What Is Sports Betting?
Sports betting comes in many different shapes and sizes. At its core, sports betting is putting money behind an outcome of your choice and getting paid if that outcome is achieved. If a bet is on the winner of a game, that is called a moneyline bet. If you’re betting that a team will win or lose by a certain amount of points, that is called a spread bet. If you combine multiple outcomes into one bet, that is called a parlay.Moneylines, spreads, and parlays are the most common bets to choose from, but there are also prop bets which allow you to have a vested interest in more specific outcomes, like how many points a certain player will score. The world of sports betting is vast, and there’s something for just about anyone. There are many reasons to bet on sports for new and experienced gamblers alike. Above all, it’s an easy way to add more excitement to your viewing experience, by giving you something more to root for. That’s rewarding in itself, regardless of the outcome.
What Sports can I bet on?
*Per Washington State Gambling Commission, betting is not allowed on Washington State College-level sports/teams.
Sports Betting 101
Curious about the types of sports bets?
Learn about all popular types of bets, including parlays, teaser bets, prop bets, and all the need-to-know terminology for betting on sports.
What is a Parlay Bet?
A parlay is a single bet that links two or more wagers; to win the bet, the player must win all the wagers in the parlay. If the player loses one wager, he loses the entire bet. However, if the player wins all the wagers in the parlay, the player wins a higher payoff than if the player had placed the bets separately.
What is a Straight Bet?
A straight bet is an individual wager on a game or event that will be determined by a pointspread or money line.
A futures bet is a wager placed on an event typically far in the future, such as which team will win next year’s pro football championship game or pro hockey championship series.
Propositions – Prop Bets
Proposition bets, or “prop” bets, focus on the outcome of events within a given game. Props are often offered on marquee games of great interest. These include Sunday and Monday night pro football games, various high-profile college football games, major college bowl games and playoff and championship games. An example of a prop bet is “Which team will score the first touchdown?”
A teaser is a type of football or basketball wager in which the pointspread is adjusted by additional points in the player’s favor on more than one game. In football, a player may move the posted pointspread 6, 6.5, 7, 10 or 14 points (10 and 14 point teasers ties lose). In basketball, 4, 5 and 6-point sports betting teasers are offered.
Round Robin Bet
A round robin is a series of parlays. For example, a 3-team round robin consists of three 2-team parlays (A + B, A + C and B + C).
The most popular sports bets are based on the point spread. The point spread represents the margin of points in which the favored team must win the game by to “cover the spread.” Bets on the point spread are usually offered at 11 to 10 odds. For example, a player must bet $11 to win $10 for a total payout of $21 or $110 to win $100.
Money Line Bet
The money line represents the odds of a team winning the game outright without the use of the pointspread. The money line is expressed as a 3-digit number. For example, -150 means a player must bet $150 for every $100 he wishes to win, $15 for every $10 and multiples thereof.
GLOSSARY OF SPORTS BETTING TERMS
A sports wager of any kind; a bet.
A game not part of the typical menu of wagering offerings, often posted as an accommodation to patrons.
An establishment that accepts bets on the outcome of sporting events.
A player pays an additional price (lays more money) to receive a half-point or more in his favor on a pointspread game.
A player can take their open straight bet or parlay bet and cash it out before the event has ended; currently only available in NJ, WV, and CO.
Winning by more than the pointspread.
A $1,000 sports wager.
The team perceived to be most likely to lose. Short for underdog.
The team considered most likely to win an event.
A bet placed on the score in the first half of the game only.
A Free Bet is a token with a number value, which a customer can attach to a selection (for the Mobile app it would be under Betslip or Quickbet) to place a bet. The difference between a bet placed with a Free Bet Token and a regular bet, is with a free bet the “stake” is not included in the winnings. Free bets are only given out per terms and conditions and for specific promotions. Available in select states.
Odds that are posted well in advance on the winner of major events, including the Pro Football Championship, the Pro Basketball Championship and the Pro Baseball Championship.
A bet placed on scoring in the second half of a game only.
The total amount of bets taken.
The percentage the house wins.
The bookmaker’s commission, most commonly the 11 to 10 bettors lay on straight pointspread wagers; also known as “vigorish.”
Laying the points/price
Betting the favorite by giving up points.
The maximum amount accepted by the house before the odds and/or pointspread are changed.
The current odds or pointspread on a particular event.
A baseball bet placed only if both of the pitchers scheduled to start a game actually start. If they don’t, the bet is deemed “No Action” and refunded.
A team perceived to be unlikely to win.
To win both sides of a game; wagering on the underdog at one pointspread and the favorite at a different pointspread and winning both sides. For example, if the player bets the underdog +4 ½ and the favorite -3 ½ and the favorite wins by 4, the player has middled the book and won both bets.
Odds expressed in terms of money. With money odds, whenever there is a minus (-) the player lays that amount to win $100; where there is a plus (+) the player wins that amount for every $100 wagered.
A $500 sports wager.
A wager in which no money is lost or won and the original bet amount is refunded.
Off the board
A game in which no bets are being accepted.
The earliest line posted for a particular sporting event.
A sports bet in which the player wagers that the combined point total of two teams will be more than a specified total.
A single bet that links together two or more wagers; to win the bet, the player must win all the wagers in the parlay. If the player loses one wager, the player loses the entire bet. However, if he wins all the wagers in the parlay, the player wins a higher payoff than if the player had placed the bets separately.
Pick or Pick 'em
A game when neither team is favored.
The margin of points in which the favored team must win by to “cover the spread.”
The odds or point spread.
Prop (Proposition) Bet
A bet that focuses on the outcome of events within a given game. Props are often offered on marquee games of great interest. These include Sunday and Monday night pro football games, various high-profile college football games, major college bowl games and playoff and championship games. An example of a prop bet is “Which team will score the first touchdown?”
When the contest ends with no winner or loser for wagering purposes; a tie for wagering purposes.
A series of parlays.
In baseball, a spread used instead of the money line.
The two teams playing; the underdog and the favorite.
A physical location that accepts sports bets.
An individual wager on a game or event that will be determined by a pointspread or money line.
Winning the game without any regard to the pointspread; a money-line bet.
Take the points
Betting the underdog and receiving its advantage in the pointspread.
Take the price
Betting the underdog and accepting money odds.
A type of parlay in which the pointspread or total of each individual play is adjusted. The price of moving the pointspread (teasing) is lower payoff odds on winning wagers.
A wager in which no money is lost or won because the teams’ scores were equal to the number of points in the given pointspread.
The combined amount of runs, points or goals scored by both teams during the game, including overtime.
The player bets that the total points scored by two teams will be less than a certain figure.
The team perceived to be most likely to lose. Also known as the “dog.”
The bookmaker’s commission; also known as juice.
Sports Betting Opening Day 2/11/22
Caesars Sportsbook Grand Opening at Chewelah Casino was a sure bet for fun!
CHEWELAH CASINO DONATED $2,500 to ParaSport Spokane, A local non-profit group. ParaSport is committed to remain a resource to athletes without charging fees. Chewelah Casinos donation will help in that goal. Plus, ParaSport Spokane athletes are accepted from throughout the region. Chewelah Casino is proud to support our non-profit community!