Sports betting glossary
Understanding the terminology used in sports betting is essential for both new and experienced bettors. In this article, we have created a comprehensive glossary of key sports betting terms every sports bettor should know.
Below you will find a comprehensive sports betting glossary, put together by the Odds Collective community:
A
Accumulator (Parlay): A single bet that links together two or more individual wagers for a high payout. All selections must win for the accumulator to pay out.
Against the Spread (ATS): A method of betting where a team must cover the point spread set by the bookmaker. For example, if a team is favored by 7 points, they must win by 8 or more to cover the spread.
Arbitrage Betting: Placing bets on all possible outcomes of an event across different bookmakers to guarantee a profit, exploiting differences in odds.
B
Bankroll: The total amount of money a bettor has set aside specifically for betting purposes.
Both Teams to Score (BTTS): A bet on whether both teams will score at least one goal during a match.
C
Chalk: A term referring to the favored team or outcome in a sporting event. Betting on the chalk means betting on the expected favorite.
Closing Line: The final betting odds or point spread offered before the event begins.
Cover: When a team wins by more than the point spread, they are said to “cover the spread”.
D
Decimal Odds: A representation of odds favored in Europe and Canada, showing the total payout rather than the profit. For example, decimal odds of 3.00 mean a $10 bet would return $30.
Double Chance: A bet that covers two of the three possible outcomes in a match, increasing the chances of winning but typically offering lower odds.
Draw No Bet: A market where the stake is refunded if the match ends in a draw. This bet eliminates the draw outcome, focusing only on a win for either side.
E
Each-Way Bet: Common in horse racing, this bet consists of two parts: a win bet and a place bet. The win part pays if the selection wins; the place part pays if the selection finishes in a predetermined place (e.g., top three).
Edge: The advantage a bettor has over the bookmaker, often derived from better information or analysis.
Even Money: A bet where the potential profit equals the stake, represented as 1/1 in fractional odds or 2.00 in decimal odds.
Exotic Bet: Any wager other than a straight bet, such as parlays, teasers, or proposition bets.
Favorite: The team or competitor expected to win an event, typically offering lower odds.
F
Fixed Odds: Betting odds that are agreed upon when the wager is placed and do not change regardless of how the odds fluctuate before the event.
Fractional Odds: Traditional UK representation of odds, such as 5/1, indicating the profit relative to the stake. A 5/1 bet means you win $5 for every $1 wagered.
Futures Bet: A long-term wager on an event that will conclude in the future, such as betting on the winner of a championship before the season starts.
H
Handicap Betting (Spread Betting): A system where the bookmaker assigns a virtual advantage or disadvantage to competitors to level the playing field. Bettors wager on whether a team will cover the handicap.
Hedging: Placing bets on the opposite side of an existing wager to reduce potential losses or guarantee a profit.
I
In-Play Betting (Live Betting): Placing wagers on an event while it is ongoing, with odds that fluctuate in real-time based on the action.
J
Juice (Vigorish): The commission that bookmakers charge on bets, ensuring they make a profit regardless of the outcome.
L
Lay Bet: In betting exchanges, a wager against a particular outcome, essentially acting as the bookmaker.
Line: The point spread or odds offered on a particular event.
M
Moneyline Bet: A straightforward wager on which team or competitor will win the event, without any point spread.
N
Nap: A tipster’s best bet of the day, considered their most confident selection.
O
Odds-On: Refers to a selection where the potential profit is less than the stake, indicating a strong favorite. For example, odds of 1/2 mean you win $1 for every $2 wagered.
Over/Under Bet (Totals Bet): A wager on whether the total number of points or goals in a game will be over or under a specified number set by the bookmaker.
P
Parimutuel Betting: A betting system where all bets are pooled, and odds are determined by the total amount wagered on each outcome, common in horse racing.
Payout: The total amount of money a bettor receives for a winning wager, including the original stake and profit.
Pick ‘Em: A game where neither team is favored, and the point spread is zero. Bettors simply choose which team they believe will win.
Point Spread: A handicap given by the bookmaker to level the playing field between two teams, with bettors wagering on whether a team will cover the spread.
Proposition Bet (Prop Bet): A wager on a specific event within a game that doesn’t directly affect the final outcome, such as betting on which player will score first.
Punter: A term commonly used in the UK and Australia to refer to a person who places bets.
Push: A situation where the bet neither wins nor loses, often occurring when the outcome matches the betting line exactly. In such cases, the stake is typically refunded.
S
Sharp: A knowledgeable and experienced bettor who often has an edge over the bookmaker.
Spread: Short for point spread, it’s the