Sports Betting Glossary & Betting Terms
A comprehensive glossary of sports betting terms, vocabulary, and jargon. Understand betting language with clear definitions of key concepts.
Use this glossary as a quick reference when you encounter unfamiliar betting terms. Understanding the language is the first step to making informed decisions.
A
Action: A wager or bet placed on a specific outcome.
American Odds: Odds format used primarily in the United States. Positive odds (+150) show potential profit on a $100 wager. Negative odds (-150) show how much you need to bet to win $100. Also called “moneyline odds.”
Asian Handicap: A form of soccer betting that gives a virtual advantage or disadvantage to teams to balance the odds. Popular because it reduces the chance of a draw, often offering half-goal options (e.g., +0.5, +1.25).
ATS (Against the Spread): Betting on a team to cover the point spread rather than winning outright.
B
Bankroll: The total amount of money a bettor has set aside for betting. Managing your bankroll is fundamental to long-term survival in betting.
Bankroll Management: The practice of controlling how much of your bankroll you risk on each bet. Common strategies include the Kelly Criterion, flat betting, and percentage-based staking.
Bear: A bettor who expects prices to drop (opposite of a bull).
Bet Slip: A digital or paper form where you place and confirm your wagers.
Bookmaker (Bookie): A person or organization that accepts bets. They set the odds and take the opposite side of wagers, earning profit from the vig.
Bucks: Slang for money or betting units.
Buying Points: Paying extra to move a point spread in your favor. For example, buying a half-point to move from +2.5 to +3.0.
C
Chalk: The favorite in a matchup. The team or outcome with the highest probability of winning, reflected in lower odds.
Closing Line: The final odds available before a game starts. Sharp bettors often compare their bets to the closing line to evaluate performance.
Cover the Spread: Winning a point spread bet. If you bet on Team A +7.5 and they lose by 3 points, you “covered.”
Consensus: The percentage of bets or money placed on each side of a wager. Shows public opinion.
Correct Score: A bet predicting the exact final score of a match.
D
Decimal Odds: Odds format popular in Europe and Australia. Shows total return including stake. For example, 2.00 odds mean you win $2 total on a $1 bet ($1 profit + $1 stake).
Dog: Slang for underdog. The team or outcome expected to lose, with higher odds offering bigger payouts.
Double Chance: A soccer bet that covers two of three possible outcomes (e.g., home win or draw). Offers lower odds but higher probability of winning.
Draw No Bet: A wager where if the event ends in a draw, your stake is returned. Common in soccer where draws are frequent.
Drift: When odds increase (lengthen) over time, suggesting less money is coming in on that outcome.
E
Each-Way: A bet that combines a win bet and a place bet. Common in horse racing and golf. You win if your selection wins, and also receive a smaller payout if it finishes in a specified position (e.g., top 3).
Edge: An advantage over the bookmaker, often derived from superior information, better odds shopping, or mathematical strategy. Positive expected value (EV) comes from edge.
Even Money: Odds of 1/1 (Fractional), 2.00 (Decimal), or +100 (American). You win exactly what you stake.
Exacta: A horse racing bet where you pick the first and second horses in exact order.
Exotic: Any wager beyond standard win/place/show or point spread bets. Includes parlays, teasers, props, and futures.
Expected Value (EV): The average amount you can expect to win or lose per bet over the long term. Positive EV (+EV) means profitable opportunity. Negative EV (-EV) means losing proposition.
F
Favorite: The team or outcome with the highest probability of winning. Lower odds, smaller payout. Also called “chalk.”
First Half Bet: Wagering only on the result of the first half of a game.
Fractional Odds: Traditional UK odds format shown as fractions (e.g., 5/1). The first number is potential profit, the second is stake. 5/1 means win $5 for every $1 bet.
Free Bet: A promotional offer from a sportsbook where the stake is not deducted from your account if the bet loses. Also called a “risk-free bet.”
Future: A bet placed on an event happening in the future, often months in advance. Examples include Super Bowl winner, MVP awards, or championship outcomes.
G
Goliath: A massive multiple bet covering 247 wagers across 8 selections. Includes doubles, trebles, accumulators up to an 8-fold.
Gross Win: Total winnings before taxes or fees are deducted.
H
Handicap: A virtual advantage given to an underdog to level the playing field. Common in sports like soccer, basketball, and tennis.
Handle: Total amount of money wagered on a specific event or at a sportsbook.
Head-to-Head (H2H): A bet on which competitor will win, disregarding a draw. In soccer, betting on the winner with draw returning your stake is called “Draw No Bet.”
Hedge: Placing additional bets to reduce risk or lock in profit. Often used when an original bet has a good chance of winning.
Hook: A half-point added to point spreads or totals to prevent pushes. Examples: 3.5, 7.5, 10.5.
Hot Tip: Slang for a supposedly insider recommendation. Most “hot tips” are unreliable.
I
Implied Probability: The percentage chance of an outcome implied by the odds. You convert odds to implied probability to assess if a bet offers value. Always includes the bookmaker’s vig, so true probabilities are slightly lower.
In-Play Betting: Wagering on an event while it’s happening. Also called “live betting.” Odds change in real-time based on game action.
Juice: Another term for “vig” or “vigorish.” The commission the bookmaker charges.
K
Kelly Criterion: A mathematical formula for optimal bet sizing based on your edge and bankroll. Maximizes long-term growth while minimizing risk of ruin.
Key Number: In point spread betting, the most common margins of victory. In football, 3 and 7 are key numbers because of field goals and touchdowns.
L
Lay: Betting against an outcome rather than for it. Common in betting exchanges like Betfair. You become the bookmaker.
Limit: The maximum amount a sportsbook will accept on a particular wager. Limits may be lower for sharp bettors or on niche markets.
Line: Another term for point spread or odds. “The line moved from +3 to +2.5.”
Lock: Slang for a bet considered a guaranteed win. In reality, no bet is truly a lock. Use this term cautiously.
Longshot: A selection with very low probability but high odds. Big underdogs.
Lucky 15: A multiple bet covering 15 wagers across 4 selections. Includes singles, doubles, trebles, and one 4-fold accumulator.
M
Margin: The bookmaker’s profit margin built into the odds. Also called “vig” or “juice.”
Matched Betting: A risk-free betting technique using free bets and bonuses to guarantee profit regardless of outcome. Requires finding odds that create arbitrage opportunities with promotional funds.
Moneyline: A straight bet on which team will win outright. No point spread. Favorites have negative odds, underdogs have positive odds.
Multiple: A bet combining two or more selections. All must win for the bet to pay out. Also called an “accumulator” or “parlay.”
N
No-Action: A bet that is canceled and stakes are returned. Happens when a game is postponed or doesn’t meet minimum play requirements.
O
Odds: The price set by a bookmaker that determines your potential return. Lower odds mean higher probability and smaller payout. Higher odds mean lower probability and bigger payout.
Oddsmaker: The person or team responsible for setting betting lines.
Over/Under: A bet on whether the combined score will be over or under a number set by the sportsbook. Also called a “total.”
Outright: Betting on the overall winner of a tournament or league rather than a single game.
P
Parlay: A single bet combining two or more wagers. All selections must win for the parlay to pay out. Higher risk, higher potential return.
Past Post: Betting after an event has started. Most books void these bets immediately.
Pick’em: A game where the point spread is zero and both sides have even odds.
Point Spread: A handicap given to the favorite to make the betting more balanced. Favorites “give” points, underdogs “get” points.
Price: Another term for odds. “The price dropped from +150 to +140.”
Proposition Bet (Prop): A bet on specific events within a game, not directly tied to the final outcome. Examples include “player to score a touchdown” or “first team to score.”
Push: A tie on a point spread or total bet where your stake is returned. Happens when the final score exactly matches the spread or total.
Q
Quinella: A horse racing bet where you pick the first and second horses in any order.
R
Return: Total amount you receive from a winning bet, including your original stake.
Roll-over: Requirement attached to bonuses where you must wager a certain multiple of the bonus before withdrawing.
Run Line: Baseball’s version of point spread. Usually set at 1.5 runs.
S
Sharp: A professional, sophisticated bettor. Sharps move lines with their bets and are respected by sportsbooks.
Single: A bet on one outcome. The simplest form of wagering.
Special: A specific betting market beyond standard outcomes. Similar to proposition bets.
Spread: Short for “point spread.”
Stake: The amount of money you wager on a bet.
Stake Returned: Your original bet amount returned along with winnings.
Steam: Rapid line movement caused by heavy betting action. Usually indicates sharp money coming in on one side.
Super Heinz: A multiple bet covering 120 wagers across 7 selections. Includes doubles up to a 7-fold accumulator.
System Bet: A combination of multiple bets that doesn’t require all selections to win. You still get returns if some selections win. Example: Lucky 15, Yankee.
T
Teaser: A parlay where you adjust the point spreads or totals in your favor in exchange for lower odds. Common teasers move lines by 6, 6.5, or 7 points.
Total: A bet on the combined score of both teams. Bet “over” if you expect high scoring, “under” if you expect low scoring. Also called “over/under.”
Treble: A bet combining three selections. All three must win.
Tout: Someone who sells betting tips or picks. Most touts overstate their records to sell subscriptions.
Trifecta: A horse racing bet where you pick the first, second, and third horses in exact order.
U
Underdog: The team or outcome expected to lose. Higher odds, bigger potential payout. Also called “dog.”
Unit: A standardized measurement of your bet size relative to your bankroll. A “unit” might be 1-2% of your total bankroll. Helps manage variance and risk.
V
Value: When the odds offered are higher than the true probability of an outcome. Betting value is the foundation of profitable wagering.
Vig (Vigorish): The commission or fee the bookmaker charges for taking bets. Also called “juice” or “margin.” Usually around 4.55% (10 cents on the dollar).
W
Wager: Another word for bet.
Walkover: When a team wins by default because the opponent withdraws or doesn’t show up.
Wheel: Betting all possible combinations in an exotic bet to ensure a win.
Win-Place-Show: Standard horse racing bet types. Win is first place, place is first or second, show is first, second, or third.
Wiseguy: Slang for a sharp, professional bettor.
WTA: Walkover to Away (when home team forfeits).
Pro Tip: Don’t worry about memorizing every term. Bookmark this glossary and refer to it when you see unfamiliar language. Understanding comes with experience.
