Prior to Monday’s seismic Supreme Court decision, sports betting was technically only fully legal and regulated in Nevada. In reality, though, most Americans who wanted to place a wager on a game had historically encountered little resistance, as evidenced by estimates from the American Gaming Association that legal wagering comprises merely a sliver of the U.S. sports betting pie, with the illegal sports betting market conservatively estimated at $150 billion annually.
That disparity is certain to start seeing a reduction with New Jersey — and other states — set to open their bookmaking doors. With it, the state’s racetracks and casinos are likely to receive an influx of casual bettors (in other words, those who don’t have online gambling accounts through offshore sportsbooks) who may be interested in wagering on a game as part of a bachelor party or a weekend getaway with friends.
What follows is meant to be an introduction to sports betting for the uninitiated, so if you’ve ever owed a neighborhood bookie or taken a trip to Vegas with the sole purpose of emptying your bankroll on March Madness, this post is not for you.
If, however, you’re interested in learning about some basic types of bets that will be offered by sportsbooks in New Jersey, here they are:
Single-game bet on a side
The most traditional type of sports bet, a side is also known as the “spread” and is the way oddsmakers equalize two teams. For example, in this year’s Super Bowl, the Patriots were favored by 4.5 points over the Eagles, meaning a bet on the Patriots meant they had to win by at least 5 points for the ticket to cash. Conversely, a bet on the Eagles meant they could have lost by as many as 4 points for a winning bet. Of course, the Eagles won the game outright, 41-33, rendering the side irrelevant. (Cue Patriots fans nodding sadly.)
Single-game bet on a total
Similar to the spread, bookmakers assign a total to every game they post on the board, indicating the cumulative number of points that will be scored. Bettors have the option of wagering whether the combined score of the two teams will go “over” or “under” the total. Using the Super Bowl example, the total was set at 47.5, so with 74 points ultimately scored, all bets on the total were essentially settled by the third quarter.
Parlay bet
Favored by recreational gamblers, a parlay involves choosing a minimum of two sides, totals or moneylines (a bet placed on the outright winner, with premiums placed on favored teams) and stringing them together into a wager with potentially high returns. The caveat being that all “legs” of the parlay must win for the bet to cash. So a 5-team parlay in which the first four legs win and the final leg loses will unfortunately yield no return 🙁
Teaser bet
Similar to a parlay, a teaser involves stringing together multiple sides or totals. Where the bets differ is that a teaser allows you to manipulate the sportsbook-offered numbers by 6, 7 or 10 points. Because bettors receive more favorable numbers (for example, a team listed as a 10-point favorite becomes a 3-point favorite in a 7-point teaser), sportsbooks require bettors to pay for the adjusted odds in the form of reduced payouts.
Futures bet
A few types of futures bets exist, but the most common form involves placing a wager on a team to win its respective league championship. The most famous example of a futures bet turning into a windfall of cash came when Leicester City won the 2015-16 English Premier League title after beginning the season with 5,000-1 odds. Suffice to say that made a few bettors extremely happy.