A
Against The Spread
Common used to refer to the main spread line available or a teams’ record against the closing spread in a given period of time. E.g. “The Giants are 3-10 this season but 8-5 ATS”
Arbitrage
The practice of betting on both or all potential outcomes of an event at odds which ensure a profit regardless of how the contest ends
Alternate Lines
Lines offered by sportsbooks that allow bettors to adjust the typical spread or total figures in exchange for adjusted odds. For example, taking the underdog +7 instead of +6
Accumulator
A bet that consists of multiple selections which must all win to result in a payout. Another term for a parlay
Action
A way to describe any bet available on a given event with a bookmaker or sportsbook. For example: “I have action on this game”
B
Buying points
The practice of paying increased vig or accepting lower odds in order to take an alternate spread e.g. buying a half point from 6.5 to 7
Bookie
Alternate name for a bookmaker or sportsbook
Book
Alternative name for a sportsbook
Beard
The practice of betting under someone else’s name or ID. Usually because of account restrictions. E.g. “I have 3 beard accounts in order to get down this amount”
Bankroll
The amount of funds that a bettor has put aside for wagering
Bad Beat
Describes a losing bet which the bettor feels was unlucky or that lost from a very promising position
Backdoor Cover
A term to describe how a team was able to cover the spread in the final stages of a game despite it looking unlikely previously
C
Cover
A bet where a team is able to beat the spread that has been assigned to them before the game. E.g. A NFL favourite winning by 10 when the spread was -7 or an underdog losing by 3 when they were +7
Consensus
A judgement or opinion that appears widely held, often used to describe a team or pick that experts agree on in the sports betting community
Co-favorite
A situation where three or more players or teams are all the same price as favourites, usually the case in larger field sports such as horse racing or golf.
Closing Line Value (CLV)
The practice of betting on an event at a number that proves more advantageous than where the closing line settles. E.g. Backing a team at +10 when the line closes at +7. Generally this is seen as a positive indicator for bettors if they can do it consistently, regardless of the short term results
Closing Line
Where the consensus spread or total line settles when the game gets underway, despite any movements up until that point. This will be used to define a team’s record against the spread
Chalk
The popular selection in a given contest, often used to describe a heavy favourite or a series of favourites in a particular round of games
D
Drift
When a team or players’ odds are getting bigger, they are generally described as drifting in the market e.g. if a player is priced at +2000 to win a golf tournament but ends up moving to +3000
Double
A bet which consists of two selections, both of which must win
Dollar
A $100 bet
Dog
The underdog in a given contest
Dime
A $1000 bet
E
Exotic
A bet that isn’t a mainstream market such as the spread or total. Typically these bets are much more specific, available at longer odds and could include some element of novelty
Even money
A way to describe an outcome priced at +100
Edge
The process of finding an advantage over the market in sports betting e.g. “I believe I have an edge betting on college basketball totals”
F
Futures
Lines or markets that refer to events that are happening in the medium or long term. E.g. a team to win the Super Bowl or a player to score the most rushing touchdowns over a season
Fixed
A match where the outcome is already known by some or manipulated in order for certain people to benefit financially
H
Hook
A way to refer to a half point when betting on spreads or totals. Usually, this is the additional half point that moves the line off a perceived key number, especially in the NFL. E.g. -3.5 points could be referred to as “three points and the hook”
High roller
Someone wagering large amounts of money in a casino or sportsbook
Hedging
A method of betting on multiple outcomes in a particular game or contest to either minimize losses or guarantee a profit. This can sometimes be most effective by taking advantage of line movements and betting on different outcomes accordingly
Handle
The amount of money wagered by players at a particular sportsbook over a certain period of time. This is often broken down by state, sport or event
Handicapper
Someone who analyses and attempts to get the better of sports betting markets using the information available to them
Halftime bet
A wager that is only focused on the outcome of the first half of a game such as a halftime handicap, or total points in the first half
I
In-game wagering
Bets that are made once the game is underway, sometimes referred to as live or in-play betting, depending on which sportsbook you are using
J
Juice
The bookmaker edge applied to a given bet, also known as the vig. Often you can see some lines which are more “juiced” up than others. For example a 3 point handicap which is available at -125 instead of the usual -110 could be referred to as a line with lots of juice
L
Lucky 31
A wager that involves five different selections and 31 betting combinations; 5 singles, 10 doubles, 10 trebles, 5 four leg parlays and one five leg parlay
Lucky 15
A wager that comprises four different, unrelated selections and totals 15 bets; four singles, six doubles, four trebles and one four leg parlay
Longshot
A bet at long odds, typically something of an outsider in terms of implied probability
Lock
The best bet available on a given event or slate of matches according to a handicapper. For example “Kansas City -3 is the lock for this week”
Limit
The maximum amount allowed to be wagered on a particular market or outcome. This can vary by player, sport, specific wager and the time at which the bet is requested
Layoff
A type of bet that a bookmaker can make with another company or sportsbook in order to offset some of their liability on a particular outcome. For example, placing a wager on the favorite if liabilities have built up significantly and there isn’t much action for the underdog
M
Moneyline
A bet which is solely concerned with who wins the match
Middle
The opportunity for two different bets to both pay out. This is often achieved by taking advantage of line movements. For example, if a player backed the 49ers to win -7 on a Tuesday but then their opponents, the Rams, drifted to +10.5 against the spread by Sunday, a bettor could back the underdog at this line, creating a “middle” if the Niners won by 8, 9 or 10 points where both bets won
O
Over/Under
A type of bet that concerns whether a team or player will go over or under a specific metric. Typically these are two way markets which allow bettors to take either side e.g. over/under 51.5 points in an NFL game, or a specific player to rush for over or under 75.5 yards in a game
Off the board
When a match or event is not available to bet on while the odds are re-assessed. For example if there is significant injury news around a quarterback in the NFL
Oddsmaker
A person who is responsible for setting the odds on a given event
P
Push
A bet which results in stakes being returned to the players involved. For example an NFL total which lands exactly on the pre-defined number of 51 points or where a seven point favorite wins by exactly a touchdown and successful PAT
Proposition/Prop bet
A bet which references a specific proposition, often around a certain player or teams’ performance in a specific game, regardless of the overall outcome of the game. Examples could include a quarterback’s total passing yards, a players’ combined rushing and receiving yards or the number of sacks achieved by a specific team or player
Point spread
A handicap applied to matches in a sport such as the NFL. The point spread is designed to make the match up closer to a 50/50 contest once the additional points are applied to either team and a more interesting betting option. For example, the Chiefs are -7 favorites on the point spread at -110 instead of their moneyline odds of -370
Pick ’em
A way to describe when the two teams cannot be separated in the current odds. As such, there is no definite favorite or underdog
Parlay
A type of bet where all the selections must win in order for the wager to be graded as a winner. The odds of each leg are multiplied together to give the overall parlay odds. In European terms this is known as an accumulator
R
Runner
A horse who is participating in a race or someone who’s job it is to place bets on behalf of someone else
S
Syndicate
A group of people who pool their resources and skillsets in order to make larger, more informed wagers on sports betting markets
Straight up
A reference to the result of a game without taking the points spread into account. For example, the Eagles are -250 to win the game straight up
Steam
When one particular side of a bet is gathering a lot of wagers, often forcing many bookmakers to shift their odds in a short period of time
Square
A way to describe the betting of the general public. Typically less informed bettors who will make wagers without too much research, analysis or insight. Often referenced as the opposite to a sharp bettor
Sharp
Someone who knows what they are doing in sports betting. Typically this term is used to describe those who are able to find advantageous positions or whose action forces oddsmakers to move their lines accordingly
T
Trixie
A wager which consists of four bets from three different selections; three doubles and one treble
Treble
A bet which consists of three legs, all of which must win in order for it to be successful
Tout
Someone who provides picks and plays in exchange for some sort of financial investment from their audience
Total
The total number of points, runs or goals scored in a game
Teaser
A type of parlay bet where the bettor is allowed to shift the points spread in their favor on each leg in exchange for lower odds
U
Underdog
The team with the longest odds in a two-way market or a term that could refer to a relatively unfancied participant in an event like horse racing or golf betting
V
Vig/vigorish
The house edge that’s applied to a specific bet or market by the sportsbook in question
W
Wiseguy
Someone, usually a professional bettor, who is skilled in placing favorable bets, finding edges and moving lines as a result
Welch
The act of refusing to pay out after losing a bet
Wager
Another way to refer to a bet
Y
Yankee
A wager that is made up of 11 individual bets across four different selections; six doubles, four trebles and one four leg parlay
