Method of effecting multiple wagers on a sports or other event

A method of conducting sports wagering in which an establishment accepts wagers on two opposing sports participants, wherein the participant scoring the most points being the winning participant, and the difference in the final score constituting a game result, comprising the steps of:

• the establishment setting a betting line wherein a bet on a favored participant wins only if the favored participant prevails by more than a preset number of points, and a bet on an underdog participant wins if the underdog wins, or does not lose by more than the preset number of points, said preset number of points defining the betting line;
• the establishment permitting a player to place a bet with the establishment on the favored participant or the underdog participant, the establishment keeping losing bets and paying out the player's winning bets according to a payout schedule;
• the payout schedule including paying a winning player increasingly large payouts as the deviation between the game result and the betting line increases, and obligating a losing player to pay an additional amount to the establishment, said additional amount increasing as the deviation between the game result and the betting line increases.

A system for accepting a wager on an event, comprising:

• a main computer comprising stored bet data, wherein the bet data includes an event identifier and a point spread value;
• and
• instructions for accepting a bet amount on the event and calculating a potential amount lost by determining a difference between the point spread value and the score at a predetermined time in said event, and multiplying the bet amount by said difference.