Definition
The ‘price’, in the sports gambling industry, is another way of saying the odds or pointspread.
The price is right
Price and value go hand in hand. In the marketplace, consumers often want to get the best price for the money. They go to outlets, shop at discount stores, and are always on the lookout for sales. Prudent shoppers never pay retail and always attempt to stretch their money. In sports gambling, this is a direct corollary. There are multiple sportsbooks that are available to the sports gambler. There are casino, land-based sportsbooks, offshore, internet sportsbooks, and local bookies. Each has their own advantages and disadvantages, so it is up to the sports bettor to differentiate between them all. Similar to different department stores that offer the same products, sportsbooks offer the same games, but at different prices. In the marketplace, would one buy a pair of jeans at retail ($35.99) rather than buying the same pair of jeans at a competing store at a discounted price ($29.99)? The answer is obviously, no. If both jeans are of the same quality, then why would one buy at a higher price? Such is the scenario with sportsbooks.
Public and sharp sportsbooks
As stated earlier, the name of the game in sports gambling is value. Sportsbooks such as www.pinnaclesports.com offer the gambler great odds and reduced juice (discounted pricing); whereas, public sportsbooks such as www.bodog.com offer standard odds and regular juice (retail pricing). Although there are advantage in using both sportsbooks, in the long run, it is better to bet with the prior rather than the later. Better odds and less juice will save the sports gambler more money in the long run. Public sportsbooks such as bodog.com do offer the sports gambler bonuses and great customer service, but they are not a very price conscious sportsbook.
Betting underdogs on the moneyline
Alongside betting on value, betting on ‘live’ underdogs is a great venture to undertake in sports gambling. Inherent in betting the favorite is the public perception that most favorites will win. This automatically inflates the favorite price, and thus makes betting the underdog on the moneyline a better bet. In a specific example, betting on underdogs in high profile games is a great angle. In Major League Baseball, betting on American League underdogs is also a great angle to consider.
Summary
The ‘price’ is another way of saying odds or the pointspread in a sporting event.