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TYPES OF BETS
A straight bet is a wager on a single outcome. They are most commonly categorized by three types of wagers – spread, moneyline and total. All of the exotic plays build on these concepts.
For the purpose of explanation, we will be using an NFL Football game as our example:
SPREAD BETTING
The spread is the most popular vehicle in betting. It involves a handicap, which is meant to account for the forecasted difference in skill of either side. Another way to think of it is how many points one team is favored against another.
For example, the Patriots are listed as three-point favorites. This means that they are expected to win the game by at least three points. In order to cover the spread, the Patriots will need to win by at least 4 points in order to win a spread bet. By contrast, the Eagles can lose by up to 2 points, or win the game outright, and still win a spread bet.
MONEYLINE BETTING
Oaklawn will offer full-scale sports wagering, with betting odds on NFL, NHL, NBA, MLB, and NCAA sporting events. You can expect to be able to bet moneylines, totals, point spreads, teasers, and parlays. The bookmaker may also offer in-play wagering where sports. Oaklawn has already begun construction on a $100 million expansion project at Hot Springs. The plan, according to property manager Wayne Smith, is for Oaklawn to incorporate sports betting into its. Oaklawn has become the first casino in Arkansas to offer sports betting with the opening of its newly remodeled Race & Sports Book in the north end of the casino. The Race & Sports Book offers. MONEYLINE BETTING. The moneyline bet is the most straightforward wager of all – you simply select who you think is going to win the game. Moneylines function using a “-“ symbol to indicate a favorite.
The moneyline bet is the most straightforward wager of all – you simply select who you think is going to win the game. Moneylines function using a “-“ symbol to indicate a favorite, and thus require you to wager that amount to win $100. By contrast, the “+” symbol represents your potential winnings if you were to bet $100.
In the above example the Patriots are -150 favorites, which means that you have to wager $150 to win $100. The Eagles are +150, which means that you have to wager $100 to win $150.
The moneyline can be perceived by many to be a more decisive bet depending on the odds. Some players want to take the guesswork out of winning by a certain amount, and prefer the certainty provided by a straight-up winner.
TOTAL BETTING
The total (often referred to as an “over/under”) is a number established by the oddsmakers forecasting how many total points will be scored in a given matchup. The total in the above example is 48.5 points, and you bet on the OVER or UNDER. If the end score combines for less than the amount prescribed, it is the UNDER, and if it is more than what the oddsmakers have established then you’ve hit the OVER.
Totals can be made available on full games, halves, quarters and also on either team.
There are total bets for various markets but the important part is that they all function the same way. It is merely a mark of UNDER or OVER to wager on. You will revisit this concept in futures markets.
Gear up, Razorbacks: legalized sports betting is now in Arkansas.
Earlier this month, the Arkansas Racing Commission approved Oaklawn Racing Casino Resort to begin accepting wagers July 1.
And now it’s official that the sportsbook is open, according to Oaklawn.
A few hours until legal sports betting begins in Arkansas. pic.twitter.com/EzRlIxaoV0
— Kyle Clem (@kyleclem4) July 1, 2019
That makes the Hot Springs property the first to offer regulated wagering in the state.
After winning approval to offer sports betting from the state racing commission, the Arkansas Democrat Gazette originally reported that July 1 was the scheduled start date.
The latest state with sports betting
Arkansas is now the ninth state to have legal sports wagering in the US, joining:
- Nevada
- New Jersey
- Pennsylvania
- West Virginia
- New Mexico
- Delaware
- Rhode Island
- Mississippi
New York may also soon join that list with retail sportsbooks opening as soon as next month.
Arkansas sports betting kicking off
Since the tail end of 2018, the Natural State has made strides toward launching legalized sports betting.
State residents in November approved expanded casino gaming in Arkansas, which included regulated wagering. The byproduct of this approval was for the authorization of four casino licenses in the state. Additionally, Oaklawn and Southland Gaming & Racing in West Memphis were allowed to expand their operations into full-fledged casinos.
The passed measure required properties to submit sports betting applications by summer 2019.
It appears Oaklawn satisfied that requirement. And now, the state’s first legal sportsbook seems well on its way to opening.
What to expect at the Oaklawn sportsbook
Oaklawn has already begun construction on a $100 million expansion project at the property. Included is 28,000 square feet in additional gaming space.
Here’s one tease from Oaklawn’s social media:
Getting closer… #oaklawncasino#sportsbookpic.twitter.com/6FZhBB1TL2
— Oaklawn Racing Casino Resort (@OaklawnRacing) June 19, 2019
The casino officially changed its name (from Oaklawn Racing and Gaming) in late March, mere days before offering its first official casino games such as craps and blackjack. At the time of the change, Oaklawn noted that sports betting will be added “in the coming weeks.”
Oaklawn has already partnered with SBTech, property general manager Wayne Smith told BloodHorseearlier this month. The plan, Smith detailed, was for Oaklawn to incorporate sports betting into its existing racebook on the casino floor.
Smith noted that three video walls would be added within the coming weeks, as will self-service kiosks throughout the casino.
The sportsbook will be open from 10 a.m. to 10 p.m. daily.
What happened to Southland?
Recall in March that Southland Gaming & Racing appeared to be on track to bring the first regulated sportsbook to Arkansas. The property began advertising that wagering was “coming soon.” Yet the public still waits.
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Around the same time, however, Southland did not have a targeted date for launch.
Oaklawn Race Track Sports Betting
While the facility is owned by Delaware North, allowing the company to use its BetLucky brand as it did for West Virginia sports betting, Southland (at least at the time of its advertising) still does not have a targeted date for launch.
Oaklawn Park Race Track Sports Betting
The reason? A dispute involving sports betting operator Miomni and Delaware North, which has resulted in two casinos shutting down sportsbooks as well as the closure of a betting app in WV.
“At this time we don’t have an opening date for the sportsbook,” Glen White, a spokesman for Delaware North, told the Arkansas Democrat-Gazette. “We are working toward beginning construction this summer on the new gaming complex and hotel and will be adding surface parking this spring to offset the parking that will be lost from that construction.”