Betting Vocabulary for Newbies
Get familiar with all the terminology used in the world of gambling.
Anyone who has never placed a bet in their life will quickly learn that there is a certain vocabulary used in the sports betting industry. This must be mastered before venturing onto a bookmaker’s website. Get familiar with all the terminology used in the world of gambling.
What are the Types of Sports Bets and Definitions
Learn the ins and outs of sports betting, from parlays and teasers to prop bets and all the lingo you need to know.
A straight bet is a single wager placed on the outcome of a game or event without regard to any spread or money line.
Futures bets are wagers put on upcoming events, such as the outcome of the Super Bowl or Stanley Cup Final in professional football or ice hockey the following year.
A parlay bet is a single wager that combines the outcomes of two or more separate wagers into a single one. All of the player’s wagers will be for naught if he or she loses a single one. If the player is successful with all of the wagers in the parlay, the payout will be more than if the player had placed the wagers individually.
“Prop” bets, or proposition bets, are wagers on the results of certain scenarios within a game. Popular games with a lot of fans typically have props available. Sunday and Monday night NFL games, as well as other important collegiate bowl games, playoffs, and championships, fall under this category.
In football and basketball, a teaser is a sort of wager in which the player bets on multiple games when the point spread has been moved to the player’s advantage. A football player has the option of changing the point spread by 6, 6.5, 7, 10, or 14 points (10 and 14 point teasers ties lose). Sportsbooks typically offer 4-, 5-, and 6-point basketball teasers.
Round Robin Bet
A round-robin bet strategy is simply a sequence of parlays. The three-team parlay “round robin” is actually made up of two-team parlays (A + B, A + C, and B + C).
Money Line Bet
The money line is the point spread-free odds on a team’s straight-up victory. A three-digit number represents the money line. If the odds are -150, then the gambler must wager $150 to win $100, or $15 to win $10, and so on.
Point spread wagers account for a lion’s share of the sports betting market. For the favored side to “cover the spread,” they must win by at least the point spread margin. In most cases, 11-to-10 odds are provided for point spread bets. In order to win $100, a player would have to place a stake of $11, for a total payoff of $21.
Sports Betting Slangs
If you’re newbie in the sports betting industry and want to get a better understanding of this rapidly growing profession, continue reading to become familiar with some of the most prevalent lingo and phrases used in the industry.
Similar to a parlay, but more common in European markets, this involves tying together many wagers in the hopes of a higher reward. To collect on an accumulator wager, all of the individual wagers must also win.
- Across the Board
Put money on the horse to win, place, and show.
A person who, for a fee, brings new consumers to a sportsbook
- American odds
It is also called moneyline odds or US odds, and it is given in thousands with a plus (+) or minus (-) to show the favorite or underdog and the expected return. An underdog squad of 5/1 would be displayed as +500 in American odds.
When a bettor backs the underdog and the underdog wins, depending on the odds offered by many bookmakers (often in the case of sports events).Asian Handicap
Because soccer games often end in a tie, Asian handicaps require the winning team to win by a certain amount. These advantages can be whole goals, half goals, or even quarter goals.
“ATS” stands for “Against the Spread” and is commonly used to describe a team’s performance in football or basketball when compared to the point spread.
- Backdoor cover
Coverage at the final buzzer thanks to a late-game score.
- Bad beat
Incredibly late-game betting losses that defy logic.
A fixed sum of money used for gambling.
- Bankroll management
A plan based on the number and placement of wagers. Accounting for one’s financial resources is another name for financial management.
One who wagers on behalf of another. Also called a runner.
- Betting exchange
The practice of betting against other players at agreed-upon odds rather than the house As a means of covering overhead, the exchange takes a modest cut of all wagers.
This cryptocurrency is widely accepted at online sportsbooks. It is known for its fast transactions, lack of oversight, and complete anonymity.
A bonus or other incentive issued by a sportsbook in an effort to attract new customers encourages depositing or boosting wagering on a particular sport or market. Usually, there are restrictions and requirements attached to this.
Somebody who accepts wagers.
- Buying points
Points added to a spread or total have a vig that is risk-adjusted.
- Cash out
Withdraw the funds from your sportsbook account.
The frontrunner in any odds.
- Chalk eater
Someone who exclusively wagers on sure winners.
Attempting to recoup a loss by raising the size of bets or betting unpredictably.
- Circle/Circle game
Due to injuries, bad weather, or other factors, the stakes for a given game are reduced.
- Closing line
The last odds posted for a game before bookmakers pull the plug.
The most common position in a wager. As Seen On: The Jackets The percentage of bets that have been placed on one side is represented by the consensus.
Someone who takes a stand contrary to the majority view or the most widely held belief.
- Correlated parlay
Betting on a heavy favorite to cover and another bet on a second team to win is an example of a connected parlay. With the team needing a lot of points to cover the spread, the over is a good bet.
The triumph of an underdog squad over the oddsmakers. Covering the spread is a common term for this.
- Cross-sport prop
A proposition wager that incorporates the outcomes of two sports. Most wagers are placed on major sporting events like the Super Bowl.
- Decimal odds
These odds, shown in decimal form, such as 1.91, are also referred to as European odds. For a $1 bet, the whole return (win plus initial wager) is displayed in decimal odds. Use our handy odds calculator to make the switch.
Money-wise, that’s equivalent to a $1000 bet.
- Dime line
Refers to American odds where the spread between the two lines is ten cents. When converted to cents, the difference between -115 and +105 is $10.
An outsider or underdog.
A wager of $100.
- Double chance
A wager in which either of two outcomes can be considered correct. Betting on a team to win or draw at modified odds is a prominent betting option in soccer.
The opportunity to wager on a tie game or match is most common in soccer and mixed martial arts betting.
- Early cash out
A feature of some online sportsbooks that lets you take some of your earnings before the entire wager is settled.
The perceived benefit a bettor has over the book.
- European odds
European odds, sometimes known as decimal odds, use decimal representations such as 1.91. For a $1 stake, the whole return (win plus original wager) is displayed in European odds. Use our handy odds calculator to make the switch.
- Even money
The placement of no juice or vigorish on a wager.
A wager in which the winner and runner-up horses are selected in a horse race.
Any kind of bet that isn’t a straight bet or a parlay. Also called a “prop” for short.
- Expected value (EV)
A statistic used to predict long-term success or failure. Long-term success can be achieved by aiming for a positive expected value (+EV). Long-term losses can be anticipated from an EV of -.
How much a sportsbook can lose on a game if the bets don’t win. Liability is another word for it.
The favorite to triumph; the favorite team or player.
Discovered in futures odds, this feature gives punters the opportunity to wager on events whose outcomes are not yet known but which are not limited to the odds offered by any individual club or player.
- First-Half/First-Quarter line
A betting line that is based exclusively on the results of the first half of the game or the first quarter.
It means a -110 spread, when the house edge is -110 on both sides of a bet.
Informational tabloid primarily used for horse races.
- Fractional odds
Showing odds as a decimal, such as 3/1. When betting on a favorite, you receive $1 for every $3 you wager, whereas when betting on an underdog, you receive $3 for every $1 you wager. Typically used in the context of horse racing. Use our handy odds calculator to make the switch.
- Getting down
Laying a wager.
- Giving the points
Picking the winning horse.
- Grand salami
A wager on the total number of points, goals, or runs scored throughout all games scheduled for a given day.
- Halftime line
Post-halftime odds are those that are determined exclusively by the outcome of the second half of play. A second-half line is a variant of this term.
A person whose job it is to forecast the outcome of games based on a variety of criteria, including but not limited to statistics, injuries, weather, and news.
The sum of money bet on a sporting event, a specific sport, or the entire season.
Success one after another.
Placing a wager on the opposing side of an existing one to ensure a profit no matter what the outcome.
- High roller
One who regularly risks substantial sums of money on bets.
Payouts made by a bookmaker after covering losing wagers.
- Home-field/Home-court advantage
A point spread that is regarded to be more favorable to the home team. In football, three points or a field goal is commonly associated with having home-field advantage.
The point difference between two teams is half a point (.5). In poker, the possibility of a push is nullified by betting with the hook.
Live in-play betting is possible because of dynamic betting markets that change as the game progresses.
- In the money
In horse racing, a “placed” horse is one that comes in either first, second, or third (win, place, show).
The commission a sportsbook takes from each wager. Similar to vigorish or price. To give just one example, the “juice” on point spread bets is typically -110.
- Key numbers
Because of the dramatic increase in stakes, this is a common occurrence in football (3, 6, 7, 10). These are the primary numbers around which point spreads are established.
- Laying the price/points
Being partial to one side.
Sportsbooks sometimes use prop bets with other bookmakers to spread their risk.
How much money can be lost by the sportsbooks if a certain bet is lost. It’s another name for exposure.
This is the highest possible wager.
- Line movement
Variations in betting lines made by a sportsbook in response to changes in the handle, liability, injuries, trades, and weather.
One who decides the odds at a casino. A bookmaker is someone who takes bets.
The odds on a game (also known as the price).
- Live betting
The equivalents of “in-play” include “in-game” and “in-running,” respectively. Placing wagers on the outcome of a game or race in real time.
- Live odds
Constantly shifting odds markets.
It’s a term for a sure thing or a wager that can’t possibly go wrong.
- Long shot
One with a low chance of success.
A disguise attempted in the waning seconds of play (also known as a backdoor cover).
- Matchup page
A comprehensive page of statistics and information contrasting two teams in a game for the purpose of handicapping. Look at our NFL Predictions page as an illustration.
Putting money on both the winning and losing outcomes of a game at different odds. If a bettor played Chicago (-4) and Los Angeles (+6) and Chicago won by five points, the result would fall in the middle of the spreads, and the bettor would win both bets.
- Money management
A betting method that specifies the amount per wager, the overall amount gambled, and the allocation of funds among several wagers. “Bankroll management” is another name for it.
A heartbreaking defeat in the nick of time.
One who has a string of bad luck in the betting department.
A sure bet for today. Nap comes from the card game Napoleon, in which a royal flush is the best possible hand.
One who is unfamiliar with sports betting.
In the context of wagering, $500
- Novelty odds
Betting exchanges for things that aren’t sports, such the Academy Awards, television, and the latest pop culture fad.
- Odds-on favorite
A heavy favorite with a price lower than even money (+100), or a -101 or higher odds.
One who determines the wagering lines in sporting events. A linemaker is another name for this type of person.
- Off-the-board (OTB)
A sporting event in which bookies refuse to take wagers due to insufficient information (often due to player injury or bad weather).
- Opening line
The opening line is the sportsbook’s initial set of odds for a certain event or market.
A place where wagers are made.
Placing wagers in excess of the posted total.
When the player has better odds than the house has in a wager.
Many bettors enjoy placing wagers on whether the final score will be Over or Under the posted total, a market known as the Over/Under or totals bet.
- Past post/Past posting
A wager is placed after the beginning of a contest.
Profit from a wager.
- Pick/Pick’em (PK)
A close game when the point spread makes it impossible to select a winner other than the outright winner.
- Professional handicapper
A gambler who makes a living off of wagers on sporting events.
- Public/Public money
Used to characterize the majority of bettors (casual gamblers).
- Puck line
In ice hockey, the Puck Line functions similarly to the point spread in other sports. standard of 1.5 goals.
One who wagers on sporting events. In the UK, you’ll hear this expression more often.
An outsider or underdog.
- Quarter lines
A betting spread that is based entirely on the results of the first 15 minutes of play. Quarter lines on the second, third, and fourth quarter outcomes will be available for wagering during the game itself.
- Reduced juice
Sportsbooks may advertise reduced vig rates (less than the normal -110 flat fee), such as -105 per side.
- Reverse line movement
When more money is being placed on the other side of the bet, yet the line is advancing in the opposite way.
- Rotation number
Rotation numbers are unique identifiers for each betting choice.
- Run line
In baseball, the point spread is known as the run line. In most cases, 1.5 runs will do.
A person who wagers on behalf of another. Generally referred to as a beard.
A method of increasing the likelihood of a victory and guaranteeing a profit regardless of the outcome by placing bets on both sides of a wager at various odds (often at different sportsbooks or on a betting exchange).
A charlatan who guarantees impossible odds of winning.
The victory was decisive.
One who regularly engages in sports betting and typically does it at a high level of expertise.
- Sharp money/Sharp action
Bets made by experienced gamblers.
- Soft line
A line that the sports bettor believes to have value.
A location (real or virtual) that accepts and pays out wins from sports wagers. To find the best local online sportsbooks, have a look at our top listings page.
Someone who is new to betting on sports.
This occurs when a lot of money is bet on one side of the game, causing the line to shift quickly.
- Straight up (SU)
A wager on a team’s complete victory. A bet on the moneyline is simply another name for this type of wager.
A wager in which the winner, runner-up, and finisher are all chosen for a horse race.
A wager that must be settled at the very last minute.
- Taking the points
Taking a chance on an underdog.
- Tapped out
No more available funds; broke.
Bets are made erratically as a reaction to losses. Betting while angry, or “tilting” in poker lingo.
A wager on whether or not the total number of runs, points, or goals scored in a game will be more than or less than the posted total by the bookmaker.
- Tout (service)
One who deals in game picks, either for profit or for free.
Both short- and long-term performance trends are taken into account, with the latter being measured against the spread or the Over/Under in a betting scenario.
A wager in which the winner, runner-up, and place-getter are all chosen in a horse race.
That sportsbook whose odds are exactly even with those of every other book.
Bets placed below the over/under line.
Who is predicted to come out on the losing end.
The one in which the house has a statistical advantage over the bettor. Contrary to an overlay.
The house takes a commission, called the vig or vigorish. “juice” is another name for this.
- Wise guy
One who bets with skill or as a career. Smart money is another name for a savvy investor.
- X-sport prop
A two-sport prop bet, in which the outcomes of both sports are considered. Major events, such as the Super Bowl, are prime betting opportunities. A cross-sport prop is a term used in many different types of sports.
- Yankee tax
A cushion added to the odds for favored teams by bookmakers in anticipation of heavy wagering on certain selections. Taking its inspiration from the New York baseball team’s names.
Referees or officials
Where to Bet on Sports?
You may rely on sportsbooks, bookmakers, bookies, and turf accountants to provide you with the most up-to-the-minute odds on wagers including the National Football League, Major League Baseball, electronic sports, ice hockey, and horse racing. There are more than two hundred online bookies operating across the world, thus, Free Betting Reviews compiled a list of the five best bookmakers to assist you in selecting the top sportsbooks possible.
There is a vocabulary exclusive to the world of sports betting. Save your passion for your bets if you’re new to sports betting and don’t know what people are saying. By becoming familiar with these phrases used in sports betting, you will be able to become a more skilled sports bettor and steer clear of typical betting mistakes.
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