Updated 11/29/23 4:10am ET
This is a term often used in betting pools and contests.
Sports betting is complicated and it can be intimidating as a new bettor. We’re here to help.
Noor: It is time for bet-ology where we Brak down betting terminology this is the part of the show where I guess what Doug’s about to tell me and hopefully he can clear it up uh today’s word is overlay I know what a layover is they’re not fun uh but overlay I’m assuming we got a couple bets and they might they might be rubbing on each other no
Doug: no overlays are fun it it basically comes down to like pools and things like that it’s okay and it’s what you want so if promotions and things like that guarantee a certain amount of money but the money coming in doesn’t match it there’s an overlay of prize money that’s a surplus
Noor: and that’s a good thing
Doug: yeah it’s a very good thing so sometimes but you know bowl season is around the corner right maybe there’ll be a bowl where they guarantee you $10,000 first prize
Noor: right
Doug: but if you know 100 people only put in $10 that’s $1,000 in the pool and then you have an overlay right so in overlay means there’s something to the players advantage that is sort of like the technical definition
Noor: Got it
Doug: so because in theory if everyone has an equal shot but there’s actually additional money so let’s say if you’re one of 100 entries you have 1% chance
Noor: right right
Doug: but if there’s additional money then you’re like oh I have a 1% chance of making you know right so that’s the concept of an overlay when I did the college football contest last year there was an overlay because yeah they they promised prize money and not enough people signed up now there was plenty of people that signed up but just a little extra overlay I would have done it if there wasn’t overlight but it worked out well where they guaranteed a certain sort of prize money and the math was in the play every single entry favor
Noor: I mean if there’s someone to trust about overlay it’s gonna be this guy you if you look at that big check right there it’s a big check man big money
Doug: Well I didn’t win it I had two top five finishes so it actually worked to my advantage
Noor: hey hey its here you cashed it you won
Doug: fewer that fewer people entered so that’s good
Noor: now we know what overlay is and that right there is bet ology
