🏈 Sportsbook/Pick 'em contest for 2014 football. Intro/instructions/definitions...PART 1.

[TerryP]

Here we go.

If you haven't seen the thread on the banking system, take a minute and read over it quickly.

This is set up a lot like last year

We're working with three things this season that are like last year. The majority of the time you'll have three options to choose from when picking the winners each week.

• Straight up
• Against the spread
• Over / Under

There's no limit on how many options you choose.

OKAY, that concludes the portion of this post that is similar to last season's Sportsbook.

I'm going to use the Alabama versus West Virginia game as an example to explain how these picks will be paid—assuming you have the ability to pick the correct choice!

The current lines is as follows:

Money line Alabama • -6000
Money line WVU • +2750
Alabama • -27
Over /Under • 55

Payouts:

Straight up picks (just choosing the winner)

These games will be done strictly by the Money Line. In this game, if you were to bet $100 on West Virginia to win, and they won, you'd get paid $2750. IF you choose the easy way out and just pick Alabama to win, you'll need to bet $6000 to win $100. ($600 wins $10, $60 wins $1.)

You don't have to wager on the $100 scale. Any amount can be placed on a game.

Playing the money line is a smart choice to make in some situations. If you like a team to win and feel very comfortable about that choice, but don't like the spread, the money line is your answer.

Against the Spread and Over /Under:

These games will have the odds set at 100 to 110 (or -110.) In other words, if you bet $100 on Bama to cover the spread you'll get paid roughly $91.27 or so. $10 bet will win $9, and so on.

The Over/Under is set at 55. If you choose over, and that's correct, the same payout applies as described above. ($91.27)

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You'll be getting "staked" in the next 24 hours. Take the money, pick the games you like, place as much on the game as you like.

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For most here dealing with spreads, money lines, etc. is something they're familiar with. Others of you may get a little confused, or simply not understand how this works.

If you don't understand something, just ask!!!

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And, if you haven't figured it out by now, the bookie is charging a vig. After all, he's staking you money to get started.

You may not like seeing his balance at the end of the day...but all the money you lose? Yeah, the bookie is getting that as well.

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Odds listed on Monday may change Wednesday. If they do move, the line will move here. Your bets will be paid based on when they were placed—not on the line at kickoff.

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There are a ton of other new features built into this years Sportsbook. As soon as it's launched, feel free to surf around and ask any questions.

Best of luck!

(In case you're wondering, I'm playing against the bookie as well.)

 

[Bamabww]

I like this better.

 

[alabama mike]

I am going to give this a try and see how games go. I have never bet on anything b4 so your explanation of the terms has been very helpful to me. I am sure I will be asking a lot of questions. Thanks for the info and easy to understand explanation.

 

[TerryP]

I am going to give this a try and see how games go. I have never bet on anything b4 so your explanation of the terms has been very helpful to me. I am sure I will be asking a lot of questions. Thanks for the info and easy to understand explanation.

I like it a lot better that simple "pick the winner" type of deals. Risk, reward, lose a lot or catch up a lot...

 

[rick4bama]

And, if you haven't figured it out by now, the bookie is charging a vig. After all, he's staking you money to get started.

You may not like seeing his balance at the end of the day...but all the money you lose? Yeah, the bookie is getting that as well.

Who the bookie?? And what does this mean vig? Look I'm not any kind of a gambler. I may try it this year.

 

[riz]

Going all sportsbook on us. I like it.

 

[TerryP]

Who the bookie?? And what does this mean vig? Look I'm not any kind of a gambler. I may try it this year.

The bookie is basically the bank. There are some tweaks still left to do next Thursday morning, but you'll be able to see just how much people have lost based on his BamaBucks total. It's not an individual person, so to speak. The lines are pulled from covers.com.

vig= short for vigorish. You're paying him for the use of the money, paying him for setting the line and betting on the line. The "vig" is the reason you see the lines set up the way they are. IE: 100/110. A $110 winning bet pays $100 due to what equals to roughly a 9% vig.

Like @riz mentions...this is set up almost identically to a sportsbook you'll find in Vegas. Or, if you happened to play each weekend with a local bookie.

I know you don't gamble, Rickey, and I can see why you feel that way. In this case, you're not losing anything. In my eyes, it's just like a pick-'em contest except it's more complicated.