📈

Betting Explained

Jun 23, 2024

Saturday Special: Betting Explained

Introduction

  • Commonly asked questions: who will win the game, is Cone really 6'7", is Blaine's mustache sentient?
  • Main question addressed: Explain betting.
  • Shout-out to DraftKings for sponsorship.

Betting Odds

  • Types: American odds, fractional odds, decimal odds.

  • In American betting:

    • Minus (-**): Favorite
    • Plus (+): Underdog
  • Example:

    • Blaine vs. Jake basketball game: Blaine at -120, Jake at +100.
    • Betting on favorites: Spend more to win less.
    • Betting on underdogs: Spend less to win more.

Understanding Betting Lines

  • Minus (-): Bet more money, win less.
  • Plus (+): Bet less money, win more.
  • Sportsbooks ensure profit regardless of bet outcomes (the 'juice').
  • Fractional Odds Example: Kentucky Derby (80-1 odds; $100 bet makes $8000).
  • Decimal Odds: Alternative method, less common.

Types of Bets

  • Moneyline Bet:

    • Bet on a team/player to win straight up.
    • Example: Blaine at -800 (clear favorite).
    • A tie is considered a 'push' (money refunded).
  • Spread Bet:

    • Involves betting on the margin of victory.
    • Example: Handicap basketball game - Blaine at -3.5 playing to 11.
    • Minus indicates favorite, plus indicates underdog.
    • Team must win/lose by specified points or more/less.
    • The 'hook': Half point adjustments to avoid ties.
  • Total (Over/Under) Bet:

    • Bet on the combined score of both teams.
    • Example: Georgia vs. Oregon – combined score predicted at 50.
    • Over/Under bets can be team-specific.
    • Player props: Bet on individual player performance (e.g., Tom Brady over 2.5 TDs).
  • Parlays and Same Game Parlays:

    • Parlay: Combining multiple bets into one (higher risk, higher reward).
    • All bets within the parlay must hit to win.
    • Same Game Parlay: Combining bets from the same event.
    • A push in a parlay adjusts the payout instead of causing a loss.

Units and Bankroll Management

  • Unit: Consistent dollar amount placed on each wager.
  • Usually 1-5% of starting bankroll.
  • Important for maintaining long-term betting strategy.
  • Bigger underdog bets can compensate for multiple smaller losses.

Conclusion

  • Open to more episodes on betting.
  • Encouragement to like, subscribe, and follow on all platforms (Twitter, Instagram, etc.).
  • Broadcast time details (6:30-8 AM Central, 7:30-9 AM Eastern).