Sports betting terminology may be difficult to understand, but the more you bet, the more phrases you'll want to master. So let's start from the beginning with this glossary!
A
What Does Accumulator in Betting Term Mean? - When several bets are pooled and success is based on all picks succeeding.
Added game - A game that is not part of the regular rotation in the casino. A bookmaker may provide odds in response to a bettor's request.
AET - After Extra Time is a soccer term for the extra time played if the match finishes in a draw.
American odds - Odds expression expressing return relative to a base figure of 100 units. When there is a negative sign (-), you put that amount to win $100, and when there is a plus sign (+), you earn that amount for every $100 you wager.
Ante-post - Early market given before to the final list of participants.
Arbitrage - Backing all picks inside a market across several bookies in order to capitalize on price differences and ensure a good return. The short term is ARB.
Asian Handicap - A two-way market in which a point/goal handicap is used to change potential bias among two competing teams while also removing the chance of a draw.
ATS - Acronym for "against the Spread." The ATS wager is placed on a pick that is giving up points/goals, thereby contradicting the spread's perceived logic.
B
Banker - Selection that is heavily favored and around which several bets are frequently made.
Beard - The employment of a third-party bettor to disguise the genuine identity of the real bettor.
Best-price percentage - The natural advantage a bookmaker has in a certain market.
Bet - Invest money in the outcome, with the reward proportional to the anticipated likelihood as indicated by odds.
Betting exchange - A betting site that does not accept bets but instead connects backers (those who bet on odds) with layers (those who supply the odds), collecting a commission on successful bets.
Betting strategy - A methodical technique to making bets that are intended to provide the bettor an advantage over the bookmaker or house.
Binary betting - A mixture of spread and fixed-odds betting with just two outcomes, 0 or 100, with the bet placed against a bid or offer that is somewhere between the two for an agreed-upon unit stake.
Board price - The price offered to bettors by bookmakers operating trackside at horse or greyhound racing.
Bonus - Bookmakers offer a conditional bonus attract new or current account users to engage in betting activity.
Bonus-chasing - Opening new accounts only for the aim of taking advantage of bonus offers.
Book/Bookie - Bookmaker's abbreviation. An establishment/individual that provides odds on the outcome of events, generally but not always sports, in order to accept bets.
Buy points - Accept less favorable odds in return for a greater point spread advantage.
C
Chalk - The option in any particular betting market that is thought to be the most likely to win based on the implied likelihood of the odds.
Circled game - A game in which bet limits are set at reasonable amounts. Typically, markets were only presented; in additional games; Specials; in response to bad weather, injuries, or suspicious betting patterns; and in-game halves.
Closing odds- Before a market closes, the last acceptable odds are provided. Punters who "beat the closing line" have laid a wager that provides a higher return than the final odds provided; frequently beating the closing line is an indication of a good bettor.
Co-favourite - When three or more choices are priced as favorites.
Commission - The cost of making a bet is determined by adding the implied probability and reducing it from 100, the fair market value. In the context of Exchange betting, the commission is a percentage charge given to winning bets.
Correct score - Soccer wager in which the bettor guesses both the winning team and the game's final score.
Cover - When a favorite wins by more than the number of points specified in a Handicap/Spread bet.
D
Decimal odds - An odds expression (also known as European odds) in which the odds are displayed in decimal notation.
Dog - Underdog is an abbreviation for the option that the market believes is the least likely to win.
Double action - A wager that is contingent on the outcome of a previous bet.
Double bet - When a gambler bets twice as much as usual, usually responding to a perceived 'positive thing.' Also known as "doubling up" or "double pop."
Double result - A conditional bet in which the outcome at half-time is combined with the result at full-time.
Double-header - On the same day, two high-profile games were played near to one other.
Draw - When there is no winner or loser at the end of the contest.
Drift - Odds are said to have drifted or "on the drift" when they lengthen, suggesting a lower chance of the event occurring.
E
Each-way - A bet consisting two separate bets, one for the pick to win and another for pick to place, such as second or third. The participants influence the location circumstances. Mostly, but not always, used in horse and greyhound racing.
Edge - Betting advantage obtained from proprietary knowledge or gained by repeatedly abusing a bookmaker's margins.
Even money - A bet that pays out precisely what was wagered, expressed by odds of 1/1, 2.0, or +100.
Exotic - Any bet that is not a single bet or a multiple bet.
Expected goals - The number of goals a team (or teams) is likely to score in a game.
Expected value - The amount a player may anticipate earning or losing if they bet on the same odds several times.
Exposure - Potential losses that a sportsbook or bettor may face in a particular market or wager.
F
Favorite - The option regarded by the markets as the most likely victor of a specific event. The given odds indicate the degree to which the option is preferred.
First half bet - A wager on the outcome of only the first half of a game.
First/last goalscorer - A wager on who will score the first or last goal/try in a particular game.
Fixed-odds betting - Traditional bookmakers provide this sort of betting with odds that are set at the moment the bet is placed, as opposed to other formats where the odds/return is fluid.
Fractional odds - Odds expression (most often used in the United Kingdom) displays odds fractional format.
Future (see also Ante-post, Proposition, Special) - The odds for the winner of a certain future event are frequently posted far in advance of the event taking place. This is known as a Future bet. Examples include the winner of the English Premier League or the Super Bowl.
G
Grand salami - Betting on the grand number of goals scored in all of the day's listed games within a certain league, such as the EPL, as an Over/Under.
H
Half time bet - A betting on the outcome of just the first half of the game.
Half-ball handicap - A handicap equal to half a goal or points.
Handicap - A numerical value set by the bookmaker to compensate for perceived biases in opponents' skills; this offers more balanced odds.
Handicapper - Someone who forecasts the results of athletic events using mathematical rating systems and places bets appropriately.
Handicapping - Using math-based grading systems to forecast the result of athletic events and place bets appropriately.
Handle - The total number of bets placed on an event by a bookmaker.
Hedging - Gambling on the both edges of a market, or multiple choices within a market, to capitalize on price differences or limit losses. Read our tutorial on how to hedge a bet for assured profit for more details.
Holding your own - Breaking even is better than neither winning nor losing.
Home field advantage - The perceived advantages gained by the home team are sometimes shortened as HFA.
I
If bet - Multiple bets that are contingent on a series of outcomes.
J
Joint favourite - One of two options rated as a favorite.
Juice - The bookmaker's estimated cost of placing a wager. Bookmakers inflate an event's perceived likelihood, as indicated by its odds, implying that it is more likely than the actual probability.
K
Kelly Criterion - Popular staking approach in which the stake is proportionate to the perceived edge.
L
Laying the points - Betting on the favorite on the Points Spread and thereby accepting the points handicap.
Layoff - Where a bookmaker restricts responsibility by hedging a bet at some other bookmaker; or where an independent bettor minimizes risk, limits losses, or locks in a profit by supporting both sides of a market, or many selections within a market.
Limit - The maximum bet amount is permitted.
Line (see also Price, Odds) - Synonym for odds that is used in North America.
Linemaker (see also Oddsmaker) - At a bookmaker, the person in charge of setting the lines/odds.
Live-betting - Betting on an live event that is currently taking place.
Lock (see also Banker) - A selection that is thought to be highly likely to occur; frequently the foundation of a Multiple bet.
Longshot - A selection with large odds (extremely low probability), implying that it is unlikely to win but giving a disproportionately big reward.
M
Margin (see also Commission, Juice, Vigorish) - The bookmaker's implied price of placing a wager. Bookmakers inflate an event's perceived likelihood, as indicated by its odds, implying that it is more probable than the actual probability.
Match bet - A wager on the performance of the two variables against each other within the context of an event (e.g. bet on two horses at the same time, and which one will win).
Middle - A circumstance in which you win on the both sides of the same bet by taking advantage of changes in odds/points/discrepancies over time.
Money line - A wager on the result of the game or contest. One of three fundamental sorts of bets.
MVP - Person who is Most Valuable Player throughout the course of a season or series in a tournament (typically basketball and the NBA).
N
Nap - The term used to describe a tipster's most confident pick.
No action - A bet that is canceled for any reason, ending in no win/loss.
Non-runner - Choice that will not take part in any event.
Novelty bet - A wager on an event that cannot be easily judged in standard handicapping criteria (winner of elections for example)
O
Odds - A representation of an event's apparent frequency generated from the underlying chance that allows for wagering.
Odds format - Various worldwide norms for representing odds have been created. When a coin toss has a 50% chance of landing on heads, there are three popular methods to describe the event's odds:
- Europe (in decimal form) - 2.0
- UK (Fractions) - Evens (or 1/1, or even money)
- US (American) - US (American) - +100; a (+) denotes the amount gained for every 100 bets put. (-) denotes how much must be wagered to win $100.
Odds on favourite - A probability of more than 50%.
Oddsmaker (see also Linemaker) - At a bookmaker, the person in charge of setting the lines/odds.
Off the board - A match on which no bets will be accepted by the bookmaker.
Outright betting (see also Ante-post, Future, Special) - Betting on the overall winner of a competition rather than a particular match (winner of the World Cup).
Over - Betting on whether total of any given factor will exceed a certain limit established by a bookmaker. One of three fundamental sorts of bets.
Overbroke - Term used to indicate when the betting proportion of a market is much less than 100%, giving the bettor an advantage and the bookmaker the reverse.
Overround - Term used to indicate when the betting proportion of a market is greater than 100%, giving the bookmaker an advantage and the bettor the reverse.
P
Parlay (see also Multiple, Accumulator) - When more than one bet is made, the odds are added together, and success is contingent on all picks succeeding.
Payout - The profit from a winning bet.
Pick 'em - When the handicap is zero and neither team is favored. In sports betting, this is referred to as a "pick."
Points Spread - The Handicap/Spread market illustrates the impact of perceived gap in the skills of players in a specific event.
Post time - Start time of the game.
Power-ranking - Bettors utilize a system of ratings based on past data to make predictions.
Price (see also Odds, Line) - Another name for odds is a line or a point spread.
Push (see also Draw, Tie) - When the game is over and there is no winner or loser for betting purposes, the stakes are reimbursed.
R
Rag - Slang for outsider used in UK.
Reload bonus - A bonus that reapplies each time an account customer deposits new cash.
Rotation number - A numerical system employed by Las Vegas to place bets, and which is frequently utilized by bookmakers to provide unique IDs to markets.
Round Robin - A multiple bet that combines three selections in a 10 combination bet.
S
Scalping - Profiting from price/bonus differences between different bookies.
Second half bet - A wager on the result of a game's second half.
Sell (points) (see also Buy points) - Reducing a point spread lead in exchange for higher odds.
Sharp - A sophisticated or experienced bettor.
Special (see also Future, Novelty bet, Outright betting) - Any wager that does not fall into one of the three basic categories or its variants.
Sportsbook (see also Book) - Another term for a bookmaker.
Spread (see also Handicap) - A sportsbook's anticipated score differential between two opponents.
Square - A beginner or amateur in betting.
Stake - The money a bettor is willing to risk on a particular wager.
Staking method - As part of a betting strategy, a method of estimating the cash to place on a wager in order to make constant profit.
Steam - When odds shift quickly as a result of a big volume of bets placed in a short period.
Straight bet - A wager on the result of one of the three fundamental categories of wagers.
T
Taking the points - Bet on the underdog and benefiting from the good Point Spread.
Ticket - A sports bet that was formerly validated by a physical ticket but is still used for internet bets.
Tie (see also Draw, Push) - A betting in which no cash is lost or gained since there was no good outcome for the wager's purposes.
Tip - A betting forecast made by someone who believes they have expertise of the event/competitors.
Tipster - Someone who gives advice.
Tissue price - The guide price is merely a very rough estimate and is subject to change at any time.
Total - The total number of runs, points, or goals.
Totals bet - When a bettor believes that the total score greater or less than the threshold set by the bookmaker.
Tout - Someone who makes a living by selling betting advice.
True odds - The accurate reflection of an event's underlying probability, to which a bookmaker adds their margin.
U
Under - Betting on whether the total will be less than the bookmaker's mark.
Underdog - The team thought to be the significantly less likely to win.
V
Value - Playing at odds that indicate a smaller chance than the actual likelihood and so provide the bettor with 'value' in terms of greater possible profit.
W
Wager (see also Bet) - A method of betting on odds given by a bookmaker.
Wise guy - A handicapper or bettor who is well-informed or knowledgeable.
