Betting With An Edge

Posted By admin On 29/07/22

By Noah Holman

Betting with an Edge Hardcover – January 1, 2017 by Mike Maloney (Author) 3.5 out of 5 stars 9 ratings. See all formats and editions Hide other formats.

Sports betting has at long last been introduced to the Commonwealth, as nationwide fervent for the industry that was taboo not too long ago has reached a tipping point.[1] The bills to legalize sports betting were approved in April of last year; the Virginia Lottery then accepted applications from 25 sportsbook operators in October.[2] As the DraftKings and FanDuels of the world roll on the momentum, those interested in the sports betting space noticed something somewhat peculiar about the Virginia market in its inception roughly a month ago. FanDuel was granted a license from the Virginia Lottery, the state-appointed gatekeepers of the industry, before anyone else.[3] Although other companies like DraftKings, BetMGM, BetRivers, and others were not far behind in joining the competition,[4] the head start that FanDuel was fortunately granted is an advantage that will likely benefit the sportsbook for years to come. With a huge market of eager-to-wager individuals in Virginia,[5] exerting a monopoly over the opportunity to vie for their business, albeit for a short window, is tremendously valuable even if only a fraction of people downloading the app in its debuting days remain loyal to FanDuel and FanDuel alone.

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So, how was FanDuel able to hit the market before anyone else? It all stems from their partnership with the Washington Football Team who has their team facilities and front office in the Commonwealth of Virginia, despite playing games in Landover, Maryland.[6] That relationship gave FanDuel the edge over its competition because the Virginia statute grants “substantial and preferred consideration” to sportsbooks that have a partnership with a regional professional sports team.[7]

The Commonwealth has an interest in catering to professional sports franchises operating in Virginia, which all bring in millions of dollars in commerce and taxes.[8] There is an even more particular focus on currying favor with the Washington Football Team which has been openly discussing its plans to build a new stadium in coming years.[9]Virginia is enticing the historic NFL franchise to build that new stadium in the state through its preferred treatment of FanDuel.[10]

There are of course intersecting issues of technology and law that have come with the emerging gaming industry. While there are plans to build physical casinos and sportsbooks going forward,[11] right now all of the sports betting is taking place through the electronic apps like FanDuel and DraftKings.[12] These apps use geotracking location checks to verify their users are in states like Virginia where sports betting is legalized.[13] As many people are familiar, Virtual Private Networks (VPNs) can be used to disguise one’s location and even designate the location to be tunneled to a server in a particular location.[14] While many people use this to access content available in some countries but not others, people could also use the technology for placing bets in states where it is legal from states where it is not.[15] Because the gaming industry is so highly regulated, however, these sportsbooks are employing the most sophisticated software engineers to detect when computers or mobile devices are using such software in an attempt to circumvent the location checks.[16] Of course, as with anything, there will always be people trying to stay one step ahead of the game and find ways around this, a simple Google search or visit to Reddit will show the demand for finding such workarounds,[17] but the sportsbooks are doing what they can to ensure compliance with applicable state law.

Regardless of how you feel about sports betting, some things are for sure. It is here and it is not going anywhere. Demand for it is perhaps higher than ever before with so many people isolated in their homes because of the ongoing COVID pandemic. It is undeniable that this new industry is creating new jobs in both technology and legal sectors. Rising young attorneys should look at this as an opportunity not to be overlooked as firms are racing to establish practices in the booming industry and without any precedent in this new industry, more senior and established attorneys do not have the same advantage they would typically have over young attorneys fresh out of law school. Life is too short to bet the under, but I would be reluctant to take the over on the average age of attorneys that will come to dominate this new area of law in the next decade.

[1]See Matt Bonesteel, Sports Betting Kicks Off in Virginia After State Awards Permit to FanDuel, Wash. Post. (Jan. 21, 2021, 2:56 PM), https://www.washingtonpost.com/sports/2021/01/21/fanduel-virginia-sports-betting/.

[2] SportsHandle, Virginia Sports Betting – Where to Play, Online Sportsbooks and Bonus Offers, https://sportshandle.com/virginia/.

[3]See, e.g., Matthew Water, Secretive Virginia Sports Betting Rollout Trickles on With BetMGM Launch, Legal Sports Report (Jan. 26, 2021), https://www.legalsportsreport.com/47571/virginia-sports-betting-betmgm-launch/.

[4]See SportsHandle, Virginia Sports Betting – Where to Play, Online Sportsbooks and Bonus Offers, https://sportshandle.com/virginia/.

[5] Bonesteel, supra note 1 (“With the 12th-largest population in the United States, Virginia is seen as a lucrative market for sports gambling . . . .”).

[6]See, e.g., Adam Candee, Surprise: Virginia Sports Betting Live After Thursday Launch, Legal Sports Report (Jan. 21, 2021), https://www.legalsportsreport.com/47387/virginia-sports-betting-launch-date/; Dann Stupp, FanDuel Sportsbook Live and Taking Wagers in Virginia, Play Virginia (Jan. 21, 2021), https://www.playvirginia.com/fanduel-sportsbook-jan-21-launch/.

[7]See, e.g., Candee, supra note 6; Stupp, supra note 6; Bonesteel, supra note 1.

[8]See Michael Phillips, FanDuel Launches Virginia Sports Betting in Partnership with Washington Football Team; Move Is Seen as Enticement for a New Stadium, Richmond Times Dispatch (Jan. 21, 2021), https://richmond.com/news/state-and-regional/fanduel-launches-virginia-sports-betting-in-partnership-with-washington-football-team-move-is-seen-as/article_acef416b-76ea-56c1-a752-7cee9eb2e156.html.

[9]Id.

[10]Id.

[11] Matthew Waters, New Virginia Sports Betting Bill Adds Items It Meant to Add Last Year, Legal Sports Report (Jan. 19, 2021), https://www.legalsportsreport.com/47278/new-virginia-sports-betting-bill-licenses/.

[12] Phillips, supra note 8.

[13] Jill R. Dorson, The Total Dummy’s Guide to Sports Betting Geolocation Technology, SportsHandle (Apr. 1, 2019), https://sportshandle.com/geolocation-mobile-sports-betting/.

[14] Aimee O’Driscoll, Best VPNs for Gambling: How to Access Betting Websites Abroad, Comparitech (Nov. 27, 2020), https://www.comparitech.com/blog/vpn-privacy/vpn-betting-gambling-abroad/.

[15]Id.

[16]Id.

[17]See, e.g., u/throwawayyyy9828, [Serious] VPN for betting without letting betting sites know, Reddit (Dec. 14, 2020, 6:45 PM), https://www.reddit.com/r/sportsbook/comments/kd9q54/serious_vpn_for_betting_without_letting_betting/; u/Peepsalicious, Using FanDuel w/ a VPN, Reddit (Aug. 13, 2018, 5:47 PM), https://www.reddit.com/r/dfsports/comments/972io0/using_fanduel_w_a_vpn/.

Image Source: https://novacapsfans.com/2021/01/21/report-sports-betting-to-launch-in-virginia-on-thursday/.

Action: Having a wager on a game.

ATS ('against the [point] spread'): If a team is 5-2 ATS, it means it has a 5-2 record against the point spread, or more commonly referred to simply as the 'spread.'

Backdoor cover: When a team scores points at the end of a game to cover the spread unexpectedly.

Bad beat: Losing a bet you should have won. It's especially used when the betting result is decided late in the game to change the side that covers the spread. Also used in poker, such as when a player way ahead in the expected win percentage loses on the river (last card).

Beard: Someone who places a wager for another person (aka 'runner').

Book: Short for sportsbook or bookmaker; person or establishment that takes bets from customers.

Bookie: A person who accepts bets illegally and charges vig.

Buying points: Some bookies or sportsbooks will allow customers to alter the set line and then adjust odds. For example, a bettor might decide he wants to have his team as a 3-point underdog instead of the set line of 2.5. He has then 'bought' half a point, and the odds of his bet will be changed.

Chalk: The favorite in the game. People said to be 'chalk' bettors typically bet the favorite.

Circle game: A game for which the betting limits are lowered, usually because of injuries and/or weather.

Closing line: The final line before the game or event begins.

Consensus pick: Derived from data accumulated from a variety of sportsbooks in PickCenter. The pick, and its percentage, provides insight as to what side the public is taking in a game.

Cover: The betting result on a point-spread wager. For a favorite to cover, it has to win by more than the spread; an underdog covers by winning outright or losing by less than the spread.

Dime: Jargon for a $1,000 bet. If you bet 'three dimes,' that means a $3,000 wager.

'Dog: Short for underdog.

Dollar: Jargon for a $100 bet. Usually used with bookies; if you bet 'five dollars,' that means a $500 wager.

Edge: An advantage. Sports bettors might feel they have an edge on a book if they think its lines aren't accurate.

Even money: Odds that are considered 50-50. You put up $1 to win $1.

Exotic: Any wager other than a straight bet or parlay; can also be called a 'prop' or 'proposition wager.'

Favorite: The expected straight-up winner in a game or event. Depending on the sport, the favorite will lay either odds or points. For example, in a football game, if a team is a 2.5-point favorite, it will have to win by three points or more to be an ATS winner.

Fixed: A participant in a particular game who alters the result of that game or match to a completely or partially predetermined result. The participant did not play honestly or fairly because of an undue outside influence.

Futures bet: A long-term wager that typically relates to a team's season-long success. Common futures bets include betting a team to win a championship at the outset of a season, or betting whether the team will win or lose more games than a set line at the start of the season.

Halftime bet: A bet made after the first half ended and before the second half begins (football and basketball primarily). The oddsmaker generally starts with half of the game side/total and adjusts based on what happened in the first half.

Handicapper: A person trying to predict the winners of an event.

Handle: The amount of money taken by a book on an event or the total amount of money wagered.

Hedging: Betting the opposing side of your original bet, to either ensure some profit or minimize potential loss. This is typically done with futures bets, but can also be done on individual games with halftime bets or in-game wagering.

High roller: A high-stakes gambler.

Hook: A half-point. If a team is a 7.5-point favorite, it is said to be 'laying seven and a hook.'

Betting With An Edge Book

In-game wagering: A service offered by books in which bettors can place multiple bets in real time, as the game is occurring.

Juice: The commission the bookie or bookmaker takes. Standard is 10 percent. Also called the 'vig/vigorish.'

Layoff: Money bet by a sportsbook with another sportsbook or bookmaker to reduce that book's liability.

Limit: The maximum bet taken by a book. If a book has a $10,000 limit, it'll take that bet but the book will then decide whether it's going to adjust the line before the bettor can bet again.

Lock: A guaranteed win in the eyes of the person who made the wager.

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Middle: When a line moves, a bettor can try to 'middle' a wager and win both sides with minimal risk. Suppose a bettor bets one team as a 2.5-point favorite, then the line moves to 3.5 points. She can then bet the opposite team at 3.5 and hope the favorite wins by three points. She would then win both sides of the bet.

Money line (noun), money-line (modifier): A bet in which your team only needs to win. The point spread is replaced by odds.

Mush: A bettor or gambler who is considered to be bad luck.

Nickel: Jargon for a $500 bet. Usually used with bookies; if you bet 'a nickel,' that means a $500 wager.

Betting with an edge

Oddsmaker (also linemaker): The person who sets the odds. Some people use it synonymous with 'bookmaker' and often the same person will perform the role at a given book, but it can be separate if the oddsmaker is just setting the lines for the people who will eventually book the bets.

Off the board: When a book or bookie has taken a bet down and is no longer accepting action or wagers on the game. This can happen if there is a late injury or some uncertainty regarding who will be participating.

Over/under: A term that can be used to describe the total combined points in a game (the Ravens-Steelers over/under is 40 points) or the number of games a team will win in a season (the Broncos' over/under win total is 11.5). Also used in prop bets.

Parlay: A wager in which multiple teams are bet, either against the spread or on the money line. For the wager to win (or pay out), all of them must cover/win. The more teams you bet, the greater the odds.

Pick 'em: A game with no favorite or underdog. The point spread is zero, and the winner of the game is also the spread winner.

Point spread (or just 'spread'): The number of points by which the supposed better team is favored over the underdog.

Proposition (or prop) bet: A special or exotic wager that's not normally on the betting board, such as which team will score first or how many yards a player will gain. Sometimes called a 'game within a game.' These are especially popular on major events, with the Super Bowl being the ultimate prop betting event.

Push: When a result lands on the betting number and all wagers are refunded. For example, a 3-point favorite wins by exactly three points. Return on investment (ROI): In PickCenter, ROI is the amount (according to numberFire) that a bettor should expect to get back on a spread pick.

Runner: Someone who makes bets for another person (aka 'beard').

Sharp: A professional, sophisticated sports bettor.

Spread: Short for point spread.

Square: A casual gambler. Someone who typically isn't using sophisticated reasoning to make a wager.

Steam: When a line is moving unusually fast. It can be a result of a group or syndicate of bettors all getting their bets in at the same time. It can also occur when a respected handicapper gives a bet his followers all jump on, or based on people reacting to news such as an injury or weather conditions.

Betting With An Edge

Straight up: The expected outright winner of the money line in an event or game, not contingent on the point spread.

Teaser: Betting multiple teams and adjusting the point spread in all the games in the bettor's favor. All games have to be picked correctly to win the wager.

Total: The perceived expected point, run or goal total in a game. For example, in a football game, if the total is 41 points, bettors can bet 'over' or 'under' on that perceived total.

Tout (service): a person (or group of people) who either sells or gives away picks on games or events.

Underdog: The team that is expected to lose straight up. You can either bet that the team will lose by less than the predicted amount (ATS), or get better than even-money odds that it will win the game outright. For example, if a team is a 2-1 underdog, you can bet $100 that the team will win. If it wins, you win $200 plus receive your original $100 wager back.

Betting With An Edge

Vig/vigorish: The commission the bookie or bookmaker takes; also called the 'juice.' Standard is 10 percent.

Wager: A bet.

Gamble With An Edge

Welch: To not pay off a losing bet.

Betting With An Edge By Mike Maloney

Wiseguy: A professional bettor. Another term for a 'sharp.'