I remember when I started to bet on sports. Everything used to sound Chinese! The world of sports betting is filled with jargon and lingo you cannot afford not to learn. In this beginner betting guide, you will learn the selection of sports betting terms and concepts that every beginner and even intermediate sports bettor must know before placing their bets. 

So, without further ado, let's get right into it. 

Sports Betting Glossary: 65+ Betting Terms & Meanings + Examples

While I can write a book on sports and gambling terminology, I don't want to scare off newbies. Hence, I listed the most common sports betting terms and examples to help you start betting on your favorite sport confidently. 

A

1. Action: It simply means a bet. For example, when you have an action on the Ravens to win the game, you bet on them to win it.

2. Accumulator: This kind of bet is also known as "Parlay" in North America. Accumulator bets have different types, like Double, Treble, Four-Fold, etc. You place a parlay when you combine multiple wagers on multiple outcomes within a game or other sporting events. Depending on the number of selections, the type of sport, the type of wagers, and each eager odds, the payout varies. The most important thing about parlay bets is that all selections must win for the entire wager to pay out. Otherwise, your bet loses. 

For example, suppose there are 5 soccer games today, and you want to bet them all on a single ticket. Your parlay would look like this:

Inter Milan VS Komo: Total: Over 2 (1.41) 

Juventus VS Kaliyari: 12: Juventus or Draw(1.52)

Everton VS Chelsea: Yellow Cards: Total yellow cards: over 2.5(1.16)

Bayern Munich VS Leipzig: 1x2: Bayern Munich(1.49)

West Ham United VS Brighton: both teams to score(1.5) 

The parlay total odds will be 4.2. It means if all the 5 wagers hit, you will have 4.2x your money. If you bet $100, you will get paid $420 + your initial $100 wager. But remember, even if all four wagers hit and only 1 loses, you will lose your $100 wager. This is why making parlays is one of the most advanced and popular concepts in sports betting.   

3. Across The Board: This refers to three horse racing bets. When you bet on a horse to win, place, and show, you bet across the board. 

4. Alternative Lines: Alt or alternate lines refer to the different odds offered for the same event. In other words, you can find higher or lower odds for the same event. Commonly, you will see such lines in basketball and football betting in the same sportsbook. 

5. ATS: It refers to betting "against the spread." ATS odds are a means of making the line equal between two teams, where negative odds represent the favorite and positive odds represent the underdog. For example, team A is set as -3.5 as a favorite against team B at +3.5 as an underdog.    

6. Arbitrage: Arbitrage, or Arb betting, is also known as Arbing. It is one of the advanced sports betting strategies in which you bet on all the possible outcomes of a single game across different sportsbooks. To do so, you need a solid foundation in sports betting basics, significant research, and some tools. 

For example, in a Tennis match between Novak and Nadal, BetOnline has Novak as a favorite to win the match with 1.90 odds, while irbet365 sportsbook has Nadal as the favorite to win with 2.10 odds. You bet on both outcomes at both sportsbooks to lock in a profit. 

7. Also Ran: This term is used in races and refers to an athlete, horse, or greyhound who did not finish in a paying position. 

8. American Odds: This is a format for listing odds, where odds are set at relative to 110, with the favorite being assigned a negative sign and the underdog a positive sign. For instance, if team A is assigned -110, it means it is the favorite to win the game, and you should risk $110 to win $100. It is also known as "Moneyline." 

9. Asian Handicap: This type of odds is common in soccer betting. In this type of betting, the draw or tie option is eliminated from the outcomes, and only the number of goals is counted. The Asian handicap starts at 0.25 goals and can go up to 2.0 goals. 

10. AET Odds: This betting option is commonly offered in soccer matches. The acronym stands for After Extra Time, and the line opens when extra time is added at the end of regulation time as a live betting option.

11. Added Game: An "added game" refers to a sporting event that:

  • Was not initially scheduled for betting: This could be due to a late scheduling announcement, a game being added to a doubleheader, or simply a game that the sportsbook initially decided not to offer betting lines on.

  • Was rescheduled: If a game was postponed due to weather or other unforeseen circumstances, the rescheduled game would be considered an "added game."

Sportsbooks may offer limited betting options on added games, such as only accepting straight bets (moneyline) and potentially restricting them from being included in parlays or other exotic wagers.

B

12. Bookie/ Bookmaker: The sportsbook (online/physical) that offers sports betting odds. 

13. Bad Beat: Bad beat is when you lose a can't’-lose wager!

14. Backdoor Cover: It is when you bet on a team spread and it is about to lose against the spread but magically manages to  score in the final moments of a game, ultimately covering the spread without affecting the game's outcome. 

15. Beard/ Beard Account: Someone who bets on behalf of pro bettors so they can avoid being recognized by sportsbooks. 

16. Betting Exchange: Not a bettor or a sportsbook! A betting exchange is a platform where bettors bet against each other. It is basically similar to trading. The platform makes a profit by taking a commission from winning bets. 

17. Bankroll: This refers to your gambling budget, which is supposed to be separate from what you need for your daily living!

18. Buy Points: Some sportsbooks allow you to adjust the line. For example, if you want to bet on an outcome at 3 points rather than 2.5, you buy the half point and the bookie adjusts the line for you accordingly. 

19. Buck: When you bet $100, it is called a Buck. 

20. Back: When you place a bet that an event will occur. (e.g., "Backing" a team to win), you back it. 

21. Betting Slip: Your betting ticket. 

22. Bottom Line: The overall profitability of a sportsbook.

23. Blacklisted: When a sportsbook prohibits you from betting at their platform/place due to several possible reasons, you are simply blacklisted!

C

24. Cover/ Covering The Spread: When a team wins a bet against the point spread set by the sportsbook, we say, "It covered." 

25. Commission: It is also known as juice, Vig, or Vigorish. It is the profit that bookmakers take from any bet.  

26. Correct Score: Betting on the exact score of a match. For example, you can bet two teams will finish the game with 0-0 scores. 

27. Closing Line: The final line(odds) before an event starts. 

28. Chalk: The favorite team/ athlete/ side is known as a chalk and chalk bettors only bet on the favorites. 

29. CFP: College Football Playoff. 

D

30. Degenerate: A reckless gambler who bets on anything without a strategy or proper bankroll management. Irresponsible bettor!

31. Decimal Odds: Similar to Moneyline, it is a way of listing odds. It is common in Europe and is also known as European Odds. For example, you bet Man United to win the game with 1.3 odds. It means if you bet $50 and the team wins, you will win $65. A decimal line equals -110 in American odds format.  

32. Drift: When betting odds increase(longer) after the first odds are listed, it is said to be drifting. For example, a Moneyline of +220 changing to +230 and +235 is called a drifting line.  

33. Draw: This is like a tie in casino game bets when two teams end with the same score.

34: Double Chance: Predicts two of the three possible outcomes of a match (win, lose, draw). For instance, Italy to win or end in a draw. 

35: Double Result: Predicts a match's outcome at halftime and full-time. For instance, betting Spain to win at halftime and full-time.  

E

36. Edge: An advantage. When we say our sports betting strategies give you an edge, it means you acquire an advantage over the sportsbook. 

37. Even-Money: When a bet offers an even money payout, it pays out 1:1. If you bet $10 and the outcome hits, you win $10. 

38. Each-Way: This type of bet is more common in horse racing. In each-way betting, you take a single amount and split it on a horse to finish first or second.

39: Exotic Bet: Exotic bets involve predicting multiple outcomes within a single event or across multiple events. Parlays are a type of exotic bet. There are various types of exotic bets with varying payout structures, including Patent, Trixie, Lucky 15, and Round Robin.  

F

40. Fade: When you bet against a team, handicapper, public, etc.

41. Fixed-Odds: This is also used for Moneyline odds. It means the odds will not change, and when you bet on the outcome, the odds cannot change. 

42. Fractional Odds: This is the common format of odds listing in the UK. The concept is the same as moneyline and European odds. A fractional line of 10/11 equals the -110 moneyline and 1.91 decimal. 

43. Futures: When you bet on an event long before it happens, you place a future bet. For instance, you bet on the next FIFA World Cup champion while the present tournament is still ongoing. 

G

44. Graded Bet: When an event is finalized and your bet is graded as win/lose/ or refund. 

H

45. Half-Time/Full-Time: It is the other name for Double Result, where you bet on the outcome of a match at both halftime and full-time.

46. Handicap: Handicap or Handicapping is a system used in sports betting to even out the line between two sides with considerable differences in winning probabilities. There are different types of handicapping, like point spread, goal-line(in soccer), Asian handicap, European Handicap, etc. 

47. Handle: The total amount of money wagered by bettors on a single event. 

48. Hedge: Hedge betting or hedging a bet is an advanced sports betting strategy most commonly used for parlays. When you hedge a bet, you bet on the opposite side of an original wager to guarantee a profit. 

49. Hook: Another name for half-point. A 10.5 point spread is known as a ten and a hook. 

I

50. In-Play Betting: In-play, in-game, or live betting refers to bets placed after a sporting event starts and during it. Such bets are riskier but offer better odds. 

51. If-Bet: If-bets belong to the parlay category, where you combine two or more straight bets together. In this type of bet, you apply the stake and/or profit of your first bet as a stake to bet on the second. In other words, the success of subsequent bets in the sequence depends on the success of the previous one

L

52. Line Movement: When odds change before the match starts, it is called the line moved. 

53. Limit: The maximum or minimum amount of wager that bookmaker allows you to bet on a specific event.

54. Lock: A guaranteed win you believe you will get. 

O

55. Odds Boost: An increased payout on specific odds commonly offered as a bonus or promotion. 

56. Over/Under: Also known as O/U or totals, it is the bet you place on the over or under the number of points, goals, etc that you believe a side will get. For instance, you think Germany will score more than 2 goals in a match, so you bet O 2.

P

57. Pick’em: A game with a zero point spread, with no favorite or underdog. You just pick the winner and bet on them.  

58. Prop Bet: Props or propositional bets are specific bets whose outcomes are independent of the match outcome. For example, you bet on the number of assists a specific player performs during a match. There is a wide variety of prop bets with even insane payouts, making them quite popular. 

59. Puck Line: It is a specific point spread market in hockey. 

60. Parlay: A single bet slip that combines two or more wagers on several outcomes across different sports or the same event. 

61. Public: A vast majority of bettors who wager on one side of an event.

R

62. Run-Line: There is no point spread in tennis betting. The point spread market specific to tennis matches is known as Run-Line and is usually set as 1.5. 

S

63. Same-Game Parlay: A parlay involving multiple events within the same sporting event.

64. Sharp: This is similar to "Shark" in poker. A sharp is a highly professional, skilled, and sophisticated sports bettor.  

65. Steam: This is a situation in which a betting line moves unusually fast due to a large number of bets being placed on one side. 

T

66. Teaser: This is a type of parlay that allows you to adjust the point spread or game total in your favor. The payouts are less favorable than parlays.

67. Total: Also known as Over/Under, it is the total number of points, goals, etc., that you bet on. For instance, the total number of goals that Italy will score in a match. 

U

68. Unit: The amount of money you risk per wager in order to win a payout.

W

69. Wager: The bet you place on a specific event to happen.