The sports betting world can be a daunting place for newcomers. That’s why having a sports betting glossary at your fingertips is so important, giving you the ability to see popular betting terms explained.
This betting glossary provides a one stop hub for you to locate any ambiguous industry terms. Providing you with all of the knowledge you need to make responsible and accurate betting decisions. With our help you can explore the betting world stress-free and with increased confidence.
If you’re into sports betting, a betting guide for key terms is exactly what you need to level up your game! The betting world is one that is full of slang, jargon and terminology, making it difficult to navigate, even for seasoned pros. But, imagine having all of the popular betting terms laid out clearly...
| Term | Description |
|---|---|
| 1x2 | Bet on home win (1), draw (x), or away win (2). |
| Across the board | Bet on win, place, and show in horse racing. |
| Alphabet | Series of bets combining multiple selections in various ways. |
| American odds | Odds format showing profit on a $100 bet (+) or risk to win $100 (-). |
| Ante-post betting | Betting on an event before it takes place, often long in advance. |
| Arbitrage betting | Betting simultaneously on all outcomes to guarantee a profit. |
| Backed | A selection that has received significant betting support. |
| Bad beat | A bet that looks like a winner until an unexpected last-minute outcome. |
| Banker | A bet considered highly likely to win |
| Bankroll | The total amount of money a bettor has set aside for betting. |
| Bismarck | A highly fancied horse that bookmakers believe will lose. |
| Bookmaker | A person or organization that takes bets on sporting events. |
| BTTS | Both teams to score in a match. |
| Buy points | Adjusting a point spread in your favor by paying extra. |
| Chalk | A term used to describe the favorite in a betting event. |
| Circled game | A game with lower betting limits due to uncertainty or unusual circumstances. |
| Dead heat | A tie between two or more participants in a race. |
| Dog | Short for underdog; the team or player not expected to win. |
| Draw no bet | Bet on a team to win; stake returned if it's a draw. |
| Dutching | Distributing your stake across multiple selections to guarantee a profit. |
| Each-Way | A bet consisting of two parts: a win and a place, typically used in events with a large number of participants. |
| Evens | Odds where the potential payout is the same as the stake. |
| Exacta | Betting on the first two finishers in exact order. |
| Fantasy sports | Virtual competitions where participants assemble teams based on real players' performances. |
| Flag | A complex bet combining multiple selections with various bet types. |
| Juice | The commission a bookmaker takes on bets, also known as vig or vigorish. |
| Lay | Betting against a certain outcome; typically done on betting exchanges. |
| Line | The odds or point spread offered by a bookmaker. |
| Lock | A bet considered highly likely to win. |
| Moneyline | A bet on which team or player will win, regardless of the margin. |
| Off the board | A game or event removed from betting options. |
| Payout | The amount of money won from a bet. |
| Point Spread | The margin by which a favored team is expected to win. |
| Prop bet | A wager on specific occurrences within an event. |
| Push | When a bet results in a tie and the stake is returned. |
| Quinella | Bet on two horses to finish first and second in any order. |
| Round Robin | A series of parlays involving three or more teams. |
| Runline | Baseball spread bet, similar to point spread in other sports. |
| Scorecast | Bet on a specific player to score and the exact match result. |
| Steam | When the odds move rapidly due to heavy betting. |
| Straight Bet | A single wager on a particular outcome. |
| Teaser | A bet allowing the adjustment of the point spread or totals line. |
| Treble | A bet on three selections all to win. |
| Trifecta | Bet on the first three finishers in exact order. |
| Underdog | Aka Dog. The team or player that is not expected to win. |
| Union Jack | Series of 8 trebles formed by a 3x3 grid of selections. |
| Vigorish (Vig) | The bookmaker’s commission on a bet. |
| Wager | Another term for a bet. |
| Wiseguy | A knowledgeable and skilled bettor |
Ah! The Asian Handicap meaning. This is a bet where you move the odds in favor of the underdog, essentially giving them a head start and handicapping the favorite. Simple right? Well there’s a little more to this betting type, as it can be split into three variations, known as full, half and quarter handicap:
A betting exchange, explained in simple terms, is like a marketplace where you can bet against other players instead of a bookmaker. Betting exchanges effectively let you be the house, set your odds, and offer odds on anything, from football to reality TV! It's peer-to-peer betting, adding extra excitement and strategy to the mix.
The meaning of fixed odds is knowing exactly what you’ll win right when you place your bet. Basically, the moment your wager is accepted at a sportsbook, the odds are locked in, so no matter what happens from that point on, you’ll know exactly where you stand. No surprises, just straightforward betting!
Hedge betting is like having a safety net when you are placing your bets. It’s all about minimizing any risks and guaranteeing profits by placing a second bet to cover the opposite outcome. For example, you bet $100 on Inter Miami to win the MLS at +1000 odds at the beginning of the season. As the end of the season approaches both Inter Miami and Cincinnati are the two main contenders who can win the league. So, you place a hedge bet of $200 on Cincinnati to win the league at -200 odds. If Inter Miami wins the league you get $1000 from your original bet. If Cincinnati wins, your hedge bet returns $300. Either way you’ve made a profit.
Now that you’ve got an idea of the different types of betting terms, it’s time to hone in on the must know terms in more detail.
Below are 10 of the most common betting terms you’ll see at most sportsbooks.
Also called an ‘acca’ or ‘parlay’ in the US, this is a bet that combines multiple selections into one bet. In order to get a payout, every leg of the bet must win, which means the potential profit is increased, but so is the risk.
Example: You place a $10 four-leg accumulator on these Premier League matches:
Individually, these bets would be quite modest, however when you combine them, the odds are 6.048, and the returns are increased - i.e $10 x 1.4 x 1.5 x 1.8 x 1.6 = $60.48. If all legs of your accumulator win, your winnings would be $60.48 - $10 stake = $50.48. If one or more legs lose though, you win nothing.
Odds are an indicator of how likely the outcome of a game is, and also how much you can win relative to your stake. They’re displayed in different formats depending on the sportsbook.
Example: American odds (+150 / -200), fractional odds (5/2), or decimal odds (3.50).
Moneyline is the simplest type of bet - you are picking who will win the game. Points, score or margins are not required. Odds are shown as positive or negative numbers.
Example: You want to bet on the NFL Lions vs Ravens. Lions are +200 and Ravens are -180. The - symbol means the Ravens are favorites, so you'd need to bet $180 to win $100 on them. The + sign means the Lions are the long shot, so a $100 bet could net you $200 if they grab the win.
The spread (also known as point spread) helps equal out the bets, by giving the underdog extra points and the favorite a handicap. This type of bet is popular in football and basketball.
Example: If the Lakers are -6 against the Knicks, they must win by 6 points or more for a payout. If the Knicks lose by fewer than 7 or win outright, the bet comes in.
Also known as totals betting, over/under focuses on how many combined points, goals, or runs will be scored in a game. It’s a great option if you want to place a bet but don’t want to pick a side.
Example: A bet of ‘over’ 2.5 goals in soccer means you expect 3 or more goals, or you’d select ‘under’ 2.5 goals if you expect 2 or less goals.
A prop bet (short for proposition bet) isn’t actually about the end result, but what happens within the game. Props add variety to betting markets, especially in big events like the Super Bowl, where you even have bets on the coin toss outcome.
Example: Prop bets could be ‘Patrick Mahomes to throw 3+ touchdowns’, ‘first goal scorer’, and ‘total number of corner kicks’.
If you enjoy placing bets far ahead of time, futures bets could be for you. These bets usually carry longer odds when placed early and can help lock in better odds before the favorites come to light. You need to have patience though, as you could be waiting months for the result.
Example: ‘Kansas City Chiefs to win the Super Bowl’ or ‘Novak Djokovic to win Wimbledon’.
You may see this referred to as in-play betting, but effectively live betting allows you to place wagers during the game. You’ll witness odds fluctuating in real-time based on what’s happening. Live betting is fast-paced and perfect if you're open to different results and scenarios.
Example: You could bet on the Celtics to come back after falling behind early, or Mohamed Salah to score the next goal.
A push occurs when a bet ends in a tie between the sportsbook and the bettor. It’s not a win, but it’s not a loss either, so your bet will usually be refunded. This often happens with spread or over/under bets.
Example: You bet the ‘over 42 points’ in an NFL game and it ends 22–20 (exactly 42). Your stake is refunded.
It may be last in our list, but it’s an important one. Your bankroll is the amount of money you’ve set aside exclusively for betting. Smart bettors will manage their bankroll carefully, and only bet a small percentage like 1–5% on each wager.
Example: If your bankroll is $500, betting $10–$20 per game helps you continue betting for longer and avoids busting your account after a few losses.
Well, with all of these important betting terms explained, it’s time to wrap things up. I hope this betting school guide has been both insightful and useful. Giving you all of the tools you need to fully understand more about the terminology for different sports and the markets that you can bet on.
Moneyline odds are a type of betting odds that show you how much you can win on a bet. There are two versions, positive odds (e.g. 150+) which indicate how much profit you can make on a $100 bet. While negative odds (e.g. -200) show how much you need to bet to win $100. The higher the positive odds the higher the potential profit, but lower the implied probability of the bet winning. The higher the negative odds the lower the potential profit, but the higher the implied probability of success.
Point spread betting refers to a wager on the margin of a victory in a game. Where the favorite gives points and the underdog receives points to even the odds.
The Martingale System is a gambling strategy where a bettor doubles their bet after each loss aiming to eventually recover losses and make a profit. This is a very risky way to wager, but is typically used in situations where the odds are close to evens or slightly better.
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