Spread betting involves predicting a range of outcomes, rather than a binary outcome, and is commonly used in sports gambling. Bookmakers assign a spread of points between two teams, and bettors can win money on a losing team if they cover the spread. Spread betting has become popular worldwide.
Split bets are a particular type of game that involves correctly predicting a range, rather than a binary outcome. It is particularly common in the field of sports gambling, as it offers alternatives to simply betting on whether teams win or lose. Spread betting is considered a relatively modern form of gambling, generally recognized as having been invented in the 1940s.
In normal win or lose bets, an individual simply bets money on whether or not an event will occur. It is known as a binary game because there are only two possible outcomes. These types of bets usually revolve around winning and losing, but not always.
The binary game lends itself to any variety of situations, from political elections to financial markets and sports. Basically it applies in any situation where the outcome is uncertain. Bettors on spread betting, by comparison, bet not only on whether or not an outcome will occur, but also on the accuracy of their prediction. Therefore, spread betting can be more creative in the types of bets that can be offered, with a wide variety of conditions that can lead to winning money.
With spread betting on sports, bookkeepers and gambling houses evaluate a given match and assign a distribution of points between the two teams or competitors that players bet on. For example, in a game between two soccer teams, the difference might be seven and a half points between the favorite and the underdog. A bettor puts money on whether he believes that the final result of the match will be within that point or not. Bookmakers normally set spreads by half a point to avoid ties.
An underdog can lose the game but still score enough points to be within their assigned range, something known as a cover spread. In this way, a player can win money on a losing team, if he manages to cover the difference. Similarly, a team that wins a game can turn out to be a losing bet for some people, if they don’t win by enough points to cover the difference.
The point of spreading is to make it more appetizing for people to bet on the underdog. By not having to bet on them to win, there is more incentive to put money into them, which benefits bookies who make their money on commissions and not results. Punters can also place binary bets in addition to betting on the spread. For example, someone could bet on an underdog to cover their spread, but also on the favorite to win outright. Spread betting has proven to be very popular around the world since its inception in the gaming industry.
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