Frank Scoblete (Casino Gambling Expert & Bestselling Author) gives expert video advice on: How does a casino make money on sports betting?; Can I make Vegas sports book bets over the phone?; How do I collect on my sports book bets if I am not in Vegas? and more...
What is the "sports book" in a casino?
In Las Vegas, and online, you are allowed to bet on various sports. The "sports book" is a text that contains odds for a variety of sports and events, including baseball, basketball, horseracing, and even the Academy Awards.
What kinds of sports can I bet on at the casino's sports book?
In the sports book you can bet on just about any sport. They'll give you the odds, the line, what's the favorite, what isn't the favorite. In the sports book, you can bet football, you can bet baseball, you can bet college basketball. You can bet just about any sport in the world that they'll offer you a line in the sports book.
What does the "line" on a bet in a specific sporting event mean?
In a sporting event, the "line" are the odds of the bet. For example, if the Yankees are favored by two runs, the line on that game means the Yankees should win by more than two runs. If they win by one run, then in reality you lose your bet if you're betting on the Yankees.
What does it mean when a team is giving or getting "points"?
In order to make the games close for the gambler, sports books will make the teams even by giving or getting "points". For example, if the Giants are favored by seven and a half points, then they have to win by at least seven and a half points; but since half points don't exist, they have to win by eight.
How are the odds on a given sports book bet determined by the casino?
A lot of people believe that the casino's sports book is trying to give accurate odds -- that's not true. The casino is giving odds with the thought of getting an equal number of people betting on this team, and also an equal number of people betting on that team. If they can achieve this, they make money
What does "parlay" mean in betting?
In sports betting, and even in regular table-game betting in casinos, there's something call a "parlay" - It's a very bad bet. With "parlay", you're betting that a lot of things are going to fall your way. In a football "parlay", for example, you might be betting on six, seven, eight, nine or ten teams, and they all have to win for you to win your "parlay", and while the winnings are quite substantial, so is the "house edge".
What is a "proposition bet"?
The sports book will offer certain proposition bets, these are high-odds bets, such as "the kick-off of the Super Bowl will result in a touchdown" -- it's a rare occurrence. Proposition bets involve betting on a very specific occurrence in a sports game or other event.
How does a casino make money on sports betting?
The casino is not interested in presenting real odds in the sports book, the casino wants to ensure that they have an even number of people betting on each outcome; this ensures them income.
Can I make Vegas sports book bets over the phone?
Vegas sports book bets can only be made live. There is a law called the Wire Act of 1961 that says you can not make any bets over the phone. So, I would think that phone bets in Vegas are no bets.