A Few Notes In Creating Odds/Bets

[ColaCock]

Guys, I am not sure what kind of gambling experience you have but the odds for some of these things are getting out of hand.

Let me explain a few things.

If Team A is playing Team B, and Team A is favored to win by 10 points (which is a considerable margin), the payout should NOT favor Team A. There is more RISK in choosing Team B, therefore the payout should be BETTER. In fact, unless the spread is very close or there is extenuating circumstances...the favorite should almost have odds that don't par up with the ante.

So if Team A is favored by 10 points, a decent setup would look like:

Team A wins....1/5 (if you wager 5,000 and win...you will profit 1,000 for a total of 5,000)
Team B wins....5/1 (wager 1,000 and you will profit 5,000 with a total of 5,000)

That may not be perfect either, but one thing you will NOT see is the favorite being paid out with 5/1 (same as underdog). The point is that since you are taking less risk in choosing the most probable winner, your gain will be less.

If bets were always made straight up in Las Vegas, there would be no gambling business...that is why the spread is there. If LSU played against Furman today and it was a straight up bet...98% of people would have their money on LSU. You give Furman 35 points and then you will start to see the betting field even out. This is probably common sense to most of you, but apparently not to everyone after looking through these

So if you see a moneyline on a game (ex. Team A -200 or Team B +450) that means that you have to RISK $200 bucks on Team A just to win $100 bucks (and you get your ante back of course). A $100 dollar bet on Team B would make you $450 richer (plus your $100 back). This doesn't exactly help you set your odds, but you can at least get an idea of where to start them...moneyline odds and point spreads don't have much to do with each other. The actual point spread on that game could have favored Team A by 7 points and they may have not covered...but if they won and you put up $200 bucks, you would still get your $100 just because of the intial risk you took.

So for this week's game, we are favored to win by 3 and one half points (-3.5). The moneyline for that is about -150. So for every $150 I bet, I should get 100. If I bet $300, I should get $200. I see that as 2 to 3 odds. It's pretty much the opposite for Kentucky.

So wouldn't the proper setup on here be:

Carolina....2/3
Kentucky...3/2

[upstate gamecock]

I bet Kentucky fans hates Spurrier.

http://www.kentucky.com/295/story/191550.html

[Brinkley_Bulldozer52]

Good Post Cola Cock, I personally will be more stingy with my odds from now on... no more 10/1 and 8/1!

[akn4bkn]

hey, i enjoy getting rich quick

[JAYBEZ]

So.... no more patsy bets with 20/1 payouts?


Where else am I supposed to get my vcash?

[ColaCock]

CockyTalk vBookie would be wrapped in plastic laying in a ditch somewhere if all these bets were going through...

[therealUSC87]

This post was definitely a long time coming. The bets around here have been crazy. How's everyone think I became a vCash millionaire?

[Gamerooster]

You are coorect ColaCock. The idea of the point spread is to make it a 50-50 bet like a coin toss. That's why the spread may change from day to day. The bookie wants the same amount of money bet on each team so that the money from the losers pays the winners and the bookie keeps the vig which is typically 11/10. All the losers pay 11 while the bookie pays the winners 10 leaving him the 1 as profit regardless of the winner.

On a money line or odds bet the vig is built in which is why you will see team A -215 and team B +185. Those are essentially 2:1 and 1:2 but the bookie has built in his profit. If one better bets 215 on team A and A wins then the bookie pays him 100 from the 100 bet on team B. If team B wins then the bookie pays out 185 using the 215 bet on the losing team A.

Except on Cockytalk the bookie always wins.

[Brinkley_Bulldozer52]

I love cockytalk

[akn4bkn]

also, if you have a bet where you can make multiple bets, than you can never lose money. If you bet 3 on a 2/1 odd, than you make 6, and if you bet 5 on a 10/1 odd, then you make 50. either way, you make money, whether it be 1 dollar or 44 dollars. This is the way the current Clemson/VT game bet is set up.

[Bromin]

There is one difference between the vBookie here and a bookie in the real world. Here if you bet on the favorite the odds are 1/2 or 1/higher meaning if you bet 100 on a 1/2 and win you are rewarded 50 vcach rather then 150 vcash which would be the amount you bet plus the amount you win from the odds. In essence, if you bet on the favorite here and win you actually lose money.

[longcock]

There is one difference between the vBookie here and a bookie in the real world. Here if you bet on the favorite the odds are 1/2 or 1/higher meaning if you bet 100 on a 1/2 and win you are rewarded 50 vcach rather then 150 vcash which would be the amount you bet plus the amount you win from the odds. In essence, if you bet on the favorite here and win you actually lose money.

if true, that sucks. I just but a bundle on a .5 bet.

[therealUSC87]

There is one difference between the vBookie here and a bookie in the real world. Here if you bet on the favorite the odds are 1/2 or 1/higher meaning if you bet 100 on a 1/2 and win you are rewarded 50 vcach rather then 150 vcash which would be the amount you bet plus the amount you win from the odds. In essence, if you bet on the favorite here and win you actually lose money.

On the bets I have made I have always received the amount I bet back. So if I bet 100 on 2/1, I won 200, but also received the 100 back to make 300 overall.

I haven't bet any that were 1/2 or anything, but I don't see why that would be any different.

[Gearhead]

I never thought we would have a thread on how to set odds for Play Money....

[SangareeCrew]

I never thought we would have a thread on how to set odds for Play Money....

Says the man with 2 mil in vcash.






By the way................Can ya spare me 10,000 bro??????:lol:

[Gearhead]

Says the man with 2 mil in vcash.






By the way................Can ya spare me 10,000 bro??????:lol:

Don't hate the player, hate the game!:lol: :lol:

[Gamerooster]

There is one difference between the vBookie here and a bookie in the real world. Here if you bet on the favorite the odds are 1/2 or 1/higher meaning if you bet 100 on a 1/2 and win you are rewarded 50 vcach rather then 150 vcash which would be the amount you bet plus the amount you win from the odds. In essence, if you bet on the favorite here and win you actually lose money.
No. The amount you bet is returned plus the winnings. On the above bet you do receive the 150 when the bet pays out.

[ColaCock]

There is one difference between the vBookie here and a bookie in the real world. Here if you bet on the favorite the odds are 1/2 or 1/higher meaning if you bet 100 on a 1/2 and win you are rewarded 50 vcach rather then 150 vcash which would be the amount you bet plus the amount you win from the odds. In essence, if you bet on the favorite here and win you actually lose money.

No. That is not true. That is not how gambling works on here or in the real world.

You never LOSE money from winning any bet. That makes no sense. If you win the bet, your ante is returned along with your winnings. Maybe most of yo think this way and that is why you are setting every bet up as 10/1 or 5/1 for both teams.

For example, if this weeks game is Carolina and paying 2/3. If I win, that means I will PROFIT 2 dollars/points on every 3 dollars/points that I put down.

So if I put down 600 and win...I will profit 400 and a total of 1000 will be returned to me...my winnings plus my ante.

[ultimatetailgater]

Umm this isn't vegas its a message board game. Theres no reason beat makers can't make whatever kind of bet they want and with whatever odds they want. Stop taking it so seriously its just for fun.

[ColaCock]

Umm this isn't vegas its a message board game. Theres no reason beat makers can't make whatever kind of bet they want and with whatever odds they want. Stop taking it so seriously its just for fun.

I'm not trying to hunt down and kick a member's ass on here or start breaking legs because of a vBookie thread...but damn, at least get them decently close. What is the purpose of anything if it isn't done right?

Fantasy Football is just for fun but if they started awarding 10x the points for a pass TD as they did for a run TD...and so on, then it would be kinda stupid and pointless right?

[cockyhoskins]

Guys, I am not sure what kind of gambling experience you have but the odds for some of these things are getting out of hand.

Let me explain a few things.

If Team A is playing Team B, and Team A is favored to win by 10 points (which is a considerable margin), the payout should NOT favor Team A. There is more RISK in choosing Team B, therefore the payout should be BETTER. In fact, unless the spread is very close or there is extenuating circumstances...the favorite should almost have odds that don't par up with the ante.

So if Team A is favored by 10 points, a decent setup would look like:

Team A wins....1/5 (if you wager 5,000 and win...you will profit 1,000 for a total of 5,000)
Team B wins....5/1 (wager 1,000 and you will profit 5,000 with a total of 5,000)

That may not be perfect either, but one thing you will NOT see is the favorite being paid out with 5/1 (same as underdog). The point is that since you are taking less risk in choosing the most probable winner, your gain will be less.

If bets were always made straight up in Las Vegas, there would be no gambling business...that is why the spread is there. If LSU played against Furman today and it was a straight up bet...98% of people would have their money on LSU. You give Furman 35 points and then you will start to see the betting field even out. This is probably common sense to most of you, but apparently not to everyone after looking through these

So if you see a moneyline on a game (ex. Team A -200 or Team B +450) that means that you have to RISK $200 bucks on Team A just to win $100 bucks (and you get your ante back of course). A $100 dollar bet on Team B would make you $450 richer (plus your $100 back). This doesn't exactly help you set your odds, but you can at least get an idea of where to start them...moneyline odds and point spreads don't have much to do with each other. The actual point spread on that game could have favored Team A by 7 points and they may have not covered...but if they won and you put up $200 bucks, you would still get your $100 just because of the intial risk you took.

So for this week's game, we are favored to win by 3 and one half points (-3.5). The moneyline for that is about -150. So for every $150 I bet, I should get 100. If I bet $300, I should get $200. I see that as 2 to 3 odds. It's pretty much the opposite for Kentucky.

So wouldn't the proper setup on here be:

Carolina....2/3
Kentucky...3/2

Thanks for posting this. If anyone sees a ridiculous bet - 10000 to 1 odds, etc. Then let me know. Also, if there is a bet where you cannot lose, etc., then let me know. Just hit the report a post button. The point is to have fun. It ain't about who dies with the most vcash.

[FoghornLeghornCock]

I have no doubt just like the no limit poker wannabes most of us are many will go broke many times over the course of a season rather than using money management to survive those nightmare games that eventually knock you out. Hey let the masses have some fun. The problem will be those who try it in the real world.

[Bromin]

I guess something messed up with me then. At the start of the season I had very little money and bet on a favorite. I had the winning bet and ended up with less cash. Maybe it was just me and a hiccup. Either way I play for fun.

[colt19114me]

Guys, I am not sure what kind of gambling experience you have but the odds for some of these things are getting out of hand.

Let me explain a few things.

If Team A is playing Team B, and Team A is favored to win by 10 points (which is a considerable margin), the payout should NOT favor Team A. There is more RISK in choosing Team B, therefore the payout should be BETTER. In fact, unless the spread is very close or there is extenuating circumstances...the favorite should almost have odds that don't par up with the ante.

So if Team A is favored by 10 points, a decent setup would look like:

Team A wins....1/5 (if you wager 5,000 and win...you will profit 1,000 for a total of 5,000)
Team B wins....5/1 (wager 1,000 and you will profit 5,000 with a total of 5,000)

That may not be perfect either, but one thing you will NOT see is the favorite being paid out with 5/1 (same as underdog). The point is that since you are taking less risk in choosing the most probable winner, your gain will be less.

If bets were always made straight up in Las Vegas, there would be no gambling business...that is why the spread is there. If LSU played against Furman today and it was a straight up bet...98% of people would have their money on LSU. You give Furman 35 points and then you will start to see the betting field even out. This is probably common sense to most of you, but apparently not to everyone after looking through these

So if you see a moneyline on a game (ex. Team A -200 or Team B +450) that means that you have to RISK $200 bucks on Team A just to win $100 bucks (and you get your ante back of course). A $100 dollar bet on Team B would make you $450 richer (plus your $100 back). This doesn't exactly help you set your odds, but you can at least get an idea of where to start them...moneyline odds and point spreads don't have much to do with each other. The actual point spread on that game could have favored Team A by 7 points and they may have not covered...but if they won and you put up $200 bucks, you would still get your $100 just because of the intial risk you took.

So for this week's game, we are favored to win by 3 and one half points (-3.5). The moneyline for that is about -150. So for every $150 I bet, I should get 100. If I bet $300, I should get $200. I see that as 2 to 3 odds. It's pretty much the opposite for Kentucky.

So wouldn't the proper setup on here be:

Carolina....2/3
Kentucky...3/2

Given all of this is striclty fun.. what difference does it make? Really? Sure there are some whacky odds.. So? It lets people have fun with it and who knows..someone can bet the farm and get a big payout.. and what do they get.. The joy of winning..that's it..

All of this is much ado about nothing..

[ColaCock]

Given all of this is striclty fun.. what difference does it make? Really? Sure there are some whacky odds.. So? It lets people have fun with it and who knows..someone can bet the farm and get a big payout.. and what do they get.. The joy of winning..that's it..

All of this is much ado about nothing..


When this originally started, I thought the idea was eventually going to be to reward the richest members with awards, gifts, etc. That is mainly the reason I posted this. If some of you can't even get a payout odd realistically close, that will never happen nor would it ever work.

At any rate, at least just appreciate the fact that I could have saved you a few broken legs from your bookie's buddies, God forbid if some of you actually try to gamble in real life.

To me, there is no "fun" in it when you remove the purpose, competition, and edge of the system. When I can win big money on either bet (or worse, winning big after betting on BOTH), that isn't fun to me...it's stupid.

[bhall]

good post. needs a sticky.

[Gamerooster]

When this originally started, I thought the idea was eventually going to be to reward the richest members with awards, gifts, etc. That is mainly the reason I posted this. If some of you can't even get a payout odd realistically close, that will never happen nor would it ever work.

At any rate, at least just appreciate the fact that I could have saved you a few broken legs from your bookie's buddies, God forbid if some of you actually try to gamble in real life.

To me, there is no "fun" in it when you remove the purpose, competition, and edge of the system. When I can win big money on either bet (or worse, winning big after betting on BOTH), that isn't fun to me...it's stupid.
The bets with the spread should be even or 1 to 1. That's the whole reason for the spread. That's also why I like the straight bets where you can play the odds. It's more fun.