403:
or -110. That means that for every 11 dollars the player wagers, the player will win 10, slightly lower than an even money bet. If team A is playing team B, the casino is not concerned with who wins the game; they are only concerned with taking an equal amount of money of both sides. For example, if one player takes team A and the other takes team B and each wager $ 110 to win $ 100, it doesn't matter what team wins; the casino makes money. They take $ 100 of the $ 110 from the losing bet and pay the winner, keeping the extra $ 10 for themselves. This is the house edge. The goal of the casino is to set a line that encourages an equal amount of action on both sides, thereby guaranteeing a profit. This also explains how money can be made by the astute gambler. If casinos set lines to encourage an equal amount of money on both sides, it sets them based on the public perception of the team, not necessarily the real strength of the teams. Many things can affect public perception, which moves the line away from what the real line should be. This gap between the
447:, a gambler places a fixed-risk stake on stated fractional or decimal odds on the outcome of a sporting event that would give a known return for that outcome occurring or a known loss if that outcome doesn't occur (the initial stake). With sports spread betting, gamblers are instead betting on whether a specified outcome in a sports event will end up being above or below a ‘spread’ offered by a sports spread betting firm, with profits or losses determined by how much above or below the spread the final outcome finishes at.
479:
incorrectly bets on the line. In the UK betting above or below the spread does not have a known final profit or loss, with these figures determined by the number of unit points the level of the final outcome ends up being either above or below the spread, multiplied by the stake chosen by the gambler.
855:
adjustments in the financing charge each night. For example, suppose Lloyds Bank goes ex-dividend with dividend of 23.5p. The bettor receives that amount. The exact amount received varies depending on the rules and policies of the spread betting company, and the taxes that are normally charged in the
482:
For UK spread betting firms, any final outcome that finishes in the middle of the spread will result in profits from both sides of the book as both buyers and sellers will have ended up making unit point losses. So in the example above, if the cricket team ended up scoring 345 runs both buyers at 350
470:
For example, in a cricket match a sports spread betting firm may list the spread of a team's predicted runs at 340 – 350. The gambler can elect to ‘buy’ at 350 if they think the team will score more than 350 runs in total, or sell at 340 if they think the team will score less than 340. If the gambler
418:
the teaser margin is often six points. For example, if the line is 3.5 points and bettors want to place a teaser bet on the underdog, they take 9.5 points instead; a teaser bet on the favorite would mean that the gambler takes 2.5 points instead of having to give the 3.5. In return for the additional
402:
Betting on sporting events has long been the most popular form of spread betting. Whilst most bets the casino offers to players have a built in house edge, betting on the spread offers an opportunity for the astute gambler. When a casino accepts a spread bet, it gives the player the odds of 10 to 11,
912:
dated 10 April 2009, approximately 30,000 spread bet accounts were opened in the previous year, and that the largest study of gambling in the UK on behalf of the
Gambling Commission found that serious problems developed in almost 15% of spread betters compared to 1% of other gambling. A report from
478:
in the U.S. and sports spread betting in the UK. In the U.S. betting on the spread is effectively still a fixed risk bet on a line offered by the bookmaker with a known return if the gambler correctly bets with either the underdog or the favourite on the line offered and a known loss if the gambler
458:
The gambler can elect to ‘buy’ or ‘sell’ on the spread depending on whether they think the final outcome will be higher than the top end of the spread on offer, or lower than the bottom end of the spread. The more right the gambler is then the more they will win, but the more wrong the byy are then
450:
The spread on offer will refer to the betting firm's prediction on the range of a final outcome for a particular occurrence in a sports event, e.g., the total number of goals to be scored in a football (US: soccer) match, the number of runs to be scored by a team in a cricket match or the number of
147:
Because the spread is intended to create an equal number of wagers on either side, the implied probability is 50% for both sides of the wager. To profit, the bookmaker must pay one side (or both sides) less than this notional amount. In practice, spreads may be perceived as slightly favoring one
791:
issued a decision in March 2010 saying "Yes, the gains from financial spread betting are assessable income under section 6-5 or section 15-15 of the ITAA 1997". Similarly, any losses on the spread betting contracts are deductible. This has resulted in a much lower interest in financial spread
658:
instruments; the leading spread-betting companies make most of their revenues from financial markets, their sports operations being much less significant. Financial spread betting in the United
Kingdom closely resembles the futures and options markets, the major differences being
155:, 1 point), without regard to the margin of victory. This presumes that winning teams never unnecessarily extend a winning margin—and losing teams never uselessly narrow an inevitable loss. In other words, each team is only playing to win rather than to beat the point spread.
166:
In virtually all sports, players and other on-field contributors are forbidden from being involved in sports betting and thus have no incentive to consider the point spread during play; any attempt to manipulate the outcome of a game for gambling purposes would be considered
114:, most obviously when a historically strong team is playing a weaker team. If the wager is simply "Will the favorite win?", more bets are likely to be made for the favorite, possibly to such an extent that there would be very few betters willing to take the underdog.
462:
The level of the gambler's profit or loss will be determined by the stake size selected for the bet, multiplied by the number of unit points above or below the gambler's bet level. This reflects the fundamental difference between sports spread betting and fixed odds
117:
The point spread is essentially a handicap towards the underdog. The wager becomes "Will the favorite win by more than the point spread?" The point spread can be moved to any level to create an equal number of participants on each side of the wager. This allows a
819:£10 per penny the shares moves) at 411p. We use the offer price since I am "buying" the share (betting on its increase). Note that my total loss (if Lloyds Bank went to 0p) could be up to £4110, so this is as risky as buying 1000 of the shares normally.
471:
elects to buy at 350 and the team scores 400 runs in total, the gambler will have won 50 unit points multiplied by their initial stake. But if the team only scores 300 runs then the gambler will have lost 50 unit points multiplied by their initial stake.
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unless they rely solely on their profits from financial spread betting to support themselves. The popularity of financial spread betting in the UK and some other
European countries, compared to trading other speculative financial instruments such as
570:) bets rather than spread bets. However, these are for one side or another of a total only, and do not increase the amount won or lost as the actual moves away from the bookmaker's prediction. Instead, over-under or total bets are handled much like
892:
The time of day that is governed mostly by the regional stock markets. Times vary from broker to broker, but the following are typical: Asian session (22:30 to 08:45 GMT), European session (06:45 to 16:45 GMT), US session (13:00 to 21:30
158:
This assumption does not necessarily hold in all situations. For example, at the end of a season, the total points scored by a team can affect future events such as playoff seeding and positioning for the amateur draft; winning teams may
921:
ends up a winner. As noted in the report, this corresponds to the same ratio of successful gamblers in regular trading. Evidence from spread betting firms themselves actually put this closer to being 1 in 10 traders as being profitable.
503:) bet. This is a bet on the total number of points scored by both teams. Suppose team A is playing team B and the total is set at 44.5 points. If the final score is team A 24, team B 17, the total is 41 and bettors who took the
840:
in the spread-betting account to cover potential losses. Usually this is either 5 or 10% of the total exposure you are taking on but can go up to 100% on illiquid stocks. In this case £4110 * 0.1 or 0.05 = £411.00 or £205.50
758:
In the UK and some other
European countries the profit from spread betting is free from tax. The tax authorities of these countries designate financial spread betting as gambling and not investing, meaning it is free from
511:
will win. The total is popular because it allows gamblers to bet on their overall perception of the game (e.g., a high-scoring offensive show or a defensive battle) without needing to pick the actual winner.
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is taken into account, the book has actually lost money by taking bets on the event. Sports books are generally permitted to state "ties win" or "ties lose" to avoid the necessity of refunding every bet.
750:
Spread betting has moved outside the ambit of sport and financial markets (that is, those dealing solely with share, bonds and derivatives), to cover a wide range of markets, such as house prices.
394:, and no money is won or lost. However, this is not a desirable outcome for the sports book, as they are forced to refund every bet, and although both the book and its bettors will be even, if the
685:
spread betting is more flexible since it is not limited to exchange hours or definitions, can create new instruments relatively easily (e.g. individual stock futures), and may have guaranteed
719:
Unlike fixed-odds betting, the amount won or lost can be unlimited as there is no single stake to limit any loss. However, it is usually possible to negotiate limits with the bookmaker:
844:
If at the end of the bet Lloyds Bank traded at 400-401p, I need to cover that £4110 – £400*10 (£4000) = £110 difference by putting extra deposit (or collateral) into the account.
515:
In the UK, these bets are sometimes called spread bets, but rather than a simple win/loss, the bet pays more or less depending on how far from the spread the final result is.
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Thus, in the example, if Lloyds Bank are trading at 411p, then for every day I keep the bet open I am charged ((411p x 10) * 7% / 365 ) = £0.78821 (or 78.8p)
696:, with the contract existing directly between the market-making company and the client, rather than exchange-cleared, and is thus subject to a lower level of
64:, with the number of gamblers heading towards one million. Financial spread betting (see below) can carry a high level of risk if there is no "stop". In the
427:. At some establishments, the "reverse teaser" also exists, which alters the spread against the gambler, who gets paid at more than evens if the bet wins.
60:
is a range of outcomes and the bet is whether the outcome will be above or below the spread. As of 2006, spread betting was a major growth market in the
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for each participant. As long as the total amount wagered on each side is roughly equal, the bookmaker is unconcerned with the actual outcome;
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in that both the level of winnings and level of losses are not fixed and can end up being many multiples of the original stake size selected.
199:, the gambler usually wagers that the difference between the scores of two teams will be less than or greater than the value specified by the
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If a bet goes overnight, the bettor is charged a financing cost (or receives it, if the bettor is shorting the stock). This might be set at
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is trading on the market at 410p bid, and 411p offer. A spread-betting company is also offering 410-411p. We use cash bets with no definite
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for athletes and coaching staff engaging in this practice is so serious that the penalty is typically a lifetime banishment from the sport.
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is partly due to this tax advantage. However, this also means any losses cannot be offset against future earnings for tax calculations.
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One important assumption is that to be credited with a win, either team only needs to win by the minimum of the rules of the game (
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Spreads are frequently, though not always, specified in half-point fractions to eliminate the possibility of a tie, known as a
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987:
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The time when markets subtly change direction between 12:15 and 13:15 GMT with a regularity that is more than coincidental.
439:, sports spread betting became popular in the late 1980s by offering an alternative form of sports wagering to traditional
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line, the real line, and differences between other sports books betting lines and spreads is where value can be found.
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603:(Such parlays usually pay off at odds of 13:5 with no commission charge, just as a standard two-team parlay would.)
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Often "live pricing" changes the spread during the course of an event, increasing a profit or minimizing a loss.
423:, or the gambler must wager on more than one event and both events must win. In this way it is very similar to a
127:
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The difference between the ask and bid prices, which may vary between markets and between brokers substantially.
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bets on a team, with the usual 10/11 (4.55%) commission applied. Many Nevada sports books allow these bets in
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Conversely, in most other countries financial spread betting income is considered taxable. For example, the
163:, and losing teams may bench their starters in favor of developing less-experienced players for the future.
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Financial spread betting is a way to speculate on financial markets in the same way as trading a number of
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of spreads and spread betting is a large and growing subject. For example, sports that have simple 1-point
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367:, so the gambler ties "pushes". The reverse is also the same the gambler takes the favorite and it is
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and sellers at 340 would have ended up with losses of five unit points multiplied by their stake.
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will win. If the final score is team A 30, team B 31, the total is 61 and bettors who took the
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293:) and will win if the favorite's score minus the spread is greater than the underdog's score:
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A gambler believes that there will be more than 13 corners, and "buys" at £25 a point at 13.
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automatically closes the bet if the spread moves against the gambler by a specified amount.
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offer both financial spread bets and CFDs in parallel using the same trading platform.
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is a bet that alters the spread in the gambler's favor by a predetermined margin – in
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1176:"Spread-bets on Cup venture into bizarre - Technology - International Herald Tribune"
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808:, or "rolling daily bets" as they are referred to by the spread betting companies.
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578:, just like team point spread bets. This makes it possible to bet, for instance,
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closes the bet when the spread moves in a gambler's favor by a specified amount.
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In North
American sports betting many of these wagers would be classified as
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In addition to the spread bet, a very common "side bet" on an event is the
1089:"MCW Casino In Bangladesh | Anti-Money Laundering Policy And Regulations"
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and will win if the underdog's score plus the spread is greater than the
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side, and bookmakers often revise their odds to manage their event risk.
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by accepting wagers on both sides of the spread. The bookmaker charges a
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34:
1046:"Match fixing, betting and gambling corruption in sport - I Trust Sport"
1027:
27:
Type of wagering where the pay-off is based on the accuracy of the wager
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192:
1126:"Income Tax – Assessable income derivation of income – spread betting"
1050:
Tackling Match Fixing, Betting and
Gambling Corruption - I Trust Sport
767:, despite the fact that it is regulated as a financial product by the
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Example: In a football match the bookmaker believes that 12 or 13
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of the wager, rather than a simple "win or lose" outcome, such as
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High of day (the highest price the market traded at for the day).
712:(CFD) mirrors the spread bet in many ways. In fact, a number of
99:
880:
Low of day (the lowest price the market traded at for the day).
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team A "covers" the point spread (wins by that amount or more)
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The general purpose of spread betting is to create an active
651:
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lengths between the winner and second-placed finisher in a
61:
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It is important to note the difference between spreads in
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A trader operating from within each day's trade times.
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By far the largest part of the official market in the
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the total score is higher than the book's prediction.
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points, the payout if the gambler wins is less than
815:price is going to go up, I might bet £10 a point (
1266:Financial Services Authority, March 2007 review,
771:in the UK. Most traders are also not liable for
390:. In the event of a push, the game is considered
68:, financial spread betting is regulated by the
988:"World Cup to kick off boom in spread betting"
836:On top of this, the bettor needs an amount as
549:is similar except that it is made against the
41:of an event where the pay-off is based on the
522:will occur, thus the spread is set at 12–13.
92:, even if the outcome of an event may appear
8:
536:If the number of corners is 10, the gambler
529:If the number of corners is 16, the gambler
285:If the gamblers bet on the "favorite", they
1153:"Spread-betting fails investors in trouble"
708:. In particular, the financial derivative
979:
76:who regulate spread betting on sports.
714:financial derivative trading companies
1231:The Financial Spread Betting Handbook
7:
1273:Understanding Point Spread Betting,
663:the "charge" occurs through a wider
904:Dangers of financial spread betting
670:spread betting has a different tax
144:instead come from the commissions.
102:towards one side or the other. In
25:
179:Spreads in sports wagering (U.S.)
856:home tax country of the shares.
847:The punter usually receives all
1202:"White Paper on Spread Betting"
443:, or fixed-risk, betting. With
347:The eventual score is Underdog
319:The eventual score is Underdog
296:The eventual score is Underdog
260:The eventual score is Underdog
237:The eventual score is Underdog
207:for either option. An example:
183:Spread betting was invented by
1012:. Sep 20, 2007. Archived from
1006:"The perils of spread-betting"
487:Bets on the total (over/under)
1:
1174:Pfanner, Eric (2 July 2006).
1032:www.gamblingcommission.gov.uk
187:, a mathematics teacher from
106:, almost every contest has a
1028:"Gambling Commission - Home"
796:Financial spread bet example
792:betting in those countries.
222:If the gamblers bet on the "
908:According to an article in
769:Financial Conduct Authority
88:for both sides of a binary
70:Financial Conduct Authority
49:(or money-line) betting or
33:is any of various types of
1317:
1130:Australian Taxation Office
789:Australian Taxation Office
566:(or, more commonly today,
219:points in a certain game;
191:who became a bookmaker in
860:Terminology and acronyms
646:Financial spread betting
634:) may be analysed using
459:the more they can lose.
917:found that only 1 in 5
830:, usually around 2-3%.
710:contract for difference
339:, so the gambler loses.
280:, so the gambler loses.
215:advertises a spread of
1229:Malcolm Pryor (2007).
1207:. Cass Business School
968:Sports betting systems
316:, so the gambler wins;
257:, so the gambler wins;
495:(commonly called the
431:Sports spread betting
1291:Gambling terminology
915:Cass Business School
553:value of the spread.
226:", they are said to
1248:John Piper (2007).
580:team A and the over
74:Gambling Commission
1252:. Harriman House.
1233:. Harriman House.
1180:The New York Times
1112:The Sunday Times:
1075:2011-02-04 at the
1070:What are the Odds?
540:(13–10) = 3 x £25.
533:(16–13) = 3 x £25.
445:fixed odds betting
289:(sometimes called
161:"run up" the score
136:, and acts as the
51:parimutuel betting
1259:978-1-905641-23-9
1240:978-1-897597-93-4
1200:Rayman, Richard.
1151:Budworth, David.
1016:on July 19, 2008.
953:Prediction market
943:Financial betting
761:capital gains tax
680:futures exchanges
611:The mathematical
582:, and be paid if
416:American football
195:in the 1940s. In
185:Charles K. McNeil
173:lack of tolerance
16:(Redirected from
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994:. June 11, 2006.
992:The Sunday Times
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689:(see below); and
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344:Ties aka "Push"
72:rather than the
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1132:. 3 March 2010
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1275:Point Spread
1249:
1230:
1209:. Retrieved
1195:
1183:. Retrieved
1179:
1169:
1157:. Retrieved
1146:
1134:. Retrieved
1120:
1108:
1097:. Retrieved
1095:. 2024-03-26
1092:
1083:
1064:
1053:. Retrieved
1049:
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1014:the original
1009:
1000:
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982:
958:Spread trade
938:Bet exchange
909:
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835:
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826:+ a certain
821:
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694:off-exchange
682:(see below);
649:
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138:counterparty
131:
124:market maker
122:to act as a
116:
111:
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93:
83:
58:point spread
57:
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30:
29:
18:Point spread
883:London Turn
802:Lloyds Bank
744:take profit
706:derivatives
687:stop losses
607:Mathematics
547:transaction
351:, Favorite
323:, Favorite
300:, Favorite
264:, Favorite
241:, Favorite
189:Connecticut
95:prima facie
1285:Categories
1211:11 October
1185:11 October
1159:11 October
1136:26 January
1099:2024-08-28
1055:2024-08-28
851:and other
838:collateral
828:percentage
773:income tax
765:stamp duty
698:regulation
676:securities
563:over-under
497:over/under
453:horse race
441:fixed odds
421:even money
234:'s score.
205:even money
128:commission
47:fixed-odds
1010:The Times
910:The Times
853:corporate
849:dividends
725:stop loss
656:financial
654:concerns
619:systems (
545:A "sell"
392:no action
213:bookmaker
201:bookmaker
120:bookmaker
1301:Wagering
1073:Archived
926:See also
919:gamblers
800:Suppose
736:stop win
624:baseball
613:analysis
232:favorite
224:underdog
133:vigorish
112:underdog
108:favorite
43:accuracy
35:wagering
782:futures
640:Skellam
636:Poisson
617:scoring
576:parlays
520:corners
435:In the
203:, with
193:Chicago
142:profits
110:and an
80:Purpose
39:outcome
37:on the
1270:Review
1256:
1237:
896:Spread
806:expiry
672:regime
632:soccer
630:, and
628:hockey
551:bottom
425:parlay
412:teaser
171:. The
104:sports
100:biased
98:to be
86:market
1277:Guide
1205:(PDF)
975:Notes
893:GMT).
824:LIBOR
817:i.e.,
813:share
740:limit
621:e.g.,
568:total
538:loses
505:under
493:total
405:Vegas
335:<
312:>
276:<
253:>
130:, or
90:wager
1254:ISBN
1235:ISBN
1213:2013
1187:2013
1161:2013
1138:2011
780:and
778:CFDs
763:and
729:stop
678:and
638:and
584:both
531:wins
509:over
388:push
211:The
153:i.e.
877:LoD
865:HoD
742:or
727:or
594:and
501:O/U
499:or
1287::
1178:.
1128:.
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1048:.
1030:.
1008:.
990:.
738:,
734:A
723:A
652:UK
626:,
455:.
410:A
375:=
371:-
369:13
365:13
363:=
359:+
355::
353:13
331:–
329:10
327::
325:10
308:–
306:10
304::
302:10
278:13
272:+
268::
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66:UK
62:UK
56:A
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274:4
270:8
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251:4
247:8
239:8
217:4
20:)
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