- 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.
- Moneyline
- The simplest bet there is: you pick who wins. No margins, no handicaps — the team or player you back just has to win the game.
Example: Backing the Yankees on the moneyline means you win if the Yankees win, whether it is by one run or ten.
- Point Spread (Handicap / Line)
- A head start (or a deficit) the bookmaker applies so both sides are roughly a coin flip. A team at −6.5 must win by 7 or more; a team at +6.5 can lose by 6 and your bet still wins.
Watch the sign: the minus sign is always on the favourite. Plus means you are being given points.
- Over/Under (Total)
- A bet on the combined score of both teams, not on who wins. The bookmaker posts a number and you bet whether the real total finishes above it or below it.
Example: Over 9.5 runs wins if the two teams score 10 or more between them, no matter who wins the game.
- Favourite and Underdog
- The favourite is the side the bookmaker expects to win, so it pays less. The underdog is expected to lose, so it pays more — that is the whole trade-off.
Reality check: underdogs are priced to lose more often than they win. A bigger payout is not a better bet on its own.
- Decimal Odds
- The number that tells you what a winning $1 bet returns in total, stake included. Odds of 2.50 turn $10 into $25 — $15 profit plus your $10 back.
Quick maths: stake × odds = total return. It is the easiest odds format to read.
- American Odds (+200 / −150)
- A plus number is what you win from a $100 bet. A minus number is what you must stake to win $100. So +200 turns $100 into $300 back; −150 means risking $150 to win $100.
Shortcut: plus means underdog, minus means favourite.
- Implied Probability
- The chance of winning that a price is really quoting. Divide 1 by the decimal odds: 2.00 implies a 50% chance, 4.00 implies 25%.
Why bother: it turns odds into something you can compare against what you actually think will happen.
- Edge (Value)
- The gap between the real chance of something happening and the chance the bookmaker's price implies. When your estimate is higher than theirs, the bet is worth taking.
The point: an edge does not mean the bet wins. It means that at that price, the bet is worth making again and again.
- Push
- A tie against the line. Your stake is simply refunded — you neither win nor lose.
Example: you back −3 and the team wins by exactly 3. That is a push, and you get your money back.
- Unit
- One standard bet size, usually 1% of the money you have set aside for betting. Talking in units instead of dollars keeps the size of a bet honest.
Example: with a $500 bankroll, one unit is $5. "Up 10 units" means $50 in front.
- Bankroll
- The pot of money you have set aside for betting, and nothing else. Rent and groceries are not part of it.
Rule of thumb: if losing the whole bankroll would change your week, it is too big. Never stake money you cannot afford to lose.
- Prop Bet (Player Prop)
- A bet on something inside the game rather than the result — how many points, hits, goals or disposals one player records.
Example: "over 1.5 hits" wins if that batter records 2 or more, regardless of who wins the game.
- Multi (Parlay / Accumulator)
- Several bets combined into one. Every leg has to win or the whole thing loses, which is why the payout looks so big.
Be honest with yourself: each extra leg multiplies the payout and shrinks the chance of landing it. Four coin flips in a row is a 1-in-16 shot.
- Same Game Multi (SGP)
- A multi where every leg comes from the one match. The bookmaker reprices it because the legs affect each other.
Why the price looks worse: related outcomes are more likely to land together, so the book shortens the odds to account for it.
- Stake
- The amount of money you put on a bet.
Keep it flat: betting a similar amount every time is the simplest way to stop one bad night undoing a good month.
- Payout (Return)
- Everything the bookmaker pays you if the bet wins — your profit plus the stake you put on.
Do not confuse the two: a $25 payout on a $10 bet is $15 profit, not $25.
- Cover
- Beating the point spread. A favourite covers by winning by more than the line; an underdog covers by losing by less than it, or winning outright.
Note: a team can win the game and still fail to cover.
- Hedge
- Backing the other side later to lock in a profit or cut a loss, usually after the odds have moved your way.
Example: your multi is one leg from landing — betting against that last leg guarantees you walk away with something.
- Arbitrage (Arb)
- Backing every outcome at different bookmakers where the prices disagree enough that you profit whatever happens.
Catch: the margins are thin, the prices vanish fast, and bookmakers limit accounts that do it often.
- Cash Out
- Settling a bet early for whatever the bookmaker offers, before the event finishes.
The trade: convenience costs money. The cash-out figure is deliberately below what the bet is really worth.
- Live (In-Play) Betting
- Betting after the event has started, on odds that move as the game does.
Careful: it is the fastest way to bet on impulse. Decide before kick-off what you are willing to stake.
- Futures (Outrights)
- A bet on something decided at the end of a season, like the eventual champion or a season win total.
Note: your money is tied up for months, so the big payout is partly compensation for the wait.
- Bonus Bet (Free Bet)
- A credit from a bookmaker that you can stake but cannot withdraw. If it wins, you keep the profit, not the stake.
Read the terms: they usually carry conditions, and a bonus bet is worth less than the same amount in cash.
- Longshot
- A bet at very long odds with a small chance of winning and a large payout.
The trap: big prices feel like value. Usually they are priced long because the outcome really is unlikely.
- "Lock"
- Slang for a bet someone claims cannot lose.
There is no such thing. Every bet can lose. Anyone selling you a guaranteed winner is selling you something else.
- 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.