Coming soon to Parx Casino®
It's nearly here. Sports betting is coming to Pennsylvania and Parx Casino®. You will soon be able to make sports bets at the brand new sportsbook at Parx Casino®. You can expect all your favorite ways to sports bet, including: spread, moneyline, total, props, parlays and teasers. All your favorite sports will be available too, including NFL, NBA, MLB, NHL, College Football, College Basketball and plenty more. That's not all, the Parx Casino® online sports betting app complete with live in-game betting is also close to launch.
Sports Betting Guide
Whether you're new to sports betting or just want a refresher, this guide will help you get to know some key terms as well as many of the most popular bet types
Straight Bets & Props
A straight bet is a wager based on the outcome of a single event. Straight bets include spreads, moneylines, and totals (which are often called over/unders). A straight bet covers when a sports bettor wins and the bet pays out. Some straight bets can also push, meaning the bet is a tie. In that case, the bettor receives his wager back, but does not receive any winnings. Straight bets are more straightforward than parlays and teasers, so they’re an easy way to start sports betting.
When you bet against the spread, you’re just betting on the margin of victory or defeat. The favorite team is always indicated with a (-) sign and the underdog with a (+) sign. Here is an example of a game where point spreads are utilized and how it would look: Philadelphia -3 (-110), New England +3 (-110). Philadelphia is the 3-point favorite which means they would need to win the game by three points or more to win the bet. Conversely, New England is a 3-point underdog which means they would need to win or not lose the game by more than three points to win the bet. To help understand the risk and reward, the number next to the spread (-110) shows you the amount a bettor would have to wager to win $100. So -100 means that the bettor would have to wager $110 to win $100.
A moneyline is a straight up bet on the outcome of a game. The favorite is always indicated by a minus sign (-), and the underdog is indicated by a plus sign (+). In the case of the favorite, the moneyline is the amount a bettor would have to wager to win $100. For the underdog, the moneyline is the amount a bettor stands to win if they were to wager $100. Here is an example of a game where the moneyline is utilized and how it would look: Philadelphia -300, New England +250. Because Philadelphia is favored, a bettor has to wager $300 to win $100. Whereas with New England, a $100 wager could win you $250. Note that while moneyline wagers are always assume a base of $100, you can always bet more or less.
A total, or over/under, is a bet on the total amount of points scored in a game by both teams combined. A bet on the over means that both teams must combine to score more than the indicated point total, whereas a bet on the under means that they must combine for less. If the teams combine for exactly the indicated total, then the wager is a tie (or push) and all bets are voided and the bettor gets his money back. For example, in the Philadelphia vs New England matchup with a total of 40.5, you may see the odds laid out like this: 48.5 OVER -110, 48.5 UNDER +105. To wager the over, you have to bet $110 to win $100. To wager the under, you get to bet $100 for the chance to win $105.
Proposition bets, or props, are often called side bets because they allow bettors to wager on specific events within a game rather than the game itself. Props are typically presented as moneylines and cover a wide range of in-game events, like an individual player performance and more.
Parlay betting is one of the most popular forms of sports wagering. A parlay is a bet that is dependent on the combined outcomes of two or more wagers. The wagers can be a mixture of multiple bet types including spreads, moneylines, and over/unders. A parlay bet only pays out if each of the wagers cover. Parlays also tend to have higher payouts than individual wagers. For example, if you straight bet $55 to win $50 on Philadelphia -2 (-110), and $55 to win $50 on Green Bay +4, and both won, you’d profit $100. But if you instead put $100 on a two-team parlay of Philadelphia -2 and Green Bay +4 and both won, you’d profit $260 at the standard +260 price.
A teaser combines three or more spread wagers into a single bet and allows the bettor to adjust the spreads favorably. The bettor gets to choose how much to adjust the spread, but that adjustment is the same across every wager in the teaser. Teasers shift the odds in favor of the bettor, so they tend to have lower payouts than each wager would if placed separately. As an example, let’s say you like Philadelphia -4 and Chicago +6, but are worried that Philadelphia might only win by a field goal or Chicago might lose by a touchdown. If you pair these games together in a 7-point teaser, you now have Philadelphia +3.0 and Chicago +13.0. Now any Philadelphia win (and even a 1 or 2-point loss) is a cover, and Chicago is also covered in many more circumstances.
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