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{{short description|Type of wager at a sportsbook}}
{{other uses}}
An '''over–under''' or '''over/under''' ('''O/U''') bet is a wager in which a [[sportsbook]] will predict a number for a statistic in a given game<ref name="Kochan 2013 p. 12">{{cite book | last=Kochan | first=M. | title=Secrets of Professional Sports Betting | publisher=Cardoza Publishing | year=2013 | isbn=978-1-58042-438-7 | url=https://books.google.com/books?id=NWD8AAAAQBAJ&pg=PT12 | access-date=April 25, 2015 | page=12}}</ref> (usually the combined score of the two teams), and bettors wager that the actual number in the game will be either higher or lower than that number.<ref name="Williams Siegel 2014 p. 205">{{cite book | last=Williams | first=L.V. | last2=Siegel | first2=D.S. | title=The Oxford Handbook of the Economics of Gambling | publisher=OUP USA | series=Oxford Handbooks in Economics Series | year=2014 | isbn=978-0-19-979791-2 | url=https://books.google.com/books?id=-Wa-AAAAQBAJ&pg=PA205| page=205}}</ref><ref name="Fodors Travel Publications 2014 p. 277">{{cite book | title=Fodor's Las Vegas 2015 | publisher=Fodor's Travel Publications | series=Full-color Travel Guide | year=2014 | isbn=978-0-8041-4300-4 | url=https://books.google.com/books?id=_zSOAwAAQBAJ&pg=PT277}}</ref> For example, in [[Super Bowl XXXIX]], most [[Las Vegas Strip|Las Vegas]] [[casino]]s set the over–under for the score of the game at 46.0. A bettor could wager that the combined score of the two teams would be either more than or less than that number. Since the combined score of that game was 45, anyone who had bet on "under" won.▼
 
▲An '''over–under''' or '''over/under''' ('''O/U''') bet is a wager in which a [[sportsbook]] will predict a number for a statistic in a given game<ref name="Kochan 2013 p. 12">{{citeCite book | last=Kochan | first=M. |url=https://books.google.com/books?id=NWD8AAAAQBAJ&pg=PT12 |title=Secrets of Professional Sports Betting | publisher=Cardoza Publishing | year=2013 | isbn=978-1-58042-438-7 | urlpage=https://books.google.com/books?id=NWD8AAAAQBAJ&pg=PT1212 | access-date=April 25, 2015 | page=12}}</ref> (usually the combined score of the two teams), and bettors wager that the actual number in the game will be either higher or lower than that number.<ref name="Williams Siegel 2014 p. 205">{{citeCite book | lastlast1=Williams | firstfirst1=L.V. | last2url=Siegel | first2=Dhttps://books.Sgoogle.com/books?id=-Wa-AAAAQBAJ&pg=PA205 | title=The Oxford Handbook of the Economics of Gambling |last2=Siegel |first2=D.S. |publisher=OUP USA | series=Oxford Handbooks in Economics Series | year=2014 | isbn=978-0-19-979791-2 |series=Oxford Handbooks in Economics Series url=https://books.google.com/books?id=-Wa-AAAAQBAJ&pg=PA205| page=205}}</ref><ref name="Fodors Travel Publications 2014 p. 277">{{citeCite book |url=https://books.google.com/books?id=_zSOAwAAQBAJ&pg=PT277 |title=Fodor's Las Vegas 2015 | publisher=Fodor's Travel Publications | series=Full-color Travel Guide | year=2014 | isbn=978-0-8041-4300-4 |series=Full-color url=https://books.google.com/books?id=_zSOAwAAQBAJ&pg=PT277Travel Guide}}</ref> ForOne example,of in [[Super Bowl XXXIX]],the most [[Lascommonly Vegasused Strip|Lasstatistics Vegas]] [[casino]]s setis the over–undercombined for thetotal score of the gametwo atteams, 46.0.and for Athis bettorreason couldthe wager thatis thealso combinedknown score ofas the two'''total'''.<ref>{{Cite teamsweb would|date=2024-11-12 be|title=Guide eitheron moreTotals thanBetting or lessOver/Under thanBetting thatExplained number.in Since2024 the|url=https://www.timesofcasino.com/blog/totals-betting/ combined|access-date=2024-11-18 score|language=en-US}}</ref> of that game was 45, anyone who had bet on "under" won.
==Initial and final value==▼
The goal of a sportsbook is to have an equal value of bets on both sides of the over–under. In theory, this means that the manager could set the value at zero and then re-adjust based on either the number of incoming bets and/or events that influence the potential outcome. In practice, the initial value is based on both quantitative (e.g. win–loss record, average points per game, etc.) and anecdotal information (e.g. media reports, injury status of players, etc.).
 
For example, in [[Super Bowl XXXIX]], most [[Las Vegas Strip|Las Vegas]] [[casino]]s set the over–under for the score of the game at 46.0. A bettor could wager that the combined score of the two teams would be either more than or less than that number. Since the combined score of that game was 45, anyone who had bet on "under" won. The bet is called a ''push'' if the actual number exactly equals the over-under, in which case all bets are refunded.<ref>{{cite web |last1=Donahue |first1=Danny |title=What Is a Push in Sports Betting? |url=https://www.actionnetwork.com/education/push |website=Action Network |date=18 August 2021 |publisher=Action Network Inc |access-date=13 February 2024}}</ref>
As with other types of bets where the odds of either outcome are meant to be even, the [[vigorish]] (or "vig") is typically set at or about 5% of the total wager. Using American odds, this will result in both outcomes initially being quoted at -110 (i.e. bettors must risk $110 to win $100). If the amount bet on both outcomes is exactly even, using such odds would result in the sportsbook earning $5 in gross profit for every $110 wagered.
 
Of course, bettors will not necessarily risk the same amount of money on both outcomes every time. In such circumstances, there are two ways a sportsbook can mitigate the risk. The first is to adjust the O/U while keeping the odds of both at -110. For example, if the O/U for a football game is set at 45.5 and the action heavily favors the "over" then the O/U could be adjusted to 46.5 to encourage bettors to take the "under." The risk here is that the sportsbook could lose a lot of money by being "middled" - using the aforementioned example, if the final combined score is 46 then the sportsbook would be obligated to pay both the initial bettors who bet "over" and the later bettors who bet "under."
 
The other method to mitigate risk is to adjust the odds on the initial O/U, which is slightly more complicated but eliminates the risk of being "middled." In the aforementioned example, the "under" could be adjusted to -105 while the "over" is changed to -115 (meaning bettors would have to risk $105 and $115 respectively to win $100) in order to make the original "under" proposition more attractive (and the "over" less so) to bettors. In actual scenarios, even adjustments of -100 (i.e. "even money") and -120 are common place as sportsbooks typically endeavor to maintain steady margins and minimize risk.
 
==Statistics==▼
Though this bet is most commonly made with the combined score of the two teams, many other statistics can be used, including:
 
* In [[American football]], a player's or team's total [[Rush (American football)|rush]]ing [[yard]]s or attempts, [[Down (football)|down]] conversions (first or third), [[interception]]s, completions, [[field goal percentage]], etc.
* In [[basketball]], a player's or team's total [[assist (basketball)|assist]]s, [[block (basketball)|block]]s, [[Turnover (basketball)|turnovers]], [[steal (basketball)|steal]]s, etc.
* In [[baseball]], a player's or team's total number of [[home run]]s, [[RBI]]s, etc.▼
 
==Dice==
A variant of overunderover-under betting, known as Under Over,<ref>{{cite web |title=Guidelines for fundraising event games - Unders & Overs |url=https://www.vgccc.vic.gov.au/sites/default/files/guidelines_gamesrules_undersandovers.pdf |website=Victorian Commission for Gambling and Liquor Regulation }}</ref> is a [[dice game]] played at various festivals. The object of the game is to predict whether the dice will roll to a total of under 7, over 7, or at 7. The game is typically played with 2 dice.
 
A player typically places a wager on one of three spaces. These spaces are:
Line 28 ⟶ 14:
*7 (usually pays 4–1)
 
For instance, if one bets one dollar on under and the dealer rolls under, they gain a dollar as well as get their dollar back. If the dealer rolls a seven and one bets on it, they make four dollars. Once all the bets have been placed the attendant closes the betting board with a screen and then puts the dice through the chute. Players then get paid accordingly.
 
One variation of Under Over involves foam dice, two of which are thrown in the middle of the players; in another variation, two balls are thrown into a giant wheel consisting of twelve spaces of numbers ranging from 1–6. No wire fence is used to block the bets in that case.
 
▲==Initial andInitial finalcost value==
The goal of the betting company is to get the same amount of bets on both sides of the overtime game.<ref>{{Cite web|title=What Does Over/Under Mean in Betting?|url=https://www.techopedia.com/gambling-guides/what-does-over-under-mean-in-betting|access-date=2024-08-14|work=www.techopedia.com}}</ref><ref>{{Cite web|title=What Are Over/Under Bets in Sports Betting?|url=https://www.wsn.com/betting-guide/over-under-betting/|access-date=2024-08-14|work=www.wsn.com}}</ref><ref>{{Cite web|title=How Does Over Under Betting Work? A Comprehensive Guide|url=https://www.tffn.net/how-does-over-under-betting-work/|access-date=2024-08-14|work=www.tffn.net}}</ref> In theory, this means that the manager can set a zero value and adjust it later based on the number of incoming bets and/or factors that may affect the outcome of the game. In practice, the initial value is based on both quantitative indicators (e.g., loss records, average points per game, etc.) and unofficial information (e.g., press reports, player injuries, etc.).<ref>{{Cite web|title=How Does Sports Betting Work: Placing Your First Bet|url=https://playtoday.co/blog/how-does-sports-betting-work/|access-date=2024-08-14|work=playtoday.co}}</ref><ref>{{Cite web|title=What Does a Profitable Betting Strategy Look Like? Monte Carlo Simulations of Sports Betting Histories|url=https://www.tradematesports.com/blog/what-does-profitable-betting-strategy-look-like-monte-carlo-simulation|access-date=2024-08-14|work=www.tradematesports.com}}</ref> To get reliable information about a team's scoring potential you have to look beyond that and take a long term view.
 
▲== Statistics ==
As a rule, the total is the sum of the total points of both teams for the game. However, there are bets on a different type of total, such as the total number of points scored by only one team and the total number of points scored in the first half by both teams.<ref>{{Cite web|title=What Are Total Bets? How Over/Under Betting Works|url=https://oddsassist.com/sports-betting/resources/over-under-total/|access-date=2024-08-14|work=oddsassist.com}}</ref><ref>{{Cite web|title=Is Sports Betting Better Than The Casino|url=https://betandbeat.com/betting/blog/is-sports-betting-better-than-the-casino/|access-date=2024-08-14|work=betandbeat.com}}</ref> Many other statistics can be used, such as:
*In [[American football]], the total number of yards or attempts by a player or team, down conversions (first or third down), interceptions, completions, completion passes, percentage of throws from a play, etc;<ref>{{Cite web|title=What Is Over/Under in Betting? Totals Explained|url=https://www.sportingpost.com/sports-betting/over-under-betting/|access-date=2024-08-14|work=www.sportingpost.com}}</ref><ref>{{Cite web|title=What is over under betting in sport?|url=https://www.lines.com/guides/over-under-betting/1337|access-date=2024-08-14|work=www.lines.com}}</ref>
*In basketball, the total number of assists, steals, turnovers, turnovers, steals, etc;
▲* In [[baseball]], a player's or team'sthe total number of [[home run]]sruns (home runs), [[RBI]]sRBIs, etc.
 
==References==
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