The Basics: Sports Betting Glossary - Gambling Lingo
New to the game? Looking to understand gambling lingo? Look no further for the best sports betting glossary out there!
Alternate Line - Point spreads that pay different odds for the same game. These are lines different than that that the sports book considers 50/50.
American Odds - +/- numbers to represent the payouts based on an event occuring. Used in the US only. Example: Red Sox +400 American odds would be 5.0 or 4/1. The bettor takes home the same amount of money if the wager wins.
Arbitrage - The betting strategy that involves placing a wager on all possible outcomes of an event to guarantee profit regardless of the winner. This is done with moneylines or future wagers and will usually take place across multiple sportsbooks.
Asian Handicap - An alternative way to bet soccer where the better team is “handicapped” to be the favorite. This form of betting was started in Asia.
Backdoor Cover - This is a popular term for a team that covers a point spread late in a game. The team with the late cover may or may not affect the actual result of the game, just the wager.
Bankroll - Total amount of money a better has to place on wagers.
Betting Exchange - A betting platform where people bet against one another instead of a sportsbook.
Betting Unit - The typical amount of money one places on a wager. Often used to not bankroll-shame.
Bonus - Financial bonuses offered by sportsbooks to users for a variety of reasons.
Chalk - A term used to describe the favorite.
Closing Line - Where the point spread is when the game begins
Closing Line Value - A term used to measure the value of the line they wagered based on the most recent line available
Consensus - The general agreement about some specific outcome.
Contrarian - Betting against the trends of popular opinion
Decimal Odds - Way to present odds, popular in Europe.
Dime Line - A moneyline that is separated by “10 cents”. Example: Boston Bruins +115, Pittsburgh Penguins -125.
Dog - Short for underdog, it is the team that is not expected to win.
Double Chance - Popular in Europe and soccer betting, this allows you to bet on 2 of 3 outcomes in the event of a tie.
Doubling Up - Betting twice the normal unit on an event.
Early Cash Out - Allowing a wager to settle before the event is finished for a smaller profit, but a guaranteed profit.
Edge - The advantage a better has against the sportsbook or vice versa.
Even Money - A wager that pays the same as was risked.
Exacta - Choosing horses to finish first and second in a race.
Exotic Wager - Non-traditional sports bets (bets that are not point spreads, moneylines, O/U, or futures).
Expected Value - Calculation used to determine whether a wager should win or lose overtime. A positive EV is a good way to become a winning sports better. Check out an example in our “how do parlays work?” article.
Exposure - The amount of money a sportsbook could potentially lose for a specific event.
Fixed Odds - Once a bet is placed, the sports better is set with these odds.
Flat Betting- Betting system where all wagers are the same.
Fractional Odds - Used primarily in Britain and Ireland, fractions are used instead of decimals or the +/- odds.
Handicapper - A person who analyzes sports to predict a winner.
Handle - The amount of money a sportsbook takes on wagers.
Hedge - A strategy used to reduce the risk of bets and create guaranteed profit.
Hold Percentage- The percentage of money a sportsbook is expected to make on a particular bet.
Hook - Another way to say a “half of a point”.
Joint Favorite - When there are two favorites for an event.
Layoff - When a sportsbook reduces the risk of losing wagers by placing a different bet with another sportsbook, alleviating potential losses.
Listed Pitcher - A baseball bet that is active only if the pitcher listed as the starting pitcher actually throws the first pitch.
Live Betting - Placing a wager on a game or event that is currently taking place
Lock - A way of saying that a bet is an easy win.
Margin - A wager where a better selects a team to win or lose by a specific number of points regardless of point spread. Example: the Chicago Bears will defeat the Minnesota Vikings by 10-14 points. The Raiders must win by 11, 12, or 13 points for a win. A victory by 10 or 14 points is a push.
Matched Bet - Using free wagers from a sportsbook to increase potential profit.
Martingale System - A betting system where bettors double the amount of a wager after losses.
Middling - Playing different sides of the same game.
Moneyline Bet - Betting the result of an event straight up. Example: the Memphis Grizzlies will win (+150).
Novelty Bet - Placing a wager on a non-sports event with a sportsbook.
Odds-On Favorite - When a team or person is heavily favored to win a game or event.
Off the Board - When a sports book stops taking wagers. This usually occurs in the event of an injury or ejection.
Opening Line - The point spread that is presented the first time the event goes live on the sportsbook.
Public Betting Percentage - The percentage of wagers placed by the general betting public.
Puck Line - A point spread for a hockey game.
Puppy - Another way to say “underdog”.
Reduced Juice - Lowering the hold for the benefit of the better.
ROI - An acronym for return on investment. This is the profit divided by the cost, leading to a percentage.
Round Robin - A wager that involves making multiple parlay bets at the same time.
Run Line - The point spread in a baseball game.
Spread Bet - Betting the margin of a sporting event (called Run Line in Baseball and Puck Line in Hockey).
Square - Casual and recreational sports betters.
Steam - When the odds change because of money wagers on different sides.
Straight Up - When a team wins or loses an event and the spread is not involved. (see Moneyline Bet)
Take the Points - When a better places a bet on the underdog points spread.
Tissue Price - The opening odds. Usually considered the fairest odds.
Totals - The numbers that betters will choose the over/under on points scored.
Tout - A person who sells or shares sports betting picks.
True Odds - The actual odds of an event happening.
Wire-to-Wire - A wager that a team will lead every quarter or period.
