Say LAL were -500 against the Pels, could I walk in, put 15k down to win 3k?
In all seriousness.... Yes, if a sportsbook let you place a wager of 15k on a -500 moneyline then you would win 3k if it hit. However sportsbooks can limit the amount you wager based on risk, and in this case they would find that way too risky.
Depends on who you are. Mayweather just put 300k on Taiwan Beer. You? On Taiwan Beer? Maybe 1k, if that. Probably 500 bucks. Seriously, on a regular basketball game, they don't know ya? Maybe 1. Maybe 5. Know ya lil bit, it goes up from there. You randomly walk up on a tueday and try to drop 1 and they'll probably call somebody but if it'a the Super Bowl....
Amazing post dude. As someone from the other side of the world (Australia) who wasn't used to seeing US ML's posted until I started on this website, this really helps understand a lot.
All in all I still think it's a weird system of betting. Each to their own I guess.
Q: When you're determining "chance of winning" this is a gut feel right? For example I'd say that out of ten games between Spurs v Utah, the Jazz would win max 2 out of 10 (assuming neutral court), therefore Spurs 80% chance of winning. Is this how you base it?