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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 ...
For the second method, see Parimutuel betting. It is important to understand the relationship between fractional and decimal odds. Fractional odds are written a − b (a/b or a to b), meaning a winning bettor will receive their money back plus a units for every b units they bet. Decimal odds are a single value, greater than 1, representing the ...
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 ...
Asian handicap betting is a form of betting on football in which teams are handicapped according to their form so that a stronger team must win by more goals for a bet on them to win. The system originated in Indonesia [citation needed] and gained popularity in the early 21st century. It is a form of spread betting. Handicaps typically range ...
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Parlay bets are paid out at odds higher than the typical single game bet, but still below the "true" odds. For instance, a common two-team NFL parlay based entirely on the spread generally has a payout of 2.64:1. In reality, however, if one assumes that each single game bet is 50/50, the true payout should instead be 3:1.