Sports betting has its own language. To bet like a sharp, you need to speak like one. This glossary goes beyond simple definitions to explain the strategic context of every term.
Answer-first
Sports Betting Terminology is a mix of mathematical terms (Edge, Variance), financial concepts (roi, Bankroll), and industry slang (Chalk, Steam). Mastering this vocabulary is essential for understanding market movements and managing risk effectively.
- Closing Line Value (CLV)
- The final odds offered by a sportsbook before an event begins. If you bet the Chiefs at -3 and the line closes at -5, you have positive CLV.
Strategy Note: CLV is the most accurate predictor of long-term betting success, even more than your win/loss record.
- Vigorish (Vig / Juice)
- The commission the bookmaker charges to accept a bet. Standard vig is 10% (-110 odds), meaning you bet $110 to win $100.
Why it matters: To break even against standard vig, you must win 52.38% of your bets.
- Steam
- A sudden, uniform change in betting lines across multiple sportsbooks. This usually indicates a betting syndicate or "whale" has taken a position.
Tip: "Chasing steam" (betting after the line moves) is usually a losing strategy because the value is gone.
- Against the Spread (ATS)
- A wager that accounts for the point spread. A team that is 5-0 ATS has covered the spread 5 times, regardless of their actual win/loss record.
- Parlay (Accumulator)
- A single bet that links together two or more individual wagers. To win the bet, every single leg must win. If one loses, the whole bet loses.
Warning: Parlays have a much higher house edge than straight bets.
- Teaser
- A type of parlay where you can adjust the point spread or total in your favor (e.g., moving a line from -7 to -1) in exchange for lower payout odds.
- Sharp
- A professional or highly skilled bettor. Sharps use data, mathematics, and game theory to identify value.
- Square (The Public)
- A recreational bettor. Squares typically bet on favorites, overs, and home teams, often ignoring the price (odds).
- Chalk
- The favorite in a game. A "Chalk Bettor" is someone who exclusively bets on favorites.
Frequently Asked Questions
What does -110 mean?
-110 is the standard price for a spread bet. It means you must risk $110 to win $100 profit.
What is a 'Bad Beat'?
A bad beat is losing a bet that looked like a guaranteed win until the final moments of the game, often due to a meaningless score.
What is the 'Handle'?
The Handle is the total amount of money wagered on an event. Revenue is what the book keeps. Handle is the volume.