Sports Betting Terms & Betting Terminology
Welcome to PlaybookPortfolio’s comprehensive guide on sports betting terms and terminology. Understanding the language of sports betting is crucial for making informed decisions and maximizing your success. This guide will provide you with definitions and explanations of common betting terms, helping you navigate the world of sports wagering with confidence.
Common Sports Betting Terms
Here are some of the most commonly used terms in sports betting:
Action
Action refers to any kind of wager or bet. If you have action on a game, it means you have placed a bet on that game.
Against the Spread (ATS)
Against the spread refers to betting on the point spread rather than the moneyline. A team covers the spread if it wins by a certain number of points set by the sportsbook.
Arbitrage
Arbitrage involves placing bets on all possible outcomes of an event with different sportsbooks to guarantee a profit, regardless of the outcome. This is also known as “arbing.”
Bankroll
Your bankroll is the total amount of money you have set aside for betting. Effective bankroll management is essential for long-term success in sports betting.
Bookmaker (Bookie)
A bookmaker or bookie is an individual or organization that accepts and pays out bets on sporting events. They set the odds and manage the bets.
Chalk
Chalk refers to the favorite in a betting matchup. If a team is heavily favored to win, they are considered “chalk.”
Closing Line
The closing line is the final odds or point spread offered before the start of an event. It can provide insight into how the betting public and bookmakers view the game.
Consensus
Consensus refers to the percentage of bets placed on a particular side in a game. It shows where the majority of public money is being wagered.
Cover
To cover means to win against the spread. If a team is favored by 7 points and wins by 10, they have covered the spread.
Dime
A dime is a slang term for a $1,000 wager.
Dog
Dog is short for underdog. The underdog is the team or individual expected to lose in a matchup.
Even Money
Even money means a bet where the potential payout is equal to the amount wagered. The odds are expressed as +100 or 1/1.
Exotic Bet
An exotic bet is any wager other than a straight bet, such as parlays, teasers, and futures.
Fade
To fade means to bet against a particular team or outcome. If you fade a team, you are betting that they will lose.
Favorite
The favorite is the team or individual expected to win in a matchup. They are often indicated with a minus sign (-) in the odds.
Futures Bet
A futures bet is a wager placed on an event that will happen in the future, such as who will win the Super Bowl or the NBA championship.
Handicapper
A handicapper is someone who analyzes and predicts the outcomes of sporting events. They use various methods to determine the best bets.
Hedging
Hedging involves placing additional bets to reduce risk and guarantee a profit or minimize losses, regardless of the outcome of the original bet.
Juice (Vig)
Juice, or vig, is the commission that a bookmaker takes on bets. It’s typically factored into the odds to ensure the bookie makes a profit.
Line
The line refers to the odds or point spread on a particular event. Lines can move based on betting action and other factors.
Lock
A lock is a term used to describe a bet that is considered a sure thing. However, in sports betting, there are no guarantees.
Middle
Middling involves placing bets on both sides of a game to win both bets if the final score falls within a certain range. This strategy takes advantage of line movements.
Moneyline
The moneyline is a type of bet where you pick the winner of a game or event. Odds are expressed as positive or negative numbers, indicating the potential payout.
Off the Board
When a game is off the board, it means that the sportsbook has removed it from the betting options due to various factors, such as injuries or weather conditions.
Over/Under
Also known as totals, over/under bets involve wagering on whether the combined score of both teams in a game will be over or under a specified number set by the sportsbook.
Parlay
A parlay is a bet that combines multiple individual bets into one wager. To win a parlay, all selections must be correct. Parlays offer higher payouts but are riskier.
Pick’em
A pick’em is a game where there is no favorite or underdog. The point spread is zero, and you simply pick the winner.
Point Spread
The point spread is a handicap placed on the favorite to level the playing field. Bettors wager on whether the favorite will win by more than the spread or the underdog will lose by less than the spread.
Prop Bet
A prop bet, or proposition bet, is a wager on a specific event within a game, such as which player will score the first touchdown or how many points a player will score.
Puck Line
The puck line is a point spread used in hockey betting. It typically involves a 1.5-goal spread to create more betting options.
Push
A push occurs when a bet is neither won nor lost because the final score lands exactly on the spread or total. In this case, the bettor receives their original stake back.
Reverse Line Movement
Reverse line movement happens when the betting line moves in the opposite direction of the betting percentages. This can indicate sharp money on the other side of the bet.
Run Line
The run line is a point spread used in baseball betting. It typically involves a 1.5-run spread to create more betting options.
Sharp
A sharp is an experienced and successful bettor who often places large bets and can influence line movements.
Square
A square is a casual or inexperienced bettor who typically follows popular opinion rather than making informed decisions.
Steam
Steam refers to a sudden and drastic line movement caused by a large amount of money being wagered on one side of a bet.
Teaser
A teaser is a type of parlay that allows you to adjust the point spread in your favor. While it lowers the potential payout, it also reduces the risk.
Total
The total is the combined score of both teams in a game. Bettors wager on whether the total will be over or under a specified number set by the sportsbook.
Underdog
The underdog is the team or individual expected to lose in a matchup. They are often indicated with a plus sign (+) in the odds.
Unit
A unit is a standardized amount of money used to compare bets. It allows bettors to track their performance without revealing their actual bankroll.
Vigorish (Vig)
Vigorish, or vig, is the commission that a bookmaker takes on bets. It’s typically factored into the odds to ensure the bookie makes a profit.
Advanced Betting Terminology
For those looking to deepen their understanding of sports betting, here are some advanced terms:
Buying Points
Buying points involves adjusting the point spread in your favor by paying an additional fee. This can increase your chances of winning the bet but also reduces the payout.
Handle
The handle is the total amount of money wagered on an event or series of events. It provides insight into the betting volume and popularity of the event.
In-Game Betting
In-game betting, or live betting, allows you to place bets on a game while it is in progress. This type of betting offers dynamic odds that change based on the action in the game.
Key Numbers
Key numbers are the most common margins of victory in sports, particularly in football. Understanding key numbers can