BetLegend’s Sportsbook Glossary

We've compiled a comprehensive glossary of 50 commonly used terms in sports betting, listed alphabetically, to help beginners better understand the terminology and improve their betting skills. Here are the essential terms and their definitions:

  1. Action: A wager or bet placed on a sporting event.

  1. Against the Spread (ATS): A bet on the outcome of an event, taking into consideration the point spread.

  1. Arbitrage: Simultaneous bets on all possible outcomes of an event, exploiting differing odds to guarantee a profit.

  1. Bankroll: The total amount of money a bettor has designated for sports betting.

  1. Bookmaker: An organization or individual that accepts bets from customers, calculates odds, and pays out winnings.

  1. Closing Line: The final odds offered by a bookmaker before an event starts.

  1. Decimal Odds: A way of expressing odds as a decimal number, which represents the total return on a winning bet, including the stake.

  1. Dog: Short for underdog, the team or individual not expected to win a particular event.

  1. Edge: The perceived advantage a bettor has over the bookmaker or other bettors.

  1. Even Money: A bet where the potential winnings are equal to the amount staked.

  1. Exotic Bet: A non-traditional bet, such as a proposition bet or a parlay, which often features higher odds and payouts.

  1. Favorite: The team or individual expected to win a particular event. Favorites typically have lower odds, meaning a smaller payout for a winning bet.

  1. Fractional Odds: A way of expressing odds as a fraction, which represents the potential profit on a winning bet relative to the stake.

  1. Futures Bet: A wager on an event that will take place in the future, such as the winner of a championship or season.

  1. Handicap: A method of leveling the playing field in a sporting event by assigning points or goals to teams or individuals based on their perceived strength.

  1. Hedging: Placing a bet on the opposite side of an existing bet to minimize risk or guarantee a profit.

  1. In-Play Betting: Also known as live betting, a type of wagering where bets are placed during the course of a sporting event.

  1. Juice: Also known as vigorish or vig, the commission charged by a bookmaker on each bet.

  1. Line: The odds or point spread offered by a bookmaker for a particular event.

  1. Longshot: A team or individual with low odds of winning, typically offering a high potential payout for a winning bet.

  1. Margin: The difference in points or goals between the winning and losing teams in a sporting event.

  1. Moneyline: A type of bet where you wager on which team or individual will win an event outright, without considering a point spread. Moneyline odds are expressed as either positive (for underdogs) or negative (for favorites) numbers.

  1. Odds: The numerical expression of the likelihood of a particular outcome occurring. Odds are used to calculate potential payouts for winning bets and help bettors assess the value of a wager.

  1. Odds-On: A term used to describe a favorite, indicating that the odds are less than even money.

  1. Off the Board: A term used when a bookmaker stops accepting bets on an event, usually due to a significant change in circumstances or uncertainty surrounding the outcome.

  1. Over/Under: Also known as totals betting, this is a wager on whether the combined score of both teams in an event will be over or under a specific number set by the bookmaker.

  1. Parlay: A single bet that combines multiple individual bets (usually at least two). To win a parlay, all of the included bets must be successful. Parlays offer higher potential payouts but come with increased risk due to the difficulty of accurately predicting multiple outcomes.

  1. Payout: The amount of money a bettor receives for a winning wager, including the stake and profit.

  1. Point Spread: A method of handicapping teams to create a more even betting proposition. The point spread is a number set by oddsmakers that gives points to the underdog and takes points away from the favorite to level the playing field.

  1. Proposition Bet (Prop Bet): A wager on a specific aspect of an event, such as which team will score first or how many goals a player will score, rather than the overall outcome.

  1. Push: A term used when a bet results in a tie, and the stake is returned to the bettor.

  1. Round Robin: A type of parlay bet that includes multiple combinations of bets, increasing the chances of winning but offering lower payouts compared to a traditional parlay.

  1. Runner: An individual who places bets on behalf of someone else, often to take advantage of better odds or to remain anonymous.

  1. Sharp: An experienced, knowledgeable bettor who consistently makes profitable wagers.

  1. Spread Betting: A form of wagering where you bet on whether the actual outcome of an event will be higher or lower than the bookmaker's prediction, also known as the spread. Your winnings or losses are determined by the difference between the actual outcome and the spread, multiplied by your stake.

  1. Stake: The amount of money a bettor risks on a wager.

  1. Straight Bet: A simple wager on the outcome of a single event, such as a moneyline or point spread bet.

  1. Teaser: A type of parlay bet that allows bettors to adjust the point spreads or totals for the individual bets within the parlay, making it easier to win but offering lower payouts compared to traditional parlays.

  1. Ticket: A physical or electronic record of a bet, showing the details of the wager and potential payout.

  1. Total: Another term for over/under, referring to the combined score of both teams in an event.

  1. Underdog: The team or individual not expected to win a particular event. An underdog has higher odds, offering a more significant potential payout for a winning bet.

  1. Value: The perceived attractiveness of a bet based on the odds offered and the likelihood of the outcome occurring.

  1. Vigorish: Also known as juice or vig, the commission charged by a bookmaker on each bet.

  1. Wager: Another term for a bet or the act of betting.

  1. Winning Margin: A type of bet where you wager on the difference in points or goals between the winning and losing teams in a sporting event.

  1. Yankee: A type of parlay bet that consists of 11 separate bets on four different events, including six doubles, four trebles, and one fourfold accumulator.

  1. Asian Handicap: A form of handicap betting popular in soccer, which aims to create a more balanced betting proposition by assigning goal handicaps to teams based on their perceived strength.

  1. Lay Betting: A type of wagering where you bet against a specific outcome occurring, effectively acting as the bookmaker.

  1. Kelly Criterion: A mathematical formula used to determine the optimal size of a bet based on the probability of an outcome and the odds offered.

  1. Each-Way Bet: A combination of two bets, one on a team or individual to win and one on them to place (finish within a specified range), commonly used in horse racing and golf.

By familiarizing yourself with these common sports betting terms, you'll be better equipped to navigate the world of sports betting and make more informed decisions when placing your wagers. Remember, always bet responsibly and enjoy the thrilling world of sports betting!