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Sports Betting Glossary: Definitions of Common Terms

Navigating the world of sports betting often requires understanding a specific vocabulary. From different types of bets to the language used by oddsmakers and experienced bettors, familiarizing yourself with common terms is key to feeling confident and making informed decisions. This glossary provides clear definitions for many essential sports betting terms.

Accumulator
Another term for a Parlay bet, where multiple selections are combined into a single wager. All selections must win for the bet to payout.
Action
Money wagered on an event. Also refers to the total amount of money bet on a game or event.
Against the Spread (ATS)
Refers to betting on the outcome of a game based on the Point Spread, rather than simply which team wins outright.
American Odds
A common format for displaying odds, particularly in North America, using positive (+) and negative (-) numbers. Often used for Moneyline bets. See Understanding Betting Odds.
Ante-Post
Another term for Futures Bet, typically placed well in advance of an event (e.g., betting on a championship winner before the season starts).
Bad Beat
A bet that appears certain to win but loses due to a highly improbable or unlucky event at the very end of the game.
Bankroll
The total amount of money a bettor has set aside specifically for sports betting. Proper Bankroll Management is essential for long-term success.
Bonus
Promotional credits or free bets offered by sportsbooks to attract new customers or reward existing ones.
Bookmaker (Book, Sportsbook)
An individual or company that accepts bets on sporting events and sets the odds.
Buy Points
Paying an extra fee (increased Vig) to move a Point Spread or Total line in your favor.
Chalk
Slang term for the Favorite in a betting market.
Closing Line
The final odds or point spread offered by the bookmaker just before the game or event begins. Comparing your bet's odds to the closing line is a key metric for evaluating betting skill.
Covering the Spread
Winning your Point Spread bet. The favorite wins by more than the spread, or the underdog wins outright or loses by less than the spread.
Decimal Odds
A common format for displaying odds (e.g., 2.50) that represents the total payout (including stake) for every $1 wagered. See Understanding Betting Odds.
Dime
Slang term for a $1,000 bet.
Dog
Slang term for the Underdog in a betting market.
Edge
A statistical advantage a bettor has over the bookmaker, indicating that the true probability of an outcome is higher than the probability implied by the odds. Finding Value is finding an edge. See Positive Expected Value (+EV).
Even Money
Odds where the payout is exactly equal to the stake (e.g., +100 in American odds, 1/1 in Fractional, 2.00 in Decimal).
Exotic Bet
Any bet type other than a standard straight bet (Moneyline, Spread, Total), such as Parlays, teasers, or futures.
Expected Value (EV)
The average amount a bettor can expect to win or lose per bet if they were to place the same bet repeatedly at the same odds. Positive EV (+EV) indicates a profitable bet in the long run. See Positive Expected Value (+EV).
Favorite
The team or competitor that the bookmaker expects to win an event, indicated by a minus sign (-) in American Odds. See Moneyline Betting or Point Spread Betting.
Fractional Odds
A traditional format for displaying odds (e.g., 5/2) that represents the profit relative to the stake. See Understanding Betting Odds.
Futures Bet
A wager placed on an event that will be decided at a later date, such as betting on a team to win a championship before the season begins.
Handicap
The points given or taken away in a Point Spread bet to equalize the teams.
Handle
The total amount of money wagered by bettors at a sportsbook over a specific period.
Hedging
Placing bets on the opposite side of your original wager to guarantee a profit or minimize potential losses, often done with parlays or futures bets when the original bet is in a winning position. See Hedge Betting.
Hold
The percentage of the total handle that the sportsbook keeps as profit after all bets are paid out. This is essentially the bookmaker's margin.
Implied Probability
The bookmaker's assessment of the likelihood of an outcome occurring, expressed as a percentage, derived directly from the odds they offer. See Understanding Betting Odds, Value Betting, and What is Vig.
Juice
Slang term for Vig, the bookmaker's commission. See What is Vig.
Kelly Criterion
A staking formula used in Bankroll Management that calculates the optimal percentage of your bankroll to wager on a bet based on your perceived edge and the odds. See Kelly Criterion.
Laying the Points
Betting on the Favorite when using the Point Spread.
Limit
The maximum amount of money a sportsbook will accept on a specific bet or market.
Line
Another term for the odds or point spread offered by the bookmaker for an event. See How to Read Betting Lines and Understanding Betting Odds.
Lock
A bet that a bettor is highly confident will win. There are no true "locks" in sports betting.
Long Shot
Another term for an Underdog, particularly one with very high odds and a low implied probability of winning.
Moneyline
A simple bet where you wager on which team or competitor will win the event outright, regardless of the margin. Odds are typically displayed in American Odds. See Moneyline Betting Guide.
Nickel
Slang term for a $500 bet.
Odds
Numbers set by the bookmaker that determine the potential payout for a winning bet and represent the Implied Probability of the outcome. Can be displayed in Decimal, Fractional, or American formats. See Understanding Betting Odds.
Off the Board
A game or market that a sportsbook has temporarily or permanently removed from their betting offerings, often due to uncertainty (e.g., injury news, weather).
Opening Line
The initial odds or point spread released by the bookmaker for an event. Comparing it to the Closing Line can show market movement. See Market Movements.
Over/Under (Total)
A bet on whether the combined final score of both teams in a game will be over or under a number set by the bookmaker. See Over/Under (Totals) Betting Guide.
Parlay
A bet where multiple selections (legs) are combined into a single wager. All selections must win for the parlay to payout, offering higher odds than individual straight bets but with increased risk. Also known as an Accumulator. See Tips for Parlay Betting.
Pick'em
A game where neither team is considered a favorite, and the Point Spread is 0. Essentially a Moneyline bet at or near even money for both sides.
Point Spread
A handicap used in sports like football and basketball to equalize unevenly matched teams. Bettors wager on whether the favorite will win by more than a set number of points, or the underdog will lose by less than that number (or win). See Point Spread Betting Explained.
Positive Expected Value (+EV)
A bet where the mathematical expectation of profit is positive over the long run. These are considered Value Bets. See Positive Edge Sports Betting.
Prop Bet (Proposition Bet)
A wager on specific events or statistics within a game that may or may not relate to the final outcome, such as a player's total points, or which team scores first. See Sports Betting Types.
Push
When the result of a bet lands exactly on the bookmaker's number (e.g., favorite wins by exactly the spread, total score is exactly the total line), resulting in a refund of the original stake. See Point Spread Betting or Over/Under (Totals) Betting.
Reduced Juice
A sportsbook offering odds with a lower Vig than the standard -110, providing better value to the bettor.
Return on Investment (ROI)
A metric used to measure the profitability of a betting strategy, calculated as Net Profit divided by Total Amount Wagered (Handle), expressed as a percentage.
Run Line
The Point SpreadPoint Spread in baseball, typically set at 1.5 runs (favorite -1.5, underdog +1.5) but with varied odds. See Sports Betting Types.
Sharp Bettor
An experienced, successful, and often high-volume bettor who uses sophisticated analysis to find edges. Bookmakers adjust lines based on sharp action. See Sharp vs. Square Bettors.
Spread
See Point SpreadPoint Spread.
Square Bettor
A recreational or less-experienced bettor, often influenced by public opinion or emotion rather than analysis. See Sharp vs. Square Bettors.
Stake
The amount of money wagered on a single bet. Also referred to as the Wager or Bet Amount.
Steam Move
A rapid and significant change in betting odds or lines across multiple sportsbooks, usually triggered by large volumes of money being wagered by Sharp Bettors. Indicates significant market opinion. See Market Movements.
Straight Bet
A single wager on one outcome (e.g., one Moneyline, one Point SpreadPoint Spread, or one Over/Under bet).
Take the Points
Betting on the Underdog when using the Point Spread.
Teaser
A type of parlay bet where you can adjust the Point SpreadPoint Spreads or Totals in your favor in exchange for lower payouts. See Sports Betting Types.
Tick
A small unit of movement in betting odds or lines.
Tout
Someone who sells or gives out betting picks or predictions.
Underdog
The team or competitor that the bookmaker expects to lose an event, indicated by a plus sign (+) in American Odds. See Moneyline Betting or Point Spread Betting.
Units
A standardized measure of bet size, often a fixed percentage of a bettor's bankroll, used to track performance consistently regardless of bankroll fluctuations. See Bankroll Management.
Value Bet
A wager where the odds offered by the bookmaker are higher than the perceived true probability of the outcome, representing a positive mathematical expectation (+EV) in the long run. See Value Betting and Positive Expected Value (+EV).
Variance
The natural, random fluctuations in short-term results in sports betting. See Understanding Betting Variance.
Vig (Vigorish)
The commission or fee charged by the bookmaker for taking a bet, essentially the house edge. Also known as Juice. See What is Vig (Vigorish).
Watching the Lines
Monitoring how betting odds and point spreads change at different sportsbooks leading up to an event. Also known as Line Shopping. See Market Movements.

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Understanding these terms is a key step in becoming a more confident and analytical sports bettor. As you continue to learn and apply strategic concepts, this glossary can serve as a quick reference guide. To truly master sports betting, combine this foundational knowledge with objective data and analytics.

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