An Asian Handicap is a sports betting term used to describe spread betting in football (soccer). Described as Asian because of its Eastern origins, the phrase has little else to do with the region. This form of soccer betting has gained increased popularity over the last few years and is now offered by a variety of mainstream bookmakers.Football bets can be made using a few different formats. From a gambler’s standpoint, Asian handicap odds provide many benefits. For starters, the Asian handicap system eliminates any chance for loss due to a tie, which increases the gamblers chances of success. Secondly, bookmakers typically charge less Vigorish than with other bets.
Description
Soccer is one of the few sports in the world where a tie is a fairly common outcome. With traditional fixed odds, ties are treated as an additional outcome to the game. In other words, bettors lose when they place a wager on either team to win and the game ties. With Asian Handicaps, however, the chance for a tie is eliminated by use of a handicap that forces a winner. This creates a situation where each team has a 50-50 chance of winning; similar to the odds for a basketball or baseball game where a tie is impossible.
This system works in a straight-forward manner. The bookmakers’s goal is to create a handicap or “line” that will make the chance of either team winning (considering the handicap) as close to 50% as possible. Since the odds are as close to 50% as possible, bookmakers offer payouts close to even money, or 1.90 to 2.00. Asian Handicaps start at a quarter goal and can go as high as 2.5 or 3 goals in matches with a huge disparity in ability. What makes Asian Handicaps most interesting is the use of quarter goals to get the “line” as close as possible. Taken in conjunction with the posted total for the game, the handicap essentially predicts the game’s final score. Take a look at this example:
Example
Match: Everton vs. Newcastle United
Handicap: 0 : 1 1/2
Explained: This handicap states that Everton is “giving” Newcastle one and one half goal for the match.
This means is that Newcastle is starting the game with a 1.5-0 lead. If the final score of the game is 2-1, then a bet on Newcastle wins the with the final score (considering handicap) as 2-2.5.
Quarter Handicaps
Subsequently, many matches are handicapped in 1/2 and 1/4 intervals; both of which eliminate the possibility of a tie since no one can score a half-goal. Quarter (1/4) handicaps split the bet between the two next closest 1/4 intervals. For instance, a $1000 bet with a handicap of 1 3/4 is the same as betting $500 at 1 1/2 and $500 at 2. With 1/4 handicap bets, you can win and tie (win 1/2 of wager) or lose and tie (lose 1/2 wager).
Whole Handicaps and Ties
Handicaps that are whole numbers still allow for the possibility of a tie. Sportsbooks will refund both bets in the event of a game tied by the handicap.
Reference & Payout Charts
Asian Handicap Betting Article from DragonBets.com
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Casino Royale is a small casino and motel located on the East side of the Las Vegas Strip, between Harrah’s Las Vegas and The Venetian. The casino caters to low rollers, and features low table minimums for roulette, craps, and blackjack. The casino often employs people handing out coupons inviting people inside and seems to rely heavily on street traffic for their business. The parking lot behind Casino Royale is a little known secret with some of the most convenient and closest parking to the Las Vegas Strip.
Casino Royale is known for its promotional slot play. Timeshare promotions in Las Vegas typically give out Casino Royale slot play, to be used at specific machines. This slot play can be a fun way to gamble for free, but may also become misleading if misrepresented by the person representing the timeshare resort.
History
The first building on this site was Frank Musso’s Restaurant, located at the time next door to the Sands. It was in business during the 1950′s and 60′s. It later became Joey’s New Yorker Night Club, then the Nob Hill Casino. Nob Hill closed in 1980, and on January 1, 1992 it reopened as Casino Royale. It purchased the adjacent Travelodge and used it as its hotel rooms.
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 English Premier League”
Betting arbitrage, surebets, sports arbitraging is a particular case of arbitrage arising on betting markets due to either bookmakers’ different opinions on event outcomes or plain errors. By placing one bet per each outcome with different betting companies, the bettor can make a profit.
In the bettors’ slang an arbitrage is often referred to as an arb. A typical arb is around 2%, often less, however 4%-5% are also normal and during some special events they might reach 20%.
Arbitrage betting is usually done on the web by researching prices (odds) on betting web sites or subscribing to one of the arb-hunting services. As an investment practice, it is not completely risk-free despite the commercially used terms ‘no-risk’ and risk-free betting. It involves relatively large sums of money (stakes are bigger than in normal betting) while another variety, betting investment, means placing relatively small bets systematically on overvalued odds most of which will lose but some win thus making a profit.
Arbitrage in theory
There are a number of potential arbitrage deals. Below is an explanation of some of them including formulas and risks associated with these arbitrage deals. The table below introduces a number of variables that will be used to formalise the arbitrage models.
Variable
Explanation
s1
Stake in outcome 1
s2
Stake in outcome 2
o1
Odds for outcome 1
o2
Odds for outcome 2
r1
Return if outcome 1 occurs
r2
Return if outcome 2 occurs
Arbitrage using bookmakers
This type of arbitrage takes advantage of different odds offered by different bookmakers. Assume the following situation:
The event to be bet on has only two distinct outcomes (e.g. a tennis match – either Federer wins or Henman wins).
Bookmaker 1
Bookmaker2
Outcome 1
1.3
1.5
Outcome 2
4.3
3
Placing a back bet of $100 on outcome 1 with bookmaker 2 and of $35 on outcome 2 with bookmaker 1 covers both possible outcomes and provides a profit of $15 if outcome 1 occurs, and a profit of $20.5 if outcome 2 occurs.
Hedging the bets to one side or the other can provide the bettor with a ‘risk free’ winnings. For instance if $50 was bet on outcome 2 with bookmaker 1 instead of the $35 in the example above, nothing would be won or lost if outcome 1 was the result ($100 x 1.5 = $150, covering the total of the two bets), however if outcome 2 was the final result then the overall profit would be $65.
Let’s formalise this arbitrage model. r1 and r2 can be calculated as follows:
r1 = − s1 * (o1 − 1) + s2
r2 = s1 − s2 * (o2 − 1)
Plugging the numbers from the above example into the formulas gives:
Betting exchanges open up a new range of arbitrage possibilities since it is possible to back as well as lay an event. Arbitrage using only the back or lay side might occur on betting exchanges. It is in principle the same as the arbitrage using different bookmakers. Arbitrage using back and lay side is possible if a lay bet provides lower odds than a back bet.
Betfair is the world’s largest Internet betting exchange. The company is based in Hammersmith in West London, England.
Since Betfair was launched in June 2000 it has become the largest online betting company in the UK and the largest bet exchange in the world. Betfair currently has over 1,000,000 clients and a turnover in excess of £50m/week.
A bet exchange allows punters (gamblers) to bet at odds set and requested by other punters rather than by a bookmaker. Members can make both ‘Back’ bets (normal bets on a selection to win) and ‘Lay’ bets (bets on the opposite side of the Back, against the selection), thereby eliminating the traditional bookmaker.
Betfair uses decimal odds, which are easier to calculate with than fractional odds. Its bookmaking model brings together two counterparties with opposing views, and thus removes the need for a bookmaker’s markup or overround. As a result, the odds are up to 20% better than bookmakers’ odds, according to the site’s operators. At the more fancied end of the market the odds offered on Betfair tend to be closer to the bookmakers’ odds, whereas for a more speculative bet the odds available may be over 50% higher on Betfair, more accurately reflecting the bet’s true chances of success. Betfair punters are able to offer odds based on their own opinion rather than on a set bookmakers’ margin. Betfair charges a commission on all winning bets, which is set at 5% of the net winnings for most markets, although according to how much a client wagers on the site, it is possible to reduce the amount of commission paid to as low as 2%.
The Betfair interface can be seen as bearing a strong similarity to that of the Stock Exchange, with the ‘bet’ and ‘lay’ options comparing to the buying and selling of derivatives. Indeed there are many professionals who play the Betfair market for profit, using purpose-designed software, in much the same way as a Stock market trader.
The company has attracted much comment in the British and Australian press.
History
Betfair’s co-founders, Andrew Black and Edward Wray, won the Ernst and Young Emerging Entrepreneur of the Year award. In 2003, the company was one of about 50 recipients of the Queen’s Awards for Enterprise in the Innovation category. The Queen’s Awards are the UKs highest official awards for business.
In October 2005 chief executive Stephen Hill announced his resignation when the board decided not to proceed with plans for a stock market flotation, the investors holding out for a higher valuation.
In November 2005 the Tasmanian government announced a deal to licence Betfair in the state. The deal will see Tasmania receive AU$5 million up front and is projected to pay Tasmania about $40 million per year. Now that it has been approved by the Tasmanian Parliament, it will be the second licence Betfair has received outside the UK – the first being in Malta. The deal has infuriated the established monopolistic totalisators and bookmakers (due to loss of revenue) and governments (due to loss of taxes) in the other Australian states. A ban on the use of betting exchanges took effect in Western Australia on the 29th January 2007 and possibly South Australia in the future. Betfair claimed this new law violates the Constitution of Australia and filed a legal challenge. On 27 March 2008, the High Court of Australia, in a unanimous decision, found that two provisions of the legislation, purporting to ban Western Australians from using a betting exchange and prohibiting an unauthorised business from using Western Australian race lists, were invalid as they applied to Betfair because the provisions were characterised as imposing a burden on interstate trade that was protectionist in nature, and therefore contravened section 92 of the constitution. The Court decision suggests, but leaves open, that a more narrowly drafted ban may have been allowed (eg, banning people in Western Australia from laying ‘lose bets’ on events held in Western Australia).
On 28 February 2006 Betfair launched a new interface, including current live scores of in-play soccer matches, jockey silks and horse form, and an ‘express view’ in which only the currently available back odds are viewable. Within two days the ‘Xpress’ idea was also adopted by BETDAQ. The changes were criticised on the Betfair forums by many members who disliked the smaller fonts and the right-aligned columns, which displayed a large amount of whitespace. On March 1 these display issues were addressed, although many users still felt the site had been dumbed down in order to attract new punters to the exchanges. The gambit worked, however, with a significant increase in membership and deposits during the Cheltenham Festival.
Softbank purchased 23% of Betfair in early April 2006 valuing the company at £1.5 billion. In December 2006, Betfair completed the purchase of the horseracing publishing company Timeform (which traded under the name Portway Press Ltd).
Betfair launched its own radio service, Betfair Radio, in March 2007 available via its website and on the telephone. Betfair Radio broadcasts horse racing commentary, results and sports news seven days a week from the studios at their headquarters in Hammersmith.
Controversy
The fact that gamblers can now lay outcomes on the exchanges has caused tremendous criticism from traditional bookmakers with much of the anger coming from the UK’s “Big Three” – Gala Coral Group, Ladbrokes and William Hill. These firms argue that granting who they consider to be anonymous punters the ability to bet that an outcome will not happen is causing corruption in sports such as horse racing (since it is much easier to ensure a horse will lose a race, the bookmakers reason).
Betfair has led their defence by countering that while corruption is possible on any gambling platform, the bookies’ arguments are motivated not by concern for the integrity of sport but by commercial interests. Betfair also asserts that unlike the high street brokers, who all accept anonymous cash bets, Betfair is well aware of who their customers are. Customers are required to create personal accounts, and Betfair keeps records of each customer’s betting history. Betfair in particular has noted that they have signed numerous agreements with governing bodies of sport including the Jockey Club, with whom they insist they will co-operate fully if the latter suspects corruption to have taken place.
Betfair embroiled itself in further controversy after suspending payments following a tennis match between Martin Arguello and Nikolay Davydenko, quoting: ‘Betfair has suspended settlement of the match-odds market on this afternoon’s second-round match of the ATP Orange Prokom Open in Poland between Martin Arguello and Nikolay Davydenko, pending consultation with relevant regulatory authorities.’ This is believed to be the first time Betfair has suspended payouts in an event after the conclusion of the event. As of this time, investigations are still pending.
Outside the United Kingdom
Although the bulk of its customer base is in the UK, Betfair offers its services in a number of countries. Betfair has never accepted customers and/or credit card numbers from the United States, where online gambling is legally proscribed. Being the leading betting exchange, Betfair has been reluctant to entangle itself in legal trouble and has thus turned away business from countries where its services are likely prohibited. As a result, unlike some other online gambling operations Betfair was not seriously affected when the U.S. Congress passed strict prohibitions affecting Internet gambling in late 2006.
Betfair has several thousand customers in Australia but its marketing activities are currently restricted to Tasmania, where it is licensed. Betfair is well known in Australia because of negative publicity from the racing industry and the totalizators. However, Betfair signed a landmark agreement with Racing Victoria in July 2006 which saw Betfair begin covering Victorian racing and left the exchange on decent terms with two of Australia’s six states. Betfair also has agreements in place with several major sports in Australia including the Australian Football League, Cricket Australia and the PGA Tour of Australasia.
Betfair Poker
In late autumn of 2005, Betfair finalised a deal that began in early summer, to purchase the online poker site PokerChamps.com, which the company will integrate into its network, replacing a poker arm that previously used gaming technology software from CryptoLogic Inc. On 30 October 2006, Betfair Poker left the Cryptologic network to move to its new platform.
In a press release the company’s poker head, Ben Fried, stated: “Having our own poker software puts us in command of our own destiny. It means we can react quickly to customer feedback and continue to develop an innovative, community-focused product. We are confident that we are laying the foundations of a market leading poker room.”
On 21 July 2006, all American accounts were frozen and the return of players’ funds were in progress, a move that immediately followed the arrest of David Carruthers, former Chief Executive at BetonSports. Betfair had previously implemented geolocation software in 2004 to deny U.S. residents the ability to place bets on its site.
Pokerchamps currently has a 20k/week cashout limits which make high stakes players favour betfair poker over pokerchamps.
It has been recently announced that pokerchamps is closing and becoming part of betfair officially.
Zero lounge
In 2006 Betfair Casino introduced its “Zero lounge – where the house has no edge”. According to Betfair, perfect play should result in the player having an equal chance of winning or losing. For example, the roulette wheel has no zero. This means that someone playing red-black, odd-even, or high-low has an exactly 50% chance of winning, (as opposed to a 48.65% chance on a normal roulette wheel with a zero). However, in some games, such as blackjack, it is necessary to learn perfect play in order to match the house. Players who draw a card when they have 17 or more are likely to lose money to the house. The zero blackjack rules have been slightly modified (re-written) compared to normal European blackjack. For example natural suited blackjacks pay 2 to 1 instead of 1.5 to 1, Any five card 21 automatically pays 2-1, pairs of aces cannot be split, all other pairs can be split, including 4s, 5s, and 10s, only one split is allowed, doubling is allowed on 8, 9, 10 and 11, including “soft” 18s, 19s, 20s and 21s, and insurance can be taken any time the dealer shows an ace, no matter what cards the player holds.
The games offered in the Zero lounge are blackjack, roulette, baccarat and Jacks or better.
A betting exchange is a p2p gambling website acting as a broker between parties for the placement of bets. The concept is similar to that of a stock exchange or a futures exchange, where in this case the commodity being traded is a bet, rather than a stock or futures contract. Most betting on a betting exchange is a form of fixed odds gambling.
History
The concept was first brought to the public by the UK website Flutter.com in May 2000 in person-to-person betting form, followed closely by UK-based Betfair in June 2000. Betfair embraced a pure exchange model – one Flutter later adopted and even improved upon in places – but first-mover advantage proved decisive for Betfair. Though Flutter managed to climb to a reported 30% market share, Flutter’s backers were content to broker a merger which left Betfair the dominant partner by a reported ratio of 84:16. Post merger, Flutter’s customers were transferred to Betfair’s system, which was later upgraded to embrace some of Flutter’s functionality. Betfair went from strength to strength and controls a reported 90% of global exchange activity today. In late 2004, Betfair announced a rescue package which resulted in it absorbing the customers of Sporting Options, which had gone into administration with debts in excess of £5 million.
As with other types of exchanges, betting exchanges thrive on liquidity and customers tend to focus on the exchange where they are confident their bet can be paired up with a matching counterbet. Breaking with British tradition, Betfair uses decimal odds instead of fractional (traditional) odds because they are more popular globally. Some of its competitors allow customers to use fractional odds if they prefer.
Exchanges make their money by charging a commission which is calculated as a percentage of net winnings for each customer on each event, or market. Gamblers whose betting activities have traditionally been restricted by bookmakers (normally for winning too much money) have found these sites a boon since they are now able to place bets of a size unrestricted by the exchange – the only restriction is that one or more opposing customers need to be willing match their bets. Moreover, the odds available on a betting exchange are usually better than those offered by bookmakers in spite of the commission charged.
Exchanges have their limitations. Exchanges are not suited to unrestricted multiple parlay betting. Betfair does offer accumulators of their own content management construction, but these are limited in number. Users cannot determine the outcomes contained in accumulators themselves. Exchanges also tend to restrict the odds that can be offered to between 1.01 (1/100) and 1000 (999/1).
Unsurprisingly, Betfair’s success has attracted a number of rivals.
“Laying” an outcome
Exchanges also offer the opportunity to lay outcomes, which is to bet that a particular participant in an event will lose. This is the position bookmakers take when offering a bet for somebody to back that the participant will win.
For example, if someone thinks Team A will win a competition, he may wish to back that selection. A bookmaker offering the punter that bet would be laying that selection. The two parties will agree the backer’s stake and the odds. If the team loses, the layer/bookmaker keeps the backer’s stake. If the team wins, the layer will pay the backer winnings based on the odds agreed.
As every bet transacted requires a backer and a layer, and the betting exchange is not a party to the bets transacted on it, any betting exchange requires both backers and layers. Of course, the distinction is moot: A layer is always simply backing the opposite outcome. Laying the home team is the same as backing the visiting team to win or draw. Laying one horse in a race is just the same as backing all of the other horses to win.
Controversy
The fact gamblers can now lay outcomes on the exchanges has resulted in criticism from traditional bookmakers including the UK’s “Big Three” – Coral, Ladbrokes and William Hill. These firms argue that granting “anonymous” punters the ability to bet that an outcome will not happen is causing corruption in sports such as horse racing since it is much easier to ensure a horse will lose a race.
Exchanges counter that, while corruption is possible on any gambling platform, the bookies’ arguments are motivated not by concern for the integrity of sport but by commercial interests. Exchanges also assert they are well aware of who their customers are and some have signed agreements with governing bodies of sport including the Jockey Club, with whom they insist they will co-operate with fully if the latter suspects corruption to have taken place. In the summer of 2004, Betfair provided data to investigators, including the City of London Police which on September 1 lead to 16 arrests on charges related to race fixing. Among those arrested was champion jockey Kieren Fallon, whose case remains before the courts.
A bookmaker, bookie or turf accountant, is an organisation or a person that takes bets and may pay winnings depending upon results and, depending on the nature of the bet, the odds. Bookmaking may be legal or illegal, and may be regulated; in the United Kingdom it was at times both regulated and illegal, in that licences were required but no debts arising from gambling could be enforced through the courts. Bookmaking is generally illegal in the United States, with Nevada being a notable exception.
In some countries, such as Singapore and Canada, the only legal bookmaker is state-owned and operated. In Canada, this is part of the lottery program and is known as Sport Select.
Most bookmakers in the USA bet on college and professional sports, though in the UK they offer a wider range of bets, notably on political elections. The probability that it will snow on Christmas day is another common event for betting in the UK.
By adjusting the odds in his favour or by having a point spread, the bookmaker will aim to guarantee a profit by achieving a ‘balanced book’, either by getting an equal number of bets for each outcome, or (when he is offering odds) by getting the amounts wagered on each outcome to reflect the odds. When a large bet comes in, a bookmaker can also try to lay off the risk by buying bets from other bookmakers. The bookmaker does not generally attempt to make money from the bets themselves, but rather profiting from the event regardless of the outcome.
Traditionally, bookmakers have been located at the racecourse, but improved TV coverage and laxer laws have allowed betting in shops and casinos in most countries. In the UK, bookies still chalk up the odds on boards beside the race course and use tic-tac to signal the odds between their staff and to other bookies.
In 1961, Harold Macmillan’s Conservative Government legalized betting shops and tough measures were enacted to ensure that bookmakers remained honest. A large and respectable industry has grown since. At one time there were over 15,000 betting shops in the U.K. Now, through consolidation, they have been reduced to about 8,500. Currently there are four major bookmakers in the United Kingdom: William Hill, Ladbrokes, Coral, and state-owned ToteSport.
Increasingly, gamblers are turning to the use of betting exchanges which automatically match Back and Lay bets between different bettors, thus effectively cutting out the bookmaker’s traditional profit margin. Some bookmakers have even taken to using betting exchanges as a way of laying off unfavourable bets and thus reducing their overall exposure.
Sometimes, savvy individuals set up an illegal book in an attempt to make money – a scene often seen in films, sitcoms and so on. One of the most infamous real-life illegal bookmakers was Robert Angleton of Houston, Texas. Not only was he a bookie, but he also was a police informant about his smaller rivals. When they were shuttered, he took their business. His bookmaking scheme ended with the death of his wife, Doris Angleton.
In horse racing terminology, a trifecta is a parimutuel bet in which the bettor must predict which horses will finish first, second, and third in exact order. The word comes from the related betting term, “perfecta.”
The term has been extended to the realm of politics, where it is used to describe a situation in which an executive of government appoints another elected official to a position and is also allowed to appoint his successor. This process can be chained together; in other words, the executive can appoint an elected official to a position, appoint another elected official to the other’s previous position, and finally appoint anyone to the second official’s position. The first permutation of this chain is called a “quadfecta”.
The trifecta system is seen by many as a loophole in democracy, because it allows an executive to essentially override a choice by the voters. This is mitigated by the fact that the system requires the agreement of all parties involved. Executives have been able to get around this by making the position offered a very financially lucrative or long term one.
In first-person shooter video games such as Counter-Strike, a trifecta can refer to a situation in which a single bullet kills three players.
A trifecta can also refer to any sequence of three (generally unfortunate) occurrences, drawing on the traditional belief that deaths (and presumably, disasters and other bad things) always come in groups of three.
The word trifecta is also slang for a three-point field goal in the game of basketball.
“Trifecta” is also gaining popularity as a slang term to describe any successful phenomenon that comes in threes, for example: “She has the ‘trifecta’ of attractiveness, intelligence, and career success.”
It is also a term in Limit Hold’em poker where a player checkraises on the flop, turn, and river.
A tote board is a large, numeric or alphanumeric display used to convey information, typically at a race track (to display the odds or payoffs for each horse) or at a telethon (to display the total amount donated to the charitable organization sponsoring the event).
The first tote boards were manufactured for the horse racing industry by the American Totalizator Company, and “tote board” is probably a colloquialism for totalizator.
A totalisator or totalizator (tote board in common parlance) is the name for the computerised system which runs parimutuel betting, calculating payoff odds, displaying them, and producing tickets based on incoming bets.
The first totalisator was an entirely mechanical system invented by the Australian George Julius of Julius Poole & Gibson Pty Ltd. It was installed at Ellerslie Racecourse in New Zealand in 1913. The first totalisator installed in the United States was at Arlington Park racecourse, Chicago, Illinois, in 1933. Julius, who was later knighted, founded Automatic Totalisators Ltd. in 1917 and added electrical components. The first entirely electronic totalisator was developed in 1966. By 1970 nearly every major racing centre used an ATL totalisator.
Totalisators have been superseded by general purpose computers running specialised wagering software such as Autotote.
Gambling revenue will grow to $155 billion in 2012 from a 2007 revenue of $114 billion with an annually rate of 6.5 percent per year, says PricewaterhouseCoopers LLP in a report released this week.
Asia, and especially Macau, will be the world’s fastest growing gambling region.
In accordance with this report, the US revenue will decline in 2008, due to the mortgage crisis and high gas and travel price. But, starting with 2010, Las Vegas will expects a new raise.
Online gambling and sports betting is expected to have a 4.9% yearly increase in Europe, the Middle East and Africa, and a 4.5% yearly increase for the US tribal casinos. The most important increase for US is predicted for sports betting, rising 7% to $7.6 billion in 2012.
Tic-tac (also tick-tack and non-hyphenated variants) is a traditional method of sign language used by bookmakers to communicate the odds of certain horses. It is still used in on-course betting in the UK. A tic-tac man will usually wear bright white gloves to allow their hand movements to be easily seen.
A few simple examples of signals:
Odds of 9/4 (“top of the head”) – both hands touching the top of the head.
Odds of 10/1 (“cockle” or “net”) – fists together with the right-hand thumb protruding upwards, to resemble the number 10.
Odds of 33/1 (“double carpet”) – arms crossed, hands flat against the chest.
Within the UK there are some regional variations in the signals, for example in the south odds of 6/4 are represented by the hand touching the opposite ear, giving the slang term “ear’ole”, whereas the same odds are indicated in the north by the hand touching the opposite elbow (“half arm”).
Some of the signals may be called out verbally too. These names have evolved over time in a mixture of Cockney rhyming slang and backslang. For example, 4-1 is known as rouf (four backwards).
Essentially, the bookies use tic-tac as a way of communicating between their staff and ensuring their odds are not vastly different from their competitors, an advantage the punters could otherwise exploit. In particular, if a very large bet is placed with one bookmaker, this may be signalled to the others as a way of lowering the price on all the boards.
British racing pundit John McCririck uses tic-tac as part of his pieces to camera when explaining the odds of the horses for the next race.
The language is used less frequently than before, due in part to the use of radio communication by betting companies.
Spread betting is a form of gambling on the outcome of any event where the more accurate the gamble, the more is won and conversely the less accurate the more is lost. A bet is made against a ‘spread’ (or index), on whether the outcome will be above or below the spread. The amount won or lost depends on the level of the index at the end of the event. The spread represents the index firms’ margin.
The concept has a long history in American sports betting and was exported to the United Kingdom in the 1980s. In North America the bettor usually bets that the difference in the scores of two teams will be less than or greater than a value specified by the bookmaker. For example, if a bettor places a bet on an underdog in an American football game when the spread is 3.5 points, he is said to take the points; he will win his bet if the underdog’s score plus 3.5 points is greater than the favourite’s score. If he had taken the favourite, he would have been giving the points and would win if the favourite’s score less 3.5 points was greater than the underdog’s score.
Spreads may be specified in half-point fractions to avoid ties, or pushes. The winner of a North American spread bet wins the amount that he has bet, while a losing bettor loses the amount wagered plus the bookmaker’s commission, which is commonly known as the vigorish or vig, and is usually 10 per cent of the original wager; in the United Kingdom both sides are held at odds of 9-10. In North American betting a push is treated as if no bet at all had been made, while in the United Kingdom “dead heat” rules apply, resulting in a net loss of £5 on a £100 wager due to the 9-10 odds of the proposition.
If a key player on a side is marginally injured and may or may not play, the “sports book” — or establishment that handles the bets — may declare the game off-limits to bettors (by not quoting any spread at all on it), or may “circle” the game; in the latter scenario, lower maximum amounts for each bet are enforced (typically $5,000 instead of the $25,000 limit observed at most Las Vegas sports books) and certain specialty wagers, such as “teasers,” are banned on either side in the game. (A “teaser” is a bet that alters the spread in the bettor’s favour by a predetermined margin, often six points – for example, if the line is 3.5 points and the bettor wants to place a “teaser” bet on the underdog, he takes 9.5 points instead; a teaser bet on the favourite would mean that the bettor takes 2.5 points instead of having to give the 3.5. In return for the additional points, the payout if the bettor wins is less than even money. At some establishments, the “reverse teaser” also exists, which alters the spread against the bettor, who gets paid off at more than even money if the bet wins.)
In the United Kingdom spread betting has come to resemble the futures market. The bets are usually on the outcome of sporting events or indeed on financial instruments, but the firms often offer bets on more arbitrary events – such as the number of corners during a football match or the total shirt numbers of the goal scorers.
Unlike fixed odds betting the amount won or lost can be very large, as there is no single stake to limit the maximum losses. However, it is usually possible to place a “stop loss” with the bookmaker, automatically closing the bet if the value of the spread moves against the better by a specified amount. “Stop wins” are the opposite — closing the bet when the spread moves in a better’s favour by a specified amount.
Example: In a soccer match between Liverpool and Everton the spread for corners is 12-13, the index firm believes there will be 12 or 13 corners in total during the match. A bettor approaches the firm with the belief that there will be more than 13 corners during the game, the bettor ‘buys’ at £25 a point at 13. If the final total of corners is 16 the bettor has won, receiving 3 x £25. If the final total of corners is 10, the bettor loses 3 x £25. A ‘sell’ transaction is similar except made against the bottom value of the spread. Often there is live pricing, which changes the spread during the course of an event allowing a profit to be increased or a loss minimized.
In North American sports betting many of these wagers would be classified as over-under (or, more commonly today, total) bets rather than spread bets. However, these are for one side or another of a total only, and do not increase the amount won or lost as the actual moves away from the bookmaker’s prediction. Instead, over-under or total bets are handled much like point-spread bets on a team, with the usual 10% commission applied. Many Nevada sports books will allow these bets to be used in parlays, just like team point-spread bets, making it possible to bet, for instance, “the Packers and the over,” and be paid if both the Packers “cover” the point spread and the total score is higher than the book’s prediction. (Such parlays usually pay off at odds of 13:5 with no “vig,” just as a standard two-team parlay would.)
The mathematical analysis of spreads and spread betting is a large and growing subject. For example, sports which have simple 1 point scoring systems (e.g. baseball, hockey, and soccer) may be analysed using Poisson and Skellam statistics.
Handicapping, in sport and games, is the practice of assigning advantage through scoring compensation or other advantage given to different contestants to equalize the chances of winning. The word also applies to the various methods by which the advantage is calculated. In principle, a more experienced player is disadvantaged in order to make it possible for a less experienced player to participate in the game or sport whilst maintaining fairness. Handicapping also refers to the various methods by which spectators can predict and quantify the results of a sporting match.
The term handicap derives from hand-in-cap, a popular seventeenth-century lottery game, where players placed their bets in a cap. Handicapping is used in scoring many games and competitive sports, including Go, chess, golf, bowling, polo, yacht racing, and track and field events. It also serves to foster wagering on horse racing events. Often, races, contests or tournaments where this practice is competitively employed are known as Handicaps.
The term is also applied to the practice of predicting the result of a competition, such as for purposes of betting against the point spread. A favored team that wins by less than the point spread still wins the game, but bets on that team lose.
The practice in action
Horse racing
An impost is the weight that must be carried by a horse in a race. Horses carry lead weights during the course of a race as a form of handicap. Such a race is also sometimes termed a “handicap.” These weights supplement a jockey’s weight to give a horse his assigned impost. The jockeys use saddle pads with pockets called lead pads to hold the lead weights.
These riding weights are assigned by the racing secretary based on factors such as performances, distance so as to equalize the chances of the competitors.
The weight for age scale was introduced by Admiral Rous, a steward of the Jockey Club. In 1855 he was appointed public handicapper. In that role he introduced the weight-for-age scale.
Predicting the Outcome of Races
Thoroughbred handicapping is the art of predicting horses who have the greatest chance of winning a race, and profiting from these predictions at the horse races. The Daily Racing Form (DRF), a newspaper-style publication, is the most important tool of the handicapper or horseplayer. The DRF details statistical information about each horse entered in a race, including detailed past performance results, lifetime records, amount of money earned, odds for the particular horse in each past race, and a myriad of other information available for casual or serious study.
The handicapping process can be simple or complex but usually includes the following elements prior to the race:
1) Study of the Daily Racing Form
2) Observing the horses’ body language and behaviour in the paddock and/or post parade
3) Watching the tote board for the changing odds of each horse and thus for clues about how the betting public views a horse’s chances of winning the upcoming race
“Trip Handicapping” takes place during the race and involves watching the horses (usually with binoculars) and noting relevant information about how a horse runs during that race.
Handicapping theory is possibly one of the most enigmatic theories in all of sports. Generally speaking, horseplayers consider the following elements when handicapping a horse race:
Speed Those horses who run the fastest, win the most races. The DRF lists times at certain call points of each race, and the lengths back from the at each call point. Speed handicappers compare race times to help ascertain which horses will most likely win the race. The DRF now contains a numerical summation of the speed that each horse ran in every race, called a Beyer speed figure. This number is generated through a method developed by Andrew Beyer, and described in his 1975 book Picking Winners. The Beyer speed figures takes into account the individual class of a race as well as how the racetrack was playing on a particular day to create an aggregate number for each horse. The basic error behind this approach is that the sample size each day which is used to create the track variant for the speed figure is very small, and hence subject to massive errors in standard deviation. For example, there may be only one turf (grass) race on a given day, and the Beyer system has to extract a variant for that race from a sample of one.
Pace Pace is probably the single most important factor in determining the outcome of a race. Pace handicappers classify each horse’s running style (i.e. front runner, stalker, presser, closer) and then find contenders based on the predicted pace of today’s race. The difficulty is that the jockey has control over where a horse is placed in a race and how fast that race goes in the early stages. This takes the prediction of pace for a given race out of the realm of mathematics and into the realm of mere speculation.
Form Those horses who looked “sharp” in their past race or past few races, win the most races. A sharp horse could have finished strongly, stayed among the leaders, finished “in the money” (1st, 2nd or 3rd) or recovered from a bad racing trip. Likewise, a horse showed dull form if it gave up, looked sluggish or chased the pack. Horses with sharp form have the lowest odds and hence return the least money per bet. Also, often horses will race off a “layoff.” A layoff is a rest varying in length from usually two months to a year or more. In this case, workouts, horse appearance, and trainer patterns are the best guides to whether the horse is ready to run after a rest.
Class Horse races occur at different levels of competition. Generally, high caliber horses are entered in races with other high caliber horses and slower horses are entered in races with other slower horses. But a horse can move up or down in class, depending on where the trainer decided to enter the horse based on the results of its last race. Note that the strength of the same class of race, such as a Maiden Special Weight race, will vary greatly from track to track, as well as from race to race at the same track, making this too an inexact determinant of class.
Other Factors Other factors affecting the outcome of a race are track condition, weather, weight that the horses have to carry, daily bias of the racing surface, and many more factors that the handicapper cannot know. (I know of a horse who ran poorly because of a noisy party that kept it awake the night before a race).
Horse racing is an equestrian sport which has been practiced over the centuries; the chariot races of Roman times are an early example, as is the contest of the steeds of the god Odin and the giant Hrungnir in Norse mythology. It is often inextricably associated with gambling.
Forms of horse racing
One of the principal forms of horse racing, which is popular in many parts of the world, is thoroughbred racing. Harness racing is also popular in the eastern United States and more popular than thoroughbred racing in the United Kingdom and Canada. Quarter horse and Arabian racing are also popular in the western United States.
The breeding, training and racing of horses in many countries is now a significant economic activity as, to a greater extent, is the gambling industry which is largely supported by it. Exceptional horses can win millions of dollars and make millions more by providing stud services, such as horse breeding.
Horse racing in North America
Monmouth Racetrack in New Jersey in May 2005.
The style of racing, the distances and the type of events varies very much by the country in which the race is occurring, and many countries offer different types of horse races.
In the United States, races can occur on flat surfaces of either dirt or grass, generally thoroughbred racing; other tracks offer quarter horse racing and harness racing, or combinations of these three types of racing. Racing with other breeds, such as Arabian horse racing, is found on a limited basis. American thoroughbred races are run at a wide variety of distances, most commonly from 4.5 furlongs (905 m) to 1½ miles (2414 m); with this in mind, breeders of thoroughbred race horses are able to breed horses to excel at a particular distance.
The high point of US horse racing has traditionally been the Kentucky Derby which, together with the Preakness Stakes and the Belmont Stakes, form the Triple Crown for three-year-olds. However, in recent years the Breeders’ Cup races, held at the end of the year, have been challenging the Triple Crown events, held early in the year, as determiners of the three-year-old champion. They also have an important effect on the selection of other annual champions. The corresponding standard-bred event is the Breeders’ Crown. There are also a Triple Crown of Harness Racing for Pacers and a Triple Crown of Harness Racing for Trotters.
American betting on horse racing is sanctioned and regulated by state governments, almost always through legalized parimutuel gambling. Thoroughbred horse racing in the United States has its own Hall of Fame for horses, jockeys, and trainers.
The most famous horses from Canada are Northern Dancer, who after winning the Kentucky Derby and Preakness went on to become the most successful Thoroughbred sire ever, and his son Nijinsky II. In Canada, however, harness racing is more popular than Thoroughbred racing. Woodbine Racetrack in Toronto, home of the Queen’s Plate, Canada’s premier thoroughbred stakes race, and the North America Cup, Canada’s premier standard-bred stakes race, is the only race track in North America which stages Thoroughbred and Standard-bred (harness) meetings on the same day. The North America Cup has the largest purse of any Canadian horse race.
Horse racing in Australia
Racing in Australasia has enjoyed great success with races such as the world famous Melbourne Cup, the so-called race that stops a nation, which has recently attracted many international entries. In Australia, the most famous horse was Phar Lap, who raced from 1928-1932 (though originally bred in New Zealand). In 2003-2005 Makybe Diva became the first and only horse to ever win the Melbourne Cup three times. In harness racing, Paleface Adios became a household name during the 1970s, while Cardigan Bay, a pacing horse from New Zealand, enjoyed great success at the highest levels of American harness racing in the 1960s.
Horse racing in Europe
In the United Kingdom, there are races which involve obstacles (either hurdles or fences) called National Hunt racing and those which are unobstructed races over a given distance (flat racing). The UK has provided many of the sport’s greatest ever jockeys, most notably Gordon Richards. See also United Kingdom horse-racing.
In Ireland, noted for its racing history, the Derby-winning thoroughbred Shergar was kidnapped on February 8, 1983. He has never been found. The multiple Gold Cup winner Best Mate also hails from Ireland, while the great Red Rum was bred there, before moving across the Irish Sea to be trained.
Pedigree
While the attention of horse racing fans and the media is focused almost exclusively on the horse’s performance on the racetrack, or for male horses possibly its success as a sire, little publicity is given to brood mares. Such is the case of La Troienne, one of the most important mares of the 20th century to whom many of the greatest thoroughbred champions, and dams of champions, can be traced.
Soft lines is a betting terminology representing betting odds that have been poorly researched by sportsbooks.
Handicappers commonly use this term to emphasize the value of their play. Since handicappers can focus on a smaller subset of all the possible games, they have the chance to identify soft lines. Soft lines usually exist in the games where the least number of people bet because there is less incentive by the sportsbooks to put an effort into making strong lines.
One of the most widespread forms of gambling involves betting on horse races, most commonly on races between thoroughbreds or between standardbreds.
Wagering may take place through parimutuel pools; or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.
In Canada and the United States, the most common types of bet on horse races include:
win – to succeed the bettor must pick the horse which wins the race.
place – the bettor must pick a horse which finishes either first or second.
show – the bettor must pick a horse which finishes first, second, or third.
exacta, perfecta, or exactor –the bettor must pick the two horses which finish first and second and specify which will finish first
quinella or quiniela – the bettor must pick the two horses which finish first and second, but need not specify which will finish first.
trifecta or triactor – the bettor must pick the three horses which finish first, second, and third and specify which will finish first, second and third.
superfecta – the bettor must pick the four horses which finish first, second, third and fourth, and specify which will finish first, second, third and fourth.
double – the bettor must pick the winners of two successive races; most race tracks in Canada and the United States take double wagers on the first two races on the program (the daily double) and on the last two (the late double).
triple – the bettor must pick the winners of three successive races; many tracks offer rolling triples, or triples on any three successive races on the program. Also called pick three or more commonly, a treble
sweep – the bettor must pick the winners of four or more successive races. In the US, this is usually called pick four and pick six, with the latter paying out a consolation return to bettors correctly selecting five winners out of six races, and with “rollover” jackpots accumulating each day until one or more bettors correctly picks all six winners.
Win, place and show wagers class as straight bets, and the remaining wagers as exotic bets. Bettors usually make multiple wagers on exotic bets. A box consists of a multiple wager in which punters bet all possible combinations of a group of horses in the same race. A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A wheel consists of betting all horses in one race of a bet involving two or more races. For example a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second.
People making straight bets commonly employ the strategy of an ‘each way’ bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across (short for across the board): the bettor bets equal sums on the horse to win, place, and show.
In Canada and the United States punters make exotic wagers on horses running at the same track on the same program. In the United Kingdom bookmakers offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double. A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. The term nap identifies the best bet of the day.
A parlay (US) or accumulator (UK) consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully.
Similarly, greyhound racing offers a popular betting alternative to horse racing in many countries.
A sportsbook (sometimes abbreviated as book) or a race and sports book is a place where a gambler can wager on various sports competitions, including football, basketball, baseball, hockey, soccer, horse racing and boxing. The method of betting varies with the sport and the type of game. The more prominent the event, the more wagering options that are made available.
Winning bets are paid when the event finishes, or if not finished, when played long enough to becomes official; otherwise all bets are returned. This policy can cause some confusion since there can be a difference between what the sportsbook considers official and what the sports league consider official. Customers should carefully read the sportsbook rules before placing their bets.
The betting volume at sportsbooks varies throughout the year. Bettors have more interest in certain types of sports and increase the money wagered when those sports are in season. Likewise the interest in sports varies by country since the level of interest in the various sports is not constant the world over. Some major sporting events that don’t follow a specific schedule, like boxing, can create peaks of activity for the sportsbooks.
Word origin
A sportsbook is a portmanteau, French for “jacket holder,” meaning a suitcase with two storage spaces. Sportsbook combines two meanings into one word for a sports gambling operation, in this case SPORTS and BOOK which is short for bookmaking.
Odds
In the mid 1930s, Leo Hirschfield started a company in Minneapolis, Minnesota called Athletic Publications, Inc., that published and distributed odds to bookies across the country by telephone and telegraph. He had a team of handicappers analyzing the matchups who also studied newspapers across the country. The company was a major provider of odds and prices until it finally disbanded, under fear of prosecution from the Federal Wire Act of 1961.
Today most sportsbooks get their opening prices from other sportsbooks as well as private companies like Las Vegas Sports Consultants. They adjust prices based on the bets coming in, news, injury, and weather information, and the price movement by other sportsbooks.
Nevada sportsbooks
Today there are roughly 150 licensed sportsbooks in the United States, all located in Nevada casinos. Now that many casinos share the same parent company, they offer the exact same wagering choices and odds, which is a disadvantage to the astute gambler who in the past could do more shopping for better prices.
In the 1950s the first Nevada sportsbooks, called turf clubs, opened. They were independent from the casinos, and had an informal agreement with the hotels that they would stay out of the casino business as long as the hotels stayed out of the sportsbook business. The sportsbooks had to pay a 10% tax so they charged a high vigorish to gamblers, but they still brought in a lot of business.
In 1974 the tax was lowered to 2%, (and in 1983 lowered to 0.25%), and in 1975 Lefty Rosenthal, who ran the Stardust Casino, convinced legislators to allow them in the casinos, and soon nearly all of the casinos added them. The turf clubs were no longer able to compete and eventually all closed.
In Nevada casino sportsbooks you will find:
Betting Windows
Numerous big screen televisions
Places to sit and watch
Interactive betting stations
Odds boards, usually computerized
UK sportsbooks
Betting shops are common in the United Kingdom. Companies like Ladbrokes and William Hill have offered walk-in betting shops for decades.
Internet sportsbooks
While internet sportsbooks lack face-to-face transactions, they can handle more customers than land based sportsbooks and operate more cost effectively. They pass lower costs on to customers in the form of reduced vigorish (cheaper prices) or bonus incentives. They can also offer similar products, such as casino games, bingo, and poker to their existing clients.
While Internet sportsbooks take bets online, normally they are licensed in some jurisdiction. Taxation and regulation vary greatly by country.
Internet sportsbooks range from fraudulent operations with no intention of paying their customers to multi-billion dollar publicly traded companies. Internet sportsbooks range in focus, as some primarily cater to American sports, while others focus on European soccer. Some sportsbooks handle large wagers while others have low wagering limits. Some offer many exotic proposition wagers, where others have limited choices. Payment methods are not universally accepted at all sportsbooks.
Costa Rica is home to a large number of offshore sportsbooks, as it caters to many of the needs of the industry with an open regulatory environment and a large, capable workforce. A number of sportsbooks are also located in Jamaica, Gibraltar, Antigua, Curaçao, Australia, and many other countries around the world.
The United States Justice Department claims that wagering at offshore sportsbooks is a violation of the 1961 Federal Wire Act. Jeffrey Trauman of Harwood, North Dakota, was the first player ever to be prosecuted for online sports betting in the United States. The former car salesman, who quit his job to become a professional gambler, was cited under a North Dakota state law. [1]
Johan Kinnander has been appointed board member in the European internet gaming company Betsafe.com
Johan Kinnander, who is CEO at Glife AB, one of Sweden’s leading online social networks, has extensive experience of online marketing, especially from his time as CEO at Google in Scandinavia and AD Pepper Media. He has established and built a number of successful companies in the Nordic market.
- I believe that Betsafe’s business will increase ejoinsxtensively the next coming years and I hope I can contribute with my knowledge and network to help them make this trip as smooth as possible, says Johan Kinnander who has followed the development of internet gaming during his time with different internet companies.
- We are very satisfied with the recruitment of a board member with such a long and thorough experience of internet business, says a happy Henrik Persson Ekdahl, Betsafe’s CEO.
Johan’s background contributes with exactly the right competence that we need to be able to successfully grow on our already strong Nordic market, and on our upcoming endeavors. We intend to strengthen the board with at least 2 more significant members during 2008. Johan will be a board member in the Norwegian company Artic Invest A/S, the investment company that owns www.betsafe.com.
Betsafe.com is an internet gaming company who offer odds, live betting, poker and a casino in English, Norwegian, Swedish, Danish and Finnish at www.betsafe.com. The company holds its license in Malta, and was recently nominated ”The world’s best bookmaker” by the Norwegian gaming magazine ”TIPS”.
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A horse race at Del Mar.
Monmouth Racetrack in New Jersey in May 2005.
Tokyo Racecourse in Tokyo, Japan.
