CHAPTER ONE
INTRODUCTION
1.0 Introduction
Betting on sporting events is a common form of gambling around the world, involving billions of dollars annually. Large events such as the Super Bowl or the World Series alone can generate wagers totaling trillions of naira and billions of dollars. In a pool, one tries to guess the “winners” in a set of games. For example, one may have ten matches this weekend and one bets on who the “winners” will be. We’ve put winners in quotes because the pool may handicap the matches so that it is expected that each side has an equal chance. For example, if the Jets are playing the Sharks and the Sharks are a weaker team, then there will be point spread—the Jets must score some specified number of points more than the Jets to be declared the winner in the pool. There a two common types of pools [1].
- One is among a group of friends and the person with the most correct guesses wins all the money that was bet. If several people have the same number of correct guesses, the money is divided evenly among them. We’ll call this the office pool since that’s where it’s often done.
- The other type of pool is like the lotteries that are run in many states: How much you win depends on how many correct guesses you have and it is set up so that the organizers expect to pay out less than they take in. We’ll call this the for-profit pool. In both kinds of pools, a player normally does not know what winners the other players have chosen.
Sports betting, typically involves odds or point spreads that affect the bet or the payout. A bet with odds of five-to-one means that a winning bettor will collect five dollars for every dollar bet. With a point spread, one team is favored by a certain amount of points (the amount is set separately by each gambling outlet). For example, if a bettor decides to wager on a team favored by 12 points, then he or she wins only if that team wins the game by more than 12 points. If there are no odds or point spread given, then the wager is known as an even-money bet (betting five dollars to win five dollars). There are many other types of sports wagers, including combination bets, depending on the sport and the specific regulations that apply to it. To effectively manage betting, there are pool centers and they make use of software systems to do the betting [1].
1.1 Theoretical Background
People love to bet, and every week they will go to their local bookies and fill out a football coupon, maybe even have a score cast or first goal scorer in the hope that they can win quite a large amount in a short period of time. Football betting is all about betting against bookmakers. It is different from betting against other people the way most people do. It is also different from pools betting. Bookmakers are betting companies that provide the platform for betting activities. They also provide the prices and expected winnings on each football match. All you need to do is to determine the outcome of a particular match or a series of matches. You don’t need to predict the exact Score line. Of course there are bets where you can predict the exact Score line and we will talk about that later. The price per match will be determined by how hard it is. The easier the match, the lesser the potential returns. The harder the match, the higher the potential out come. Assuming Manchester United wants to play Wigan Athletic at Old Trafford, we all know there is a very high likelihood that Manchester United would win. The money you are expected to win if you say Manchester United will beat Wigan will be very small. In fact, very small. On the other hand, if you say Wigan will beat Manchester United, then the expected monetary returns would be high. It will be high as well if you say it will end in a draw. Pool houses need a computer-based pool management system to enable them keep financial record, this will promote effective management of the business [2].
The technology adopted to implement the study is database management technology. The technology was chosen because it aids the retention of needed information for future retrieval. The user interface was created using Visual BASIC 6.0 programming language. For instance the following source code is used to save games to the database.
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