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Legal definitions of gambling vary between jurisdictions but are most commonly built around three core concepts: an initial stake (the 'consideration'), an event with an uncertain outcome (chance) and a potential reward (or 'prize'). Prizes are often framed in terms of 'money, or money's worth' (Abarbanel, 2024).
A 3-way bet is a bet on an event that has three possible outcomes: Team A wins, Team B wins, or a draw. The odds on a 3-way bet will always be higher than odds on a similar two-way bet considering there is an additional outcome. Therefore, when one places a 3-way bet there is only one way to win and two ways to lose.
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A +1.5 spread is commonly seen in baseball betting, the standard runline for MLB. This spread means the underdog must win outright or lose by exactly one run to cover the spread. Alternatively, a -1.5 spread means that the favorite must win by at least two runs. Many baseball games are decided by fewer than two runs.
A good medium is 3% per play. For example, if you're starting with a bankroll of $100, you should risk $3 on every bet. If you're starting with $1000, you should risk $30 on every bet. Your unit size would be $3 or $30, respectively.
