Sportsbetting Terms Glossary - Sports Betting Terminology

Accumulator

A multi-bet where all selections must win for the bet to pay out. If one leg loses, the entire bet fails.

Across the Board

In horse racing, a bet on a horse to win, place, and show.

Action

A bet or wager placed on a sporting event.
Example:

• If you bet on the Jets to cover the +3 spread against the Dolphins, that wager is your "action." The term refers broadly to any active bet.

Agent

An intermediary who places bets on behalf of others, often for a commission.

Alternative Line

A variation of the standard point spread or total, with adjusted odds to reflect the new line.
Example:

• The standard point spread for the Eagles against the Giants is -7. You opt for an alternative line of -4.5 at reduced odds (-200), making winning easier but offering a smaller payout.

American Odds

A format displaying odds with a plus (+) or minus (-) sign to indicate underdogs and favorites.
Example:

• The Yankees are +150 underdogs against the Red Sox. A $100 bet on the Yankees at +150 pays out $250 ($150 profit + $100 stake). On the other side, the Red Sox are -200 favorites. A $200 bet on the Red Sox at -200 pays out $300 ($100 profit + $200 stake).

Arbitrage

A betting strategy involving wagering on all possible outcomes across different sportsbooks to guarantee a profit.
Example:

• Sportsbook A offers odds of +120 for Team A.
• Sportsbook B offers odds of +125 for Team B.
• You bet $100 on Team A at Sportsbook A and $90 on Team B at Sportsbook B. Regardless of the winner, you secure a small profit due to the odds difference.

Asian Handicap

A form of betting in soccer that eliminates the possibility of a draw by giving one team a virtual handicap.
Example:

• You bet on Manchester United with a -0.5 Asian handicap against Arsenal. This means:
• If Manchester United wins, your bet wins.
• Your bet loses if the game ends in a draw or Arsenal wins.

ATS (Against the Spread)

Refers to how a team performs relative to the point spread, not just the game outcome.

Example:

• The Chiefs are -7 favorites against the Raiders.
• If the Chiefs win 28-21, they cover the spread, making them 1-0 ATS.
• If the Chiefs win 24-21 (failing to cover), they are 0-1 ATS despite winning the game outright.

Backdoor Cover

A late, unexpected event causing the game to cover the spread.

Bad Beat

A bet that loses unexpectedly, often due to a last-minute event.

Bankroll

The total amount of money set aside for betting.

The total funds a bettor has allocated for gambling activities should be managed carefully to minimize risks.
Example:

• You decide to set aside $1,000 for sports betting over the next month.
• This $1,000 is your bankroll, which you’ll use to fund all wagers.
• You plan to bet a small percentage of this on each game to avoid losing it all quickly.

Bankroll Management

Strategically managing the size and frequency of bets.

A disciplined approach to wagering helps prevent significant losses and prolongs the bettor’s ability to stay in the game.
Example:

• With a $1,000 bankroll, you decide to bet only 2% ($20) per wager.
• This strategy minimizes your risk while allowing for sustainable betting over time.
• Even after a losing streak, you’ll still have the funds to continue betting responsibly.

Betting Exchange

A marketplace where bettors wager against each other rather than the bookmaker.

A platform that allows users to set odds and bet against one another, eliminating the need for a traditional bookmaker.
Example:

• On a betting exchange, you bet $100 on Team A to win at +200.
• Another user accepts your wager, betting against Team A.
• If Team A wins, you collect $300, while the other user loses their bet.

Bitcoin

A cryptocurrency used for transactions at some online sportsbooks.

Bonus

Incentives offered by sportsbooks, such as free bets or deposit matches.

Sportsbook bonuses are designed to attract and retain bettors, often providing additional funds or free wagers. 

Example:

• A licensed sportsbook offers a 100% deposit bonus of up to $250.
• You deposit $200 and receive an extra $200 bonus funds for betting.
• You now have $400 total to wager on games.

Book/Bookie/Bookmaker

An individual or organization that accepts bets. Commonly referred to as a sportsbook.

Cash Out

Withdrawing winnings or the remaining balance from a sportsbook account.

Refers to removing available funds from an active sportsbook account before or after settling bets.
Example:

• You place a $50 live bet on the Lakers to win.
• As the Lakers lead in the third quarter, the sportsbook offers a $40 cash-out option, letting you secure some of your stake before the game ends.
• You decide to cash out early to lock in a smaller return rather than risk a potential loss.

Chalk

Slang for the favorite in a betting scenario.

Chalk Eater

A bettor who frequently bets on favorites.

Describes someone who consistently wagers on the favorite in games, often taking safer bets with lower potential returns.
Example:

• A chalk eater bets on the Warriors (-200), Yankees (-300), and Patriots (-400) all to win their games.
• While these bets are lower risk, the potential profits are significantly smaller than if they bet on underdogs.
• This strategy appeals to bettors looking for consistent, low-risk wins.

Chasing

The act of trying to recover losses by betting more.

A behavior where a bettor increases bet sizes or frequency in an attempt to make up for prior losses, often leading to greater risks.

Circle Game

A game with lowered betting limits, usually due to uncertainties like injuries.

This occurs when sportsbooks reduce the maximum bet allowed on a specific game due to factors like unknown player statuses or weather conditions.
Example:

• A game between the Bills and Dolphins is circled after the Bills’ starting quarterback is listed as questionable.
• The sportsbook limits bets to $500 for this game, compared to the usual $5,000, to minimize its exposure to unpredictable outcomes.
• The betting limits may return to normal once the quarterback's status is confirmed.

Closing Line

The final odds offered before a game or event begins.

Consensus

The majority opinion or most popular side of a bet.

Represents where most public bets or money is placed on a particular outcome.
Example:

• 75% of bettors back the Eagles -7 against the Giants, making the Eagles the consensus pick for the game.
• Bettors often use consensus data to gauge public sentiment and decide whether to follow or fade the majority opinion.
• Despite the consensus, bettors may target the underdog.

Contrarian

Betting against the majority or public opinion.

Correlated Parlay

A parlay bet where the outcomes are believed to be related.

Combines multiple bets with outcomes that have a logical connection, increasing the likelihood of all legs winning.
Example:

• In a college football game, you bet on Team A to cover -14 and the total score to go Over 50.
• These bets are correlated because if Team A scores enough points to cover the spread, the total will likely go Over.
• Sportsbooks often limit correlated parlays to prevent bettors from exploiting these relationships.

Cover

Winning a bet against the point spread.

This occurs when a team wins by enough points to cover the spread or loses by fewer points than the spread allows.
Example:

• The Buccaneers are -7 favorites against the Panthers.
• If the Buccaneers win 31-20, they cover the spread because they won by more than 7 points.
• Conversely, if the Buccaneers win 24-21, they fail to cover the spread and bet on the Panthers' +7 win.

Decimal Odds

A common odds format in Europe, showing total payout per unit staked.

Represents the total payout, including the stake, when multiplied by the wager amount.
Example:

• Decimal odds of 2.50 mean a $10 bet returns $25 ($15 profit + $10 stake).
• This format is straightforward for quickly calculating potential payouts.

Dime

Slang for a $1,000 bet.

A term commonly used among experienced bettors to describe the size of their wager.

Dime Line

A betting line with a 10-cent spread is common in baseball betting.

Used in pricing odds where the difference between the favorite and the underdog is minimal, typically 10 cents in juice.

Dollar

Betting slang for $100.

A casual term used to describe a wager amount. A bettor saying, "I’m putting a dollar on this," means they’re betting $100.

Double Chance

A bet allowing two outcomes for a win, common in soccer.

A wager covering two potential outcomes, reducing risk but with lower odds.
Example:

• You bet on Team A to win or draw in a soccer match.
• Your bet succeeds if the final score is 1-1 or Team A wins 2-0. If Team A loses, your bet fails.

Draw

A tie in a sporting event, common in soccer and boxing.

Early Cash Out

An option to settle a bet before the event concludes.

Allows bettors to secure winnings or minimize losses by exiting their wager prematurely based on current odds.

Earn

The bookmaker's hold or profit percentage.

The portion of total wagers a sportsbook retains as profit after payouts are made.

Edge

The perceived advantage a bettor has over the bookmaker.

Represents insights, knowledge, or strategies that improve a bettor's chances of success.

European Odds

Another term for decimal odds.

Similar to decimal odds, it is widely used in Europe and other international markets.

Even Money

A bet where the potential win equals the stake.

A 1:1 payout, represented as +100 in American odds.
Example:

• You bet $50 at even money and win, receiving $100 ($50 profit + $50 stake).

Exacta

A horse racing bet predicting the first and second-place finishers.

Requires selecting the top two finishers in the exact order for a successful bet.
Example:

• You bet Horse A will win and Horse B will place. If Horse A finishes first and Horse B second, you win.

Exotic

A bet that isn't a straight bet or parlay; often a prop bet.

Includes wagers like props, teasers, or round robins, offering unique betting opportunities outside traditional markets.

Expected Value (EV)

The anticipated value of a bet over the long term.

Calculates the profitability of a wager by factoring in probabilities and payouts.

Exposure

The amount a sportsbook potentially stands to lose on a bet.

Represents a sportsbook's maximum liability for a specific event or wager.

Favorite

The team or player expected to win.

Field

An option in futures betting representing all competitors not listed individually.

Bettors can wager on any participant outside of the named favorites.

First-Half/Quarter Line

Odds for a game's first half or quarter.

A wager specifically focused on the outcome of an early event segment.

Flat

Refers to a bet with standard odds of -110.

Indicates typical juice applied by sportsbooks on point spreads or totals.

Fractional Odds

Odds are displayed as fractions, common in the UK.

Represents profit relative to stake, such as 2/1, meaning $2 profit for every $1 wagered.

Futures

Bets placed on events that will happen in the future, like championships.

Futures bet allow bettors to wager on long-term outcomes.
Example:

• A bet on the Cowboys to win the Super Bowl at +800 before the season starts.

Getting Down

Placing a bet.

A casual term used to describe the act of making a wager.

Giving the Points

Betting on the favorite to cover the spread.

Involves taking the favorite and laying the point spread set by the sportsbook.

Grand Salami

An over/under bet for the total score of all games on a given day.

Typically used in hockey or baseball to wager on the cumulative scoring across a league schedule.

Halftime Line

Odds offered at halftime, based only on the second half's outcome.

Focuses on teams' performance exclusively in the second half of the event.

Handicapper

Someone who analyzes sports events to predict outcomes.

An individual or service providing betting tips or odds analysis.

Handle

Total amount of money wagered on a game or event.

Represents the total volume of bets placed across all markets for a particular event.

Heater

A winning streak.

Refers to a bettor or team experiencing a series of consecutive wins.

Hedge

Placing bets on opposite sides to guarantee a profit or minimize loss.

Often used to lock in profits when the outcome of a wager is close.
Example:

• You bet $50 on Team A at +300 to be the expected outright winner. Before the game ends, you bet $100 on Team B to win at -200, ensuring a profit regardless of the result.

High Roller

A bettor who wagers large amounts of money.

Typically refers to someone placing high-stakes bets, often in the thousands or more.

Hold

The percentage of money the sportsbook retains on a given wager.

Calculated as the difference between total bets and payouts, representing the bookmaker's profit margin.

Hook

Half a point in betting spreads, crucial in close games.

Affects outcomes by introducing fractional point values to spreads.
Example:

• A spread of -3.5 means the favorite must win by at least 4 points to cover the spread.

In-Play Betting

Also known as live betting, placing bets during an event.

Allows bettors to wager on changing odds and scenarios as the game unfolds.

In the Money

In horse racing, a horse that finishes in the top three.

Indicates a profitable result for bettors who wagered on place or show bets.

Jackpot

A large prize, often in a pool betting scenario or contest.

Typically awarded for hitting the correct combination in games like lotteries or prop pools.

Jockey

In horse racing, the rider of the horse.

Responsible for guiding the horse and executing race strategies.

Joint Favorites

When two competitors share the lowest odds in an event.

This indicates that both competitors are equally favored to win.
Example:

• Both players are listed at +110 in a tennis match, making them joint favorites.

Juice

The bookmaker's commission on a bet, also known as vig or vigorish.

Represents the margin built into the odds to ensure the sportsbook profits over time.
Example:

• A spread set at -110 for both sides includes a 10% juice, meaning a $100 bet wins $90.91.

Key Number

Significant numbers in sports betting, particularly in football.

Key numbers like 3 or 7 in football represent common scoring margins due to field goals and touchdowns.

Knockout (KO)

In boxing, winning by incapacitating the opponent.

Liability

The amount a bookmaker stands to lose on an event.

Limit

The maximum bet accepted by a sportsbook.

Line Movement

Changes in betting lines due to various factors.
Example:

• The opening line for a football game is Rams -3. Heavy public betting on the Rams moves the line to -4 by game day.
• Bettors who took the Rams early get better value than those betting after the movement.

Linemaker

The individual responsible for setting betting lines or odds.

Lines

The offered odds or points spread on a game or event.

Live Betting

Wagering on an event while it is in progress.
Example:

• In an NBA game, the Lakers fall behind by 10 points in the first quarter.
• Live odds adjust to offer Lakers +4.5, and a bettor places a wager based on their belief in a comeback.

Lock

A perceived easy win or near-guaranteed successful bet.

Margin

The amount a team wins or loses by.

Matched Betting

A strategy using free bets to guarantee a profit, regardless of the outcome.
Example:

• A sportsbook offers a $50 free bet.
• You use the free bet to bet on Team A to win and then bet against Team A on another platform, guaranteeing a small profit regardless of the outcome.

Middle

Winning both sides of a bet by exploiting line movements.

Money Management

Strategic management of betting funds to minimize losses.

Money line

A straight bet on a team or player to win an event. The money line is one of the most basic bets.
Example:

• The Yankees are -150 favorites against the Red Sox.
• A $150 bet on the Yankees returns $250 ($100 profit + $150 stake) if they win.

Mutual Pool

The total amount bet into a pool in horse racing.

Nickel

Slang for a $500 bet.

No Action

A bet with no money won or lost, often due to cancellation.

Novelty Bet

Wagering on non-sporting events, like political elections or award shows.

Odds-on Favorite

A heavily favored competitor with odds less than even money.

Oddsmaker

The person/sportsbook setting the betting lines or odds.

Off the Board (OTB)

A game in which bookmakers are not accepting bets.

Opening Line

The initial betting line is set for an event.

Outright Bet

A bet on a competitor to win an entire event, not just one match.

Over

A bet that the total score will be higher than the sportsbook's prediction.

Overlay

A situation where the odds are more favorable to bettors than to the house.

Over/Under

A bet on whether the combined score will be over or under a set amount.

Parlay

A single bet linking two or more wagers. They all must win for the bet to pay out.
Example:

• You bet on the Packers (-3), 49ers (-6.5), and Patriots (+2.5).
• All three teams must win their bets for the parlay to pay out.
• If one team loses, the entire wager fails.

Payout

The amount paid on a winning bet.

Point Spread

A handicap is used to create a more even betting field.

Example:

• Imagine the Lakers are playing the Warriors, and the point spread is Lakers -6.5 and Warriors +6.5.
• Betting on the Lakers -6.5 means they must win by 7 points or more for your point spread bet to win.
• Betting on the Warriors +6.5 means they can lose by up to 6 points or win outright for your bet to succeed.
• The point spread balances the game by focusing on the margin of victory instead of just the winner.

Prop Bet (Proposition Bet)

A wager on specific occurrences within an event, not tied to the outcome.
Example:

• A prop bet might be: "Will LeBron James score over 30 points?"
• If LeBron scores 32 points, the bet wins.

Public Money

Bets that are predominantly placed by casual bettors.

Quarter Bet

A wager on the outcome of a specific quarter in a game.

Quinella

In horse racing, a bet on two horses to finish first and second, in any order.

Rebate

A refund or cashback offer based on betting activity.

ROI (Return on Investment)

A measure of the profitability of bets.

Round Robin

A bet consisting of multiple parlays.

Sharp

An experienced, professional sports bettor known for making smart bets.

Stake

The amount of money placed on a bet.

Steam

A sudden, drastic movement in a betting line due to heavy wagering on one side.

Straight Bet

A single wager on a game or event instead of a parlay or teaser.

Straight Up (SU)

Betting on a team or individual to win outright, regardless of the point spread.

Superfecta

In horse racing, a bet predicts the first four finishers in exact order.

Teaser

A parlay bet where the bettor adjusts the point spreads in their favor but at reduced odds.

TT (Team Totals)

The total number of points a team scores.

Ticket

The physical or digital record of a bet.

Total

The combined score of both teams in a game, used in Over/Under bets.

Under

Betting that the total score in a game will be below a specified number.

Underdog

The team or individual considered less likely to win.

Underlay

A bet with less favorable odds than the actual chance of winning.

Value

Find a bet with higher odds than you believe it should.

Vig/Vigorish

The commission or fee taken by the sportsbook is often factored into the odds.

Wager

Another term for a bet.

Wire-to-Wire

A term used when a team leads a game from start to finish.

X-Factor

An unpredictable or unforeseen variable that can affect the outcome of a bet or game.

Yield

The percentage of profit or loss from a series of bets.

Yankee

A type of bet involving four selections and 11 separate bets: six doubles, four trebles, and a fourfold accumulator.

Zebras

Slang for the referees or officials in a game.

Zig-Zag Theory

A betting strategy that suggests betting on a team to bounce back after a loss, particularly in a playoff series.

Related Articles

Meet our Authors