Betting Glossary

Odds & Fundamentals

Action

Any wager placed on a sporting event; also used to indicate a bet is live and valid.

Against the Spread (ATS)

A team's record when measured against the point spread rather than the outright result.

Bad Beat

A bet that appears certain to win but loses due to a last-minute or highly improbable event.

Cover

When a team wins by enough points to beat the point spread, the team is said to have covered.

Even Money

A bet where the potential profit equals the stake — decimal odds of 2.00, fractional 1/1, American +100.

Favorite vs Underdog

The favorite is expected to win (lower odds/shorter price), while the underdog is expected to lose (higher odds/longer price).

Hook

A half-point in a point spread (e.g., -3.5 instead of -3) that eliminates the possibility of a push.

Implied Probability

The probability of an outcome as suggested by the betting odds, including the bookmaker's margin.

Juice / Vigorish (Vig)

The commission charged by the bookmaker on each bet, built into the odds.

Moneyline

A bet on which team or player will win outright, with no point spread involved.

No Action

A bet that is cancelled and the stake returned to the bettor, typically due to a postponed event, scratched player, or voided conditions.

Odds Formats

The three main ways odds are displayed — Decimal, Fractional, and American (Moneyline).

Off the Board

A game or market that the sportsbook has temporarily removed from betting, usually due to uncertainty such as injuries or weather.

Over/Under (Totals)

A bet on whether the combined score of a game will be over or under a set number.

Pick'em

A game where neither team is favored -- the point spread is zero, meaning bettors simply pick the winner.

Point Spread

A handicap applied to level the playing field between the favorite and the underdog.

Push

A bet that results in a tie against the spread or total, with the stake returned to the bettor.

Straight Bet

A single wager on one outcome -- a moneyline, point spread, or total -- as opposed to a parlay or combination bet.

Bet Types

Asian Handicap

A form of spread betting popular in soccer that eliminates the draw outcome by applying fractional or whole-number handicaps to one or both teams.

Cash Out

A feature that lets bettors settle a bet before the event concludes, locking in a profit or limiting a loss.

Double Chance

A bet that covers two of three possible outcomes in a soccer match (home/draw, away/draw, or home/away), reducing risk at the cost of lower odds.

Futures Bet

A bet placed on an event that will be decided in the future, such as a season championship or tournament winner.

Hedging

Placing a bet on the opposite side of an existing wager to guarantee a profit or reduce potential loss regardless of the outcome.

Live Betting (In-Play)

Placing bets on an event while it is in progress, with odds updating in real time.

Parlay (Accumulator)

A single bet that links two or more selections; all must win for the bet to pay out.

Player Prop vs Game Prop

Player props are bets on individual performance (e.g., total passing yards), while game props are bets on team or match events (e.g., first team to score).

Prop Bet (Proposition Bet)

A bet on a specific occurrence within a game that may not directly affect the final outcome.

Round Robin

A combination bet that creates multiple parlays from a group of selections, covering different subset combinations.

Run Line / Puck Line

A sport-specific point spread -- the run line is a fixed 1.5-run spread in baseball (MLB) and the puck line is a fixed 1.5-goal spread in hockey (NHL).

Same-Game Parlay

A parlay where all selections come from the same game or event.

Teaser

A type of parlay where the bettor can adjust the point spread or total in their favor, in exchange for reduced odds.

Value & Strategy

Arbitrage Betting

Placing bets on all possible outcomes across different bookmakers to guarantee a profit regardless of the result.

Bankroll

The total amount of money a bettor has set aside exclusively for wagering, separate from personal finances.

Buying Points

Paying for a more favorable point spread or total by accepting worse odds, often used to cross key numbers like 3 and 7 in football.

Closing Line Value (CLV)

The difference between the odds at which you placed your bet and the final closing odds, used as a measure of betting skill.

Edge

A bettor's perceived advantage over the sportsbook, where the true probability of an outcome exceeds the implied probability of the odds.

Expected Value (EV)

The average amount a bettor can expect to win or lose per bet over the long run.

Fade the Public (Contrarian Betting)

A strategy of betting against the side that the majority of recreational bettors favor, based on the theory that public sentiment creates value on the opposite side.

Kelly Criterion

A mathematical formula that determines the optimal bet size based on perceived edge and bankroll.

Key Numbers

The most common margins of victory in a sport, making certain point spreads more significant than others.

Line Shopping

Comparing odds across multiple bookmakers to find the best available price for a given bet.

Matched Betting

A technique that uses sportsbook promotions (bonus bets, odds boosts) combined with opposing bets to extract guaranteed profit with minimal risk.

Middling

Betting both sides of a game at different point spreads, aiming to win both bets if the final margin lands between the two spreads.

ROI (Return on Investment)

The percentage of profit or loss relative to the total amount wagered.

Steam Move

A sudden, sharp line movement caused by heavy betting action from professional bettors or syndicates.

Tout

A person or service that sells betting picks or predictions, often with exaggerated claims of success rates.

Units

A standardized measure of bet size relative to a bettor's bankroll, used to track results and compare performance regardless of actual dollar amounts.

Variance (in Betting)

The natural fluctuation in results that occurs even when making positive expected value bets.

Market Terms

Betting Handle

The total amount of money wagered on a particular event or during a given time period.

Betting Limits

The minimum and maximum amounts a bookmaker will accept on a single bet.

Chalk

Slang for the favorite in a game or event; 'betting the chalk' means backing the expected winner.

Line Movement

A change in the odds or point spread after the opening line is released, driven by betting action, injuries, weather, or new information.

Oddsmaker / Bookmaker

The person or organization that sets betting lines and odds, manages risk, and accepts wagers on sporting events.

Opening Line / Closing Line

The opening line is the first set of odds released; the closing line is the final odds before the event starts.

Public Betting Percentage

The proportion of total bets placed on each side of a market, reflecting where the majority of recreational bettors have wagered.

Reverse Line Movement

When the betting line moves in the opposite direction of where the majority of public bets are placed, indicating sharp (professional) money on the other side.

Sharp vs Square

Sharp bettors are professionals who bet with an edge; square bettors are recreational bettors who typically follow public sentiment.

Stale Line

Odds that have not been updated to reflect new information (such as injuries or lineup changes), creating a potential value opportunity for alert bettors.