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Old 11-25-2009, 10:36 PM   #1
IntentionalButt
Nash Equilibrium Debunker
East Side VIP
 
Join Date: Nov 2006
Location: Boston
Posts: 123,167
vCash: 35250
Default New bettors (Vcash virgins) - report here! Tutorial within.

Hi.

Welcome to the fun - and sometimes maddening - world of online betting using virtual cash!

Would that be "vcash"?

Yes.

You're likely wondering what exactly this is, and what you need to get started. Read on for surprisingly simple answers to both.

1) What the hell is this?

VBOOKIE: a system that some very cool people designed to allow simulated "gambling" - for entertainment purposes only - with a proprietary currency called VCASH (no actual value) on certain internet message boards - specifically, ones using the VBulletin brand of PHP forum software. Enough with the technical babble, you most likely don't care about that...on to putting the "fun" in function.

VBOOKIE Function: allows empowered individuals* to create "events" on which you can wager your VCASH.
*we'll call them VBookies. Some board members refer to them as "bookie mods"; though technically inaccurate, as not all bookies are forum moderators, veteran board members will know what you mean by this term.

The individual Vbookie does not "get" your VCASH when you lose it - it is pooled back into the systemwide ante. The Vbookie's role is to create and manage events, paying out the winners in a timely fashion after completion each event (often a boxing match, though you can bet on other things...). If you have a question about an event, please direct it to the author of that particular thread as they will be the VBookie responsible for it. If you can not get a timely reply from that VBookie either in the thread itself or via Private Message, you may attempt to contact any of the other VBookies. The following members are currently VBookies:

Boxing Girl
IntentionalButt
Healy
TFFP

The "object of the game", obviously, is the same as the fundamental goal secondary only to survival in any capitalist society - have more cash than everybody else!

2) So, what do I do?

Well, first think about what you'd like to bet on. Steering clear of events where you have little to no knowledge of the subject matter is wise, though plenty of members like to take chances on what's called a "blind bet" - it's a bit like playing the lottery.

If you see a thread on a boxing match (or non-boxing sporting or special event in the Auxiliary forum - click here to see) that interests you, go ahead and check out the odds. They will be up at the top of the thread, like so:

http://img256.imageshack.us/img256/6529/examplew.png


If you see a thread that does not have odds listed, note whether the thread was posted recently. It may be that the VBookie is simply in the process of creating the event. There is a bit of a lapse between creating the thread and putting the finishing touches on the odds section as seen above (typically no more than five minutes). If you see a thread that had no odds listed in the Fantasy Boxing Betting forum, and it's more than a few minutes old, please alert a VBookie.

Now, you may be a bit confused by the odds themselves.

Yes.

That's understandable, but there's no need to be. They're actually easier than they look.

OK...

There are three basic ways of looking at odds. Each is in more common use in a particular part of the world, hence the less scientific alternate names.

There are Fraction or "British" style odds, presented in the example above as Vitali Klitschko 1/12.

There are Decimal or "European" style odds, presented in a modified form in the example above in parentheses as (0.08.)

The third style is Moneyline or "American" style odds, which are not present in the example above. VBOOKIE does not deal in Moneyline odds, though you will see them in use at major sportsbooks and in Las Vegas where many of the odds (or "lines") for a variety of domestic and international sporting events originate. In the example above the Moneyline would appear as -1200.

That's all The Greek to you, huh? (sorry, bookie humor...)

...

The easiest of these three types to read is probably Decimal/European odds. VBookie deals primarily in Fraction/British odds but all events do list a translation into something very similar to Decimal/European as well.

True Decimal/European odds include your original investment, or "stake". So in the above example, anywhere outside the VBookie universe, Decimal odds would be written as 1.08. VBookie omits your stake, so you have to use your imagination and just add an integer of 1 to represent a base stake of 1. The .08 represents the amount of a $1 investment (or "stake") which you will profit should you win on that outcome. So let's say you place a 100 dollar bet on Vitali Klitschko in the above event. You would win 8 dollars. You'd be paid out $108 - your original $100 stake plus your $8 winnings.

Well, that wasn't a very good deal, was it? I risked one hundred dollars and only won a measly eight.

You're right. That's not what would be considered a high-value bet. That's because you bet on the "favorite". You can tell that by looking right next to the Fraction/British odds on that line - there's a big fat capital F.

It's not really fat compared to other capital F's...

The favorite is always the lowest-value action outcome option on any event. The reason is that it is the most likely outcome.

So, what? I'm supposed to throw my money away on unlikely outcomes?

Well, yes. What, did you think we were going to make it easy to just come in and place bets willy nilly on likely outcomes and reward you for banking on the obvious to rack up v-millions? This is where betting transcends from luck into actual skill. If you are knowledgeable about the subject matter, you may have some insight into just how strong a favorite is...

So the favorites don't always win? Do the bookies not know what they're talking about or something?

Well, they're not psychic. They are wrong (in the real and v-world) - and with enough frequency that people choose to partake in their books. Betting lines are based on a slew of factors and determined by experts. Even experts can't make predictions with 100% certainty, though. It's up to you to decide whether your opinion differs from the people making the lines - and whether it differs enough to bet against them. If you agree with the line, very strongly, and think it's worth it to bet on a favorite, feel free. Just bear in mind that you're risking more to profit less.

Should you choose to travel the road less, however - and bet on the less favored outcome, or "underdog" - know that they are the underdog for a reason. In the example above Kevin Johnson is a 17/2 underdog. This is a very high value bet. Remember how VBookie shows a slightly off version of European/Decimal odds?

What? Oh. Uh, yeah...sure.

So we'll add that "1" back in, and the Decimal line next to Kevin Johnson becomes 9.50. That means if you bet $1, you win $8.50 and get paid $9.50 (your $1 stake + your $8.50 in winnings).

Hey! That's more like it! Low risk, high reward!

Kind of. Low "financial" risk, in relative terms. Again, this is considered by experts to be the far less likely outcome. You should base these bets on more than a "hunch". Try to do some research before placing any large bets. If you ultimately decide that an underdog is more live (has a better chance) than the bookies seem to think, and if the value is good then by all means go for it.

Over/under bets, in boxing, work the same way. Generally one outcome will be the "favorite" and one the less likely. "Over" refers to a boxing match going longer than the given time. In the above example, it's 9.5 rounds. So if the final bell of the 9th round is rung, you would win having bet on this outcome. The "Under", of course, is the opposite. If either fighter knocks the other out before the halfway mark of the 9th round, or if the fight is stopped before that mark due to disqualification or injury, you would win having bet on the Under.

What about Draws?

What about them? Very high value bets as you can see (35/1 is not uncommon). Draws are not particularly common in boxing, and certainly they're not something you can predict given how subjective the criteria used by professional boxing judges are. These are worth a small wager if you think a contest is likely to go the full scheduled distance and to be close on the judges' scorecards. You typically shouldn't "bank" on a draw and pour vcash into one, however.

Now, you have a $1000 "bank" to start out with...

What if I want to bet more than $1000?

Start winning.

What happens if I make some bad bets and run out of money?

Everybody skids. This isn't an exact science. VBOOKIE is a forgiving system. Whenever you go to a zero balance by losing all your vcash, the system will reset your bank to $75 as soon as a new event is created. So if you go belly-up at 4:30am on a Sunday, and a new Vbookie event is created Tuesday at 2pm, that's when you'll receive your $75 reset bank.

$75? That's way less than a thousand.

You should have thought about that before losing it all! Now you can certainly climb your way back up, you're just starting on the bottom.

Any further questions, please do not hesitate to ask myself or another VBookie.

Last edited by IntentionalButt; 12-29-2009 at 02:05 PM.
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