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Orange Blooded [2432]
TigerPulse: 76%
Posts: 3108
Joined: 6/21/11
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can someone explain vegas betting for me?
Jan 1, 2016, 9:49 PM
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Let me give simple scenario.
We are discussing Clemson VS. Bama where the line is +7 Clemson.
Now, assume 10 people did the betting where each put a single dollar ($1) and 3 people selected Clemson and 7 selected Bama.
Now, if Clemson wins or losses by less than 7, how much money do the 3 people make?
If BAMA wins with plus 7, what is the payout for the 7 betters that took BAMA -7?
How much money the gambling house makes?
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Trainer [37]
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Joined: 9/11/11
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Re: can someone explain vegas betting for me?
Jan 1, 2016, 9:57 PM
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the 3 clemson wagers make $1 each assuming they cover the point spread
the Bama wagers make $1 each assuming they cover the point spread
house makes their money on ties for example clemson 14 Bama 7..ties lose
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Orange Blooded [4299]
TigerPulse: 100%
Posts: 2985
Joined: 10/17/02
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Ties are "pushes" in straight betting
Jan 1, 2016, 10:13 PM
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Ties DO NOT lose. You must be thinking about parlays.
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Orange Blooded [4036]
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Joined: 1/3/14
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Re: Ties are "pushes" in straight betting
Jan 1, 2016, 10:37 PM
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This is correct, although most of the online places will make the spread a 1/2 point score, making ties impossible.
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All-TigerNet [11019]
TigerPulse: 100%
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Joined: 7/5/03
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Re: can someone explain vegas betting for me?
Jan 1, 2016, 10:00 PM
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A $1 bet pays $1.91 ( the original dollar, plus $0.91. You'd bet $1.10 to win $1)
In your example, if Alabama Won by 7+, they would pay out $13.37. If Clemson won, they would pay out $5.73.
House profit would be -3.37 in your example if Alabama won, and $4.27 if Clemson won.
Now if the bets were 50-50, the house would collect $10 and pay out $9.55 ($5 in wagers and $4.55 in winnings), regardless of who won.
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Head Coach [787]
TigerPulse: 98%
Posts: 1410
Joined: 9/22/14
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Just think how much Vegas makes on the games. ..
Jan 1, 2016, 10:15 PM
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Those giant casinos weren't built on winners!
Go Tigers!!
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Orange Blooded [4299]
TigerPulse: 100%
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Joined: 10/17/02
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Re: can someone explain vegas betting for me?
Jan 1, 2016, 10:12 PM
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if Clemson covers (i.e. wins outright or loses by less than 7) then the 3 people each win $1. The 7 Alabama bettors would each lose $1 plus the "juice", which is usually 10% or 5%. So, they each lose $1.10. The house would make $7.70 - $3.00 = $4.70.
If Clemson doesn't cover, then the three Clemson bettors lose $1.10 each and the others win $1. So the house loses in the end: $3.30 - $7.00 = -$3.70.
If Clemson loses by exactly 7 points, then it is a PUSH and no money is lost or won.
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110%er [7831]
TigerPulse: 100%
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Joined: 10/9/04
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Re: can someone explain vegas betting for me?
Jan 1, 2016, 10:36 PM
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The house takes the losers money, and pays out to winners, minus the vig, juice.....
They really don't care who wins. Handicaps are generally close, but the idea is to get money even on both sides of the bet. Do that and the house always wins.
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