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 [...]

A pick 6 is a type of wager offered by horse racing tracks. It requires bettors to select the winners of six consecutive races. Because of the great difficulty in picking six straight winners, plus the number of betting interests involved, payoffs for successful wagers are quite high, sometimes in the [...]

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 [...]

An over-under or over/under bet is a wager in which a sportsbook will predict a number for a statistic in a given game (usually the combined score of the two teams), and bettors wager that the actual number in the game will be either higher or lower than that number. For example, [...]

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 [...]

The Nassau bet is a type of bet in golf that is essentially three separate bets. Money is wagered on the best score in the front 9, back 9, and total 18 holes. The Nassau is one of golf’s most classic and most popular wagers.The amount of the bet is established — [...]

Kelly gambling is an application of information theory to gambling and (with some ethical and legal reservations) investing. An important but simple relation exists between the amount of side information a gambler obtains and the expected exponential growth of his capital (Kelly). The so-called equation of ill-gotten gains can be expressed [...]

Fixed 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 [...]

An Exacta is a type of bet placed in horse racing which requires the bettor to select the 1st and 2nd place finishers of the race in the correct order.This is more difficult than selecting only the winner of the race, and the resulting payouts for correctly placing an exacta bet are [...]

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 [...]