Sports Betting Glossary
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.
Action
"Action" refers to a wager of any kind. If you have action on a game, it means you have money at stake on the outcome. When a bookie accepts your wager, they'll often say, "You've got action."
Against the Spread (ATS)
When you bet "against the spread," you're wagering on a team to cover the point spread set by oddsmakers. If the Cowboys are 7-point favorites over the Giants, betting on the Cowboys ATS means they need to win by more than 7 points for you to win your bet.
Bad Beat
Every bettor has a bad beat story. It's that gut-wrenching loss that comes in the final moments, often in improbable fashion. Imagine betting the under on a basketball game, only to see it go to overtime and crush your wager. That's the essence of a bad beat.
Chalk
The "chalk" is the favorite in a given matchup. It comes from the old-school practice of bookies circling the favorite in chalk on their odds boards. If you bet the chalk, you're siding with the favorite.
Cover
"To cover" means a team has done what's necessary to make a spread bet on them a winner. If the Patriots (-3.5) beat the Jets 24-20, they didn't cover because they only won by 4. Betting against the spread requires your team to cover.
Hedging
"Hedging" is a risk-management strategy where you place bets on different outcomes to limit your potential losses. If you bet $100 on the Bucks to win the NBA title before the season at +500, you might hedge by betting $50 on their Finals opponent to protect some of your potential profits.
Juice
Also known as "vig," the juice is the commission a sportsbook takes on bets, most commonly seen in spread bets. The standard juice is -110, meaning you'd need to bet $110 to win $100. The house always has an edge!
Parlay
A parlay is a single bet that links together two or more wagers for a bigger payout. But there's a catch - all the bets in your parlay must win for it to pay out. Go 4-for-5 on a five-team parlay and you get nothing. Parlays are enticing for their big potential payouts but are much riskier than straight bets.
Sharp
A sharp bettor is one the sportsbooks respect. Sharps are long-term winners who have a disciplined approach and deep understanding of their action. When the sharps load up on one side, bookies take notice and the lines often move.
Square
If you're not a sharp, you might be a square. Squares are more casual bettors who often bet based on gut feeling or media narratives rather than informed analysis. They provide much of the action that keeps sportsbooks in business.
This is just a starter pack of key betting terms - there's always more to learn in the ever-evolving world of sports betting. Keep an eye out for our next installment, where we'll tackle even more need-to-know terms and concepts. Until then, may the betting gods be with you!