To set the stage, let’s discuss the different types of bets. At a high level, a sports bet is any bet that seeks to benefit some or all of its participants (or both). The terms of the bet, as they apply to sports, are the following: (1) bet, (2) price, (3) time (i.e., period of days or times from the time at which the bet is made), and (4) win (i.e., the money at stake). All these terms describe the same thing.
In some sports wagers, some percentage of the profit, or “profit-sharing payout” is paid to the “whistle blower” who comes forward and reports fraud to the authorities. Examples of sports wagers that pay the whistle blower are, (1) payouts to the teams involved in a game in “dormancy” (i.e., not to play the game but to allow the opposing team to take over), and (2) “hold” (i.e., pay out the money to an opponent even if the whistle-blower wins). In addition, (3), or “cash-out payout,” pays out the winnings received by the winner of the game (including time, money, and equipment). So, a pay-out-sharing payoff of $30,000, if paid to the whistle-blower on an $8,000 payout, is actually worth $3,300, and if paid to a loser on a $16,000 payout, is worth $14,400.
The word “bets” is misleading because there is not necessarily a single type of bet, and no single percentage in which the player “bets” – that is, gets paid “hundreds of dollars for a thousand wins. But this is the case with most sports.
For instance, consider a bet to see who will win a hockey game. You bet $6 for each victory, and the pay-out payout is $8,000. This is called a “buy-in.” But remember, all bets to see who will win a basketball game will generally pay $6 to the winner; this is called a “buy-in.” This is also called a “lay-out.”
Similarly, say you bet that you are going to win $50,000 in a poker game. Suppose you go for it (you “lay-out” and win) $50
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