Top Indiana Online Sportsbooks
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October 3, 2019
The legal situation surrounding sports betting in the US underwent a radical change in 2018. The US Supreme Court ruled in May 2018 that the Professional and Amateur Sports Protection Act of 1992 (PASPA) was unconstitutional.
Due to the decision, any state could potentially offer sports betting to its inhabitants. So far, eight states are either actively allowing sports betting or have legalized it and are hammering out the final details.
As far as the online sports betting component goes, six of those eight states are either offering it currently or making plans to offer it. They are:
When you’re betting on sports at one of the legal, licensed online sportsbooks listed above, you’re doing business with a heavily regulated company. Their security and software have been tested by the exact same regulators who oversee sports betting and casino play in all states.
These sportsbooks are required by law to protect your personal information the same way that a regulated financial institution is required to protect your information. And these sportsbooks are required to keep your funds separate from operating funds, meaning you never have to worry about the safety of your money.
Best of all, if you have a problem with a legal sportsbook, you have a clear process for notifying state regulators about the problem and a system for resolving those problems. You’re not going to get that kind of assurance with an illegal sportsbook.
Action – In the wagering world, this means any money bet on a contest or race. It can also be used in other gambling references. (Ex. I’ve got some action on the fourth horse race today.)
Against the Spread (ATS) – Betting on one side of the point spread. Can be used in reference to how a team does against the spread. (Ex. The Patriots are 7-2 this season against the spread.)
Betting Line – Also known as the odds or point spread.
Bookmaker/Bookie – A sportsbook or person who accepts wagers on games – both legal and illegal. “Book” can also be used for short and also in terms of placing a bet. (Ex. I’ve got three bets booked on Sunday’s NFL games.)
Buying Points – This option allows a bettor to move the point spread for a better chance of a winning bet. However, the payoff for these bets decreases the further you move the line.
Cover – This means that a team wins versus the spread. If the Giants are a 2.5 point favorite (-2.5), and win by 3 points, then they have covered the spread.
Futures Bet – A wager for some future event, such as betting a team before the season to win the Super Bowl or World Series.
In-Play – Also known as live betting, in-play betting involves wagering on a sporting event while the event is still in action. For example, bettors can place a wager on the point spreads, alternative point spreads, moneylines, and totals while odds are constantly changing during the game.
Laying the Points – When a bettor takes the favorite.
Moneyline – This is a bet in which a bettor simply has to pick the right team to win. However, payouts are less depending on the odds. Odds are usually posted as such:
Odds – General term for the betting lines or point spreads.
Over/Under (Total) – This is a bet based on the total number of points scored between two teams in a game.
Parlay – A bet in which a person selects more than one outcome that must happen. The payout will be higher based on the number of events, but if one part of the bet does not come through then the entire bet is a loss.
Pick ‘em – A game in which there is no favorite. The two teams are considered equal and bettors must simply pick the winner.
Point Spread – This is the margin of victory for a game determined by the oddsmaker. Sportsbooks use this to create action on both teams. The favorite will have to win by more than the margin the oddsmakers set. If the Broncos are favored by 2.5 against the 49ers, they must win by 3 points or more for a win. If they only win by 2, they didn’t cover the spread and those who bet the 49ers will win.
Sportsbooks aren’t in the business of betting themselves against customers, and in theory are just setting point spreads that hopefully even out the action on both teams. In effect, bettors of one team are betting those who took the other team.
How does the casino make money? The sportsbooks take a commission on the total money bet (see vig/juice below). If there is too much action on one team, bookmakers will adjust the line so that more money begins flowing to the other team.
Points Spreads may be posted in the following ways:
Push – A bet that results in a tie. If the Jets are favored by 7 and win 21-14, neither team won and the bets are returned.
Teaser – A type of parlay where a bettor can move the point spread in his or her favor, but results in a lower payout.
Vig or Juice – The commission or percentage of the betting pool that the house (sports book) takes. This is how a sports book profits.