Glossary

Action: The total amount of money wagered on a game or event, or the money one person has on the outcome of an event. See also: Handle.

Action Reverse: A type of bet that combines two "if" bets. Both "if" bets must win for the action reverse to be successful.

Arbitrage: Simultaneously betting on all possible outcomes of a game or event to guarantee a profit regardless of the result.

Back: To bet on an outcome to happen, typically used in exchange betting.

Backer: A person who places bets on an outcome to happen, typically used in exchange betting.

Bad Beat: A loss that is perceived as particularly unfair or unlucky due to unusual circumstances.

Banker: A bet considered to have a high probability of winning, often used in parlay bets.

Bankroll: The amount of money a bettor has set aside for betting purposes.

Beard: A person who places bets on behalf of someone else to conceal the identity of the true bettor.

Betting Exchange: A platform where bettors can bet against each other, with the exchange taking a commission on winning bets.

Bettor: A person who places bets on sporting events or other outcomes.

Book: Another term for a bookmaker or sportsbook.

Bookie: Informal term for a bookmaker.

Bookmaker: An individual or organization that accepts and pays off bets on sporting events. See also: Sportsbook.

Buy Points: Paying extra to adjust the point spread or total in your favor.

Card: A list of betting opportunities provided by a sportsbook for a particular day or event.

Cash Out: A feature offered by some sportsbooks that allows bettors to settle their bet early for a reduced payout before the event concludes.

Chalk: A significantly favored side in a game.

Closing Line: The final betting odds offered by bookmakers just before an event begins.

Closing Line Value (CLV): The difference between the final betting line and the line at which a bettor placed their wager.

Correlated Parlay: A parlay bet where the outcome of one selection affects the outcome of another.

Cover: When a team or selection beats the point spread.

Dead Heat: When two or more selections finish a race or event in a tie, resulting in reduced payouts.

Decimal Odds: Betting odds expressed as a decimal, commonly used in Europe and Australia.

Degen: Slang term for a reckless or compulsive gambler.

Dime: A $1,000 bet.

Dog: Short for "underdog," referring to the side expected to lose.

Dollar: A $100 bet.

Double Result: A type of bet where the bettor predicts both the halftime result and the full-time result of a game or event.

Edge: A perceived advantage or insight that gives a bettor an increased chance of winning.

Even Money: A bet with odds of 1:1, +100, or 2.00 where the potential winnings equal the amount wagered. Also written as EV.

Exotic Wager: Any bet other than a straight bet or parlay, often involving multiple variables or outcomes.

Favorite: The side expected to win.

Fixed Odds: Betting odds that are agreed upon at the time the bet is placed and do not change.

Fractional Odds: Betting odds expressed as a fraction.

Futures Bet: Placing a wager on the outcome of an event that will occur in the future.

Gambler's Fallacy: The mistaken belief that previous outcomes affect future outcomes in games of chance.

Handicapping: Analyzing and predicting the outcome of sporting events, often involving factors such as injuries, weather conditions, and team statistics.

Handle: The total amount of money wagered by bettors on a particular event or over a specific period. See also: Action.

Hedge: Placing bets on the opposite side of an initial wager to reduce potential losses and/or guarantee a profit.

Hook: Half a point added to point spreads to prevent ties, often written as ".5" (e.g., 3.5 points).

In-Play Betting: Another term for live betting, where wagers are placed during the course of a game or event.

Juice: Another term for vigorish, representing the bookmaker's theoretical commission on a bet.

Lay Bet: Betting on an outcome not to happen, acting as the bookmaker.

Layoff: Placing bets with other bookmakers to balance the risk of large wagers.

Limit: The maximum amount a sportsbook will accept on a single bet.

Line Movement: Changes in the odds or point spread offered by bookmakers due to betting activity.

Live Betting: Placing bets on a game or event while it is in progress. See also: In-play betting.

Lock: A bet that is considered to be guaranteed to win, often used informally to describe a highly confident wager.

Long Shot: A bet with very low odds of winning, often associated with high potential payouts.

Middle: A betting strategy where a bettor places wagers on both sides of a game or event, hoping the final margin falls within a specific range to win both bets.

Moneyline: A bet on which team will win a game outright, regardless of the point spread.

Nickel: A $500 bet.

Novelty Bet: A bet placed on non-sporting events or outcomes, such as political elections or entertainment awards.

Martingale: A betting strategy where the bettor doubles their stake after each loss, aiming to recoup previous losses with a single win.

Offshore Sportsbook: A sports betting site or establishment located outside the jurisdiction of the United States.

Odds: The probability of a particular outcome occurring, typically represented in American, decimal, or fractional format.

Off the Board: An event temporarily unavailable for betting at a sportsbook, typically due to uncertainty or significant variables impacting the outcome.

Opening Line: The initial point spread or odds set by bookmakers for an event.

Outright Bet: A wager placed on the winner of an entire tournament or competition, rather than individual matches or games.

Over/Under: A bet on whether the total score of a game will be over or under a specified number.

Parimutuel Betting: A system of betting where all bets of a particular type are placed together in a pool, with the winnings divided among the winning bets after deductions.

Parlay: A single bet that links together two or more individual bets for a higher payout.

Pick: A selection made by a bettor for a particular game or event.

Pick'em: A game or bet where neither side is favored, typically with a point spread of zero. Often written as “pk”.

Plus Money: Another term for positive odds, indicating the potential profit is greater than the amount wagered.

Point Spread: A margin of points set by bookmakers to even the odds between two teams.

Prop Bet (Proposition Bet): A wager on specific outcomes or events within a game or event that are not directly related to the final score.

Punter: A bettor, particularly in the UK and Australia.

Push: When the result of a bet falls exactly on the point spread or total, resulting in a tie or refund.

Return: The total amount of money a bettor receives if their bet is successful, including the original stake and any winnings.

Rollover: The number of times a bettor must wager their deposit or bonus funds before being able to withdraw winnings.

Round Robin: A type of bet that combines multiple parlays on a group of selections, resulting in a series of smaller bets.

Run Line: A type of point spread bet used in baseball, where the favored team must win by a certain number of runs or the underdog must lose by fewer runs than the spread.

Sharp: A professional or knowledgeable bettor who consistently makes well-informed wagers. See also: Wise Guy.

Sportsbook: A facility, website, or establishment that accepts bets on sporting events. See also: Bookmaker.

Square: An inexperienced or casual bettor who typically bets for entertainment rather than profit.

Stake: The amount of money wagered on a single bet. See also: Wager.

Steam: Rapid and significant line movement across multiple sportsbooks, usually due to heavy betting activity by sharps.

Straight Bet: A single bet placed on a single outcome, also known as a "straight wager" or "single bet."

Tipster: Someone who provides betting tips or predictions, often for a fee or tips in exchange.

Teaser: A type of bet that allows the bettor to adjust the point spread or total in their favor for reduced odds.

Tout: Someone who sells or promotes their expertise in sports betting picks or predictions.

Unit: A standardized measurement used by bettors to quantify the size of their wagers relative to their bankroll.

Value: A bet that is deemed to have favorable odds compared to the perceived probability of the outcome occurring.

Vigorish (Vig): The theoretical commission that a bookmaker charges for accepting a bet.

Wager: The amount of money placed on a bet.

Wise Guy: Another term for a sharp or professional bettor. See also: Sharp.