Comprehensive Guide to Sports Betting Terms
Sports betting blends excitement with strategy, offering opportunities for profit to those who understand the terminology and tactics. This guide demystifies sports betting jargon, from basic concepts to advanced strategies, making it accessible for beginners and seasoned bettors alikeAuthor
Crackito
26 September 2024
Key Takeaways
- Comprehensive Understanding: Learn essential and advanced sports betting terms to make informed decisions.
- Diverse Betting Types: Understand various bet types, such as accumulators and futures, and their strategic uses.
- Advanced Strategies: Discover concepts like arbitrage and Asian handicap to refine your betting approach.
- Effective Bankroll Management: Tips on managing your betting funds to maximize longevity and profits.
- Enhanced Enjoyment: Gain a deeper understanding of betting practices for a more enjoyable experience.
Essential Betting Terms: The Basics
Accumulator
An accumulator bet, also known as a parlay, combines multiple selections into one wager. For a payout, all selected bets must win, making it a high-risk, high-reward option.
Action
Action refers to having a wager on a game.
Alternative Line
An alternative line offers different point spreads or totals, with odds adjusted according to the likelihood of the outcome.
ATS (Against the Spread)
Against the spread (ATS) betting involves predicting the margin of victory. A bet on a favored team requires them to win by more than the spread, while an underdog must lose by less or win outright.
Backdoor Cover
A backdoor cover occurs when a team covers the spread unexpectedly near the end of a game.
Bad Beat
A bad beat refers to losing a bet that seemed likely to win until a late, unexpected turn of events.
Banker
A banker is a highly favored selection expected to win.
Bet
A bet is a wager on an event's outcome. Bets range from simple win/lose to complex combinations like accumulators.
Betting Exchange
A betting exchange is a platform where individuals can bet against each other, rather than against a bookmaker, with the ability to lay or back bets.
Book
A book is short for a sportsbook, a place where bets are taken on various events.
Bookmaker
A bookmaker is an organization that sets odds and accepts bets on events.
Cashout
Cashout is an option that allows bettors to settle a bet for a payout before the event concludes, locking in profit or minimizing loss.
Chalk
Chalk refers to the favorite in a game.
Closing Line
The closing line is the final odds before the game starts.
Cover
To cover means a bet wins by achieving the spread. A favorite covers by winning by more than the spread; an underdog covers by winning outright or losing by less.
Dead Heat
A dead heat occurs when two or more selections tie for a position.
Decimal Odds
Decimal odds are a format used primarily in Europe, representing the total return for each unit staked, including the stake.
Double Bet
A double bet involves two selections; both must win for the bet to pay out.
Dutching
Dutching involves backing multiple selections in an event to secure a profit regardless of the outcome. A dutching calculator can help you save time and energy.
Each-way Bet
An each-way bet is two bets in one: one for a selection to win and another for it to place.
Edge
An edge is an advantage perceived by the bettor, suggesting that the odds offered are favorable.
Even Money
Even money describes odds that offer a 1:1 payout. You win an amount equal to your stake.
Fade
To fade is to bet against a particular outcome, team, or public consensus.
Favorite
The favorite is the expected winner in a game or event. Favorites generally have lower odds compared to underdogs.
FGS/FPTS
FGS (First Goalscorer) and FPTS (First Player To Score) refer to bets on the first player to score in a game.
Fixed-odds Betting
Fixed-odds betting ensures the odds at which a bet is placed remain the same regardless of market fluctuations.
Form
Form refers to the recent performance history of a team, player, or horse, often used to predict future performance.
Futures Bet
A futures bet involves betting on the outcome of a season or event far in advance. These bets can offer high returns if predictions are correct.
Grand
A grand is slang for one thousand pounds sterling (ÂŁ1,000 GBP).
Handicap Race
A handicap race involves horses carrying different weights to level the playing field, often seen in horse racing.
Handicapper
A handicapper is a person who predicts the outcome of events, often adjusting for various factors.
Handle
The handle is the total amount of money wagered on an event.
High Roller
A high roller is a person who places large bets, often in casinos or sportsbooks.
Hit Rate
The hit rate is the percentage of successful bets or the percentage at which a player exceeds a proposition total.
Hold
The hold is the difference between the amount wagered and the amount paid out by the sportsbook. Also referred to as the vig or juice.
Hook
A hook is a half-point in betting. For example, if a team is a 7.5-point favorite, the "hook" is the 0.5.
IBAS
IBAS stands for Independent Betting Adjudication Service, which resolves disputes between customers and bookmakers.
In-game Wagering
In-game wagering allows bettors to place bets in real-time as the game occurs. Also known as live betting.
Lock
A lock is a term used to describe a wager that is considered a guaranteed win.
Longshot
A longshot is a selection with low chances of winning, often offering higher payouts.
Maiden
A maiden is a term used to describe a horse that has not yet won a race.
Martingale
The martingale is a betting system where the stake is doubled after each loss, aiming to recover all previous losses with a single win.
Money Line
The money line bet involves picking the outright winner without considering the spread.
Mush
A mush is a gambler or bettor believed to bring bad luck.
Odds
Odds represent the likelihood of a specific outcome, determining the payout amount.
Odds Boost
An odds boost is a promotion offering increased payouts on specific bets.
Oddsmaker
An oddsmaker or linemaker is the person responsible for setting the odds for betting events.
Odds-on Favorite
An odds-on favorite is a selection heavily favored to win, often offering less than even money in payouts.
Off the Board
A bet is off the board when a sportsbook stops taking wagers on it, often due to uncertainty or significant changes in the event's status.
Over/Under
An over/under bet involves wagering on whether the total points scored in a game will be over or under a specified amount.
Parlay
A parlay involves combining multiple bets into one. All bets must win for the parlay to pay out.
Picks
Picks are selections or predictions made by experts or bettors regarding the outcome of events.
Place Bet
A place bet involves wagering on a selection to finish within a specified position, typically in horse racing.
Pony
A pony is slang for twenty-five pounds sterling (ÂŁ25 GBP).
Price
The price refers to the odds offered by a bookmaker for a bet.
Prop Bet
A prop bet involves wagering on specific events within a game, such as player performance or unusual occurrences.
Push
A push occurs when a bet ties the point spread, resulting in no win or loss.
Punter
A punter is a term for a person placing bets, also known as a bettor.
Return
Return is the total amount received from a winning bet, including the initial stake and profit.
Run Line
A run line is a type of spread bet specific to baseball, usually set at 1.5 runs.
Same-game Parlay
A same-game parlay involves combining multiple bets from the same game into one parlay.
Scalping
Scalping is a betting technique involving exploiting small price differences in the market for profit.
Sharp
A sharp is a professional or highly skilled sports bettor.
Spread
The spread is the number of points by which a favorite is expected to win. Bets are placed on whether a team will exceed or fall short of this number.
Stake
A stake is the amount of money wagered on a bet.
Starting Price (SP)
The starting price (SP) is the final odds offered at the start of an event.
Steam
Steam occurs when the odds on a particular outcome move rapidly, often due to a large number of bets placed in a short time.
Straight Up
A straight up bet is a wager on the outright winner of an event, not considering the point spread.
Teaser
A teaser bet adjusts the point spread in the bettor's favor across multiple games in exchange for lower payouts.
Tips
Tips are advice or predictions provided by experts or tipsters, often based on research or insider knowledge.
Total
The total, also known as the over/under, is a bet on the combined number of points scored by both teams in a game.
Tote Bets
Tote bets involve a pool of money from all bets placed, with payouts based on the total amount wagered and the number of winners.
Treble Bet
A treble bet involves three selections; all must win for the bet to pay out.
Underdog
The underdog is the team expected to lose. Betting on underdogs can result in higher payouts.
Unit
A unit represents the amount of money a bettor typically wagers on a game. It helps standardize betting amounts.
Void Bet
A void bet is canceled, and the stake is returned, often due to errors or the event not taking place as expected.
Win Total
A win total is a futures bet predicting whether a team will win more or fewer games than a set number in a season.
Frequently Asked Questions (FAQ)
- A bankroll is the amount of money set aside specifically for betting. It helps manage finances and ensures responsible gambling.
- An accumulator bet combines multiple selections into one wager. All selections must win for the bet to pay out, offering higher returns but with greater risk.
- Betting "against the spread" involves wagering on the margin of victory rather than just the outright winner. The favorite must win by more than the spread, while the underdog can lose by less or win outright to cover the spread.
- Arbitrage betting involves placing bets on all possible outcomes of an event with different bookmakers, ensuring a profit due to varying odds.
- In-play betting allows placing bets on an event while it is happening. It offers flexibility to react to live events and changing odds.