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  #21  
Old 09-02-2008, 07:37 AM
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Default Re: Place your Bets! The Bookie Module is running!

So, in the football betting threads, are we betting the money line or the spread?
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  #22  
Old 09-02-2008, 07:42 AM
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Default Re: Place your Bets! The Bookie Module is running!

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Originally Posted by Gerdass View Post
So, in the football betting threads, are we betting the money line or the spread?

Spread, just like in Vegas. 110 bet to win 100.
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  #23  
Old 09-02-2008, 07:49 AM
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Default Re: Place your Bets! The Bookie Module is running!

I'm no gambling expert, but isn't that the money line?

The spread is the point spread on the games.


Indianapolis +9.5 = 9.5 is the point spread.
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  #24  
Old 09-02-2008, 08:46 AM
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Default Re: Place your Bets! The Bookie Module is running!

With money lines, there is (generally) no spread at all. It's the overall "odds" of a team winning/losing outright. Even then, there is always a gap, or difference, between the two - for example one team might be +200 and the other is -220. The difference is the book's vig, or viggorish, which is how the book makes money. Remember, lines are set to encourage the same amount of money (net) on each side of the bet. In the example above, the one team us a 2:1 dog. They want 2 times the amount of bets on the favorite as they get on the dog. This way, the bets cancel each other out and the book pockets the extra 20 (from the -220) as their income.

In spread betting, the line is set somewhat the same way, to encourage equal betting on each side. But there is no build in vig in a spread, so for the book to make their money, you have to lay 110 to win 100. The extra 10 is the book's income. When a bet wins, they return 210 - the win plus the entire wager. Theoretically, the 100 win came from the other side which lost, and the book keeps the extra 10 as income from the losing bet.

If you look at the live odds section of the usa today sports section online, you'll see what I mean. All the odds are listed as Team A -x points -110 which means you give x points to bet the favorite and you lay 110 wo win 100, or you'd get x points on Team B, but still lay 110.

All that said, I'm still working with this module. I was under the original impression that wins and losses would come out of my stake. But so far that hasn't been the case. I have reading to do to see what I have and don't have access to and what the bookie mod does from my end. Ultimately, if I find that I don't have a personal stake in it (why do it then???), I'll eliminate the vig (what's the point?).

But rest assured, that is how it works in any sportsbook (legal or otherwise), although sometimes you'll find specials at -105 instead of -110.
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  #25  
Old 09-02-2008, 09:21 AM
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Default Re: Place your Bets! The Bookie Module is running!

I think I'm getting it now.

So we are betting against the point spread and you the difference (the 110/100) is the vig kept by the bookie...
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  #26  
Old 09-02-2008, 09:36 AM
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Default Re: Place your Bets! The Bookie Module is running!

Basically. But at the moment, I'm not sure where the profits/losses are going, because they aren't in my balance.
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  #27  
Old 09-02-2008, 06:05 PM
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Default Re: Place your Bets! The Bookie Module is running!

Why do we have to pay a vig if the profits don't go to you for doing to work involved?

Also I don't like the fact that with the vig, only the strongest sports bettors will come out ahead. The whole idea behind this is to give people plenty to play with and make it fun. If people are going busto, then we either have to start giving huge handouts which comprimises the system and makes the "good" bettors less inclined to work on their BR, or have the "bad" bettors just sit out and not be able to have fun with it.

Just throwing those ideas out there.
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  #28  
Old 09-02-2008, 06:51 PM
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Default Re: Place your Bets! The Bookie Module is running!

Quote:
Originally Posted by Shadow View Post
Basically. But at the moment, I'm not sure where the profits/losses are going, because they aren't in my balance.
Yes, they are in your "P&L"
If you set the bet up in vBookie, and you lose, you pay it out of your account balance. As in the case where you win the bet, you collect the action on it.
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  #29  
Old 09-02-2008, 08:48 PM
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Default Re: Place your Bets! The Bookie Module is running!

I do agree with you, Tim. This is in fun. We're still working things out with this, and will again once the "bank" comes online too. Don't worry, adjusting/eliminating the vig is on my "to do" list. Along with finishing work on the new house, moving, fixing the old house, renting it out, etc. But I'll get it done!
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  #30  
Old 09-02-2008, 11:10 PM
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Default Re: Place your Bets! The Bookie Module is running!

And if you don't like it, bet wise, build a bankroll that is bigger than the bookies, and you can become a bookie yourself.
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