John Ford | October 17, 2023 | Updated on: October 17th, 2023
Numerous distinct terms are associated with sports betting, and the deeper you delve into betting, the more terminology you’ll find yourself eager to grasp. Bookmark our glossary of betting terminology for quick reference if you encounter unfamiliar words or phrases while placing wagers.
We have composed a list of the sports betting terms for your ease of reference below.
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Sports Betting Terms
A
Accumulator
Known as a parlay bet, accumulator wagers comprise two or more selections, with each side needing to win (or push) for the bet to be successful.
Action
This term pertains to any in-play betting choice or the overall sum wagered on a particular event. Sportsbooks welcome bets on all displayed betting odds.
Across the Board
Refers to three horse racing bets that encompass a horse to win, place, and show.
Added Game
Appears on betting boards after the primary lists have been posted. Common in college football, added games often result from public demand. An added game may also pertain to a postponed match, such as a rainout in baseball from the previous day.
AET Odds
AET stands for “After extra time (AET) odds” and is primarily utilized in soccer matches when additional time is included at the conclusion of regular play due to in-game interruptions. AET odds are presented as live betting alternatives.
Also Ran
An athlete, horse, or greyhound that does not finish in a paying position during a race.
Alternate Lines
Refers to odds that are either higher or lower than the primary posted line. This is commonly associated with point spread and game total betting in basketball and football.
American Odds
These odds belong to the “big three” group, along with fractional and decimal odds. American moneylines, such as (-110), are equivalent to 1.91 in decimal odds or 10/11 in fractional pricing. All three formats yield a $100 profit on a winning $110 wager.
Ante-Post
Concerns futures odds on horse and greyhound races that are posted at least one day prior to the race. Ante-post odds are commonly found in events like the Triple Crown races, such as the Kentucky Derby.
Arbitrage Betting
A strategy that involves placing bets on all possible outcomes of an event to guarantee a profit, regardless of the outcome.
Asian Handicap
Primarily used in soccer betting, Asian handicap odds typically begin at 0.25 goals and can extend up to 2.0 goals. These are two-way bets as they do not offer a draw/tie option.
ATS
Stands for “Against the spread odds (ATS),” which are designed to balance action on both sides of a competition. Bettors may have the option to choose between, for instance, Las Vegas as a -3.5 point ATS favorite at home or Denver as a +3.5 point underdog on the road.
B
Backdoor Cover
This occurs when a score assists bettors in covering a spread bet without influencing the game’s overall winner. For example, if Baltimore leads 35-21 as a -10 point favorite, Cleveland bettors secure a backdoor cover when the Browns score a late touchdown, resulting in a final score of 35-28 in favor of the Ravens.
Bad Beat
Players encounter a bad beat when a wager appears poised to win but ultimately becomes a losing ticket. This often unfolds when points are scored late in a match. Players who engage in betting on game totals, point spreads, and money lines will inevitably face a bad beat at times.
Bankroll
The money reserved or deposited into an account specifically for betting purposes. A player’s bankroll increases with successful wagers and diminishes with losses.
Bankroll Management
Similar to managing a personal bank account, bettors must implement prudent bankroll management techniques. This involves establishing betting limits, seeking the best odds, and only wagering an amount one can afford to lose – all crucial aspects of effective sports betting budget management.
Beard
A bet runner responsible for placing wagers on behalf of professional bettors, enabling them to maintain anonymity when dealing with bookmakers.
Belmont Stakes
The third jewel in the Triple Crown of thoroughbred racing, traditionally taking place on the first or second Saturday in June (three weeks after the Preakness Stakes) at Belmont Park in Elmont, New York.
Bet
Any monetary wager placed at a sportsbook, casino, racebook, or poker room.
Betting Exchange
An intermediary entity distinct from a sportsbook or bettor. Betting exchanges list bets with two opposing sides, and these betting options remain available until both sides have been wagered upon. Betting exchanges generate revenue by deducting a modest commission (juice) from winning tickets.
Betting Strategy
A diverse range of tactics employed by bettors to gain an advantage over bookmakers. Essential betting strategies include prudent bankroll management and conducting thorough research before placing wagers.
Book
Abbreviation for a bookmaker or sportsbook that publishes odds and accepts wagers.
Bookie
Abbreviation for a bookmaker.
Bookmaker
A company or individual who accepts and manages bets, offering odds on various sporting events.
C
Chalk
Refers to the favored team or competitor in a sports event. Also known as the “favorite.”
Chalk Bettor
A player whose betting strategy predominantly revolves around placing wagers on favorites.
Circled Game
Refers to matches with predetermined betting limits, which are typically set at relatively low amounts. Games are circled by bookmakers when they face uncertainties, such as player injuries, adverse weather conditions, or rumors emerging before a match. Opening odds and prop options are also frequently subject to being circled.
Closing Line
The ultimate betting odds released just before the commencement of a competition.
Co-Favorite
Denotes two or more sides with identical odds to win. This is a common occurrence in futures odds, where bookmakers may designate teams as co-favorites to secure an NBA Finals championship.
Combine
A sequence of fitness evaluations used by professional team scouts to assess amateur athletes. The NFL Scouting Combine is a highly anticipated event preceding the annual NFL draft.
Commission
Another term for vigorish and juice, commission represents the bookmaker’s portion of any bet. It also indicates the amount deducted from winning wagers by a betting exchange.
Correct Score
Allows bettors to select from a range of potential final scores for a match. In soccer, players can bet on outcomes ranging from as low as 0-0 to as high as 5-0, covering all possible scores in between. The favorite outcome is the most likely, while the underdog outcome is the least probable.
Cover/Covering the Spread
Pertains to any bet in which a favorite prevails and the final score surpasses the designated point spread. For instance, if New England wins 32-21 against Miami, they would “cover” a -10 point spread. However, if the Patriots win 29-21, they fail to cover the spread, resulting in bets being graded as losses.
D
Decimal Odds
A common way of expressing odds in Europe and other parts of the world. It represents the potential payout if the bet is successful, including the initial stake.
Double Action
This wager, also referred to as an “If bet,” automatically utilizes the stakes and/or winnings from a successful bet to place that amount on a second betting option.
Double Bet
An amount staked that is twice the size of a bettor’s typical wager. Bettors often opt for a double bet when they strongly believe that one side significantly outmatches the other.
Double Result
A single betting option that combines the scores of a game at halftime and the final score of the same game.
Double-Header
Two consecutive games played on the same day, typically encountered in baseball. Double-headers often occur when a game scheduled for the previous day was postponed due to inclement weather.
Draw
Occurs in any contest where the final score concludes in a tie. In most cases, a draw is assessed as a PUSH, and the original bet amounts are returned. A noteworthy exception is in three-way lines where a tie/draw constitutes one of the three betting choices.
Drift
Denotes betting odds that lengthen or become less favorable after the initial line is published. For example, when a moneyline shifts from +220 to +225 and then to +230, it is described as drifting.
E
Each-Way
A common practice in horse racing, each-way betting involves dividing a single wager to back a horse for both first and second place. If the horse secures first place, both bets pay out, whereas only one bet pays if the horse finishes second. The return on a first-place win is consistently higher than that of a second-place finish.
Edge
A perceived advantage or informational advantage that a bettor believes they have over the bookmaker.
EPL
The English Premier League, the highest-tier football association in the United Kingdom.
Even Money
Denotes odds that yield the exact amount of the original bet. For instance, a $100 bet at fractional (1/1), American (+100), or decimal (2.0) odds would result in a $100 profit.
Exotic Bet
Beyond the conventional point spreads, moneylines, and game totals, there exists a wide array of betting options. Proposition bets, specials, and parlays stand out as some of the most common exotic wagering forms.
Exposure
The amount of money at risk that a bettor or bookmaker stands to lose on a given wager.
F
Favorite
Refers to any side with a negative price. In an NFL matchup, for instance, San Francisco (-360) would be the moneyline favorite over Arizona (+280).
First Half Bet
A wager that focuses on the outcome of the first half in sports such as basketball, soccer, and football. Popular first-half betting options include spread, moneyline, and game total odds. Additionally, a variety of team and player props are available as first-half bets.
First/Last/Anytime Scorer
These pre-game prop betting options are offered across various sports. In the NHL, for example, players can bet on whether a skater will score the first and/or last goal or if they will score at any point during the game.
Fixed Odds
Refers to odds that are set when a wager is placed and accepted by a bookmaker. If a bet is made on Las Vegas at +3.5 odds and the line subsequently shifts to +3.0 before the game, those who bet on the Raiders at +3.5 maintain the originally agreed-upon fixed odds. “Fixed odds” also describes moneyline odds.
Fractional Odds
A system commonly used in the UK, fractional odds are part of the “big three” odds formats, alongside decimal and American odds. A fractional line like 10/11 corresponds to -110 in American odds and 1.91 in decimal pricing, each yielding a $90.91 profit on a winning $100 bet.
French Open
One of the four Grand Slam tennis tournaments for both men and women, held over two weeks in late May and early June.
Futures Bet
A wager placed on an event that will occur in the future, such as betting on a team to win the championship.
G
Graded Bet
A wager that bookmakers officially categorize as a winner, a loser, or a push after a competition’s conclusion. Winnings or push refunds are paid out once a bet has been graded.
Grand Salami
Bookmakers offer Over/Under odds on the total goals, runs, or points scored in all the games from a specific league on any given day. For instance, if there are seven games on the NFL schedule, the line might be set at 36.5 combined goals with -110 on both sides as the most common juice.
H
Half Time Bet
Bets are made exclusively on the outcome of the second half of a competition, with halftime wagers open during the intermission or available as live bets once the second half commences.
Handicap
Betting odds set by a bookmaker to level the playing field. For instance, if New Orleans plays against a perceived weaker Atlanta squad with a -7.5 point handicap, the Saints need to win by eight or more points to cover the handicap, resulting in winning wagers.
Handicapper
A bettor who researches matchups and places bets. This term also applies to tipsters who provide predictions on various sporting events.
Handle
The total amount of money accepted by a bookmaker on a single game or event. For example, the total handle bet on Super Bowl 54 in Nevada was $154.7 million, and bookmakers earned an $18.8 million profit when Kansas City staged a come-from-behind win over San Francisco.
Hart Trophy
Awarded annually to the most valuable player during the NHL regular season.
Hedging
Placing bets on the opposite side of an existing wager to reduce potential losses or guarantee a profit.
Holding Your Own
A bettor who maintains a streak of neither winning nor losing but rather breaking even on a series of bets.
Home Field Advantage
The perceived benefit a team gains when playing in their familiar surroundings at their home stadium.
Hook
A half-point added to point spreads and game total odds to ensure that a wager won’t be graded as a push. In games with a hook, one side will win, and one side will lose.
I
If Bet
A member of the parlay family, an “If Bet” consists of two or more wagers. In a two-team if bet, a player uses the stake and/or profit from a winning wager to place a bet on a second game if the initial wager is successful.
In-Play Betting
Also known as live betting, it allows bettors to place wagers during an ongoing sporting event.
J
Joint Favorite
When two or more sides are posted with the same betting odds on the same event.
Juice
The commission or vigorish that a sportsbook charges for taking bets. It’s also known as the “vig.”
K
Kelly Criterion
A mathematical formula used to determine the optimal bet size based on a bettor’s perceived edge and bankroll.
L
Laying Points
Betting on the favorite. For instance, a wager on Dallas as a -2.5 point favorite over the LA Rams is “laying” 2.5 points, and the Cowboys must win by at least that many points to cash a winning ticket.
Layoff
Bookmakers and bettors employ a strategy to mitigate risk in a specific market. Parlay bettors can choose to make a layoff wager on both outcomes of the final open bet on their ticket, ensuring a guaranteed profit.
Limit
Bookmakers set various high and low wagering limits that vary by sport and betting options. As part of a proper bankroll management system, players should set and follow their personal betting limits.
Line
Betting odds posted by a bookmaker.
Linemaker
The same as a bookmaker, referring to a person or group that sets daily betting lines and prices.
Line Shopping
The practice of comparing odds from different sportsbooks to find the best value for a bet.
Listed Pitchers
A term used with daily baseball betting odds. If a listed pitcher doesn’t start the game, bets are usually voided, and the original stakes are returned.
Live Betting
Referred to as in-play betting, live wagering becomes available once a sporting event commences. During the course of the match, spreads, moneylines, and totals are continuously updated and reposted. Furthermore, you can explore additional prop options such as predicting the next goalscorer and the correct final score.
Lock
A term often used by tipsters to attract bettors to purchase handicapping advice. In reality, very few outcomes in sports betting are true “locks.”
Longshot
A perceived inferior side also known as an underdog, displayed as positive odds. For example, the New York Jets, with a +9.5 point spread, would be a “longshot” against the New England Patriots.
M
Middle
Cashing tickets on both sides of a betting option. Bettors have an opportunity to middle when a point spread moves up or down prior to a match.
Moneyline
A straight-up bet without any point spread, where bettors need to predict the outright winner. Favorites are posted with negative (-185) odds, while underdogs are listed with a positive (+165) price.
Multiple Bets
Also known as parlays, multiple bets are a single wager that consists of at least two sides on a single ticket. All sides must win (or push) to cash winning multiple bets. Examples of multiple bets include doubles, trebles, trixies, patents, yankees, lucky 15s, and lucky 31s.
N
Nap
Similar to a lock, a nap is a handicapper’s suggested best bet on a daily betting card.
No Action
Betting options canceled by a bookmaker are graded as no action, and original stakes are returned to bettors.
Novelty Bets
These are proposition and special betting choices that go beyond the typical moneyline, point spread, and game total odds. Among the most popular novelty bets are team and player propositions.
O
Odds
Betting lines set by a bookmaker on a variety of events.
Odds Formats
The three main odds formats are American (+100), Decimal (2.00), and Fractional (1/1).
Oddsmaker
The same as a linemaker, referring to a person or group that sets daily betting lines and prices.
Odds on Favorite
One side that is viewed as far superior to the other and is priced with odds that offer very little value.
Odds Shopping
Reviewing the lines at a variety of sportsbooks to find the best-priced odds.
Off the Board
Shortened to OTB, off-the-board games are displayed on betting boards but don’t have odds attached to them. An injury to a star player may cause bookmakers to pull odds off the board.
Outright Betting
Forecasting the ultimate victor of a tournament or playoff event.
Over Bet
Contrary to an Under bet on game total options, an Over bet is made when the total for an NFL match, such as Cardinals versus Bengals, is set at 41.5 points. In this case, those who place Over bets are betting that the combined final score will be 42 points or more.
Over/Under
A number posted on how many runs/goals/points will be scored in a match. Bettors need to determine if the combined scores of both teams will go over or remain under the number. Also known as game total odds.
P
Parlay
A single bet, also known as an accumulator or multiple, that consists of two or more sides. Each side must win to produce a winning ticket. A selection that ends in a “push” is voided from a parlay ticket.
Parlay Banker
The base of a parlay wager, a banker is a favorite side to which other sides are added.
Payout
The amount a bettor collects on a winning wager, which usually includes the original stake.
Pick ’em
A betting option where the odds are exactly the same on both sides. For example, Atlanta (-110) vs. Miami (-110) is a pick ’em wager.
Point Spread
Odds posted on a match that are designed to level the playing field. Favorites are listed with a negative (-6.5) point spread while the underdog is given a ‘head start’ with positive (+6.5) odds.Moneyline: A type of odds format where the odds represent the amount you need to wager to win $100 (e.g., +150 means you win $150 for a $100 bet).
Q
Quick Payouts
The speed at which a sportsbook pays out winnings to its customers.
Three-Way Odds
Wagering options that have three sides and include ties as a betting option.
Two-Way Odds
Wagering options that have two sides and do not include ties as a betting option.
U
Under
Contrary to the Over bet in game total betting, if the total for a Clippers vs. Lakers match is set at 238, those who place Under bets are wagering that the combined final score will be 237 points or less.
Underdog
Perceived to be the inferior side, underdogs are posted with a positive number. For example, if Washington is listed with (+280) odds in a match against Dallas, the Redskins are the underdog and must win outright to cash a winning NFL moneyline ticket.
V
Vigorish
Another term for juice. Standard vigorish pricing is (-110), and bettors need to wager $110 to earn a $100 return.
W
Wager
Placing a bet on any event offered at a sportsbook, casino, or racebook.
Wise Guy
Handicappers, sharps, and professional bettors with vast knowledge of the sports they bet on.