This Blog is about betting sports
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Bookmaking
The general role of the bookmaker is to act as a market maker for sports wagers, most of which have a binary outcome: a team either wins or loses. The bookmaker accepts both wagers, and maintains a spread (the vigorish) which will ensure a profit regardless of the outcome of the wager. The Federal Wire Act of 1961 was an attempt by the US government to prevent illegal bookmaking.[1] However, this Act does not apply to other types of online gambling.[2] The Supreme Court has not ruled on the meaning of the Federal Wire Act as it pertains to Online gambling.
Odds
Odds for different outcomes in single bet are presented either in European format (decimal odds), UK format (fractional odds), or American format (moneyline odds). European format (decimal odds) are favored in continental Europe, Canada, and Australia. They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2.00 are an even bet. UK format (fractional odds) are favored by British bookmakers. They are the ratio of the amount won to the stake. Fractional odds of 1/1 are an even bet. US format odds are favored in the United States. They are the amount won on a 100 stake when positive and the stake needed to win 100 when negative. US odds of 100 are an even bet.
Decimal Fractional US HongKong Indo Malay
1.50 1/2 -200 0.50 -2.00 0.50
2.00 1/1 +100 1.00 1.00 1.00
2.50 3/2 +150 1.50 1.50 -0.67
3.00 2/1 +200 2.00 2.00 -0.50
Conversion formulas
x To Do this
Decimal Fractional x-1 , then convert to fraction
Decimal US 100*(x-1) if x>=2; -100/(x-1) if x<2
Fractional Decimal divide fraction, then x+1
Fractional US divide fraction, then 100*x if x>=1; -100/x if x<1
US Decimal (x/100)+1 if x>0; (-100/x)+1 if x<0
US Fractional x/100, then convert to fraction if x>0; -100/x, then convert to fraction if x<0
Decimal HongKong x-1
HongKong Indo x if x>=1; (1/x)*-1 if x<1
HongKong Malay x if x<=1; (1/x)*-1 if X>1
In Asian betting markets, other frequently used formats for expressing odds include Hong Kong, Malay, and Indonesian-style odds formats. Odds are also quite often expressed in terms of implied probability, which corresponds to the probability with which the event in question would need to occur for the bet to be a breakeven proposition (on the average).
Many online tools also exist for automated conversion between these odds formats.
[edit]Legality
In the USA, the Professional and Amateur Sports Protection Act of 1992 makes it illegal to operate a scheme except for in a few states. In many European nations bookmaking (the profession of accepting sports wagers) is regulated but not criminalized. The NCAA has threatened to ban all playoff games in Delaware if the state allows betting on college sports.[3] New Jersey, which is also interested, has been similarly threatened.[4] 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 attendances and television audiences. Opponents fear that, over and above the general ramifications of gambling, it threatens the integrity of amateur and professional sport, the history of which includes numerous attempts by sports gamblers to fix matches, although proponents counter that legitimate bookmakers will invariably fight corruption just as fiercely as governing bodies and law enforcement do. Most sports bettors are overall losers as the bookmakers odds are fairly efficient. However, there are professional sports bettors[citation needed] that make a good income betting sports, many of which utilize sports information services.
In areas where sports betting is illegal, bettors usually make their sports wagers with illicit bookmakers (known colloquially as "bookies") and on the Internet, where thousands of online bookmakers accept wagers on sporting events around the world.
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