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Spread betting was invented by Charles K. McNeil, a mathematics teacher from Connecticut who became a bookmaker in Chicago in the 1940s. [5] In North America, the gambler usually wagers that the difference between the scores of two teams will be less than or greater than the value specified by the bookmaker, with even money for either option.
Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports bettors place their wagers either legally, through a bookmaker/sportsbook, or illegally through privately run enterprises referred to as "bookies". The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and ...
In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound ledger (the 'book') and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'.
The most popular way of betting is by laying or getting points.
McNeil's invention, the point spread, revolutionized sports betting by introducing a method of wagering on the margin of victory between competing teams. This system, more commonly used in football and basketball, aims to level the playing field by creating a form of handicap between the favorite team and the underdog. The point spread is ...
A variant of over-under betting, known as Under Over, [5] is a dice game played at various festivals. The object of the game is to predict whether the dice will roll to a total of under 7, over 7, or at 7. The game is typically played with 2 dice. A player typically places a wager on one of three spaces. These spaces are:
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In order to generate a profit on the wagers accepted, the bookmaker may decide to increase the values to 60%, 50% and 20% for the three horses, respectively. This represents the odds against each, which are 4–6, 1–1 and 4–1, in order. These values now total 130%, meaning that the book has an overround of 30 (130−100). This value of 30 ...