Embarking on a journey into the world of sports betting can be an overwhelming experience with a barrage of seemingly cryptic terms like “props,” “backdoors,” and “stakes” being part of the conversation. Perhaps you’re eager to get a grasp on these terms to navigate the conversation around sports betting more skillfully.
This piece is designed to demystify the jargon and teach you the essentials, providing a comprehensive guide to the key sports betting terminology. By absorbing this knowledge, you’re positioning yourself to engage more actively and competently in this dynamic field.
Before we take a deep dive into the intricacies of betting terminology, let’s first focus on the assortment of wager types that top sports betting platforms and physical sportsbook locations provide.
Types of Sports Bets
As a novice, it’s crucial to have a rudimentary comprehension of the variety of bets one might place. When we look at moneyline bets and betting against the spread, we’re examining two distinct approaches to speculating on the outcome of a game.
A moneyline wager is the most straightforward form of betting – your task is simply to select the winning team, irrespective of how much they win by. The odds on moneyline bets will fluctuate depending on the perceived strength of the teams involved; however, the nature of the wager remains uncomplicated, making it an ideal starting point for beginners.
The point spread, conversely, specifies a point margin that the favored team, the one anticipated to triumph, must win by. You place your bet on either the favorite or the underdog – the team presumed to lose – to “cover” the spread by performing better than the predicted spread.
In the world of sports wagering, a common point spread in football might be set at 6.5 points, meaning the team that is favored needs to win by at least 7 points to “cover” that spread. Conversely, the underdog would need to either win the game or lose by no more than 6 points.
It’s interesting to note the dynamics of how moneyline bets contrast with point spread bets. A team favored to win can triumph in a game and reward moneyline bettors, yet still fail to beat the point spread, disappointing those who bet on them to cover. On the flip side, an underdog might not win the game outright, but still succeed in covering the spread, thus providing a win for spread bettors but a loss for moneyline bettors.
Then there are over/under bets, or totals, which take an entirely different approach to wagering based on the overall points, runs, or goals scored in a game, completely independent of which team wins. For example, if a football game has a set total of 50.5, bettors who select the over will need the combined score to be at least 51 to win, while those who bet on the under will win if the total score is 50 or lower.
Taking a more microscopic approach to betting, prop bets focus on individual performance or specific events within a game. You could bet on whether an NBA player exceeds or falls short of a certain point total, or how many strikeouts an MLB pitcher will achieve. Even singular game occurrences like the number of corner kicks in a soccer match can be the focus of prop betting.
Sports Betting Terms & Glossary
An essential part of becoming proficient in sports betting is understanding the glossary of terms used in this arena. Familiarizing yourself with common terms used in sports betting can enhance your communication with other gamblers, as well as deepen your comprehension of betting-related content across different media. This knowledge can be instrumental in improving your chances of winning when you bet on sporting events. Let’s dive into some key sports betting vocabulary you should know:
- Action: The term for placing a bet or wager on an event.
- Across the Board: A type of bet in horse racing that includes predictions for win, place, and show simultaneously.
- Alternate Lines: These are set odds that differ from the main betting line, often seen in bets involving point spreads
- For instance, if the standard spread on a football game favors the favorite by 6.5 points, an alternate line might give you the option to bet on the underdog at 7.5 points, improving your chances of winning on that margin. However, the payout for this alternate line would be lower since the odds are less favorable. In addition to game scores, alternate lines can apply to player performance propositions as well.
- Arbitrage: This is a strategy in betting where you place bets on all possible outcomes of an event, ensuring a profit.
- Usually, this method involves utilizing several sportsbooks to exploit discrepancies in odds. For example, if one sports betting app offers +120 odds for the Patriots to win against the Jets, while another offers the same odds for the Jets in the same NFL matchup, you can bet on both underdogs and secure a guaranteed profit, irrespective of the game’s outcome.
- Another scenario for arbitrage betting is if you make an early bet on one team, and the odds change significantly in your favor, you could then place a bet on the opposing team and lock in a profit.
- Against the Spread (ATS): This is a wagering approach designed to level the playing field when one team is significantly stronger than the other.
- Backdoor Cover: This occurs when a team scores late in the game, affecting the betting spread but not the game’s outcome. Imagine the Dallas Cowboys are leading by 10 points versus the New York Giants, with a spread of -7.5 in favor of the Cowboys. If the Giants kick a field goal in the final minutes, the Cowboys still win, but now the Giants cover the spread, resulting in an unexpected twist for Cowboys’ spread bettors. Even though the game’s overall winner is clear, the point differential changes indicate a “backdoor cover,” which can be frustrating for those who placed their bets on the initial favorites.
- Bankroll: The capital allocated specifically for placing bets. Maintaining a fixed bankroll and managing it wisely is crucial for gambling prudently and preventing financial trouble.
- Bet Slip: This is where one’s predictions and wagers are recorded, either on a physical slip or within a digital betting application.
- Buying Points: The act of paying extra to adjust the point spread in favor of the bettor. For example, if a team is given a -3.5 point advantage and you prefer a -1.5 point spread, you’re essentially “buying” two points to improve your chances.
- Closing Line: This refers to the last set of odds offered before a sports event commences, which can significantly deviate from the initial betting odds, commonly referred to as the “opening line.”
- Cover: The term “cover” signifies a triumph against the point spread. For favorites, this entails winning by a margin wider than the point spread. Meanwhile, an underdog can “cover” by either securing a win outright or by keeping the loss margin narrower than the point spread.
- Draw: This term is pointedly used to describe a game that concludes without a winner, essentially ending in a tie.
- Drift: The term “Drift” refers to a scenario where the odds increase subsequent to the release of the opening line.
- Edge: An advantage leveraged within the game. For instance, when a critical player such as the leading quarterback incurs an injury, it can significantly influence the moneyline odds. However, if a bettor can place a bet leveraging the original odds before the sportsbook has had a chance to react to such news, they are said to have an “edge” since the real-time odds have not yet been updated to reflect this new information.
- Even Money: This delineates a situation where the odds stand at precisely +100. In this instance, the gambler’s potential earnings equate to the initial stake; thus, a stake of $100 would yield $200 in return, combining $100 in profits with the initial $100 bet.
- Exposure: This describes the sum of money that is at risk during a wager. This notion is of particular interest because it applies both to bettors and sportsbooks alike. Staking $100 on a sporting event represents the total risk for the bettor on that specific game. Conversely, a sportsbook may experience a far greater risk, sometimes reaching tens of thousands or even hundreds of thousands of dollars, should the majority of bets be placed in favor of one side.
- Expected Value (+/- EV): This is a quantitative calculation referring to the discrepancy between actual betting odds and the likelihood of a certain outcome that would be considered beneficial to the gambler.
- To figure out the expected value, many rely on established statistical models. For example, if the metrics suggest the Yankees are justified -200 favorites over the Red Sox, then obtaining -150 odds for the Yankees establishes positive expected value (+EV). Conversely, placing your money on the Red Sox under these conditions would indicate a negative expected value (-EV).
- Another approach to evaluate expected value involves comparing the odds’ implied probability against the real-world frequency of an occurrence. If Mike Evans is listed at +200 to score a touchdown, which suggests a mere 33% chance according to the odds, but judging from history he scores a touchdown in 80% of the games, wagering on him scoring would represent a +EV bet, despite the possibility of not succeeding any given week.
- Favorite: This term refers to the competitor or team that is generally anticipated to come out on top in a competition.
- First-Half Bet: These are specific bets that are resolved by the game’s score at the end of the first half only. They may include different bet types such as moneylines, spreads, or totals—all similar to wagers that might be placed for the entire duration of a game.
- Fixed Odds: When a bet is locked in at specific odds, those odds stay set for that wager.
- Futures: These types of bets involve predictions on outcomes that will come to fruition later on.
- Examples of futures include early forecasts on which team will claim a championship, which athlete will receive a prestigious accolade, the total number of victories a team might secure within a season, or the cumulative statistical performance of a player.
- Exploring the various betting markets can be both challenging and rewarding. Stakes within the awards and championship sectors are particularly interesting due to the plethora of possible outcomes, which often results in higher potential payouts for each possibility. Conversely, when looking at the totals markets for team wins and players’ performance statistics, bettors are typically faced with dual possibilities, and the odds are commonly set at -110, mirroring what one would expect in traditional game totals or point spread wagering.
- Graded Bet: A wager that has been officially categorized as a win, a loss, or a draw (push).
- Handicap: This term refers to the odds given by bookmakers which are intended to level the playing field.
- Handle: This signifies the collective volume of money placed on bets for a specific game and is commonly used by betting agencies to gauge the market’s interest.
- Hedge: The act of making a contrary bet to your original one, aiming to secure guaranteed profit. Hedging might also serve to minimize maximum potential losses in challenging betting predicaments.
- Hook: A half-point in spread or total bets to avoid a push or tie. For instance, if you’re waiting for that half-point to show up before placing a bet on the underdog team that’s currently at +7, you would be seeking the “hook.”
- In-Play Betting: The act of placing a wager after an event has already started, which features dynamic odds that change as the event unfolds. Another term for this is live betting.
- Leg: A segment of a combined bet known as a parlay, where multiple bets are linked together. When you combine the outcomes of five different matches into a single wager, this is known as a five-leg parlay, where each match’s outcome is referred to as one leg of the parlay.
- Limit: The constraints set in place by bookmakers on the amounts that can be wagered on a particular event or game to control potential losses.
- Line Movement: The fluctuations of betting odds from the time betting is opened up until the start of the game.
- Lock: A term used to describe the strong probability of a specific outcome in a game, which should be used cautiously since no result can ever be entirely guaranteed, reflecting the unpredictable and exciting nature of sports.
- Longshot: This is the term for the less favored competitor or the underdog in a matchup, typically associated with more generous odds for betting on them.
- Middle: This strategy involves betting on both sides of a game’s spread to reduce the chance of a complete loss, while also creating an opportunity for winning both bets.
- For example, if you bet on the Packers to beat the Bears with a 6.5 point advantage and later you get a chance to bet on the Bears as 7.5 point underdogs, most outcomes will result in only a minimal loss because of the vig or the bookmaker’s commission. Yet, if the Packers win by exactly 7 points, you would win both of your bets.
- Moneyline: This type of wager involves picking a team or individual competitor you believe will triumph in a particular match, without taking the score difference into account.
- No Action: This term refers to bets that are voided, with bettors receiving their original stake back without any profit or loss. Cancellations may occur due to a tie in the game’s outcome or unforeseen events such as a game being called off.
- Novelty Bet: These wagers are more unusual than typical bets, with options including predicting the outcome of the coin toss or speculating on the appearance of a team or player.
- Odds: These represent the betting lines provided for individuals to place their stakes on different outcomes.
- Off the Board (OTB): This refers to matches that are noted but are not open for betting, as odds are no longer associated with them.
- Over: A bet where the gambler predicts whether or not the final score will exceed the predetermined total for the game.
- Parlays: This betting style consolidates several individual wagers into a single comprehensive bet, requiring correct predictions on every part to claim victory.
- The potential for substantial rewards is higher with parlays because the odds are amplified with each added bet, yet the risk increases accordingly; a single incorrect prediction causes the entire bet to fail.
- While classic parlays often span multiple matchups, a Same Game Parlay involves various bets from a single event.
- Payout: The total monetary return received from a successful bet.
- Point Spread: A betting technique designed to balance two unevenly matched teams by handicapping the favorite and granting an advantage to the underdog.
- For example, if the Celtics are favorites over the Knicks by 7.5 points, you would see the Celtics at -7.5 and the Knicks at +7.5 on the point spread. If the Celtics triumph with a margin of at least eight points, those who placed bets on the Celtics will claim victory, but should there be a different result, the victors will be those who bet on the Knicks.
- Prop Bets: These are bets made on specific elements within a sporting event. They come in various forms, such as bets on individual player performances, team statistics, or particular game occurrences. A bettor might place a wager on whether a football player will score a touchdown, how many assists a basketball player will achieve, or the number of total bases a baseball player will accrue in a match.
- Proxy: This is when a bet is made on behalf of someone else.
- Push: When a bet concludes with a draw, it means no side has won, and all wagers are returned to the bettors, without any profit or loss incurred.
- Return on Investment (ROI): This reflects the gains earned relative to the initial betting amount. Consider a scenario where you have bet $1,000 throughout the March Madness tournament and earned a return of $100; your ROI would be calculated at 10%.
- Run Line: In baseball betting, this is the equivalent of a point spread where the favored team is handicapped by a negative run line while the underdog is given a positive line. Typically, the run line is set at 1.5 runs but can be adjusted to 2.5 runs or more in certain situations.
- Spreads: This refers to a predetermined point spread that is used to balance the betting field between two unevenly matched teams. This is another term for “point spread.”
- Straight Bet: A wager that is placed on either the point spread or the moneyline for a single game.
- Taking the Points: This is the practice of betting on the underdog in a point spread bet.
- Teaser Odds: These are adjusted lines designed to be more enticing to bettors. They represent a type of alternate line in betting, but must be parlayed in order to be considered a teaser.
- Three-Way Odds: A betting option that presents three possible outcomes, including the possibility of a draw.
- In sports like soccer, this form of betting is quite popular due to the common occurrence of ties. In sports such as hockey, bets are settled at the conclusion of regular time, including overtime as the third outcome.
- The payouts for three-way betting lines are generally more substantial compared to two-way lines because the likelihood of correctly predicting one of more outcomes is reduced, which also makes these bets more challenging.
- Totals: This refers to the combined score that two teams are expected to reach in a game. Bettors attempt to predict whether the actual total will be over or under this number.
- Under: This term is used by bettors who are wagering that the total points in a game will fall short of the sportsbook’s predicted total score.
- Wager: The act of placing money on particular odds, a market, or a sporting event. It is interchangeable with the term “bet”.
Responsible Gambling for US Players
For newcomers to online sports betting, recognizing the significance of gambling responsibly is crucial.
At its core, responsible gambling entails only betting within your financial means and avoiding betting amounts that could lead to financial hardship. Neglecting this principle can have severe consequences on your financial stability as well as your social, family, and professional life.
One informal guideline is to consider stopping betting when it ceases to be enjoyable, especially if you find yourself on a losing streak. Don’t fall into the trap of trying to recover losses quickly.
Betting should be treated as a form of entertainment for the vast majority, rather than a reliable way to generate income.
There comes a point when the pursuit of gambling should cease to be a leisurely activity. If it no longer brings joy, perhaps it’s time to reconsider its place in your life. Multiple sports betting platforms provide measures like setting boundaries on the duration of play, financial deposits, and wager amounts, as well as the option to temporarily suspend one’s account. These provisions aim to foster responsible betting habits. If you find that these tools are not adequate to help manage your gambling, it may be advisable to contact the National Problem Gambling Helpline by dialing 1-800-GAMBLER, which offers support around the clock. Additional options include attending Gamblers Anonymous meetings or exploring online support communities such as GamTalk for further assistance.
Frequently Asked Questions About Sports Betting Terms
It is our hope that this glossary will become a useful tool for those embarking on the journey into sports betting, aiming to comprehend the jargon involved. We have also curated the most common inquiries regarding sports betting jargon for your reference.
What is a sports betting term?
A term related to sports betting is a specialized term or phrase utilized by gamblers and experts to discuss bets, results, and strategies specific to the industry.
Which sports betting terms are used most frequently?
Amongst the plethora of terms we’ve detailed in our reference guide, the most pivotal include types of bets such as spreads, totals, and moneylines, alongside integral terms and concepts like odds, payout, hedge, cover, and edge.
How can one discern which terms to use when placing bets?
Your acumen in choosing the appropriate terms will improve as you augment your familiarity with sports betting vernacular. Consuming betting-related content through articles, expert analyses on YouTube, or betting podcasts can expedite your learning process.
Where might one find additional resources for sports betting terminology?
Numerous websites dedicated to sports betting information and even betting platforms themselves provide glossaries and other educational materials for those interested in the field. This guide may feature some terms not typically found elsewhere, and it’s worth noting that getting a second opinion can be beneficial for grasping unfamiliar concepts. Feel free to use the internet to gather all the information you need to build your confidence as you start your sports betting journey.
What’s the process for placing moneyline wagers?
The process of placing moneyline bets is arguably one of the most straightforward entry points into sports wagering, universally available on online sportsbooks. To place such a bet, select the match you’re interested in, choose the team you believe will come out on top, and click on their associated odds. This selection will appear in your betting slip. You will then enter how much you wish to bet and confirm your wager.
Is it necessary to bet on over/under?
If you have a strong inclination toward predicting whether a match will be filled with scoring action or dominated by defense, over/under bets could be an exciting option. However, if you’re not comfortable with making this type of bet, there are other alternatives like spreads, moneylines, or prop bets that can be enjoyable and potentially profitable when betting on your favorite sports and teams.
