Sportsbook Betting Rules

When you enter the world of sports gambling, it can be daunting; where do you place a wager, how do you place a wager, and do you have a semblance of a betting strategy, is intimidating. To top it all off, gambling has a language all its own. Do you know what a parlay is, a teaser, alternative odds and the like? Besides, online sportsbooks and casinos have rules to follow when you make a sports bet at their book. State and local governments heavily regulate casinos and online sportsbooks because too much gambling, like anything else, can cause problems like addiction. At MyTopSportsbooks, we will help you understand the rules of the road for sports gambling and introduce you to a few rules gamblers should adhere to when playing for fun and profit on games of chance.

Universal Rules

The betting rules apply to horse racing NFL, NHL, NBA, MLB, NCAA, College Football, MMA (bouts) games, player props, futures bets, any straight bet, Moneyline bets, proposition bets or a single bet. We have outlined the specific rules for sportsbook gambling in this article as a guide to help with your sports bets. The bet types run the gamut from the number of points scored by half-time or in the second half, the first touchdown scored in an NFL game in the first half or second half, to the total points over four quarters that both teams score. You can make parlay bets, and as the number of teams increases on your ticket, so do the odds of a big payout.

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Odds and Lines, All Prices are Subject to Change Without Notice

Sportsbooks post a high volume of odds and lines every week. They can make a mistake without thinking about it, and that is when the fun starts. If an error in the posted line, event scheduled time, or maximum bet, it will declare all bets no action wagers. When that happens, all money is credited to the sports bettors who may have been duped by erroneous information.

Games Must be Played When Scheduled

Games can be cancelled or rescheduled for different reasons. When that happens, the sports book will re-calculate the odds to reflect the new scheduled date due to the circumstances affecting the winners and losers.

Bets Must be Placed and Accepted Before the Start Time of the Game or Event

This is self-evident. You can’t place a bet on a game in progress – live betting excepted – or event. If you do, the sportsbook will void the bet. They want to keep a fair and level playing field for all sports bettors. Integrity and trust are the operators’ reputations.

Restrictions

You can’t bet the moneyline and Point Spread Together on the Same Game or a Parlay. You can’t bet in multiples where one part of the bet affects the outcome of the other part of the bet. Sportsbooks believe in self-protection and preventing this type of bet keeps exposure to a minimum on payouts. You Can’t Bet the Point Spread and the Over/Under of The Same Game

MLB Results are Determined After Five Innings

In baseball, a rainout or other weather events can interrupt the game. To make it official, the teams must complete five innings. If the home team leads after 4.5 innings, it can be considered an official result because they don’t need the last at-bat.

Generally, the listed pitchers or starting pitchers will go head-to-head until the umpire calls the game. If you have a bet on the run line, you must be ahead by two runs when the game is called or the final score to be validated to cash a winning ticket for the matchup. Should the game go into extra innings, the same rules apply for the run line, win by two runs.

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Betting on the “next” event, all wagers will be no-actioned

Betting on the next event, and the game concludes, your bet is no-actioned, no bet and declared a push on any sporting events.

If the odds change significantly between the time the bet is placed and the time it is accepted, the book will reject it outright.

If this happens, the sportsbook will ask you to confirm your bet with the updated odds. This is the fair play, equal opportunity principle that guides sportsbooks. Any injury or suspension can cause an underdog to become a favorite for a regular season game.

Procedural Terms and Conditions

All bettors must be at least 18-years-old to play, and sometimes more depending on the legal jurisdiction. This is a legal requirement from the governing body that regulates sports gambling.
When funds are confirmed in a bettor account, they are set to play. The sportsbook must confirm receipt of funds before any action has begun.
Sportsbooks only accept funds that belong to the account holder; it could be fraud should they accept funds from third parties.
Verification of ID before settlements or withdrawals
Another means to protect against fraud sportsbooks want to make sure they are paying the right person.
Confidentiality is a must.
Sportsbooks will never share your personal information or betting history with a third party.
Sportsbooks can reserve the right to accept, limit or decline any wager.
If you are suspected of nefarious activity, the sportsbook is within its rights to stop any gambling activity you are engaged in.
Sportsbooks can restrict maximum wagers before a bet is placed and accepted.
This is a risk-management strategy. It’s to protect the sportsbook from too many winning bets and not enough cash to pay everybody.
When bets are confirmed, they can’t be cancelled.
Once you lay a bet, it is cut in stone. Be sure before you bet; if you get caught flubbing your bet, the sportsbook may let you bet the other side as a hedge against a loss.
Sportsbooks place maximums on winnings per event/game.
In the US, sportsbook operators have a USD 100,000 limit on winning bets for games or events they list at their premises.
Tax reporting is the bettor’s responsibility.
The taxman, like the bookie, wants his cut of your winnings. The sportsbook won’t pay your taxes, and you must remit to the proper authorities within the statutory time frame.
You are responsible for your account information.
If you give out your password or account number to another person, the sportsbook isn’t responsible for events after you release the information.
One player, one account
If you have more than one account with a sportsbook, you will see everything but the primary account voided.
You can’t bet more than you have in your account.
The casino or online sportsbook is not the stock market. There are no margin calls after the play has concluded. No money, no funny.

Sportsbook Betting Rules FAQs

Find answers to common questions bettors like you have when researching which sportsbook to join.

How do fractional odds work in betting?

Fractional odds in betting show the potential return on a bet compared to the stake that you place. For example, if the fractional odds are 2/1, it means that for every $1 you bet, you can win $2 if your bet is successful.

To calculate your potential winnings, simply multiply your stake by the top number in the fraction and then add your original stake to the total. So, in the case of 2/1 odds, a $10 bet would return $30 ($20 in winnings plus your $10 original stake).

Another way to understand fractional odds is to think of them as a ratio of the probability of an event happening to the probability of it not happening. So, 2/1 odds imply a 33.3% chance of a win and a 66.7% chance of a loss.

It’s important to note that fractional odds are most commonly used in the UK and Ireland, while other regions may prefer decimal or American odds.

What are the 10 Golden Rules of Gambling?

No Gambling While (Too) Intoxicated.
No Gambling Without Knowing the Rules.
Don’t Gamble With Money You Don’t Have.
Don’t Gamble to Recover Losses.
No Gambling Because You are Bored.
Don’t Gamble if You Must Lie.
No Gambling Without a Strategy.
No Gambling at Shady Gambling Sites.
No Gambling Without VIP Rewards
Don’t Accept a Promo or Deposit Bonus With Bad Terms

What are the six types of sports bets?

There are many types of sports bets that can be placed, but here are six popular options:
1. Moneyline: This is a bet on which team will win the game outright.
2. Point Spread: This is a bet that takes into account the margin of victory or defeat. The favorite team has to win by a certain amount of points while the underdog team can lose by a specific number of points or win the game outright.
3. Totals: With this bet, the total number of points scored by both teams is taken into account. Bettors can choose whether the final score will be over or under a predetermined number.
4. Futures: These bets are placed far in advance of an event and are made on the outcome of an entire season or championship tournament.
5. Parlay: This is a bet that combines multiple separate wagers into one bet. The bettor must win all the separate bets in order to win the parlay.
6. Proposition Bets: These are bets placed on a specific event or occurrence within a game or sporting event, such as which player will score the first goal or which team will commit the first penalty.

What is the procedure for betting?

The procedure for betting may vary depending on the type of betting you are interested in. However, here are some general steps that are followed in most betting processes:

1. Choose a betting website or platform: There are many online betting platforms available, so choose the one that suits your preferences and requirements.

2. Create an account: Once you have chosen a platform, create a user account by providing your personal and payment details.

3. Choose the sport/event you want to bet on: Browse through the list of available sports and events and select the one you want to bet on.

4. Study the odds: Odds are the chances of a particular outcome, and they determine the amount you can win if you place a successful bet. Take some time to study the odds and understand how they work.

5. Place your bet: Once you have studied the odds, you can place your bet on the outcome you predict.

6. Wait for the outcome: After placing your bet, wait for the outcome of the event. If your prediction is correct, you win the bet and receive your winnings in your account.

It is important to bet responsibly and within your limits to avoid any addiction or financial harm.

What does sportsbook mean?

Sportsbook is a term used for a place that accepts bets on various types of sports events. It is also commonly referred to as a bookie or bookmaker, and they offer odds on different sports games and allow people to place bets on the outcome of those games. These bets include options like point spreads, money lines, and total bets, and people can place bets either online or in-person at a physical sportsbook. The goal of a sportsbook is to provide a platform for people to gamble on various sporting events and make a profit by charging fees on winning bets.

Why is it called a sportsbook?

The term “sportsbook” originated from the traditional method of keeping track of bets in a physical book. In the past, bookmakers would record bets in a ledger or notebook, typically called a “bookie”, hence the term “bookmaker”. Eventually, this led to the term “sportsbook” which simply refers to a location, either physical or online, where bets can be placed on sports events. Today, sportsbooks are still a popular term used to describe places where you can bet on sports.

Are there shootouts in NHL playoff games?

Although fights are typically more common in NHL playoff games than during the regular season, full-blown shootouts are not a common occurrence. Fights happen frequently during playoff games due to the high stakes and increased aggression on the ice, but players are typically more focused on scoring goals and winning games rather than engaging in shootouts. That being said, it is not impossible for shootouts to occur during playoff games, but they are typically rare occurrences.

How do American odds work in betting?

American odds are commonly used in sports betting and represent the amount you would win on a $100 bet. Positive American odds indicate the underdog, while negative odds indicate the favorite. For example, if the odds are +200, you would win $200 for a $100 bet, while if the odds are -200, you would need to bet $200 to win $100. The closer the odds are to 0, the closer the matchup is perceived to be. Understanding American odds is important in making informed betting decisions and maximizing your potential winnings.

How do decimal odds work in betting?

Decimal odds are one of the most popular formats for presenting odds in sports betting. They represent the potential return on your bet, including your stake.

For example, if the decimal odds for a particular outcome are 3.00, this means that you stand to win three times your original stake if your bet is successful. So, if you placed a $10 bet and the outcome came in, you would win $30 (your original stake plus $20 profit).

Conversely, if the odds were 1.50, this means that you would only win half of your original stake if your bet was successful. So, a $10 bet would result in a $5 profit on top of your original stake.

In general, the lower the odds, the more likely the outcome is to occur, but the smaller the potential payout. Higher odds represent a greater risk, but also a larger potential reward.

Overall, understanding decimal odds is essential for effective sports betting, as it allows you to make informed decisions about which bets to place and how much to stake.

Does gambling have it's own language?

Yes, gambling does have its own language. Many of the terms used in the industry are specific to gambling and may not be familiar to the general public. Some examples of common gambling terms include “bankroll,” “ante,” “chips,” “house edge,” and “odds.” Specific games, such as poker and blackjack, also have their own unique terminology. It’s important for players to familiarize themselves with these terms to fully understand the rules and strategies of each game. Additionally, there are certain slang terms and phrases that are commonly used among gamblers, such as “whale,” “juice,” and “fade.” These terms may not be recognized by those outside of the gambling community.