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We’ve published multiple pages about “real money” gambling.
Most of these pages distinguish between real money versions of
various casino games and the corresponding free versions of
those games. But when discussing “real money sports betting”,
we don’t really have a “free sports betting” activity with which to
contrast the activity.

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Instead, when people talk about real money sports betting,
they’re talking about betting for meaningful amounts of cash.
A lot of times, they’re interested in how to bet on sports online,
but some of them are interested in getting some money into action with a bookmaker. In the United States,
betting on sports presents some interesting legal questions, too.

This page presents a broad overview of how the business works, which sports are most commonly wagered
on, and how the various bets work. The links from within the page go to more detailed pages on specific
subjects.

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Sportsbooks and Bookmaking

Many people just make bets on the outcome of a game with their buddies. If your buddy at work wants to bet
you $20 that the Cowboys are going to win Monday night’s game, then that’s a so-called “simple wager”.
That’s not really the kind of sports betting we’re interested in on this page.

When you start putting real (significant amounts of) money into action, you have to find someone who’s
willing to take the other side of that bet. Luckily, some people are in the business of taking this action.

Those people are called “bookmakers”, and the
businesses they run are called “books” or “sportsbooks”.

In the United States, placing such a wager over the phone is illegal because of the Wire Act. As a result, the
only legal businesses taking this kind of action operate out of Las Vegas, Nevada. And they don’t accept
action over the phone or the Internet. You have to show up there to place bets.

But anyone who’s spent any length of time in a neighborhood bar knows that plenty of entrepreneurs are
willing to skirt the law in order to take your bets. These are the neighborhood bookies that you see in the
movies. Unless and until their businesses get incredibly large, these neighborhood sports books generally
operate unimpeded by law enforcement.

In other, more enlightened, countries – like the United Kingdo – sports betting as a business is legal and
regulated. We’re fans of this approach. The libertarian in us feels like citizens should be allowed to spend
their money on whatever they want to, even if that includes wagers on sporting events.

Also, when you’re dealing with a licensed and regulated business in the industry, you have certain
protections that aren’t available when you’re dealing with a neighborhood bookie. If you’re reminded of the
dangers of “bathtub gin” and “moonshine” during Prohibition, then you know what we mean.

No one is suggesting that betting on sports or drinking alcohol are the best uses of your time and/or money.
But people are going to bet on sports and/or drink alcohol regardless of the legality. So why not put the
government to work protecting the safety of its citizens?

Regulated distilleries and breweries provide a healthy, safe product for consumers to imbibe. We contend
that the sports betting industry would be safer for individual sports bettors if it were entirely legal and
regulated throughout the United States. At the same time, we don’t think that legalizing and regulating
sports betting is going to be high on any legislators’ agendas any time in the near future.

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How Odds Work in Sports Betting

When you’re betting with a bookmaker, they need to make sure that they have an opportunity to break even
and make a bit of profit while they’re at it. They can’t do that by just taking action willy-nilly. For example, if
the Dallas Cowboys are playing the Cleveland Browns, all of the bookmaker’s customers are going to bet on
the Cowboys. And most of the time they’re going to win.

In order to get action on both sides of a wager, the bookmakers use odds to make both bets attractive. This
is often in the form of bets which pay off at a higher amount the less likely they are to win. We provide an
overview of the different odds formats below, or you can read in more detail on the following page.

American Odds (Moneyline Odds)

In most sports in the United States, “American odds” or “moneyline odds” are used to make wagers attractive.
You can usually bet any amount (with certain minimums) in these situations, but the odds are represented
with the amount of money compared to $100.

If the odds start with a minus sign, then that’s how much you have to bet in order to win $100
If the odds start with a plus sign, then that’s how much you win if you bet $100

Here’s an example. If the Cowboys are favorites against the Browns, you might see the odds listed as follows:

Match Winner

-120

+115

So you’d have to risk $120 to win $100 if you bet on the Dallas Cowboys. Casino memphis ar.

You’d only wager $100 on the Browns, but if you won, you’d win $115.

This makes both wagers attractive. On one hand, you have a better chance of winning if you bet on the
Cowboys, but you don’t win as much for your money. On the other hand, you might win fewer bets on the
underdog (Cleveland), but when you do, it’s going to pay off better.

In these situations, a point spread isn’t used.

Decimal Odds and Fractional Odds

Not all countries (nor all bookmakers for all bets) use this format to represent the odds. Books in other
countries often use decimal odds and/or fractional odds. These have the same effect, but they’re a different
way of representing how much you stand to win or lose.

We think decimal odds are more intuitive and easier to understand, and we’re not sure why moneyline odds
became so popular in the United States. With decimal odds, you’re just looking at a multiple of how much
you bet. This indicates how much you’ll win.

Here’s an example.

Match Winner

1.83

2.15

These are the same odds that we used in our first example, they’re just represented differently. If you bet
$100 on the Dallas Cowboys, you’ll get $183 back ⁠— the $100 you bet plus an $83 profit. If you bet $100 on
the Cleveland Browns, you’ll get $215, the original $100 you bet plus $115 in profit.

Sports Betting Odds: An Important Consideration

The betting odds never represent the true odds of one team or another winning. All of these bets pay off at
less than the true odds that the handicapper expects. That’s how a bookmaker generates a profit.

If a bookie offered bets at the true odds of winning, he’d break even. In that case, he would have spent all the
time and effort running his business only to make no money. Few people love sports betting enough to do
that.

Most books are looking to make between 10% and 20% profit. Their goal with these kin