Some countries consider sports betting illegal. In the United Sates alone, the total amount used in betting is estimated to be well over $200 billion. The act of placing a bet can seem simple but in actual sense is may be a bit confusing for a beginner. Betting has it’s own lingo like bookmaker offers and the systems used vary from place to place. Determining how well to wager to earn some money, in the end, is another not so simple task. The way the odds are determined, what forces set the lines, what amount of time is needed to break even and win, are some of the questions that anyone should ask and learn carefully before getting into this activities.
Different types of sports have very different systems for determining the odds and betting guidelines. Even the same category of sports may have different systems based on how the bettors demand to play. To be able to understand any of these systems, it is important to understand the lingo involved.
The act of betting is simply referred to as activity. It is common to hear phrases like ‘I want, or We want in on the action’ or ‘show us where the action is taking place.’ These phrases are most common in places where betting is illegal, where betters cannot go looking for local bookies in public places.
Sometimes in sports, one team has a definite advantage over the other team. To handicap just means to give advantage points to the lesser team in the effort to level the playing grounds.
The amount of money wagered in total bets is referred to at the “Handle”. Most bookies prefer super bowl betting as it generates the largest handle.
The faculty that collects the bets is referred to as a book. If it is an individual, he or she is known as a bookie.
Juice is the total profit percentage from all bets collected by a bookie. In other regions, this is also referred to as a Vig (vigorish). Most commonly, the juice is figured from the odds, but in some cases, the bookie takes it straight from the handle
In sports that have high scores like basketball and soccer, the point spread is used. The scores can be referred to as a handicap used to make the games seem competitive to the bettors. It shows one team having an advantage over the other.