Remember earlier when we said that most point spread bets in basketball pay out at -110? Well, this is where the vig is located. Sportsbooks will work to get equal amounts of money on both sides of a game and make their money off of the vig. If they are successful in doing so, it does not matter to them who wins the game. For example, let's look at our earlier example. Here are what the odds would look like at the sportsbook:
As you can see, each team is listed, followed by the adjustment or line change for each team, and then the odds that you would be paid out. If you notice, Chelsea has the word scratch next to their name. This is because they are the league favorite to win and all other adjustments are made about them. If your team is in first place at the end of the regular season after the adjustments are made, you will win your bet and be paid the posted odds. As you can see, the odds pay out fairly well on these bets as they are season long and are more difficult to win.
Here’s a less extreme example. Let’s say that Fighter A is fighting Fighter B and you think that Fighter A is going to annihilate Fighter b. Like you don’t even think it’s going to be close. Let’s say you decide that you would be willing to bet even if the odds were -400 on Fighter A. You’d only be getting $25 back on your bet, but that’s what you think is fair.
Handicap league bets are quite similar to the bets we've already talked about except you are now betting on a team's performance across the entire course of the season. Bets are made at the beginning of the season before the first game is played and are not paid out until the last game of the season has been played. Here is a screenshot of some handicap league bets on Premier League soccer.
The last types of bets that you should be aware of when betting on the NBA are proposition bets. A prop bet is a wager in which you bet on whether or not something is going to happen in a particular game. For example, will a certain player make more than four 3-pointers in a game? Which team will score first? Which team will win the opening tip-off? Will a certain team shoot over X % from the field? All of these are examples of prop bets that you can make on a particular NBA game.
Sports betting has been around since 1000 B.C in China, where betting on animal fights was commonplace. In ancient Rome, one could wager on the Gladiatorial games. The idea of betting on sports is as old as organized sport itself. But up until the 1940s, bettors were fairly limited in what kind of bets they could make. The standard system of odds would allow bets on, for example, the 3-1 odds that the Steelers would beat the Browns.