Sports Betting Terms
- Added game
- A sports event that is not part of the regular offer of a sportsbook but has been added at the request of bettors.
- Accumulator
- A type of wager where a bettor makes multiple selections. In order for a payout to occur, all selections should be predicted correctly.
- American odds
- The type of odds which are expressed in 100. The 100 is usually accompanied by a plus (+) or a (-) which denotes the betting underdog and favorite respectively.
- Ante-post
- Betting early on an event before it starts.
- Against the spread
- Betting in a way that opposes logic based on some bonus points that the sportsbook has assigned, usually to the weaker team.
- Banker
- A bet that is considered to be a sure winner. Another name for this term is “Lock”.
- Beard
- The beard is a bettor who represents a third-party and bets on their behalf. Another popular term for this person is “Runner”.
- Bet
- The term denoting an amount staked on the particular outcome of a sporting contest.
- Bonus
- Usually a lump sum of money that the casino assigns to individual bettors after registration. The offer is bound by internal conditions that determine how it is paid out.
- Bonus chasing
- The practice of playing at sportsbooks so long as you have a bonus and move on as soon as the bonus has been used up.
- Betting exchange
- A type of sportsbook where players bet against each other. The website itself acts as a mediator and charges a small fee on each bet.
- Bookmaker or Book
- An alternative name for sportsbook that is more common outside the United States but is still used in the country. Another colloquial term is “bookie”.
- Buying points
- A situation whereby a player agrees on inferior odds for the sake of purchasing a better spread, giving the underdog a better chance of winning.
- Chalk
- The most likely winner of a contest. Usually winning in the majority of situations and also referred to as the favorite.
- Closing odds
- The last available odds before bettors can no longer place any further wagers ahead of an event’s start.
- Commission
- The amount charged by a sportsbook on each individual wager.
- Correct score
- A type of wager whereby a punter
- Cover
- When the team or player backed by a bettor wins by covering the spread.
- Decimal odds
- A decimal representation of the betting odds.
- Double action
- A wager that is dependent on two conditions being met to pay out.
- Draw
- A type of wager which backs a situation whereby two players or teams end up with a draw.
- Each-way
- An interesting type of wager which tries to determine two outcomes, such as the placement of a horse in a horse race. In other words, an each-way bet can predict that a horse would place 2nd or 3rd, for example.
- Edge
- The “edge” is the advantage that a bettor has over the sportsbook thanks to their knowledge and understanding of the sports they are wagering on.
- Even money
- A betting situation that pays out as much as the initial stake, i.e. 1:1, +100, 2.0.
- First half bet
- A bet on the first half of a sporting event.
- Fractional odds
- A type of odds most commonly used in horse racing and the United Kingdom in particular.
- Future
- A wager placed ahead of an event’s beginning.
- Favorite
- The most likely winner of a betting selection.
- Grand salami
- A bet that is betting on the total points scored throughout the day in a single type of competition, i.e. the NBA, NHL, English Premier League (EPL), etc.
- Handicap
- A type of wager where the sportsbook has given a small edge to the underdog to even out the teams, giving better betting opportunities.
- Handle
- The total amount that a sportsbook claims in sports betting wagers.
- Hedging
- A type of betting whereby a bettor spreads his budget across multiple bets and selections in a way that he will end up profiting from his bets.
- Home field advantage
- A perceived advantage that teams enjoy when playing in front of a home crowd.
- In-play betting
- Betting on sporting events that are in progress. This type of betting is also referred to as “live.”
- Jolly
- Another term used to denote the favorite of a competition.
- Juice
- The commission charged by sportsbooks on each individual bet.
- Layoff
- A practice used by sportsbooks and players whereby they cover bets at other books to ensure that on the off chance of a big loss, they will recuperate some of it.
- Limit
- The maximum allowable bet.
- Linemaker
- A person who defines today’s odds and lines.
- Live-betting
- The type of betting that takes place during live events as they happen.
- Lock
- A sure winner, similar to banker.
- Longshot
- A bet that is unlikely to turn out successful, but that offers a very generous payout.
- Match bet
- A match bet is a single bet placed on the likely winner of an event.
- Moneyline
- What is called a “match bet” in the United States.
- MVP
- The “Most Valued Player” (MVP) in a competition. This could apply to the best player in a single game or the entire league.
- No action
- A bet that has been voided – either because of the bettor or the sportsbook.
- Odds
- A mathematical representation of the perceived probability of a player or team winning an event.
- Oddsmaker
- A person who sets the odds or lines.
- Outright betting
- A type of wager that is placed on the winner of an entire competition, league, tournament, and so on.
- Over
- To bet that the final score will go over a pre-determined number.
- Parlay
- Another name for “accumulator,” i.e. a type of bet where a person bets on multiple events or selections
- Payout
- The amount that is paid for a winning wager.
- Power-ranking
- An extremely popular term in American sports whereby punters can get a historical analysis on how well a team or a player has performed in the past and decide their next wagers based on that.
- Price
- The amount that needs to be staked at a particular game or selection. Just another term for “odds.”
- Run line
- A specific baseball bet which determines the number of runs in a game.
- Sharp
- A very successful bettor who has a proven track record of beating the sportsbooks.
- Spread
- The expected difference in the final result between two contestants, whether individual players or teas.
- Steam
- An event during which the odds move very quickly because there is a big influx of bets.
- Straight bet
- A bet on one of the possible outcomes, i.e. winner or bet type.
- Teaser
- A type of bet whereby the spread can be adjusted.
- Ticket
- The selection of bets you make.
- Tip
- A betting prediction which advises on the outcome of a particular game.
- Total
- A bet placed on the total number of points in a sports betting competition.
- True odds
- The specific odds that give the most accurate representation of probability of sporting events turning in a specific way.
- Under
- A bet that a specific number will not be met, i.e. the total number of points in a game.
- Underdog
- The least likely winner of an event.
- Vigorish
- The commission that a sports betting agency charges on each individual bet.
- Wager
- The amount that you place on a sport contest’s outcome. Also a “bet”.
- Wise guy
- A skilled bettor who can call the outcomes of competitions successfully.