Sports Betting And SCOTUS

[Cincinnati_Kid]

There's going to be a lot of broke people walking around. The sports books and casinos will always win out.

[emu steve]

There's going to be a lot of broke people walking around. The sports books and casinos will always win out.

I wouldn't exactly frame it that way, because of the unique nature of sports bets.

Most of the bets that these casino-sports-race books would take are essentially 11 / 10 type bets.

The Lions might be say a 3 point underdog say for a home game vs. Packers.

So the idea is that bettors line up their bets on both teams. If equal amounts are bet on each team then the casino is essentially a broker taking a bet from bettors A and B and paying the winner.

So if two bettors put down $110 each. One of the Lions and one on the Packers. The casino takes in $220 and pays out $210 [[returns the $110 bet + $100 win), making roughly $10 [[or 5%) on their role as a bookmaker.

In this example, if a bettor bet $110 on each of 10 NFL games, and wins half [[as would be expected) then the bettor puts down $1,100 and expects to return $1,050 or a loss of $50.

[archfan]

There's going to be a lot of broke people walking around. The sports books and casinos will always win out.

I wouldn't exactly frame it that way, because of the unique nature of sports bets.
...
The casino takes in $220 and pays out $210 [[returns the $110 bet + $100 win), making roughly $10 [[or 5%) on their role as a bookmaker.

In this example, if a bettor bet $110 on each of 10 NFL games, and wins half [[as would be expected) then the bettor puts down $1,100 and expects to return $1,050 or a loss of $50.

Steve, I think you made Cinci's point.

[emu steve]

Steve, I think you made Cinci's point.

You might think that, but the 'house cut' is small compared to other games of chance such as horse racing, lottery, etc. so unless one bets real big sums, they shouldn't do too badly.

Using my example and instead of betting $110 per NFL game so I bet $55 per game and pick 10 NFL [[or college) games. If I bet a total of $550 my 'expected loss' would only be $25, which is cheap entertainment.

[[here is the math: 10 bets @ 55 each. Each winning bet pays $105 [[$55 +$50 win). So if the better wins 5 and losses 5 games his payout is 5 x 105 = 525. $550 [[bet) - $525 [[payout) = $25 loss.

If I bet this senario and won 4, 5 or 6 [[of the 10 games), I'd consider it 'cheap thrills.' Others may disagree.