Chiefsplanet Gambling Challenge: Rules
 

Chiefsplanet Gambling Challenge: Rules

RULES

• You are given $10,000 to start out and can bet up to $5,000 on any one bet. There is a $500 minimum bet unless you have less than that in which case you would be all in.
• Payouts are at 90% unless otherwise stated. –170 would mean you have to bet $170 to win $100. +250 would mean you would get a $250 payout on every $100 bet.
• You must bet at least once every 3 weeks or you are eliminated. If you cannot commit to participating at least this much please let us know now so somebody else can take your place.
  • You must place a wager in the first two weeks of the season, or your spot in the competition will be given to someone on the waiting list. This is ONLY for the beginning of the season. After the first three weeks, inactive spots will not be filled from the waiting list!
• Contingency bets are allowed. If you are using contingency bets, please indicate the order of your bets.
• There are no parlays.
• All bets must be placed by the scheduled kickoff time of each game, not when it actually kicks off. If the time stamp on your post is after the scheduled time, the bet is not accepted. This goes for all games.
• I will not allow bets to be changed or cancelled once posted. Be sure that you have the correct bet made before hitting the submit button. After that, your only option is to post an offsetting bet which will cost at a minimum, 10% to the house. Anyone caught editing a bet after posting it will be immediately disqualified!

Betting limit
The limit per bet is $5,000, but it is possible to bet more than that on a single game. For example, you can bet $5G on the spread, $5G on the money line and another $5G on the over/under if you like.

Odds
I will post the odds on Wednesday (maybe earlier if we have a Thursday game) and will use the lines and odds posted on http://www.pinnaclesports.com/default.aspx

How to bet the Money Line
Bengals +130
Chiefs -150

First off, a money bet is a straight up win/lose bet. No points involved, so of course there are odds payoffs.

If you want to bet on the Bengals, you will win $130 for every $100 you bet. Conversely, for the Chiefs, you will win $100 for every $150 you bet.

In other words, the team with the - money line is the favorite (therefore lower payout) and the team with the + is the under dog.

Placing Bets
It helps if you format your bets like this:

Patriots (-7.5) $5000
Chiefs (-150 money) $1000
Chiefs (over 45) $2000


Please post any questions about the rules of this contest in this thread.

GOOD LUCK AND HAVE FUN!!!

What's the over/under mean?




J/K :p
I really wanted to ask when you would be appointing the lucky few from the waiting list....

you should've looked in thesignup thread.



thanks!

Chiefs/Texans UNDER $5000




j/k

OK...
Minnesota (+150)

For every $100 bet - U win $150

I bet $3,000

Minnesota Wins --- I collect $4500 ?? Correct ??

That looks right. I dont want to have the final say though because thats up to Dartgod

Less the houses' cut.

The house does not get a cut on money line bets. KCwolf is correct.

There is a 10% house cut on all other winning bets, however. So a winning $1,000 bet on the spread or over/under pays out $900

What do you do with all that extra cash you got stashed in the closet? Do you drive a pink cadillac with purple carpet on the interior? My imagination runs wild....Here's D.G. and his car :D

Chiefs (-280 money) $1,960
Chiefs (-6.5) $1,000
Patriots (-285 money) $1,995
Patriots (-6.5) $982

Hope my math was correct at $5,937 coming into this one, should be all in.

wrong thread... fml

I lost my betting money faster than Big Smoke when he spends a night at the casino!

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Question. Does the once every three weeks stop once playoffs start?

Have a feeling I won't like next week's lines either.

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No, it goes throughout the contest.

good one :LOL:

We can bet anytime after Thursday if we aren't betting Buf/LAC as long as we get in before kickoff?

Can we split up or are we supposed to do all bets at once, once a week