Can someone explain "the spread" and "over/under" sport jargon?

[Leo99]

The one thing I believe the "house" never loses is with horse racing, which I've seen in legal casinos. I'm not sure how it works with online horse racing. I was under the impression that all these tracks, offsite betting locations, and casinos pooled everything together where it's parimutuel and the odds aren't final until bets are closed. And there's a certain cut that goes to the track where the race takes place. And I believe the "house" is not allowed to lose by most laws that allow parimutuel betting.

It might be different for other racing. Betting isn't legal in Islamic countries, but it's possible to bet on horse racing competitions there internationally. That must be closer to other types of sports betting.

With sports betting, you get the odds in place when you make the bet. No so with horse betting. The odds change and you're correct, the house can never lose. The track's cut is very high compared to the vig on sports betting or casino games. I have partial ownership in a few race horses. One is racing tonight and I hope that he does well.

Well, the only way the house can lose money on horse racing is there is a minimum payout at $2.10 on a $2.00 bet. So, if all the tote was on the winner, the track would lose money.

 

[I<3oil]

When I was a kid the elders said, "I wouldn't bet on a race if there was only one horse running".

So that's why the world today is such crap.

 

[y_p_w]

With sports betting, you get the odds in place when you make the bet. No so with horse betting. The odds change and you're correct, the house can never lose. The track's cut is very high compared to the vig on sports betting or casino games. I have partial ownership in a few race horses. One is racing tonight and I hope that he does well.

Well, the only way the house can lose money on horse racing is there is a minimum payout at $2.10 on a $2.00 bet. So, if all the tote was on the winner, the track would lose money.

But that's all pooled together, correct? One of my grad school instructors loved to gamble and once talked about not placing a bet that would have won him pretty big. But he said he would have gone to Bay Meadows Racetrack to place the bet there even though they weren't in their own racing season. The race was at Golden Gate Fields. It's my understanding that all the bets are considered part of the same pool for any number of tracks, offsite betting, and casinos.

I haven't really bet on horse racing but I have been to any number of races. We went to Dollar Day at Golden Gate Fields for the $1 beer, $1 hot dogs, and $1 parking. My wife broke even more or less. But we heard people making bets on races across the country.

The county fair racing circuit is rather interesting. I actually prefer the Marin County Fair, which doesn't have any horse racing. But once I was talking to a livestock judge who said the biggest fair in the Bay Area was Alameda County and basically the horse racing subsidized the rest of the fair and that's why it was about a month long. They also have an offsite betting facility outside of the fairgrounds. The San Mateo County Fairfgrounds is next to what used to be Bay Meadows and I heard that basically gave them extra racing dates. The Solano County Fairgrounds removed their track but still have a betting facility. It's across from a Six Flags park. Kind of sad though. The outline of the track is still there

 

[I<3oil]

Never bet on anything, but yourself!

What if that person's a loser?

 

[Leo99]

But that's all pooled together, correct? One of my grad school instructors loved to gamble and once talked about not placing a bet that would have won him pretty big. But he said he would have gone to Bay Meadows Racetrack to place the bet there even though they weren't in their own racing season. The race was at Golden Gate Fields. It's my understanding that all the bets are considered part of the same pool for any number of tracks, offsite betting, and casinos.

I haven't really bet on horse racing but I have been to any number of races. We went to Dollar Day at Golden Gate Fields for the $1 beer, $1 hot dogs, and $1 parking. My wife broke even more or less. But we heard people making bets on races across the country.

The county fair racing circuit is rather interesting. I actually prefer the Marin County Fair, which doesn't have any horse racing. But once I was talking to a livestock judge who said the biggest fair in the Bay Area was Alameda County and basically the horse racing subsidized the rest of the fair and that's why it was about a month long. They also have an offsite betting facility outside of the fairgrounds. The San Mateo County Fairfgrounds is next to what used to be Bay Meadows and I heard that basically gave them extra racing dates. The Solano County Fairgrounds removed their track but still have a betting facility. It's across from a Six Flags park. Kind of sad though. The outline of the track is still there

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Yes, all horse bets are in the same tote as far as I know.

 

[StumblingElk]

The smartest bet is the one you don't place.

But I've got a system!!

 

[y_p_w]

Yes, all horse bets are in the same tote as far as I know.

I would think so for all bets across all tracks, offsite, and legal casinos that pool into the same total action.

But I'm thinking online casinos are possibly banked where they could theoretically lose depending on what action they get. And betting on international races could probably still be parimutuel even though the track might not participate in places where gambling is illegal, like racing in Saudi Arabia or most of Dubai. Still - I understand that the tracks still somehow make money off of the broadcast and data rights, which are primarily used for gambling elsewhere.

SIS secures rights to broadcast Saudi Cup for two years

Sports Information Services (SIS) has agreed a deal to distribute video and data for the Saudi Arabian racing schedule for the next two years.

igamingbusiness.com

SIS clients will be able to access the Saudi race schedule for 2021 and 2022, and be able to use the supplier’s live betting channels, which offer new betting events every three minutes.​

​

The Saudi Cup is the main event of the two-day meeting at the King Abdulaziz Racecourse, in Riyadh, which takes place on 19-20 February this year. The race includes a $20m prize fund, of which $10m goes to the winner.​

 

[Kira]

But I've got a system!!

Casinos love system gamblers! (as you know)

 

[y_p_w]

Casinos love system gamblers! (as you know)

There was someone banned from casinos for winning. He apparently had a very good system and was estimated to make on average about 16%. He ended up hiring runners to make his bets in Vegas casinos since he was banned. He was the subject of a big ESPN feature story but I can't find it now.

But there have been those banned from Nevada sportsbooks when they won too much.

Won and done? Sportsbooks banning the smart money

Should bookmakers be allowed to refuse to take bets from customers? It's a growing debate in the legal U.S. sports betting market.

www.espn.com

I believe it's a lot like stock investing where they're looking for inefficiencies in updating the line. The idea isn't to bet on as many games as possible but to find the ones where the oddsmakers are way off and there might be a certain advantage.