Sports Betting

Archive for the ‘Wagering’ Category

• Sucker bet

  Wednesday, December 9th, 2009

  A sucker bet is a bet based on something other than expected return including: parlays: One bet ticket written with at least two wagers (all must win for the ticket to cash). teaser: A sucker wager that allows bettors to add and subtract points from posted odds. exotic: Any wager other than a straight bet [...]

• Simon-Ehrlich wager

  Saturday, October 10th, 2009

  Julian L. Simon and Paul Ehrlich entered in a famous wager in 1980, betting on a mutually agreed upon measure of resource scarcity over the decade leading up to 1990. The wager Simon had Ehrlich choose five of several commodity metals. Ehrlich chose 5 metals: copper, chrome, nickel, tin, and tungsten. Simon bet that their [...]

• Scientific wagers

  Wednesday, May 13th, 2009

  A scientific wager is a wager whose outcome is settled by scientific method. They typically consist of an offer to pay a certain sum of money on the scientific proof or disproof of some currently uncertain statement. Some wagers have specific date restrictions for collection, but many are open. Wagers occasionally exert a powerful galvanizing [...]

• Proposition bet

  Saturday, March 28th, 2009

  In gambling, a proposition bet (also called a prop bet) is any bet made for a sum of money that involves a proposition. An example is the professional poker player, Howard “The Professor” Lederer, a vegetarian who wagered $10,000 with a fellow gambler that he could eat a cheeseburger. He did it and won the [...]

• Theoretical challenges and commercial interest in prediction market

  Monday, March 9th, 2009

  Theoretical challenges Some academic research has focused on potential flaws with the prediction market concept. In particular, Dr. Charles F. Manksi of the Northwestern University Department of Economics published a paper in 2004, “Interpreting the Predictions of Prediction Markets”, [2] in which he attempts to show mathematically that under a wide range of assumptions the [...]

• Prediction market

  Friday, February 20th, 2009

  Prediction markets are speculative (i.e., betting) markets created for the purpose of making predictions. Assets are created whose final cash value is tied to a particular event (e.g., will the next US president be a Republican) or parameter (e.g., total sales next quarter). The current market prices can then be interpreted as predictions of the [...]

• Parlay

  Saturday, February 14th, 2009

  A parlay is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher payoffs than placing each individual bet separately since the difficulty of hitting it is much higher. If any of the [...]

• Betting odds slang

  Monday, February 9th, 2009

  Betting odds slang is a series of words used to describe particular common fractional odds. Evens – Levels, Scotch 2/1 – Bottle 3/1 – Carpet, Gimmel 4/1 – Rouf 5/1 – Hand 5/2 – Face 6/1 – X’s 7/1 – Nevs 8/1 – T.H. 9/1 – Enin 10/1 – Cockle, Net 11/10 – Tips 33/1 [...]

• Odds

  Thursday, February 5th, 2009

  In probability theory and statistics the odds in favor of an event or a proposition are the quantity p / (1 − p), where p is the probability of the event or proposition. The logarithm of the odds is the logit of the probability.Odds have long been the standard way of representing probability used by [...]

• Fixed Odds Betting Terminals

  Saturday, January 31st, 2009

  HTML clipboardFixed Odds Betting Terminals (FOBTs) are computerised machines normally found in betting shops which allow players to bet on the outcome of various games and events with Fixed Odds. They were introduced to UK shops in 2002, shortly after the abolition of the Betting Tax in October 2001.The most commonly played game is Roulette. [...]

• Dutch book

  Sunday, January 25th, 2009

  In gambling a Dutch book or lock is a set of odds and bets which guarantees a profit, no matter what the outcome of the gamble. It is associated with probabilities implied by the odds not being coherent.In economics a Dutch book usually refers to a sequence of trades that would leave one party strictly [...]

• Bar bet

  Tuesday, January 20th, 2009

  A bar bet is a bet made between two patrons at a bar. Bar bets can range from wagers about little-known trivia, such as obscure historical facts, to feats of skill and strength. Some bar bets are intended to trick the other party into losing. Famous bar bets The annual Midnight Sun baseball game played [...]

• Bank job

  Friday, November 21st, 2008

   In gambling, a Bank Job is a term for putting all of your money on a particular betting option, for instance “Yankees to beat the Kansas City Royals is a Bank Job”It is often mocked by statements claiming people have “Multiple Banks” on a particular bet, for instance “I have 4 Banks on Chelsea to win the [...]