TERMINOLOGY

A Comprehensive Guide to Essential Betting Terms Every Bettor Should Know.

A
ATS (Against the Spread) -A term used when betting on a team that is given points or goals, contrary to the perceived logic of the spread.
Accumulator -A single bet that includes multiple selections, typically referred to as a parlay in the United States. The total odds are calculated by multiplying the odds of each selection. This kind of bet can be highly rewarding if all selections win.
Alternate Lines -Odds that are set higher or lower than the main posted line, commonly used in point spread and total betting for basketball and football.
American Odds -A different way of displaying odds used by American bookmakers, representing how much needs to be staked to win $100. American odds of -110 are equivalent to 1.91 decimal odds and 10/11 fractional odds, offering a $100 profit on a $110 wager.
Ante-Post -Futures odds on horse and greyhound races posted at least one day prior to the event, common in prestigious races like the Kentucky Derby.
Arbitrage -A strategy involving multiple bets on different outcomes of a game to guarantee a profit regardless of the result. It capitalizes on price differences at different sportsbooks.
Asian Handicap -One of the most popular markets on sports such as soccer, American football and basketball. Asian handicaps offer a two-way market on the difference in quality between two sides. Bets where the result lands on the exact integer specified by the handicap result in the stake being returned. This two-way type of betting is preferred by many bettors to three-way markets, where a draw will result in a loss.
B
Bankroll -The total amount of money a bettor sets aside for wagering. Proper bankroll management is crucial for responsible gambling.
Bankroll Management -The practice of managing a betting budget, including setting wagering limits and using a systematic approach to maximize chances of winning.
Bet Builder -A tool that allows bettors to create customized bets based on multiple scenarios within a single game.
Betting Exchange -A platform that matches bettors who want to back an outcome with those willing to lay it. Unlike traditional bookmakers, exchanges earn revenue through commissions on winning bets.
Betting Strategy -A plan used to gain an advantage over bookmakers, involving proper bankroll management, methodical approaches, and thorough research.
Bookmaker -A licensed entity which sets daily betting odds and accepts bets.
C
Closing Line -The final main-line of a totals or handicap market before the start of an event.
Closing Odds -Similar to the closing line, these are the last odds available before the market closes.
Commission -The fee charged by the sportsbook for facilitating bets, also known as vigorish or juice.
D
Decimal Odds -A format used primarily in Europe, where the odds are presented as a decimal figure, such as 1.91 for -110 in American odds. These odds show the total payout rather than just the profit.
Double-Header -Two games played back-to-back on the same day, most common in baseball.
Drift -When betting odds grow longer after being posted, indicating a decreased likelihood of the event occurring.
E
Each-Way -A bet comprising two independent bets: one for the selection to win and another for it to place (e.g., finishing 2nd or 3rd). This is mostly used in horse or greyhound racing, or on ante-post/outright bets on sports.
Edge -A perceived advantage that a bettor has against the rest of the market.
Expected Value (EV) -How much the bettor can expect to make over time, based on their edge against market prices.
Exposure -The amount of money a bettor or bookmaker is risking on a wager.
F
Fractional Odds -A format commonly used in the UK, where the odds are presented as a fraction, such as 10/11 for -110 in American odds.
Futures Bet -A wager placed on an event that will take place in the future, such as a team winning a championship.
H
Handle -The total amount of money accepted by a bookmaker on a single event.
Hedge -A strategy where a bettor places bets on all possible outcomes to guarantee a profit or minimize losses.
Holding Your Own -A situation where you are neither winning nor losing, effectively breaking even.
I
In-Play Betting -Betting on an event while it is in progress, with odds reflecting the real-time progress of the event.
K
Kelly Criterion -A popular staking method suggesting that your stake should be proportional to your perceived edge in a bet.
L
Laying Points -Wagering on the favorite team where you give up points to the opposing team.
Layoff -A strategy where a bookmaker or bettor covers a bet to reduce liability or secure a profit by backing both sides. Also known as hedging.
Limit -The maximum bet amount allowed by the bookmaker on a specific market.
Line -A term for the totals or point spread set by the bookmaker or market for an event.
Linemaker -The person responsible for setting the odds or lines at a bookmaker.
Longshot -A bet with a low probability of winning but offers high potential rewards due to the long odds.
M
Mainline -This is the line offered on a totals or handicap bet where both sides are closest to 50% probability.
Moneyline -A straight-up bet on the outright winner of a game.
N
Novelty Bets -Props or special betting options not tied to standard betting lines.
O
Odds -The numerical representation of the probability of an event occurring.
Odds Formats -The three main types are American, Decimal, and Fractional.
Odds-On Favorite -A participant or team with odds implying a greater than 50% chance of winning.
Oddsmaker -The person responsible for setting the initial odds at a bookmaker.
Off the Board -When a market or fixture is suspended and wagering is paused.
Outright Betting -A wager on the overall winner of a competition, rather than individual matches.
Over/Under -A bet on whether the score of a game will be over or under a number set by the bookmaker on the line in question.
P
Parlay -A bet that combines multiple selections, with the total odds accumulated. All selections must win for the bet to be successful.
Payout -The total return on a winning bet, including both the stake and the profit.
Point Spread -A betting line designed to level the playing field by giving the underdog a head start.
Power Rankings -A system ranking teams from best to worst based on various criteria.
Price -Another term for betting odds.
Prop Bet -A wager on a niche market within a game, not directly tied to the outcome. For example, player props.
Push -A situation where a bet results in neither a win nor a loss, with the stake returned to the bettor.
R
Recreational Bettor -A player who bets infrequently, usually on major events.
Rotation Number -A number assigned by bookmakers to every fixture on the board.
S
Sharp -A professional bettor who influences the market.
Sportsbook -A place where bets are placed on sports events.
Spread -The predicted scoring differential between two opponents as set by the bookmaker.
Stake -The amount risked on a particular bet.
Staking Method -The strategy for determining the amount to wager.
Steam -Rapid odds changes due to large amounts of betting action.
Syndicate -A group of bettors pooling funds and using combined knowledge and resources to bet.
T
Teaser -A type of parlay bet that allows bettors to adjust point spreads or totals in their favor, with the trade-off of lower odds.
Tip -A betting prediction provided by someone with perceived knowledge of the event or competitors.
True Odds -The true reflection of the underlying probability of an event, to which a bookmaker adds their margin.
V
Value -Betting at odds that represent a higher chance than the true probability.
Vigorish -Also known as "vig," it's the implied charge or fee that a bookmaker adds for taking bets on a market, ensuring their profit margin.
W
Wager -Any type of bet placed on a sportsbook.
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