Comprehensive Betting Glossary
Your complete dictionary of sports betting terms and concepts
From basic terminology to advanced strategies, find clear definitions and examples for over 200 betting terms. Perfect for beginners and experienced bettors alike.
Basic
Action
Any type of betting activity. When a bettor has "action" on a game, it means they have placed a wager on that event.
Example: "I have action on tonight's Lakers game" means you have a bet placed on that game.
Basic
Accumulator
A single bet that combines multiple selections, where all selections must win for the bet to pay out. Also known as a parlay in American terminology. The odds multiply together for potentially larger payouts.
Example: A 4-team accumulator at odds of 2.0, 1.8, 2.2, 1.9 would have combined odds of 16.61.
Advanced
Arbitrage
A betting strategy that involves placing bets on all possible outcomes of an event across different bookmakers to guarantee a profit regardless of the result, exploiting differences in odds.
Example: Team A at +150 (one book) and Team B at +180 (another book) might create an arbitrage opportunity if the implied probability total is less than 100%.
Strategy
Bankroll
The total amount of money a bettor has set aside specifically for betting purposes. Proper bankroll management is crucial for long-term betting success.
Example: If you have $1,000 dedicated to betting, that's your bankroll. Many experts recommend betting only 1-3% per wager.
Basic
Bookmaker
A person or organization that accepts bets on sporting events and pays out winnings. Also called a bookie or sportsbook.
Example: Popular online bookmakers include Bet365, DraftKings, and FanDuel.
Basic
Cover
When a team beats the point spread. For favorites, they must win by more than the spread. For underdogs, they must lose by less than the spread or win outright.
Example: If the Lakers are -5.5 favorites and win 108-100, they covered the spread by 2.5 points.
Basic
Decimal Odds
A odds format showing the total return for every $1 wagered, including the original stake. Popular in Europe and Australia. The number represents your total return.
Example: Odds of 2.50 mean you receive $2.50 for every $1 bet (including your $1 stake back), so $1.50 profit.
Strategy
Dutching
A betting strategy where you back multiple selections in the same event, with stakes calculated to ensure equal profit regardless of which selection wins.
Example: Betting $40 on Horse A (3/1) and $60 on Horse B (2/1) to guarantee $80 profit if either wins.
Advanced
Edge
The advantage a bettor has over the bookmaker when the true probability of an outcome is higher than the implied probability of the odds offered.
Example: If you assess a team has a 60% chance to win but the odds imply only 50%, you have a 10% edge.
Advanced
Expected Value (EV)
The average amount you can expect to win or lose per bet if you made the same bet many times. Positive EV bets are profitable long-term.
Example: A bet with 60% win probability at +100 odds has an EV of +20% per bet.
Basic
Favorite
The team, player, or outcome expected to win according to the bookmaker's odds. Favorites have negative moneyline odds or odds less than 2.0 in decimal format.
Example: In Lakers -150 vs Warriors +130, the Lakers are the favorite.
Basic
Fractional Odds
A odds format showing potential profit relative to stake, written as fractions (e.g., 3/1, 5/2). Popular in the UK. The first number is profit, second is stake required.
Example: 3/1 odds mean you win $3 for every $1 bet, plus your $1 stake back.
Basic
Handicap
A betting method that gives one team or player a virtual advantage or disadvantage to level the playing field. Also known as point spread or line betting.
Example: Lakers -7.5 vs Warriors means Lakers must win by 8+ points to cover the handicap.
Advanced
Hold/Vig
The bookmaker's built-in profit margin on a betting market. It's the difference between the true odds and the odds offered, ensuring the house always has an edge.
Example: If both sides of a coin flip are offered at -110, the bookmaker has approximately 4.5% hold.
Basic
Implied Probability
The probability of an outcome as suggested by the betting odds. Calculated by converting odds into a percentage that represents the bookmaker's assessment of likelihood.
Example: Odds of 2.00 (even money) imply a 50% probability of the outcome occurring.
Basic
Juice
Another term for the bookmaker's commission or vig. The extra amount charged by bookmakers for accepting your bet, built into the odds offered.
Example: Standard juice on spread bets is -110, meaning you risk $110 to win $100.
Strategy
Kelly Criterion
A mathematical formula used to determine the optimal bet size as a percentage of your bankroll, based on your edge and the odds offered. Maximizes long-term growth while managing risk.
Example: With a 10% edge and even money odds, Kelly suggests betting 10% of your bankroll.
Basic
Line
The current odds or point spread offered by bookmakers on a particular event. Lines can move based on betting action and new information.
Example: "The line moved from Lakers -3 to Lakers -5" indicates increased betting on the Lakers.
Basic
Moneyline
American odds format using positive and negative numbers based on a $100 bet. Negative numbers show favorites, positive show underdogs. Also refers to straight win/lose bets.
Example: Lakers -150 (bet $150 to win $100) vs Warriors +130 (bet $100 to win $130).
Basic
Odds
The ratio that represents the relationship between the amounts staked by parties to a wager. Odds determine both the likelihood of an outcome and the potential payout.
Example: 3/1 odds mean the event has a 25% implied probability and pays $3 profit for every $1 bet.
Basic
Over/Under
A bet on whether the total points, goals, or runs scored in a game will be over or under a number set by the bookmaker. Also called totals betting.
Example: Lakers vs Warriors total set at 220.5 points. You bet over if you think they'll score 221+, under for 220 or less.
Basic
Parlay
A single bet that combines multiple individual bets. All selections must win for the parlay to pay out, but the potential payout is higher than individual bets.
Example: A 3-team parlay with all teams at -110 pays approximately 6/1 if all teams win.
Basic
Point Spread
A handicap given to level the playing field between two teams. The favorite must win by more than the spread, while the underdog can lose by less than the spread and still "cover."
Example: If Lakers are -7.5 point favorites, they must win by 8+ points for spread bets to win.
Basic
Return
The total amount received back from a winning bet, including both the original stake and the profit. Different from profit, which excludes the original stake.
Example: A $100 bet at 2.0 decimal odds returns $200 total ($100 stake + $100 profit).
Basic
Stake
The amount of money wagered on a bet. This is the amount you risk, separate from any potential winnings.
Example: If you bet $50 on a team to win, your stake is $50.
Advanced
Sharp
A professional or highly skilled bettor who consistently wins money through superior analysis and bankroll management. Sharps are respected by bookmakers and often cause line movements.
Example: When sharp money comes in on a team, bookmakers often adjust their lines accordingly.
Basic
Underdog
The team, player, or outcome that is expected to lose according to the bookmaker's odds. Underdogs have positive moneyline odds or odds greater than 2.0 in decimal format.
Example: In Lakers -150 vs Warriors +130, the Warriors are the underdog.
Strategy
Unit
A standardized betting amount used to measure bet sizes and track results consistently. Typically 1-5% of your total bankroll, allowing for proper bankroll management.
Example: With a $1,000 bankroll, 1 unit might be $20 (2%). A "3-unit play" would be a $60 bet.
Advanced
Value Bet
A bet where the true probability of an outcome is higher than the implied probability of the odds offered, creating positive expected value.
Example: If you believe a team has a 60% chance but odds imply only 45%, it's a value bet.
Basic
Vigorish (Vig)
The commission charged by bookmakers, built into the odds to ensure profitability. It's why both sides of a bet typically require more than even money.
Example: Both sides of a spread bet at -110 contain approximately 4.5% vig for the bookmaker.
Basic
Wager
Another term for a bet. The act of risking money on the outcome of a sporting event or other uncertain event.
Example: "I placed a $100 wager on the Lakers to win" means you bet $100 on the Lakers.
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