New to sports betting? This glossary of sports betting terms will help you familiarize yourself with the basic betting lingo and have you ready to hit the sportsbooks in no time!
Bettor In Green aims to provide new and experienced sports bettors with as many resources as we can. One of the guides we’ve put together is this glossary of sports betting terms, covering a wide range of terminology that is commonly used in U.S. sports betting markets.
To begin with, we’ve got some general betting terms that apply across a variety of sports.
Action: “Action” refers to any bet that has been placed. It’s a term used to indicate that you have a financial stake in the outcome of a game.
ATS (Against the Spread): Against the Spread refers to a betting outcome where the winner is determined by the point spread rather than the outright result. A team’s record against the spread is oftentimes different than their overall record.
Bankroll: Your bankroll is the total amount of money you’ve set aside for betting activities. This is also the amount of money you can withdraw from a sportsbook when you’re cashing out your winnings.
Betting Exchange: A betting exchange is any platform where bettors can bet against each other rather than against a sportsbook. They make money by charging a commission on winning wagers, either as a percentage or as a flat fee.
Bookmaker (Bookie): A bookmaker or “bookie” is a person or company that accepts and pays out bets on sporting events. There are two types of bookmakers: online and in-person/retail. Online bookies include betting websites and apps, while retail bookmakers can operate inside casinos, sports arenas, horse race tracks, or as standalone facilities.
Closing Line: The closing line is the final over/under total or point spread available before the event starts. Totals and point spreads move prior to the start of a matchup based on a variety of factors, including betting action, injury reports, weather conditions, matchup analytics, and more.
Commission (Vig or Juice): Commission, vig (short for “vigorish”), and juice all refer to the fee charged by a sportsbook for accepting a bet. Sportsbooks may have a different vig percentage depending on the type of wager, time remaining in the game, or the sport being played (less commonly bet-on sports may carry a higher vig percentage.
Favorite: The betting favorite is the outcome that is considered most likely to occur.
Hedge: A hedge is a bet placed on the opposite side of an existing bet to reduce your financial risk.
Line Movement: Line movement refers to the changes in the point spread, total, or odds after the initial lines are set. It’s always valuable to see how a line has moved relative to where it was when it opened, as this can help you gauge public interest
Lock: If a bet is called a “lock,” it is considered to be a highly confident bet.
Longshot: A longshot is the opposite of a lock; it is a betting option that is incredibly unlikely to win.
Underdog: An underdog is any betting option deemed less likely to occur. Head-to-head matchups will have one favorite and one underdog, while futures bets or events with many competitors may have more than one underdog.
Types of Bets
Next, we’ll cover the types of bets available at most U.S. sportsbooks.
Futures: Futures are long-term bets placed on events that will happen in the future rather than in the next game on the schedule. Examples can include stat predictions (whether a player will finish with more or less than a hypothetical total), awards predictions (who will win MVP, Rookie of the Year, etc.), or win totals (over/under), or which team will win the Championship.
Moneyline: A moneyline bet is a wager on which team or player will win a sporting event outright. It is the most straightforward type of bet, as it does not require bettors to factor in overtime, margin of victory, or total points scored in the contest.
Parlay: A parlay wager is a type of bet that combines multiple betting outcomes (called “Legs”) into one single wager. The payout amount multiplies for each leg added to the parlay, and each leg must win for the parlay to pay out.
Pleaser: Pleaser bets are variations of parlay wagers where the point spread or totals are adjusted against the bettor’s favor for higher payouts. They are the opposite of a teaser bet.
Point Spread: The point spread refers to the expected point differential between two teams. A point spread bet on the favorite would require that team to not only win outright but also to beat their opponent by more points than the spread line. Conversely, a bet on the underdog can still win even if the team doesn’t win outright, as long as they manage to lose by fewer points than the spread projection.
Prop Bet (Proposition Bet): A prop bet is a wager on specific events within a game that do not necessarily affect the outcome. They can include statistical milestones (over/under in given categories), team accomplishments (such as leading at halftime), or tangential events (the color of sports drink poured on the winning coach at the Super Bowl).
Round Robin: Round robin wagers are a series of parlays combined into one bet. Bettors choose how many outcomes from those parlays they’ll need to get correct to win their wager. Payouts are smaller than for standard parlays to offset the increased likelihood of winning.
Teaser: Teaser bets are the opposite of pleaser bets. They are a type of parlay that allows you to adjust the point spread or totals in your favor, offering a reduced potential payout in exchange for an increased likelihood of winning.
Totals (Over/Under): Totals or Over/Under wagers are bets on the combined total of points scored by both teams. Sportsbooks project a totals line with bettors choosing whether they think the combined score will be over or under the projection.
Betting Odds and Calculations
Odds represent the way the relative likelihood of winning is presented, also allowing you to calculate the potential winnings in a betting scenario. Here are a few terms to know related to betting odds and calculations.
American Odds: American odds are how you’ll typically see odds displayed in the U.S. They are expressed as a positive or negative number, such as -150, +125, or -110.
Decimal Odds: Decimal odds are more commonly used in Europe, though you may see them in betting previews or other matchup analysis content. Using the numbers from our American odds definition, decimal odds would be displayed as 1.66, 2.25, and 1.909
Even Money: An even money wager is a bet with odds of 1:1 (or +100, 2, or 1/1 in American, Decimal, and Fractional odds), meaning the potential payout is equal to the amount wagered.
Fractional Odds: Fractional odds are another way of presenting the odds, somewhat mirroring decimal odds. Using our same odds examples as before, fractional odds would look like 2/3, 5/4, and 10/11
Implied Probability: Implied probability refers to the likelihood of an outcome occurring as implied by the betting odds. For example, the implied probability of a team with -200 odds winning is 66.67%. It’s important to know the implied probability is NOT a direct percentage conversion of decimal or fractional odds.
Odds shopping: Odds shopping refers to checking the odds at multiple bookies to ensure you’re getting the best odds possible for the wagers you intend to make. Sportsbooks can (and will) set lines and odds to be slightly different from one another, and these small differences can lead to major enhancements to your bankroll over the course of your betting endeavors.
Payout: A payout is the total amount a bettor can win from a bet, including the return of the initial stake. Payouts are typically calculated as Stake + Profit = Payout. However, if you’re using bonus bets or other sportsbook credit, you’ll oftentimes only receive the profit for your payout, as betting credits have no cash value.
Stake: Stake means the amount of money wagered on a bet. Your stake amount can be nearly any amount you choose, but it should always be something that is comfortably within your financial means.
Advanced Betting Strategies
Next, we’ll go over some more advanced betting strategies that you may want to consider. However, you should only pursue these if you have the gambling experience and financial means to do so. Always gamble responsibly!
Alternate Lines: Alternate betting lines are adjusted point spread and totals wagers that have higher or lower odds based on how far from the current line posting.
Arbitrage Betting: Arbitrage betting involves placing bets on all possible outcomes of an event to guarantee a profit. This requires both advanced planning to ensure the profits would be worthwhile and responsible bankroll management in calculating potential payouts. It also goes hand-in-hand with odds shopping, as it gives bettors a chance to exploit price differences in varying outcomes to their advantage.
Contrarian Betting: Contrarian betting means placing a wager that goes against the public consensus or the majority of bets placed. This can allow you to find undervalued betting outcomes and capitalize on such bets when the public gets it wrong.
Hedging: Another strategy to consider is placing a hedge bet, which is a secondary bet that runs opposite your original bet. The aim of hedging is to reduce potential losses on an existing bet by managing your risk while still ensuring one of your bets wins. It is very similar to arbitrage betting.
If Bet: If Bets are conditional parlay wagers that rely on the first leg hitting before a second wager is played. However, if the first bet does not hit, no second wager is placed.
Live Betting (In-Play Betting): Live betting involves placing wagers on an event while it is happening, with odds that change in real-time. These dynamic odds allow you to hedge previous wagers or to take advantage of a favorable line before the odds change.
Martingale System: Popularized in France in the 18th century, the Martingale system is a betting strategy that involves doubling your bet after a loss so that your first win will recoup all losses while also winning a profit equal to the original stake. Using the Martingale system often requires a significant bankroll, making it a risky strategy for casual bettors.
Middle Bets (Middling): Middle bets involves placing bets on opposite sides of the point spread or total line of a game to potentially win both wagers if the final score falls in the middle of the two lines. This strategy involves careful monitoring of line movement and making wagers when the odds are most favorable.
Sharp Bettor: A Sharp is a knowledgeable bettor who often places large wagers that are enough to move betting lines. They are typically, though not always, professional bettors.
Steam: Steam is rapid line movement caused by a large volume of bets on one side. If an outcome is “gaining steam,” it means there is a significant amount of bets being placed on that market. Tracking steam can help you get a pulse on how sharps and casual bettors feel about a given betting line and use that knowledge to your advantage.
Sport-Specific Terms
Some of the betting terms you’ll want to know are sport-specific and not applicable in all scenarios. Here are a few to keep in mind.
Grand Salami (Hockey/Baseball): A grand salami bet is a wager on the total number of goals scored (hockey) or runs scored (baseball) in all the games played on a given day.
Puck Line (Hockey): The puck line is the point spread in hockey betting, typically set at +/- 1.5 goals. Because hockey games have lower scoring totals than other sports, it’s somewhat rare to see -110 odds for each side on a puck line bet.
Run Line (Baseball): The run line in baseball is equivalent to the puck line and the point spread. It is usually set at +/- 1.5 runs.
Three-Way Bet (Soccer): A three-way bet is a wager that offers three outcomes: Team A wins, Team B wins, or a draw. It is also sometimes called a three-way moneyline.
Miscellaneous/Jargon
Finally, a few more terms you may hear bettors use when talking about their bets, and other terms to consider.
Backdoor cover: A backdoor cover occurs when an underdog is losing the game by a large margin but scores enough points late in the game to cover the spread.
Bad beat: A bad beat occurs when a wager appears to be winning but is lost late in the game, typically on a walk-off or a score as time expires.
Chalk: Chalk is a slang term for the favorite in a betting market. Someone “Taking Chalk” is picking a favorite or multiple favorites on their betting slip.
Fade: To fade a player/team is to stop backing bets involving them. Typically, if you’re fading a team, you’re wagering on their opponent instead.
Handle: Betting handle refers to the total amount of money wagered at a sportsbook. This is different from a sportsbook’s profits.
Hit Rate: Hit Rate can refer to two things: either the percentage of times a player successfully “hits” the over for a stat prop or the number of winning wagers a bettor makes.
Hook: A hook is the half-point added to a totals bet or point spread line by a sportsbook to avoid the possibility of a push, guaranteeing there will be clear winning and losing sides in the market.
Laying Points: Laying points means you are betting on the favorite on a spread bet. The opposite would be “taking the points,” meaning you’re betting on the spread and taking the underdog to cover.
Pick’em: If a game is a pick’em, there is no spread favorite or underdog. This is used to indicate a contest that is expected to be very close in score between two evenly-matched teams.
Punter: Punter is another word for a gambler that is commonly used in Europe.
Push: A “push” occurs when the point spread or totals line set by a sportsbook exactly matches the final margin of victory or point total. When a push occurs, sportsbooks return all stakes from the affected betting markets and wagers are considered void.
Conclusion
We hope you found this glossary of sports betting terms helpful in continuing your sports betting journey. Feel free to bookmark this page as a reference for future use.
Next, we recommend checking out our guide to sports bet types, which will further highlight the different markets available at U.S. online sportsbooks. These guides are more comprehensive than the above descriptions and offer strategies for how to make each type of bet.
Additionally, we encourage you to sign up for the Bettor In Green app to further enhance your sports betting knowledge. The cheat sheets offer daily insights for prop betting across NFL, NBA, MLB, and NHL action, and you can access them all for the low cost of $9.99/month.
Dan Bradley is a lead researcher and contributor at Bettor In Green, where he combines his deep understanding of sports with a passion for simplifying the art of betting. With a background in Junior hockey and years of experience in the betting world, Dan brings a unique perspective to the table. Known for his analytical approach and relatable advice, he’s committed to helping bettors make smarter, more confident decisions.
