Go ahead and place that bet and hold on to the ticket. It can be mailed back to the casino for payment.
Unlike casino floors, the sportsbooks generally aren’t open 24 hours, but typically from about 9-10 a.m. until 9-10 p.m. at the IP, said general manager Duncan McKenzie. Those who want to cash a winning ticket will be able to get paid by the cashier at other hours, he said.
“I think a lot of locals will bet,” said Bryan Levi, owner of The Field sports bar in Ocean Springs, who said he attended the opening of both the new sportsbooks in Biloxi. In some states, sports bars are looking at offering sports betting, but in Mississippi it’s allowed only in casinos.
Torrence Williams of Savannah, Georgia, came to the IP for opening day.
“I’m doing my passion,” he said as he chose eight games and made a parlay bet. His $20 bet could make him up to $3,000, but he’s taking a big risk for that big payoff, since all of his teams must win for him to collect.
The new sportsbook at the IP and Sam’s Town in Tunica are the first outside of Nevada for parent company Boyd Gaming.
Betting on horse and dog racing will be added at a later date, said George Cole, the director of IP’s sportsbook.
Sports betting comes with a language all its own.
“It’s the lingo that you have to learn to understand it,” said Amy Schrieber of Biloxi, shift supervisor at the Beau Rivage sportsbook.
Most people are familiar with “underdog,” but may not understand terms like “the juice,” she said. Then there’s the spread, the money line or the run line when talking baseball. Those new to sports betting may think the MLB printed on their ticket stands for Major League Baseball, she said. It’s actually short for money line bet.
To help people learn the language, here are some simple terms for sports bettors:
Terms for beginners
Action: A wager of any kind.
Book: An establishment that accepts wagers on the outcome of sporting events and horse racing.
Bankroll: Your available gambling money.
Cover: The betting result on a point spread wager. For a favorite to cover, it must win by more than the spread. An underdog covers by winning outright or losing by less than the spread.
Handle: The total amount of money wagered by all customers on a game or event.
Hedging: Placing bets on the opposite side in order to cut losses or guarantee winning a minimal amount of money.
Juice: The tax a bookmaker charges for each wager. Some books may offer “no juice” or free sports betting offers as incentives for potential bettors.
Limit: The maximum amount accepted on a single wager.
Over: A wager that the total combined score by two teams will be more than the total posted by the sportsbook.
Point spread: The number of points oddsmakers will post on a game in order to attract betting action on both teams. The object generally is to split the betting action.
Push: When the result of a game or event ends exactly on the listed point spread or finishes in a draw. All wagers are then refunded.
Sharp: A professional, sophisticated sports bettor.
Square: A casual gambler who doesn’t use extensive knowledge to make a wager.
Wagering account: An electronic account established by a patron at a casino for wagering. Includes deposits, withdraws, wagered amounts and payouts on winning wagers
Sources: MGM Resorts International, Mississippi Gaming Commission, FastOdds.com
Types of Bets
Straight bet: An individual wager on a game such as football or basketball or event like auto racing or boxing, which will be determined by a point spread or money line.
Moneyline bet: A wager where odds are expressed in terms of money, and placed on whether a team wins or loses, regardless of the point spread.
Point spread bet: A wager where a team or participant must win by a certain number of points determined by the oddsmaker to create a wager that will attract betting action on both sides. The point spread is the number of points by which the favored team must win to “cover the spread.”
Total bet (over/under): A wager based on the combined number of points scored by both teams at the end of the game or event, including overtime.
Parlay bet: A wager that combines more than one single bet, often across multiple games. All selections must win to collect. The more teams bet in a parlay, the higher the payout odds.
Future bets: A wager made on a game or event taking place in the future. A bettor might place a future bet during preseason for a team to win a championship like the Super Bowl or World Cup.
In-game wagers: Placed after a game has started. Odds will often be adjusted to reflect play or conditions.
Proposition bets: Also referred to as a prop, novelty or side bet. It may involve something that does not necessarily affect the outcome of the game or event, such as who will score the first touchdown or whether the first score will be a touchdown or field goal.
Source: Beau Rivage “Sports Betting for Beginners”