With the drones of new Americans entering the scene, creditpikachu
has kindly pointed out that our FAQ sucks and it needs to be more digestible for us casual Americans. Instead of spoon feeding each new user as we've been doing, I figured now would be a good time to revamp the FAQ and once done, make it more prominent somewhere (thinking a wiki page linked in sidebar+possible sticky).
Please take a look and please submit any FAQ questions you feel are missing (probably some regarding these recent events). If you don't know the answer, that's okay. Hopefully we can work together to provide quality answers to all questions. Also please submit any new answers to the current questions if you feel you can provide a better answer. This is the internet, there are no hard feelings.
Here's what we currently have: 1. What is a unit?
It's whatever your standard of betting is. A unit could be different for everyone. For example, if you normally put $10 on a bet then 1u is $10 and 2u is $20 and so forth. Some people say a unit is 2% of your bankroll but a unit is entirely up to your own judgement. It's essentially used as a way to express your confidence in a bet. - JG00G
To add to this it's mainly done because communicating in your personal currency does not make sense when you're discussing things on a global website. If someone says they're betting 1000$ on something, we don't know if it's their minimum bet or their maximum bet. It relays no confidence in the bet to us. If this is his min bet then he probably considers that about 1 unit. A 5000$ bet would then be about 5 units for him and is generally considered a "max" bet. So take the amount you usually min bet and treat that as 1 unit. - stander414 1a. How do I use units and bankroll management?
Click Here 2. Is betting illegal in the US?
Betting on sports ONLINE is completely legal, and do not let anyone tell you any differently. It is ILLEGAL to take bets ie. run a book. But to place a bet online, you will never, ever have problems with it. The only thing that can possibly get you in hot water is not paying taxes if you actually turn a profit. If you don't want to give your ID out, use bitcoin. Basically to sum up everything. If you have full intentions on paying taxes if you win, you have absolutely nothing to worry about. 3. What is bitcoin and how does it work with sports betting?
To start, you should really only consider using bitcoin if you are in the US or you would like to conceal your identity from a sportsbook. There are two types of sportsbooks when it comes to bitcoin, bitcoin sportsbooks and sportsbooks that accept bitcoin. Bitcoin sportsbooks
are sportsbooks that only use bitcoin. The bets are made with bitcoin and at no time is the bitcoin converted to fiat currency (ex. Nitrogensports/cloudbet/directbet). Bitcoin sportsbooks do not require any personal information. Sportsbooks that accept bitcoin
are regular fiat books that use bitcoin as deposit option. You send bitcoin and the website will convert and hold it into USD or fiat. When you withdraw, the book will send you your withdrawal in bitcoin. It will be equal value to the amount in fiat you are withdrawing. These sportsbooks will most likely require all personal information as they have to comply with local laws/licensing. 4. I've heard I shouldn't send bitcoin directly to a sportsbook from Coinbase, is this true?
There is a small chance that Coinbase will shut down your account for doing this. This is because they are regulated by the laws of the country they are registered in. Coinbase is a US based company so that means that they aren't allowed to be a payment processor for offshore gambling transactions. So if they find out you are using them to that end, they will shut your account down (although they will return your money to you). -Touch_Of_Red 5. My bitcoin transaction is taking a long time to confirm...is this normal?
It's not normal but it's normal. The way these things are processed, the sender pays a fee for the transaction to get included in the next block. The blocks are only so big and the time to solve them has a lot of variance involved, so occasionally the blockchain will get 'backed up' and there will be a lot of transactions waiting to get confirmed while new ones are added. I've had transactions with "normal" fees take 12 hours to get confirmed just because there was such a backlog. -Touch_Of_Red 6. How do bookmakers set lines?
Click here 7. Best places to get betting percentages and how they work?
Click here 8. Parlay vs rolling bets?
Click here 9. What does EV mean?
EV stands for Expected Value - essentially, how much you stand to profit by making this type of play over the long run.
If you bet $100 on a line at +100 odds, those odds correspond to 50% win probability - you need to win 50% of the time just to break even. If your team actually has a 60% chance of winning the game, then you have a +EV scenario. This doesn't mean you'll always profit. About 40% of the time you'll lose your $100 and 60% of the time you'll win $100. But if you placed that exact same bet on the exact same game in 100,000 parallel universes, you should come out ahead (about 40,000 losses & 60,000 wins).
With the above example, what is your EV? 60% X $100 - 40% X 100 = $60-$40 = $20 Again, that doesn't mean you'll win $20, but across those 100k games in 100k parallel universes, you should yield a profit of about 100,000 X $20 = $2,000,000.
Conversely, if you bet $100 on a +100 line, but you suck at handicapping games and your team actually has only a 45% chance of winning, you've made a -EV play. For that single game, your EV would be 45% X $100 - 55% X $100 = $45-$55 = -$10. - djbayko
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