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Some Famous
Betting Systems
by Jerry "Jet" Whittaker
January 31, 2006
Today
betting has a world of its own. Even online betting has
managed to gain a strong hold in the society. Betting is
everywhere – betting in horse races, in baseball, in
football, in cricket and in basketball. This is just to
name a few. However what are the systems that are being
applied in betting in these games? Read ahead to know
about two famous
systems of betting -
Parimutuel betting
–
It is a
betting system in which bets of a particular type are
placed together in a pool and taxes and house takes are
removed. The payoff odds are calculated by sharing the
pool among all the placed bets. It is used in gambling
on horse racing, greyhound racing, jai alai and some
other sporting events of relatively short duration where
participants finish in a ranked order. A modification of
parimutuel system is also used in some lottery games
like Lotto South. Parimutuel gambling is generally
state-regulated, and is offered in many places where
gambling is otherwise illegal. Parimutuel gambling is
also offered at "off track" facilities, where a player
may bet on the event without actually being present to
observe it in person. Parimutuel betting is different
from fixed odds betting in that the final payout is not
determined until the pool is closed – however in fixed
odds betting, the payout is agreed at the time the bet
is sold.
Spread betting –
Spread betting is a form
of gambling, which is done on the outcome of any event
where the more accurate the gamble, the more is won and
conversely the less accurate the more is lost. Here, a
bet is made against a 'spread', on whether the outcome
will be above or below that spread. The amount that is
won or lost depends on the level of the index at the end
of the event. Here, the spread represents the margin of
the index firms. This concept has a long history in
American sports betting and was later adopted by the
United Kingdom in the 1980s. In North America the bettor
generally bets that the difference in the scores of two
teams will be less than or greater than a certain value
specified by the bookmaker.
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