Welcome to our comprehensive glossary of sports betting terms! Whether you're a seasoned sharp or just learning the lingo, this guide will help you navigate the colorful world of sports betting jargon. Let's dive in and demystify some of the most common terms you'll encounter.
Common Terms
Action - Money wagered on any sporting event. When someone says "I've got action on the game," they're indicating they have a financial stake in the outcome.
Against the Spread (ATS) - Betting on a team to perform better than the point spread established by oddsmakers. For a favorite to cover, they must win by more than the spread; for an underdog to cover, they can either win outright or lose by less than the spread.
Bad Beat - A heartbreaking loss that occurs when a seemingly certain win turns into a loss in the final moments of a game. Often involves statistically unlikely events that crush your wager.
Bankroll - The total amount of money a bettor has set aside specifically for gambling purposes. Proper bankroll management is crucial for long-term betting success.
Book/Sportsbook - The establishment that accepts wagers on sporting events. Can be physical locations or online platforms licensed to offer sports betting services.
Chalk - The favorite in a betting matchup. "Playing the chalk" means betting on favorites rather than underdogs. Heavy chalk refers to a significant favorite with low odds.
Closing Line - The final betting line available right before a game begins. "Beating the closing line" is often considered a sign of a successful betting strategy.
Cover - When a team performs well enough against the spread for bets on them to win. If the Lakers are -5.5 and win by 6 points, they've "covered the spread."
Dime - Betting slang for $1,000. If someone says "I put a dime on the Lakers," they've bet $1,000 on Los Angeles.
Dog/Underdog - The team or competitor expected to lose a given matchup. When betting on underdogs, you're getting "plus money" or favorable odds.
Fade - To bet against a particular team, outcome, or even a popular public consensus. "Fading the public" means betting opposite to what the majority of casual bettors are supporting.
Handle - The total amount of money wagered on a specific event, game, or at a particular sportsbook over a period of time.
Handicapper - Someone who analyzes sports events to predict outcomes for betting purposes. Professional handicappers often sell their picks to subscribers.
Hedging - Placing wagers on opposing outcomes to guarantee a profit or minimize loss. Common in futures bets when your initial selection advances far into a tournament.
Juice/Vig - The commission a sportsbook charges for accepting your bet, essentially their built-in profit margin. Standard juice is -110, meaning you must bet $110 to win $100.
Line Movement - Changes in the odds or point spread from the opening line to the closing line, usually caused by betting activity or new information (injuries, weather, etc.).
Middle - A betting strategy where you place wagers on both sides of a line that has moved, creating the opportunity to win both bets if the final score falls between your two positions.
Moneyline - A straight-up bet on which team will win the game outright, with no point spread involved. Odds are expressed as either positive (underdog) or negative (favorite) numbers.
Over/Under (Totals) - A bet on whether the combined score of both teams will be over or under a number set by oddsmakers. Also referred to as "totals betting."
Parlay - A single bet combining multiple wagers where all selections must win for the bet to pay out. Offers higher potential returns but significantly increased risk.
Prop Bet - Short for "proposition bet," a wager on a specific occurrence within a game that may not directly affect the final outcome (e.g., which player scores first, how many three-pointers will be made).
Push - When a bet ends exactly on the number set by oddsmakers, resulting in a tie. In this case, the original stake is returned to the bettor with no profit or loss.
ROI (Return on Investment) -The percentage of profit or loss made on the total amount wagered over time, used to measure betting performance.
Sharp - A professional or highly skilled bettor whose wagers can influence line movement. Sportsbooks respect and often fear sharp action.
Steam - A sudden, dramatic shift in betting lines caused by a large volume of money being placed on one side, often indicating sharp action.
Square - Recreational or casual bettors who typically bet based on favorites, home teams, or popular public teams rather than analytical research.
Teaser - Similar to a parlay, but allows you to adjust point spreads in your favor in exchange for lower potential payouts. All selections must still win for the teaser to pay.
Value - When the probability of an outcome is greater than what the odds suggest. Finding "value bets" is the cornerstone of profitable sports betting.
Vigorish (Vig) - Another term for juice - the commission charged by bookmakers. Understanding the vig is crucial for calculating true odds and expected value.
Whale - A high-roller who places extremely large bets, often enough to move betting lines on their own.
Advanced Concepts
Arbitrage - Placing bets on all possible outcomes of an event at odds that guarantee a profit regardless of the result. Requires finding discrepancies between different sportsbooks.
CLV (Closing Line Value) - The difference between the odds you bet at and the closing line. Consistently beating the closing line is considered a strong predictor of long-term profitability.
Expected Value (EV) - A calculation that determines whether a bet has positive or negative value in the long run, based on the probability of winning compared to the odds offered.
Implied Probability - The conversion of betting odds into a percentage, representing the likelihood of an outcome according to the sportsbook. Crucial for identifying value.
Regression to the Mean - The statistical concept that extreme performances tend to move closer to average over time. Important for avoiding overreaction to outlier performances.