win per $1 wagered. As an
underdog, we divided the moneyline number by 100 to get that amount. As a
favorite, we have to do it slightly differently. We need to take 100 and divide
it by the moneyline number.
For example, if we wanted to figure out how much we would win for each dollar
wagered on the St. Louis Rams, we would take 100 and divide it by 155 which
would give us roughly $0.65. This means that for every $1 we wager, we will get
paid a profit of about 65 cents.
- If we were to bet $50 on the St. Louis Rams, we would get paid $50 times
$0.65, or $32.50 for a winning bet. - If we were to bet $250 on the St. Louis Rams, we would get paid $250 times
$0.65, or $162.50 for a winning bet.
Remember these are the profit number on a winning bet. You do receive your
original wager back as well. For example, if you made the most recent bet we
talked about for $250, the casino isn’t going just to hand you $162.50. That
would be a terrible deal for you. They are going to hand you $250 plus $162.50
for a total of $412.50. The $162.50 is the amount that you profited on your bet.
This is the case regardless of if you are betting on a favorite or an underdog.
The bottom line is that the odds all indicate your profits relative to a 100
unit base figure. When your team is a favorite, the number after the minus sign
is how much money you have to bet to win $100. When your team is an underdog,
the number after the plus sign is how much money you win for every $100 you bet.
Decimal Odds
Up until this point, we have been using the whole number format for moneyline
bets, also referred to as the American odds format. This format is the format
you will see for betting odds in the United States predominately and online in a
lot of sportsbooks. In most other areas of the world, you will see what are
known as decimal odds. Here is what the same line would look like in both
formats.
American Odds
Decimal Odds
These lines mean exactly the same thing. We already have talked about the
specifics of American Odds and how to calculate your payouts with them. Now
let’s walk you through everything you need to know about decimal odds and how to
calculate your payouts.
The decimal odds represent the amount that you will win, including your
original bet for every dollar wagered. In other words, this is the total amount
that you will be given back by the sportsbook if you win your bet. So in the
above example, if you bet $1 on the Cowboys and they won, you would receive
$1.68. $1 of this would be your original bet, and the $0.68 would be your
profit. If you were to bet $1 on the Packers and they won, you would receive
$2.30. $1 of this would be your original bet, and $1.30 would be your profit. As
you can tell in this example, the Cowboys are the favorites to win the game.
A completely even money bet would be 2.0. This means that if you bet $100 on
this bet, you would profit $100. The sportsbook would give you your original
$100 wager back, plus your $100 profit. Any team with a decimal odds number
greater than 2.0 is going to be the underdog, and any team with a decimal odds
number less than 2.0 will be the favorite. The only exception to this is the
straight up bets where the sportsbook puts both bets at the same odds and
adjusts for their juice (which we are about to discuss.
The Sportsbook Juice and Moving Lines
You might be starting to wonder how the sportsbook makes any money off of
this. You also might be assuming that the sportsbook is just gambling against
you. This is actually not what is going on. What the sportsbook tries to do is
get the same amount of money bet on each side of a game and then takes a small
percentage from all of the payouts. Let’s break down both of these points one at
a time, to make them more clear.
The Sportsbook Percentage
Let’s look at an example of a game where both teams are evenly matched. In
this example, the Dallas Cowboys and the Green Bay Packers are playing, and the
sportsbook thinks that both teams are exactly equal. You would expect then that
the lines for both teams would be -100. Meaning, that for every $100 you
wagered, you would win $100. Unfortunately, this is not the case. The moneyline
for this game would look a:
This means that regardless of which team you bet on, you will receive $90.91
for a winning bet. The sportsbook takes about 10% off the top of every winning
ticket. This is known as the house juice and is effectively how the sportsbook
makes its money.
Money From Both Sides
As a continuation of the above point, the sportsbook is always going to want
to get an even amount of money on both sides of the bet. Let’s say in our above
example that $1000 comes in on the Cowboys and $500 in bets comes in on the
Packers.
If the Packers win, here is the accounting for the sportsbook:
- Took in $1500 in total bets
- Packers win
- Payout the original $500 in bets
- Payout winnings of $500 times $0.9091, or $454.55
- $1500 – $500 – $454.55, or $545.45 in profit A great day for Packers fans
and a great day for the sportsbook.
If the Cowboys win, here is the accounting for the sportsbook:
- Took in $1500 in total bets
- Cowboys win
- Payout the original $1000 in bets
- Payout winnings of $1000 times $0.9091, or $909.10
- $1500 – $1000 – $909.10, or $409.10 in losses A great day for Cowboys fans,
but an awful day for the sportsbook.
As you can see, one of these scenarios is favorable for the sportsbook, and
the other is not. For this reason, the sportsbook will try and bring in the same
amount of money on each side if the bet is even. Here’s the same scenario if the
casino brings in $1000 on both sides of the bet.
If the Packers win, here is the accounting for the sportsbook:
- Took in $2000 in total bets
- Packers win
- Payout the original $1000 in bets
- Payout winnings of $1000 times $0.9091, or $909.10
- $2000 – $1000 – $909.10 = $90.90 in profit for the sportsbook
If the Cowboys win, here is the accounting for the sportsbook:
- Took in $2000 in total bets
- Cowboys win
- Payout the original $1000 in bets
- Payout winnings of $1000 times $0.9091, or $909.10
- $2000 – $1000 – $909.10 = $90.90 in profit for the sportsbook
The sportsbook couldn’t care less who wins this game, and that is how they
like it. The smaller guaranteed profit is how they like to operate. If the lines
are not even, it gets a bit trickier for the casino as they will need more bets
on one side, but the guiding principle is the same. They try and get the correct
amount of bets on each side so that no matter who wins, they profit.
The way the sportsbook does this is by shifting the moneyline to make one
side more enticing and the other less enticing. For example, let’s look at our
above example where too much money was coming in on the Cowboys. The sportsbook
might shift the line to something like -130 for the Cowboys and shift the line
to something like +110 for the Packers. This will make more people, and more
money starts coming in on the Packers as you will now be getting a much better
payout if the Packers win. Subsequently, you will be getting a worse payout if
the Cowboys win and have to risk more money to get the same payout. The
sportsbook will continually shift these lines back and forth if need be to try
and get the amount of money they want on each side. It doesn’t always work out
perfectly for them, but that is not going to affect you as a bettor at all.
If you’d like to learn more about the sportsbook juice, here’s a great link
that
goes into a bit more detail on the topic.
Ties
When it comes to ties, it will all depend on the sport you are betting on and
the sportsbook you are betting at as to how the tie will be handled. Typically,
if you are capable of betting on a tie, then the other two win bets would be
losses in the event of a tie. If it is a sport where you are not capable of
betting on a tie, both bets would typically be a push, and you would receive all
of your money back with no profit or loss. Sports like soccer allow patrons to
bet on ties and most sportsbooks treat these as losses if you bet on a team to
win. Sports like football, you cannot bet on a tie (except as a prop bet), and
therefore these bets would be treated by most sportsbooks as a push. If you bet
$100, you would get your $100 back.
Moneyline Strategy
Just because this bet is so simple does not mean that it can’t be a
profitable bet for you. The professional bettors use this bet on a daily basis
to support their livelihood. Remember, how complicated a bet is has nothing to
do with how good the payouts are going to be. For some reason people like to
over think this and they believe that there are special complex bets that are
only available to seasoned sports bettors. This is simply not true. If you’d
like to look into some specific strategies to help maximize your winnings with
moneyline bets, here’s a great
guide we’ve put together for you to check out.
Betting expert Simon Rowlands explains the maths behind each-way betting advantage, and how to play smarter by using place terms in your favour.
What Is A Bet Back
There can be few aspects of betting that are more misunderstood than each-way. Some could not do without it, while others are dismissive of it, seeing it as an admission of betting weakness.
The latter group may have a point when yet another media pundit states “this is an each-way price” or puts a horse up as an “each-way selection” seemingly without thinking. The inference may be that they do not really fancy the horse to win and that an each-way recommendation is a fudge.
Maybe. However, there are circumstances in which each-way betting is eminently sensible, including to do with the nature of the horse or the race itself, and there are times when it makes perfect mathematical sense.
How place terms work
A reminder that an each-way bet is effectively two bets in one: a bet to win, and a bet to place, with the odds for the latter derived directly from the odds of the former. The standard place terms are as follows:
·Handicaps of 16 or more runners: 1/4 win odds on first four places
·Handicaps of 12 to 15 runners: 1/4 win odds on first three places
·All other races of 8 or more runners: 1/5 win odds on first three places
·All races of 5 to 7 runners: 1/4 win odds on first two places
·All races of fewer than 5 runners: win only
Regular readers will be familiar with the maths involved with calculating the theoretical edge – or “over-round” – involved in a win market, and the same can be applied to the place odds derived directly from those win odds.
The calculation is to sum the percentages arising from dividing each horse’s fractional odds, plus one, into 100 (if working with decimal odds, such as on an Exchange, the “plus one” is not required). So, a horse that is 4/1 becomes 100/(4+1) = 20%.
If you add these percentages together for all horses in a race they are likely to come to a bit over 100 – in the 110 to 120 range for most races – and represent the total amount you would have to stake in proportion to each horse’s odds to guarantee a return of 100 regardless of the result.
The same can be done for the place market derived directly from those win odds, so that in a 10-runner race in which a horse is 10/1, the place odds become 2/1 (10 divided by 5) and the place percentage is 100/(2+1) = 33%.
You then divide the sum of these percentages for all runners in a race by the number of places on offer in that race to get the per-place percentage, such as 330%/3 = 110% per-place.
When each-way betting makes more sense
The great thing about the place part of an each-way bet is that such fixed rules for deriving place odds from win odds throw up opportunities in which place betting is mathematically advantageous to the punter even when win betting is not.
This particularly occurs at the boundary between categories, which is why you will find each-way veterans cooing over “dead-eight' races (races with exactly eight runners, especially those in which the betting is lop-sided) and salivating over 16-runner handicaps.
It is also the reason why place-only betting is not allowed, unless it is in a dedicated place market. Otherwise, it would sometimes be possible to back every outcome to guarantee a profit. But it does mean that an each-way bet, in which a win bet is “sweetened” by the place element, may be more appealing (all other things being equal) than a win bet.
When does this occur? Well, it depends. If you really want to answer this question then the best thing to do is to create a spreadsheet which works out the win % and the per-place % for the race in question. The each-way over-round will be the average of those two.
Both will depend not only on the type of race and number of places on offer but the distribution of odds, such as whether or not they are being skewed by a short-priced favourite.
As a guide, though, we can look at the reality of what actually occurs, such as in all Flat races in Britain in 2018. The following table shows the average win % and per-place % separately for non-handicaps and handicaps with different numbers of runners:
It can be seen that there are “sweet spots” of 8 to 11 runners in non-handicaps and 16 runners plus in handicaps. By contrast, it is seldom a good policy to back each-way rather than win only in 16-plus non-handicaps or in 5- to 7-runner handicaps.
However, it should be remembered that an each-way bet is a win bet plus a place bet, so bad value with the former may more than offset better value with the latter.
The table identifies when each-way has been a better proposition mathematically than a win only bet, but the each-way over-round is an average of that win % and that per-place %.
What Is Bet Back
In 2018 Flat races in Britain this came in at less than 115% in only: 5-runner non-handicaps; 8- to 10-runner non-handicaps; 8-runner handicaps; and 16- and 17-runner handicaps. Those are the races to concentrate on for each-way purposes, all other things being equal.
What about enhanced place terms?
Those standard place terms mentioned earlier are the starting point for each-way betting, but bookmakers will sometimes try to tempt you in with variations, especially by offering additional places.
The best way to calculate the value, or otherwise, of such a proposition is to run it through that spreadsheet. Besides anything else, The Good Lord (bookmakers) may be inclined to giveth (in enhanced place terms) as well as taketh away (with stingier win odds).
Some of the enticements are a bit easier to figure out than others. For instance, offering 1/4 the odds first 3 places instead of 1/5 odds for the same enhances the place odds on a 10/1 shot from 2/1 (33%) to 5/2 (28%).
Others require a bit more calculation. But, as examples, these popular enhancements – some of which were in evidence at last week’s Cheltenham Festival – play out as follows:
1/4 odds first 4 à 1/5 odds first 5, improved place odds by 6.6% per-place on average
1/4 odds first 3 à 1/5 odds first 4, improved place odds by 15.9% per-place on average
1/4 odds first 2 à 1/5 odds first 3, improved place odds by 33.6% per-place on average
In summary, obtaining an extra place for a slight reduction in place odds is very likely to be worth it in mathematical terms. Just keep an eye on whether you are giving up more in the win part of an each-way bet than you are gaining in the place part.
The maths behind betting each-way
That is at the race-level, but things get more difficult when considering whether or not to back an individual horse at, say, 12/1 1/4 odds first four places or 10/1 1/5 odds first five places.
My best attempt at solving this particular conundrum (after I had corresponded with a senior trader at one of the big bookmakers) is as follows:
What Is A Playback Bet
If we assume, for convenience, that 12/1 in the first instance are fair odds for the horse to succeed in a 100% book, then the implied win book in the second case becomes: (100*13)/11 = 118.2%.
If we also assume, likewise for convenience, that 1/4 of 12/1 (that is, 3/1) are fair odds for a place when four places are on offer, then the implied place book in the second instance becomes: (400*33.3)/(5*25) = 106.6%.
What Is Bet Back
And an each-way bet coming out at 100% win-and-place combined in the first instance becomes 111.9% in the second, so the first bet (12/1, 1/4 odds for four places) is superior to the second.
The calculation for the second proposition where we assume that the first proposition is fair, is:
What Does Bet Back Mean
((100*A)/B)+((100*C*D)/(E*F)), all divided by two
where “A” is the win odds plus one in the first case; “B” is the win odds plus one in the second case; “C” is the number of places in the first case; “D” is the place odds plus one divided into 100 in the second case; “E” is the number of places on offer in the second case; and “F” is the place odds plus one divided into 100 in the first case.
There are some real-life complicating factors which you may wish to insert, such as that a race of this nature might have, say, a 120% win book (so change the first 100 in the equation to 120) but a 100% per-place book (so leave the second 100), in which case the former has a slightly bigger influence.
But, if you want a rule of thumb in this area, it is that 1/5 odds for an extra place is better than 1/4 odds for four places when the win odds are the same, but that even a small reduction in win odds (such as from 8/1 to 15/2) nullifies that edge.
Each-way betting is a complicated matter in mathematical terms – I think you will agree! – even before you get onto the suitability of individual horses (and jockeys) for win or each-way purposes. A few rules of thumb could be considered preferable to a lifetime of slaving over spreadsheets.