Essay: Method of Betting on Sports
One of the methods of betting that the spread betting which can be any of the various types of wagering that is dependent on the outcome of an event, where the pay-off concept is dependent on the preciseness of the wager.
This is different from the other methods, such as the fixed-odds or pari-mutuel betting, where the concept is of the simpler kind, where there can only be a ‘win-lose’ situation. By spread here, the idea is that range of outcomes are shown on a spread, where the bet is on the probability whether or not a particular outcome will be above or below the spread. This type of betting has been accounted for as one of the most risky type of betting, for here amount of money that can be won and lost through this method is almost remarkably large. A lot of careful background checks need to be taken before any betting can be placed in this arena of methodology, and more and more, odds makers are being contacted and hired for their advice regarding the best bet that can be placed. (Stavros A. Zenios, Theory and Methodology, Volume 2, 2006). According to Ed Grabianowski,
‘Point spreads lead to a more subtle kind of manipulation — point shaving. College basketball is particularly susceptible to this practice. If a team is favored by eight points, gamblers don’t have to bribe players to lose the entire game. They just have to convince them to win it by less than eight points’. (Ed Grabianowski, “How Sport Betting Works”)
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