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Not a gambler, but a question on sports betting...

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  • Not a gambler, but a question on sports betting...

    Just a question about the mechanics of how things work as far as odds, point spread, and over/under.

    But I have a question about odds, point spread, and over/under betting.

    Let's use the NFL as an example. Let's say you have Team A vs Team B. And the "odds" of Team A winning are 5:1. And let's say John Smith bets $100 on Team A. Now, due to whatever reason, the odds change to 4:1. If John Smith wins his bet, does he still get the 5:1 payout?

    And as far as point spread, let's say that the point spread for Team A vs Team B is Team A -9 (Team A being a 9 point favorite). And let's say that John Smith bets another $50 and "takes the points", because he believes that the game will be closer than 9 points. But let's say that as the week goes on, and more information comes out, that the spread is now Team A -5. What happens to John Smith's bet if Team B covers the original 9 point spread (let's say it ends up being a 7 point difference, instead of less than 5)?

    Same with the over/under on total points. Let's say the total over/under for the game starts at 42, and John Smith lays $20 down on the "under", but then the over/under shifts to, say, 35. What happens then if the total point value is something like 38?

    My wife and I were discussing this last night, and we had no idea what happens, because we know that the bookmakers like to "set a middle", but it seems like in some of these circumstances it would be difficult to do.

    Can someone explain? I'm just curious, nothing more.

    Mods: If this is inappropriate, please let me know.
    Last edited by mjr; 01-28-2018, 12:47 PM.
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  • #2
    I don't do sport betting, but I did study contract law in college.

    You can't change the terms of the contract after the fact, unless both parties agree. I would assume that holds true for legal sports bets. The one time I was at a horse track (company sponsored event. I had to go), the ticket I was given spelled out exactly what I would get if my horse won. I don't think that they could change the odds on me.

    Now if you are placing bets with the wrong people, they don't necessarily follow contract law.
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    • #3
      Years of going to Vegas for work taught me a few things even though I didn't gamble myself. Your odds are locked in at the time of the bet. This is both a good and an bad thing. If the odds go down after you make your bet, you will get the higher payout, however, if they go up after your bet, you get the lower payout. As long as you make the bet with a reputable place, you never have to worry about them refusing to payout what you should get. Then again, if you make a bet with someone that will only payout at the odds at the start of the game, you are just as likely to get nothing from them. In cases like this, anyone that is regulated by a gaming commission is going to be safe to bet with. They are not going to risk their license for the sake of a few dollars. The system is built in their favor to start with and they will make more in the long run.

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