Unsure of how sports betting works? Colorado casino executive explains the basics
March Madness is upon us, with several local teams competing in the NCAA Tournament and people in Colorado and across much of the country legally placing sports bets on the games. Betting on sports is now big business at this time of year, and while it may seem complicated for some, one of the executives at Monarch Casino in Black Hawk says it's easier than it sounds.
The money line wager is the easiest and most common bet. It's just betting your money on a team to win.
"Pick a team that you like. Pick a team that you believe is going to win. Bet on that team, and then enjoy watching the game," said the casino's Director of Games Steve Zlobin.
If you bet on a team that is favored to win, you won't win as much money. That's where the odds come in. The odds are all based on a $100 bet. So if you see a team as -250 then they're the favorite to win. You would have to place a $250 bet to win $100 if that team wins their game.
If you see a team at +250 then they are an underdog. If that team wins its game then you would win $250 on a $100 bet.
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The second most popular type of sports betting is taking a team with the points. It gets you better odds but an added risk.
"So let's say a team was favored to win by 20 points, that would be the spread," Zlobin said. "If you have $100 in your pocket and you bet on a team that's favored to win by 20 points, you need them to win by 21 in order to win that wager."
To put even more skin in the game, there's the over/under bet.
"It just means the total points scored in a game. So what we're saying is for basketball it might be 150. You could say that both teams are going to score over 150 points. If that happens then you win the wager. Or you could say 'No these teams are not that great. They are between the two of them going to score less than 150 points,'" Zlobin said.
Parlays up the ante. A parlay bet combines multiple bets into one wager.
"A lot of guests love betting parlays, saying 'This team will win and this team will win and this team will win.' And if all those three things happen, it pays much better odds than betting on each team individually," Zlobin said.
For people who have concerns about gambling addiction, the State of Colorado offers a web page called Problem Gambling Resources that offers help. Monarch Casino's website also has a section devoted to Responsible Gaming.
