Sports betting

Extracted Attributes

• Definition

  Predicting sports outcomes and placing a wager on the result

• Legal Forms

  Licensed sportsbooks, bookmakers

• Illegal Forms

  Privately run enterprises ('bookies')

• Scope of Events

  Athletic events (e.g., football, basketball, baseball, hockey, auto racing, mixed martial arts, boxing), non-athletic contests (e.g., reality shows, political elections), non-human competitions (e.g., horse racing, greyhound racing, cockfighting), entertainment events (e.g., Grammy Awards, Oscars, Emmy Awards)

• Legal Status (Spain)

  Fully legal and regulated at the national level by the Direcci General de Ordenaci del Juego (DGOJ) since Law 13/2011

• Origin of 'Book' Term

  Reference to ledgers used by wage brokers to track wagers, payouts, and debts

• Common Legal Betting Types

  Game bets, parlays, props, futures, moneyline, spread

• Global Market Value (2020)

  Over $83 billion

Timeline

• The 1919 World Series was affected by a match-fixing scandal, a notable incident in sports betting history. (Source: Summary, Wikipedia, DBPedia)

  1919

• The Unlawful Internet Gambling Enforcement Act of 2006 was enacted in the United States, restricting online gambling activities. (Source: Wikipedia, DBPedia)

  2006-10-13

• Law 13/2011 was passed in Spain, establishing a clear legal framework for the regulation of gambling, including sports betting. (Source: Web Search Results)

  2011-05-27

• Former baseball player Pete Rose was involved in alleged and later admitted illegal gambling activities. (Source: Summary, Wikipedia, DBPedia)

  Undated

• Former NBA referee Tim Donaghy was involved in a betting scandal, compromising the integrity of games. (Source: Summary, Wikipedia, DBPedia)

  Undated

• The NBA issued a lifetime ban to Toronto Raptors player Jonte Porter after suspicious betting patterns were flagged by DraftKings, highlighting the league's evolving stance on gambling. (Source: Related Documents, Summary)

  2024

Sports betting

Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports bettors place their wagers either legally, through a sportsbook or bookmaker (colloquially known as "bookies"), or illegally through privately run enterprises. The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and debts. Many legal sportsbooks are found online, operated over the Internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las Vegas, or on gambling cruises through self-serve kiosks. There are different types of legalized sports betting now such as game betting, parlays props and future bets. They take bets "up-front", meaning the bettor must pay the sportsbook before placing the bet. Due to the nature of their business, illegal bookies can operate anywhere but only require money from losing bettors and do not require the wagered money up front, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality. There have been a number of sports betting scandals, affecting the integrity of sports events through various acts including point shaving (players affecting the score by missing shots), spot-fixing (a player action is fixed), bad calls from officials at key moments, and overall match-fixing (the overall result of the event is fixed). Examples include the 1919 World Series, the alleged (and later admitted) illegal gambling of former baseball player Pete Rose, and former NBA referee Tim Donaghy.

Web Search Results

• Sports Betting For Dummies: Easy, Complete Guide

  If you’re captivated by the drama and unpredictability of sports, sports betting offers an avenue to intensify that experience. Essentially, sports betting is the act of placing a wager on the outcome of a sports event, turning spectators into stakeholders. The events can range from time-honored classics like football and basketball to emerging sensations such as eSports. Remember that your goal is to make accurate predictions about a game’s outcome to win money. [...] Now, why should this matter to you? Because sports betting is not merely a pastime—it’s a thrilling fusion of strategy, psychology, and chance, offering opportunities for both entertainment and financial gain. Sports betting has become a lucrative and mainstream industry with a global market value reaching hundreds of billions. What you’re entering into is not just an ancient pastime but a dynamic market, estimated to be worth over $83 billion globally, according to a 2020 report from Grand [...] In the financial markets, arbitrage is the practice of simultaneously buying and selling an asset to profit from a difference in its price. The same concept can be applied to sports betting. If you find two different bookmakers offering different odds on the same outcome, you can bet on both to guarantee a profit, irrespective of the outcome. Example: Bookmaker A gives 1.5 odds for Team A to win, and Bookmaker B gives 2.5 odds for Team B to win. Betting $100 on each would guarantee a profit.

• How to Bet - Sports Betting Explained | Draftkings Sportsbook

  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.

• Sports betting - Wikipedia

  bookmaker. In-play sports betting has structural characteristics that have changed the mechanics of gambling for sports bettors, as they can now place a larger number of bets during a single sports game (as opposed to a single bet on who is going to win). One of the most important differences between being able to place an in-running sports bet opposed to a pre-match bet is that the nature of the market has been turned what was previously a discontinuous form of gambling into a continuous one. [...] In Spain, sports betting is fully legal and regulated at the national level by the Dirección General de Ordenación del Juego (DGOJ), a body under the Ministry of Consumer Affairs. Since the passing of Law 13/2011 of 27 May on the regulation of gambling, the country has established a clear legal framework for the operation of sports betting both in physical establishments and on online platforms. This legislation covers licensing, advertising, and the protection of gamblers, ensuring a safe and [...] ### Other leagues Major League Soccer (MLS) the top soccer league in the United States and Canada has expressed sports betting as a possible way to gain popularity. Commissioner Don Garber has stated about sports gambling, "We have a project going on now to really dig in deeply and understand it. I'll join the chorus of saying it's time to bring it out of the dark ages. We're doing what we can to figure out how to manage that effectively."[citation needed]

• Sports betting | Definition & History - Britannica

  Sports betting can be consistently profitable if gamblers have superior knowledge regarding athletes and teams, which many sports fans believe (usually falsely) they have. The proliferation of media coverage of sports and the variety of information services available give bettors a sense of control and confidence that encourages them to wager. They often keep betting even when they lose, blaming losses on bad luck or bad performances by players, coaches, or referees. [...] For a long period during the modern era of sports, horse and dog racing and a few other sports were the only sports that allowed gambling. Indeed, many sports organizations and governments enacted strict antigambling policies and laws in order to protect both the public and the legitimacy of sporting competition. The illegality of sports gambling, however, never diminished its popularity, and, by the second half of the 20th century, many countries were looking for ways to allow sports betting [...] Betting on the games and matches of many sports use a system known as a point spread. Bookmakers determine the number of points that will serve as a spread for a particular contest. A bet on the favored team requires that the bettor yield (or give) the point spread. A bet on the underdog team grants the bettor the point spread. For example, an underdog team may be bet as +4, meaning it has four points added to its final score for purposes of determining the winning bettor. A −4 bet on a favored

• Sports Betting 101 | Sports Betting Explained at Wiliam Hill US

  Round Robin – A series of parlays. Run line – In baseball, a spread used instead of the money line. Sides – The two teams playing; the underdog and the favorite. Sportsbook – A physical location that accepts sports bets. Straight bet – An individual wager on a game or event that will be determined by a pointspread or money line Straight-up – Winning the game without any regard to the pointspread; a money-line bet. [...] Book – A establishment that accepts bets on the outcome of sporting events. Buy (Points) – A player pays an additional price (lays more money) to receive a half-point or more in his favor on a pointspread game. Cash Out – 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. Chalk – The favorite. Cover – Winning by more than the pointspread. Dime – A $1,000 sports wager. [...] Skip to content # Sports Betting 101 Home » Sports Betting Guide : How To Bet » Sports Betting 101 ## Sports Betting Explained – Types of Sports Wagers Curious about the types of sports bet? Check out William Hill’s guide to sports betting, which covers all the need-to-know topics and terms. Learn about all popular types of bets, including parlays, teaser bets, prop bets, and all the need to know terminology for betting on sports. #### Parlay – What is a Parlay Bet?

Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bet upon varies by culture, with the vast majority of bets being placed on association football, American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing at both the amateur and professional levels. Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racing, greyhound racing, and cockfighting. It is not uncommon for sports betting websites to offer wagers for entertainment events such as the Grammy Awards, the Oscars, and the Emmy Awards. Sports bettors place their wagers either legally, through a bookmaker/sportsbook, or illegally through privately run enterprises referred to as "bookies". The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and debts. Many legal sportsbooks are found online, operated over the Internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las Vegas, Nevada, or on gambling cruises through self-serve kiosks. They take bets "up-front", meaning the bettor must pay the sportsbook before placing the bet. Illegal bookies, due to the nature of their business, can operate anywhere but only require money from losing bettors and don't require the wagered money up front, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality. There have been a number of sports betting scandals, affecting the integrity of sports events through various acts including point shaving (players affecting the score by missing shots), spot-fixing (a player action is fixed), bad calls from officials at key moments, and overall match fixing (the overall result of the event is fixed). Examples include the 1919 World Series, the alleged (and later admitted) illegal gambling of former baseball player Pete Rose, and former NBA referee Tim Donaghy.