Betting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week. At sports betting, players may beat the bank.

Most jurisdictions in Canada and the United States regard sports betting as illegal (Nevada offers full sports betting and the Canadian provinces offer Sport Select - government-run sports parlay betting). However, millions engage in sports betting despite its illegality.

In Canada and the United States the most popular sports bets include:

• against the spread - the bettor wagers either that the favoured team will win by a specified number of points or that it will not. Giving the points involves betting the favourite, and taking the points means betting the underdog. A team covers the spread if it wins the game with the score modified by the spread. If Dallas and Washington are playing and the spread is (Dallas -7), then Dallas has to win by at least 8 points to cover. Half-point spreads are also possible and the spread may change.
• against odds - the most popular types of bets against odds comprise simple bets that a team will win and over-under (bets on the total points, runs, or goals scored by both teams). In making an over-under bet, the bettor wagers that the total will exceed or fall short of a total specified by the bookmaker.
• against a combination of odds and spread

In sports betting, a parlay involves a bet that two or more teams will win. In the United States gamblers have made the parlay card one of the most common forms of sports betting: here bettors wager on the outcomes of two or more games. If all their picks win, they collect. Most such betting occurs in workplaces. A teaser is one type of parlay where the bettor can alter the point spreads on the two games in the bet.

Events like the Super Bowl, and the Kentucky Derby are famous for bringing in sports betting.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.