Accumulator: A parlay bet in North America, accumulator wagers consist of two or more selections and each side must win (or push) to create a winning ticket.
Action: Any live wagering option or the total amount wagered on a specific event. Bookmakers accept action on all posted betting odds.
Arbitrage: Often shortened to ARB, arbitrage wagering is a betting style where all possible outcomes of a single game are covered. ARB betting options are rare and arise when sportsbooks have varying opinions on the proper odds for a match.
Backdoor cover: A backdoor cover occurs when a favorite was covering the spread until a late flurry of scoring by their opponent ultimately drops the final score below the point spread. The favorite ultimately still wins the game, but not by enough points to cover what bettors had to put on them. The underdog lost the game, but stayed within the point spread, thus executing a successful backdoor cover.
Bad Beat: Players experience a bad beat when a wager is on the verge of winning but then becomes a losing ticket. A bad beat will often occur when points are scored late in a match. Players who bet on game totals, point spreads and money lines will experience a bad beat from time to time.
Bankroll: Total amount of money a bettor has to wager. This includes all sportsbooks where the bettor has an account as well as cash dedicated for wagering.
Beard: A bet runner who places wagers for professional bettors so they can conceal their identity from bookmakers.
Betting unit: An amount equal to 1% of your bankroll. The actual dollar amount can be different for everyone so when people discuss their plays, they’ll often speak of how many units they’ll place on that particular bet. The thought process being that your total bankroll equals 100%. Each unit is 1% of that bankroll. The mathematical size of a unit never changes, but the amount of money a single unit represents will depending on the size of your bankroll. Someone with $100,000 bankroll will have a unit size of $1,000. If you have $100, your unit size is $1.
Book: Short for a bookmaker or sportsbook that posts odds and accepts bets.
Bookmaker: A licensed individual who sets daily betting odds and accepts bets. Also known as a linemaker.
Chalk: Another term for favorite. Los Angeles is the chalk side if the Lakers are a -3 point favorite over the Houston Rockets.
Chalk bettor: A player that bets on favorites with the majority of their wagers.
Closing line: The closing line refers to the final number offered when wagering closes on any event. Numbers can move throughout the week and one way many sports bettors track their progress is against what the line closes at. If you consistently get better numbers during the week than the final closing line number, you are making good bets at the right time.
Cover/Covering the spread: Any bet where a favorite wins and the final score exceeds the point spread. New England winning 34-21 over Miami means the Patriots would cover a -11 point spread. If the Pats win 29-21 they don’t cover the spread and bets are resolved as losing wagers.
Dog: Also known as an underdog, this refers to a team that is not expected to win. In a typical two-way American style line, the DOG will always be the team listed with the (+) in front of their moneyline. The larger the number after the plus sign, the lower the probability of that team winning.
Draw: Any contest where the final score ends in a tie. In most instances, a draw is graded as a PUSH and original bet amounts are returned. A key exception is three-way lines that offer tie/draw as one of three betting options.
Drift: Betting odds that grow longer after the opening line is posted. A moneyline that moves from +210 to +225 to +230 is said to be drifting.
Edge: Term used to explain an advantage for a bettor over the sportsbook or vice versa. Odds are based on the probability of an event happening. The difference between the actual probability of an event happening and the payout offerred if it does occur is considered the edge.
Even money: A wager placed that would return the exact amount as the wager placed in winnings. A +100 wager is considered “even money.” You bet $100 to profit $100 if you are right.
Futures bet: A wager placed on an event that will take place in the near or distant future. Betting on the winner of the Super Bowl, Stanley Cup, NBA Finals and World Series are popular futures options. Futures are also offered in soccer, major horse races, plus golf and tennis tournaments.
Game total bet: Over/Under betting on how many goals/points/runs will be scored in a game. If a baseball game total is set at 9 runs, bettors need to decide if the combined total runs in that contest will be over or under 9 runs.
Half time bet: Wagers placed on the outcome of just the second half of a competition. Half time bets can be placed during intermission or as live wagers once the second half begins.
Handle: The amount of money taken in by a sportsbook on all bets. This can refer to a particular wager, an event, or a group of games.
Hedge: A strategy used by bettors to either reduce their risk or guarantee a profit from a bet. This can be done through the use of in game wagering on a single event, it can be done if a line moves drastically, or it can be done with futures bets. The key is some event must occur that forces the line to move in order to offer an opportunity to lock in some profits or reduce the downside.
Hook: A half point added to point spreads and game total odds. A hook guarantees a wager will not be graded as a push. One side will win and one side will lose.
Juice: Also known as vigorish or “big”, juice is set by bookmakers and is attached to spread and total betting options. If Minnesota -3.5 (-110) versus Green Bay +3.5 (-110) has $110 wagered on both sides, bookmakers earn $10 profit from the juice on the losing bets. Note that peer to peer betting eliminates the “juice” and level the playing field.
Laying points: Betting on a favorite. A wager on Dallas, as a -3.5 point favorite over the LA Rams, is laying 3.5 points. The Cowboys need to win by at least 4 points to cash a winning ticket.
Live betting: A way to place a wager on a game that is taking place with live odds. As a game plays out, the probability of each team winning or losing changes based on variables like the score, time remaining, and availability of players. The odds are a reflection of a moment in time and will constantly adjust throughtout the game, theoretically creating multiple new wagering opportunities based on the results of each play.
Longshot: A perceived inferior side that is also known as an underdog. Longshot prices are always displayed as positive prices. For example, the New York Jets, with a +7.5 point spread, would be a longshot against the New England Patriots.
Middle: Cashing tickets on both sides of a betting option. Bettors have an opportunity to middle when a point spread moves up or down prior to a match.
Moneyline: A straight up bet, without any point spread, where bettors need to predict the outright winner. Favorites are posted with a negative (-185) odds while underdogs are listed with a positive (+165) price.
No action: Betting options cancelled by a bookmaker are graded as no action. Original stakes are returned to bettors.
Odds on favorite: One side that is viewed as far superior to the other and is priced with odds that offer very little value.
Off the board: When a sportsbook removes a bet from the board. This will often take place after injury news or a transaction with a particular team has taken place that would shift the odds in either direction.
Opening line: Term for the first point spread available for a particular game. The opening line is usually the least accurate projection of a teams probability of winning and losing. Those who try to get the best number before any bets force the line to move, will typically attack the opening lines as soon as they are released by sportsbooks.
Over bet: Opposite of an Under bet on game total options. If the total on a Bengals versus Cardinals NFL match is set at 43.5 points, players who place over bets need the combined final score to be 44 points or more.
Over/Under: Anumber posted on how many runs/goals/points will be scored in a match. Bettors need to determine if the combined scores of both teams will go over or remain under the number. Also known as game total odds or “totals”.
Pick ’em: A betting option where the odds are exactly the same on both sides. Atlanta (-110) vs Miami (-110) is a pick ’em wager. Note that this same bet would be Atlanta (+100) vs Miami (+100) on any peer to peer platform since the juice is eliminated.
Point spread: Odds posted on a match that are designed to level the playing field. Favorites are listed with a negative (-6.5) point spread while the underdog is given a ‘head start” with positive (+6.5) odds.
Proposition bet: Often shortened to “prop” bet, proposition bets are exotic or special wagers that are offered on most sporting events. NFL Super Bowl prop betting options number in the hundreds.
Puck line: Point spread pricing in hockey. Prior to a match, the favorite is normally posted at -1.5 goals while the underdog receives +1.5 goals.
Run Line: Point spread pricing in baseball. Prior to a game the favorite is normally posted at -1.5 runs and the underdog odds are listed at +1.5 runs. When live betting, depending on the score of the match, runs lines increase and/or decrease as a game progresses.
Sharp money: Sharp money is when professional bettors with proven track records wager on a particular outcome. These bettors are sometimes known as sharps, and may be part of a bigger betting syndicate. Sharp money coming in typically catches the attention of line makers. You often see lines adjusted in the direction of those sharp bets to make the number less appealing. These are often large bets, but wager size is not what makes a bettor or his bets sharp. The skillfullness and track record of the bettor is what makes his/her bets sharp money.
Steam move: A Steam move is a sudden, drastic line movement. Steam is the result of a sudden overload of money placed at multiple sportsbooks and, in most cases, occurs due to betting groups, betting syndicates and a few key players with the resources to “get down heavily” at multiple locations, all at once. Bettors that look for (and act on these) these large line moves are said to be “chasing the steam”.
Glossary of Betting Terms
