Wikipedia betting terms dime

Consensus pick: Derived from data accumulated from a variety of sportsbooks in PickCenter. The pick, and its percentage, provides insight as to what side the public is taking in a game. Cover: The betting result on a point-spread wager. For a favorite to cover, it has to win by more than the spread; an underdog covers by winning outright or losing by less than the spread. Edge: An advantage. Sports bettors might feel they have an edge on a book if they think its lines aren't accurate.

Even money: Odds that are considered Exotic: Any wager other than a straight bet or parlay; can also be called a "prop" or "proposition wager. Depending on the sport, the favorite will lay either odds or points. For example, in a football game, if a team is a 2. Fixed: A participant in a particular game who alters the result of that game or match to a completely or partially predetermined result.

The participant did not play honestly or fairly because of an undue outside influence. Futures bet: A long-term wager that typically relates to a team's season-long success. Common futures bets include betting a team to win a championship at the outset of a season, or betting whether the team will win or lose more games than a set line at the start of the season.

Halftime bet: A bet made after the first half ended and before the second half begins football and basketball primarily. Handicapper: A person trying to predict the winners of an event. Handle: The amount of money taken by a book on an event or the total amount of money wagered.

Hedging: Betting the opposing side of your original bet, to either ensure some profit or minimize potential loss. This is typically done with futures bets, but can also be done on individual games with halftime bets or in-game wagering. High roller: A high-stakes gambler. Hook: A half-point. Juice: The commission the bookie or bookmaker takes. Standard is 10 percent. Limit: The maximum bet taken by a book. Lock: A guaranteed win in the eyes of the person who made the wager.

Middle: When a line moves, a bettor can try to "middle" a wager and win both sides with minimal risk. Suppose a bettor bets one team as a 2. She can then bet the opposite team at 3. She would then win both sides of the bet. Money line noun , money-line modifier : A bet in which your team only needs to win. The point spread is replaced by odds. Mush: A bettor or gambler who is considered to be bad luck. Oddsmaker also linemaker : The person who sets the odds. Some people use it synonymous with "bookmaker" and often the same person will perform the role at a given book, but it can be separate if the oddsmaker is just setting the lines for the people who will eventually book the bets.

Off the board: When a book or bookie has taken a bet down and is no longer accepting action or wagers on the game. This can happen if there is a late injury or some uncertainty regarding who will be participating. Also used in prop bets. Parlay: A wager in which multiple teams are bet, either against the spread or on the money line.

The more teams you bet, the greater the odds. He also noticed far more kids bought cards than were winning each week, and even after paying off the occasional lucky winner there was still a lot of money left. He asked the boy who was selling them how he could get cut in.

Spanky soon started selling parlay cards for the local bookie to his barber, to the kids in his neighborhood, to family friends. It was huge money for a high school kid in the s. He brought his parlay card business with him to Rutgers, and his earn more than doubled. But sports betting was proving a tough nut to crack. The U. By , gamblers had so permeated the world of professional baseball, the World Series was fixed by a syndicate of big-money gamblers in what would become known as the Chicago Black Sox scandal.

He started gambling in the bleachers of Wrigley Field, and soon found himself making more money from gambling on baseball and football than he made at his day job. He quit and turned to gambling full time. Once bookies figured out how sharp he was they stopped taking bets from him, so by the early s McNeil went to the other side of the desk and started making book himself.

He had an idea he thought could actually level the playing field between bookmaker and handicappers like him, and he believed it would prove popular among gamblers and bookies alike. In doing so, he turned every contest into something closer to a coin flip. By offering bettors a fair contest, he would ideally attract equal action on both sides. Point spreads proved popular, and soon a publisher in Minneapolis named Leo Hirschfield began publishing the spread for games all over the country.

He employed a team of handicappers who talked to contacts across America to obtain information to set their lines. By , there were 23, miles of telegraph lines leased from Western Union to service 20, bookies with up-to-the-minute sports data. Those bookies in turn provided that information to other smaller bookies. In all there were estimated to be more than , bookmakers earning their living from sports betting in the United States in By , there were more than , As attorney general, Robert Kennedy made shutting down the illegal sports betting network in the United States a top priority, believing the proceeds were funding organized crime.

Despite his efforts, by the number of people working in the illegal bookmaking industry in America eclipsed a million. Spanky graduated with a degree in computer science and went to work at Deutsche Bank right out of college. He was earning decent money but he was still spending a lot of time betting on sports. He read books on handicapping and betting systems. He looked for patterns, for edges wherever he could find them.

In the s, sports betting was moving to the internet, with black market bookies decamping for the Caribbean to operate their bookmaking business far from the arm of U. As Spanky combed through one sports betting website after another, it dawned on him that he could use his computer coding skills to beat the bookies. He could do the same types of things he was doing for finance banks to give himself an edge on sports bets.

While sitting in a pizzeria watching a basketball game with his then-girlfriend, he told her his idea. Her response was a shrug. She knew her boyfriend loved puzzles and games. She had no idea how much this particular puzzle would consume him. Spanky approached a coworker he respected and shared his idea for writing code that could identify positive expected value in sports betting markets.

But whenever those games fell right in the middle of the two lines, in this case if the Steelers lost by three points, then they would win both of their bets. Bet after bet Spanky and his colleague just kept losing the vig, never hitting the middle. Then they hit another, and another, and another.

They kept this up for two years without ever taking a dime out of their online accounts. The first time they requested a withdrawal, Spanky says, the bookmaker had them meet someone on the street in Manhattan rather than cash the money out directly to their bank. A total stranger handed them a sack full of cash. They rushed back to Deutsche Bank and counted it in the restroom. They had never seen that much cash in their lives.

It was real money. How big, they wondered, could they make this? The bank they worked for did the same thing they were doing but in financial markets, and their bosses were all filthy rich. Could betting on sports make them rich, too? In June , the casino reopened as Ocean Resort Casino. Though the property is one of the glitziest in Atlantic City, it is one of its lowest-earning casinos. And on a Monday night in March, it shows.

The teller takes my money and punches the bet into a computer. I ask. Those newspapers, from towns large and small, far and wide, were his bread and butter. The 10 percent tax on bets handled was too high to make a profit, since sportsbooks were expected to earn roughly only 4 percent over the long run. This meant the early bookmakers in Las Vegas were mostly no different from the gamblers who bet with them. They had to take positions, to be invested on one side of certain bets.

Essentially they had to gamble against their customers. And looking at the prop, I would have probably had to close the place if Hagler won. Hirschfield and the Minneapolis operation had closed up shop in after Robert Kennedy convinced Congress to pass a number of new antigambling laws. That meant that among legal bookmakers operating in Las Vegas, there was no agreed-upon line for games. Each bookmaker was on their own to take a position. And lines up and down Glitter Gulch sometimes differed wildly.

When Martin made his way through town making bets, those lines would quickly coalesce around whatever he was betting, because his opinion was often more respected by the bookmakers than their own. He asked Martin to come work for him to manage the book and make his lines. Las Vegas remained the epicenter of the sports betting world, both legal and illegal, for nearly a half-century, until the internet changed the landscape in ways Bob Martin and his stack of small-town newspapers could never have imagined.

Early on a Tuesday morning, I arrive at the Ocean sportsbook and sit in the front row of seats, my bag full of money clutched in my hands at all times. Have you been winning a lot of money? He told his wife that he and his partner were quitting Deutsche to pursue their sports betting business full time. Years ago in the pizza parlor after Spanky told her his idea to write code to help him bet on sports, she had dismissed it as a flight of fancy.

This time she knew he was serious. Not only that, if he had more time to devote to it and more help with it, he believed he could scale it up. He and his partner quit their jobs and hired a couple of old friends as their first employees. To place as much money into action as they needed, they had to make bets in literally hundreds of accounts in sportsbooks all over the world.

They wrote code and built betting robots that could automate the bets for them. They taught their friends about how their system worked, and got the friends to a point where they could work virtually independently. Much of their business was being done with online offshore sportsbooks, most of which were located in Costa Rica.

Many of the proprietors of the websites headquartered there were people who had learned the business as illegal bookmakers in the United States. Spanky flew down and worked out deals with the bookmakers to give him credit, rather than requiring him to post large sums of money and cash out through e-wallets like Neteller every time he won.

If he could bet on credit, they could settle up stateside in cash. And bookmaking in Costa Rica was legal. So nobody was doing anything wrong, they figured. One day, while Spanky awaited the birth of his daughter in the hospital, his partner went to a Dunkin Donuts to pick up some money an offshore book owed them.

Then, as they got in their cars to leave, they were surrounded by police officers with their guns drawn. Trap door? For what? The other employees, shaken, followed him out the door. He even expanded his operation beyond middling games, and together with his new brain trust developed new models that allowed him to take positions on games. Fundamental analysis is handicapping. You make numbers. Technical analysis, you look at the market. His team started spending their days watching screens with lines from sportsbooks all over the world, and using finely tuned models to analyze the various line movements and interpret what they meant.

In some ways it was similar to what day traders might do in the stock market. By , middling and steam betting had made Spanky what he deemed a fortune, and he had made a name for himself. After Congress passed the Unlawful Internet Gambling Enforcement Act in , it became next to impossible for American gamblers to deposit and withdraw money from offshore gambling sites. Not all bookmakers decamped from the Caribbean, however. Those who stayed behind had to largely forgo doing business with the American market.

Johnny Aitken, who went from working as a runner for a major gambling syndicate in Australia all the way up to becoming CEO of the Australia-based sportsbook PointsBet, watched it happen. But recreational gamblers either get lucky and win or they go broke, and if they get too lucky, too often they get banned. Either way there is a law of diminishing returns for the bookmaker who will tolerate no risk, unless that bookmaker can continually locate new, untapped pools of players, like an energy company constantly looking for new pockets of oil or gas buried beneath the shale.

These became the two prevailing models of bookmaking. On one side were the European-style books. On the other side were companies like Pinnacle, who offered lower odds and took on larger bets. Pinnacle and BetCRIS were known to let certain sharp players bet their lines before they went public. The European way of cutting people off is really dumb. If someone is good enough to beat you why not use that information internally? Take the bet at a smaller amount and use it to move your line.

One side gets a bet at house limits, the other side gets valuable information. This is the way it worked for many years, more or less. But according to Peabody, the days of posted limits and sharp players being able to bet started to end when William Hill arrived in Nevada. Of the physical sportsbooks in Nevada, William Hill operates more than There are literally tens of thousands of customers in Nevada that are winners at William Hill.

In the rare situation where we do prohibit someone from wagering with us, there are a variety of reasons why. If someone tells you that the reason that they are prohibited from wagering with William Hill is because they are winning, they are not telling you the whole story. Total, total, utter bullshit and you can quote me on that.

He had three kids, with a fourth on the way. His business had been profitable and predictable. His employees were happy. He was becoming a wealthy man. But the European-style changes in the market could potentially kill his livelihood. That meant that he needed to keep millions of dollars in action to earn enough to support his family and his employees.

And with so many sportsbooks refusing his action, he needed to get creative. They would provide Spanky with their own accounts to bet into with other bookmakers, and they could split the proceeds. These bookmakers already knew he was a winning player, and most leaped at the opportunity to make a profit off his plays, while at the same time taking a bite out of their competition. Bookmakers were more skittish about taking on risk than Spanky had ever seen before.

With so little independent data and analysis of their own lines, bookmakers were flinching at every shadow. I give him the money and take the betslip, then return to my chair in the front row. The game then appears on the screen, only the line is now Xavier They should have given Toledo MORE points, not fewer, to get someone to take the other side of the game and balance out my bet. Instead, by moving the line in my direction, they were trying to entice me to bet more!

I clutch my backpack and go back up to the counter to speak to the manager. Can I bet it again? When I return to my seat, the game flashes again, and this time the line goes back to Back to the counter, and another bet approved. This time, the line moves to

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It's especially used when the betting result is decided late in the game to change the side that covers the spread. Also used in poker, such as when a player way ahead in the expected win percentage loses on the river last card. Beard: Someone who places a wager for another person aka "runner".

Book: Short for sportsbook or bookmaker; person or establishment that takes bets from customers. Bookie: A person who accepts bets illegally and charges vig. Buying points: Some bookies or sportsbooks will allow customers to alter the set line and then adjust odds. For example, a bettor might decide he wants to have his team as a 3-point underdog instead of the set line of 2. He has then "bought" half a point, and the odds of his bet will be changed. Chalk: The favorite in the game. People said to be "chalk" bettors typically bet the favorite.

Closing line: The final line before the game or event begins. Consensus pick: Derived from data accumulated from a variety of sportsbooks in PickCenter. The pick, and its percentage, provides insight as to what side the public is taking in a game. Cover: The betting result on a point-spread wager. For a favorite to cover, it has to win by more than the spread; an underdog covers by winning outright or losing by less than the spread.

Edge: An advantage. Sports bettors might feel they have an edge on a book if they think its lines aren't accurate. Even money: Odds that are considered Exotic: Any wager other than a straight bet or parlay; can also be called a "prop" or "proposition wager.

Depending on the sport, the favorite will lay either odds or points. For example, in a football game, if a team is a 2. Fixed: A participant in a particular game who alters the result of that game or match to a completely or partially predetermined result.

The participant did not play honestly or fairly because of an undue outside influence. Futures bet: A long-term wager that typically relates to a team's season-long success. Common futures bets include betting a team to win a championship at the outset of a season, or betting whether the team will win or lose more games than a set line at the start of the season. Halftime bet: A bet made after the first half ended and before the second half begins football and basketball primarily.

Handicapper: A person trying to predict the winners of an event. Handle: The amount of money taken by a book on an event or the total amount of money wagered. Hedging: Betting the opposing side of your original bet, to either ensure some profit or minimize potential loss.

This is typically done with futures bets, but can also be done on individual games with halftime bets or in-game wagering. High roller: A high-stakes gambler. Hook: A half-point. Juice: The commission the bookie or bookmaker takes.

Standard is 10 percent. Limit: The maximum bet taken by a book. Lock: A guaranteed win in the eyes of the person who made the wager. Middle: When a line moves, a bettor can try to "middle" a wager and win both sides with minimal risk. Suppose a bettor bets one team as a 2. She can then bet the opposite team at 3. These two types can be distinguished by noting the "3" and the "7" in the date. In the Large Date variety, the "3" has a pointed serif at top, and the horizontal element of the "7" is straight.

In the Small Date variety, the "3" has a rounded serif, and there is small a knob, or bulge, in the "7" horizontal element. The Small Date is slightly rarer. At the same time, the laurel wreath on the reverse was changed to a wreath of corn, wheat, maple, and oak leaves and expanded nearly to the rim of the coin. This reverse design continued through the end of the series in and was changed only slightly in , when the Barber dime debuted. Another variety is the —40 dime minted with no drapery underneath the left elbow of Liberty.

The first change was made in response to rising silver prices, while the latter alteration was brought about by the Mint Act of which, in an attempt to make U. In this way, a specific weight of these coins, no matter the mixture of denominations, would always be worth the same. This relation in weight and value continued in the cupronickel coins from on.

Barber , who was Chief Engraver of the U. Mint from to The design was shared with the quarter and half-dollar of the same period. Extensive internal politics surrounded the awarding of the design job, which had initially been opened to the public. A four-member committee which included Barber , appointed by then-Mint Director James Kimball, accorded only two of more than submissions an honorable mention. Kimball's successor, Edward O. Leech, decided to dispense with the committees and public design competitions and simply instructed Barber to develop a new design.

It has been speculated that this is what Barber had wanted all along. This inscription is one of the key elements used in determining the condition of Barber dimes. The obverse also contains the long-used 13 stars for the 13 colonies design element.

The reverse contained a wreath and inscription almost identical to the one used on the final design of the Seated Liberty dime. While circulated coins of the entire series are readily available to collectors there is one outstanding rarity, the S Barber Dime. Twenty-four were minted, with 9 currently known. The obverse figure is a depiction of the mythological goddess Liberty wearing a Phrygian cap , a classic Western symbol of liberty and freedom, with its wings intended to symbolize freedom of thought.

Designed by noted sculptor Adolph A. Weinman , the Winged Liberty Head dime is considered by many to be one of the most beautiful U. Weinman who had studied under Augustus Saint-Gaudens won a competition against two other artists for the design job, and is thought to have modeled his version of Liberty on Elsie Kachel Stevens, wife of noted poet Wallace Stevens.

Although the fasces was later officially adopted by Benito Mussolini and his National Fascist Party , the symbol was also common in American iconography and has generally avoided any stigma associated with its usage in wartime Italy. Roosevelt in , legislation was introduced by Virginia Congressman Ralph H.

Daughton that called for the replacement of the Mercury dime with one bearing Roosevelt's image. Chief Engraver John R. Sinnock was chosen, as he had already designed a Mint presidential medal of Roosevelt. His reverse design elements of a torch, olive branch, and oak branch symbolized, respectively, liberty, peace, and strength.

The same rumor arose after the release of the Sinnock designed Franklin half dollar in April Another controversy surrounding Sinnock's design involves his image of Roosevelt. Soon after the coin's release, it was claimed that Sinnock borrowed his design of Roosevelt from a bas relief created by African American sculptor Selma Burke , unveiled at the Recorder of Deeds Building in Washington, D.

Sinnock denied this and stated that he simply utilized his earlier design on the Roosevelt medal.

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These two types can be distinguished by noting the "3" and the "7" in the date. In the Large Date variety, the "3" has a pointed serif at top, and the horizontal element of the "7" is straight. In the Small Date variety, the "3" has a rounded serif, and there is small a knob, or bulge, in the "7" horizontal element.

The Small Date is slightly rarer. At the same time, the laurel wreath on the reverse was changed to a wreath of corn, wheat, maple, and oak leaves and expanded nearly to the rim of the coin. This reverse design continued through the end of the series in and was changed only slightly in , when the Barber dime debuted.

Another variety is the —40 dime minted with no drapery underneath the left elbow of Liberty. The first change was made in response to rising silver prices, while the latter alteration was brought about by the Mint Act of which, in an attempt to make U. In this way, a specific weight of these coins, no matter the mixture of denominations, would always be worth the same.

This relation in weight and value continued in the cupronickel coins from on. Barber , who was Chief Engraver of the U. Mint from to The design was shared with the quarter and half-dollar of the same period. Extensive internal politics surrounded the awarding of the design job, which had initially been opened to the public. A four-member committee which included Barber , appointed by then-Mint Director James Kimball, accorded only two of more than submissions an honorable mention.

Kimball's successor, Edward O. Leech, decided to dispense with the committees and public design competitions and simply instructed Barber to develop a new design. It has been speculated that this is what Barber had wanted all along. This inscription is one of the key elements used in determining the condition of Barber dimes. The obverse also contains the long-used 13 stars for the 13 colonies design element.

The reverse contained a wreath and inscription almost identical to the one used on the final design of the Seated Liberty dime. While circulated coins of the entire series are readily available to collectors there is one outstanding rarity, the S Barber Dime.

Twenty-four were minted, with 9 currently known. The obverse figure is a depiction of the mythological goddess Liberty wearing a Phrygian cap , a classic Western symbol of liberty and freedom, with its wings intended to symbolize freedom of thought. Designed by noted sculptor Adolph A. Weinman , the Winged Liberty Head dime is considered by many to be one of the most beautiful U.

Weinman who had studied under Augustus Saint-Gaudens won a competition against two other artists for the design job, and is thought to have modeled his version of Liberty on Elsie Kachel Stevens, wife of noted poet Wallace Stevens. Although the fasces was later officially adopted by Benito Mussolini and his National Fascist Party , the symbol was also common in American iconography and has generally avoided any stigma associated with its usage in wartime Italy.

Roosevelt in , legislation was introduced by Virginia Congressman Ralph H. Daughton that called for the replacement of the Mercury dime with one bearing Roosevelt's image. Chief Engraver John R. Sinnock was chosen, as he had already designed a Mint presidential medal of Roosevelt. His reverse design elements of a torch, olive branch, and oak branch symbolized, respectively, liberty, peace, and strength. The same rumor arose after the release of the Sinnock designed Franklin half dollar in April Another controversy surrounding Sinnock's design involves his image of Roosevelt.

Soon after the coin's release, it was claimed that Sinnock borrowed his design of Roosevelt from a bas relief created by African American sculptor Selma Burke , unveiled at the Recorder of Deeds Building in Washington, D. Sinnock denied this and stated that he simply utilized his earlier design on the Roosevelt medal. National Collegiate Athletic Association in , paving the way for other states to legalize sports betting.

With the contention by critics that such activities blur the lines between gambling and fantasy sports, the endorsement of all four major sports leagues and many individual franchises provided a marked contrast to their positions on betting. In he stated in a New York Times op-ed, "I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated.

We remain in favor of a federal framework that would provide a uniform approach to sports gambling in states that choose to permit it, but we will remain active in ongoing discussions with state legislatures. Regardless of the particulars of any future sports betting law, the integrity of our game remains our highest priority.

He also stated a willingness to "try to shape" any future legislation at federal level. This was noted as a marked contrast to former Commissioner of the MLB Bud Selig , with Manfred going beyond tacit approval and stating, "There is this buzz out there in terms of people feeling that there may be an opportunity here for additional legalized sports betting. As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports.

Our most important priority is protecting the integrity of our games. We will continue to support legislation that creates air-tight coordination and partnerships between the state, the casino operators and the governing bodies in sports toward that goal.

It emphasized the league's commitment to protecting the integrity of the game: "The NFL's long-standing and unwavering commitment to protecting the integrity of our game remains absolute. Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting. The NHL was the first major professional league to place a team in Nevada, when the expansion Vegas Golden Knights took the ice in since then the league has signed sponsorship agreements with William Hill and MGM Resorts International that include betting partnerships and access to in-play data.

Other clubs in states with legal sports gambling, such as the New Jersey Devils and Philadelphia Flyers , also have similar sponsorships with bookmakers. We will review our current practices and policies and decide whether adjustments are needed, and if so, what those adjustments will look like.

Commissioner Don Garber has stated about sports gambling, " We have a project going on now to really dig in deeply and understand it. It also demeans the competition and competitors alike by spreading a message that is contrary to the purpose and meaning of 'sport. The scope of these bans varies based on level of the English football pyramid. All match officials, plus coaches and assessors thereof, who operate at Level 3 or above in the FA's referee classification system.

Individuals who are associated at clubs at lower levels of the men's or women's league systems, plus match officials at FA Level 4 or below, are only banned with respect to the match or competition in which they are involved or can influence, and also to the league in which they participate. All individuals are banned from advertising or promoting any football betting activity in which FA regulations prohibit them from engaging. This, however, only applies to individuals in their personal capacities.

For example, if a club is sponsored by a betting company and said company places its logo on the club's kit, the team's players are not in violation of the betting rules. International baseball and softball[ edit ] The World Baseball Softball Confederation , the international governing body for baseball and softball , has betting rules similar to those of Major League Baseball. Any event in the participant's sport, even if not directly governed by WBSC.

For example: An individual involved with a national baseball team cannot bet on a Major League Baseball game. However, someone involved solely with a national softball team can bet on an MLB game. Any event in any multisport competition in which an individual is participating. For example, an Olympic baseball or softball player cannot bet on any Olympic event taking place at that specific Summer Olympics. The betting ban, as in the case of The FA's rules outlined above, also extends to providing inside information that the tipper could reasonably believe will be used to bet on a WBSC event.

Cricket[ edit ] The International Cricket Council imposes a blanket ban on what it calls "corrupt conduct" by anyone it defines as a "participant".