Sunday, January 21, 2018

Introduction to Betting

It's come to my attention that not everybody is experienced with the terminology and that this can look like a foreign language to a lot of people so I figured I'd explain what everything means and how it all works.

Before going on I need to remind people that this isn't meant to advocate for gambling at all, simply to help people understand the posts on this blog. If you have a gambling problem you should seek help or not partake.

Moneyline:

A moneyline bet is a type of bet frequently seen in activities that are either not high scoring or very linear in how a team wins or loses. It is a straight up bet based on who wins or loses. In the United States it is presented as + or - a number and is based around 100. For example: TSM (-143) vs Cloud 9 (+112). In this example TSM is the favorite so picking them comes at a cost. If you wanted to win 100 by selecting TSM you'd need to wager 143. If they win you get your entry plus 100 back (you're "up" 100). If you want to take the underdog Cloud 9 your bet of 100 would win you 112.

In other countries you'll see a moneyline presented as a fraction or a decimal. In that same TSM vs Cloud 9 example the decmial odds would be 2.12:1 or 2.12 to 1 meaning for every 1 you put you can win 2.12 (1.12 total winnings). Fractional would be 28/25.

There are a number of odds calculators out there that can show you the percentage implied odds these moneylines represent. Feel free to explore them.

Parlay:

A parlay is a type of bet the combines multiple bets into one for higher odds. The risk is that if any of those multiple bets loses then the whole bet loses. So if you like 3 teams to win you can select those separately or combine all 3 for greater odds but also more risk and a bigger payout.

I will typically only place small wagers on parlays as it's very difficult to hit big with so much variance the more you add. Hitting a 13+ part parlay is akin to winning the lottery. It's that difficult.

Over/Under:

Over/Under's are easy, they simply mean is the game or event going to be over or under the said bet. In LoL the most frequent over/under bets you see are for total kills in a game and for game time. If the Over/Under for game time is set at 34:00 and you feel it will go longer than 34:00 take the over if it's 34:01 or longer, under for 33:59 or shorter.

What are units?

I like to standardize my bets to keep things organized and help me see trends in my own wagering. A unit could mean $1000 or $4.70 it doesn't matter other than keeping it organized. You're more than welcome to bet randomly if you want but I will USUALLY keep my wagers to rounded units for consistency and to help clarify the weight I place on bets to my readers.

Bankroll:

Your bankroll is the total amount of money you have to spend on this venture. Everybody has a different situation financially but ultimately this is gambling. Any time you're gambling your bankroll should not exceed what you are willing and able to lose in a worst case scenario. You should not gamble any more than what you can afford to lose. For my DFS and other gambling ventures I set aside an amount of money at the beginning of the year or season and if I bust out I call it quits for the season. DO NOT BUY BACK IN. Learn and come back next season.

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