Sports gambling is now legal in Colorado, and fans can make their wagers at the Ute Mountain Sportsbook, conveniently located inside the casino, or on the UTE BET app, available for free from the App Store and Google Play. But if you don’t know the difference between a straight bet and a parlay, we have created this sports betting guide to help guide newcomers through all the rules, terms, and bet types so you can win big.
What is Sports Betting?
Believe it or not, sports gambling became legal in Colorado this year, so don’t be alarmed if you’re unfamiliar with it. Ute Mountain Sportsbook is here to guide you every step of the way.
In case you didn’t know, sports betting is the action of predicting and placing a wager on the outcome of a game. The bet is between the player and the sportsbook, and there needs to be a definitive resolution. The bettor can make a variety of bets, which we discuss below in our sports betting guide, but let’s become familiar with some of the terms you might hear first.
Common Sports Betting Terms
When you start sports betting, you might hear some slang that you’re unfamiliar with. Don’t let this discourage you from winning big. We’ve put together a list of some of these terms to help guide you through casino sports betting at Ute Mountain Sportsbook:
Action: Any kind of sports bet
Sportsbook (or book): A place that accepts wagers on the outcome of sporting events
Closing line: The final odds before the game begins
Cover: Winning by more of the point spread
Limit: The maximum bet amount before the bookmaker changes the odds and/or points
Line: The odds of a specific game
Hook: A half-point. If a team is a 7.5-point favorite, it is said to be “laying seven and a hook.”
Off the board: Wagers are no longer being offered on a game
Opening line: The earliest odds offered on a specific game
Pick ’em/Pick: A game with no favorite or underdog. The winner of the game is also the spread winner.
Push: When a game ends, and the wager ends in a tie
Straight up: the expected winner of a game, regardless of the point spread
Steam: The term used when a line is moving unusually fast, usually as a result of a group of bettors all getting their wagers in at the same time or based on people reacting to news such as an injury or weather conditions.
Ticket: the record of a wager
Underdog (or Dog): The expected loser of the game, regardless of the point spread
Wager: A bet on a sporting game
Types of Sports Bets
There are many ways to wager and win at sports betting, but it can be a little overwhelming on your first visit. Before you get started, here is a quick guide to the types of bets you can make at the Ute Mountain Sportsbook.
Straight Bet
If you want to place a wager on the outcome of a single game, then a straight bet is for you.
There are three ways to make a straight bet:
You can make a wager on the money line. For example, if the odds board favors the Yankees (-140) to win against the Red Sox (+120), you’ll need to place a $140 wager on New York for a chance to win $100 for a total of $240. If you think that Boston can pull off a win, then you could win $120 on a $100 bet for a total of $220.
Making a point spread wager means that the favored team must win by more points than the number value listed, and usually offered at 11 to 10 odds. If you wager $11, you have the chance to win $10 on the bet for a total of $21.
For example, if the odds board shows that the Patriots are favored to beat the Bills by 5.5 points, then New England must win by six points or more for someone who wagered on them to win. If you wagered on Buffalo, the Bills must beat the Patriots or lose by five points or less to win the bet.
Total or over/under bets are wagers made on the game’s point total and usually offered at 11 to 10 odds. If the sportsbook sets the points total of the Yankees/Red Sox game at 9.5, then the combined score must be 10 runs or more for the over bet to win. So if New York beats Boston with a final score of 5 to 4, the game total is nine, and the over bet loses, and the under bet wins.
Parlay Bet
The most exciting bet is a parlay because you have an opportunity to win a lot of money with a small wager by making a series of connected bets on a number of games. If all of the chosen bets win, then you get the payout. But if even one of the bets is a loss, then you lose the entire bet.
Teaser Bet
A teaser bet is similar to a parlay bet as you can bet on at least two games, but it allows you to adjust the point spread on your wager in your favor by certain designated amounts. If you change the spread, then the payout is lower, but you have a better chance of winning.
Futures Bet
Do you think your team is going to take it all the way and win a championship this season? Put your money where your mouth is and make a wager with a futures bet.
Round Robin Bet
Much like a parlay, a round robin is a series of bets on multiple games. If you were to do a three team round robin, that would be three parlay bets. However, if you lose one bet, you still have a chance to win with the other two, so you’ll likely win something.
Proposition Bet (Prop Bet)
A prop bet allows you to bet on different events in a game. A typical prop bet is when you think an individual player will score a field goal, what the score will be at halftime, or if the game will go into overtime.
In-play Bet
If you didn’t get a chance to make a bet before the game started, or if you don’t feel so sure about that sure thing, then you can make a live in-play bet. You can make a wager on the point spread, total, or money line.
If you have any other questions, our friendly, knowledgeable staff will guide with any questions about sports betting you might have.
Some Frequently Asked Questions About Sports Betting
Q: How old do I have to be to bet on sports in Colorado?
A: You must be 21 years of age.
Q: Do I have to be at Ute Mountain Casino to place a bet?
A: You can download the UTE BET app, available for free from the App Store and Google Play.
Q: Do I have to be a resident of Colorado to place a bet?
A: You don’t have to live in Colorado, but you must be within state lines to place a bet. Sports betting is legal under state law, and laws vary from state to state.
Q: How much can I wager?
A: Please refer to the Ute Mountain Casino Sportsbook House Rules for information on betting limits.
Q: On what sports games can I bet?
A: Here is a list of sports you can bet on at Ute Mountain Sportsbook and the UTE BET app:
Football (NFL)
Baseball (MLB)
Basketball (NBA)
Boxing
Fighting (UFC)
Soccer
Golf (PGA)
Hockey (NHL)
Auto Racing (NASCAR)
Rugby League
Rugby Union
Tennis
Q: Who do I contact if I have a problem?
A: The Colorado Division of Gaming regulates sports betting. You can email any inquires to dor_gamingweb@state.co.us.
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