A sports betting glossary is an essential tool for anyone who wants to start sports betting. With a glossary, beginners can quickly learn the meaning of terms such as “point spread,” “money line,” “parlay,” and many more. It is also useful for experienced bettors who want to refresh their knowledge of the terminology. A sports betting glossary can help bettors avoid confusion and misunderstandings when placing bets.
Betting Terminology
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Betting on sports can be exciting and profitable, but it can also be confusing for beginners. Understanding the terminology used in sports betting is essential to making informed decisions and maximising your chances of success. This section will cover some of the most common terms used in sports betting.
Odds
Odds are a way of expressing the probability of an event occurring. They can be presented in different formats, including decimal, fractional, and American. Decimal odds represent the total payout, including the original stake, while fractional odds represent the profit relative to the stake. American odds are presented as a positive or negative number, with the positive number indicating the underdog and the negative number indicating the favourite.
Stake
The stake is the amount of money that a bettor places on a particular outcome. It is the risk that the bettor takes in exchange for the potential reward.
Value
Value is a term used in sports betting to describe a situation where the odds are in favour of the bettor. It occurs when the probability of an outcome is higher than the odds suggest.
Price
Price is another term used to refer to the odds of a particular outcome. It is the amount that a bettor will receive in return for a winning bet.
Underdog
The underdog is the team or player that is expected to lose a particular event. Betting on the underdog can be more profitable than betting on the favourite, as the odds are usually higher.
Bookmaker / Bookie
A bookmaker, also known as a bookie, is a person or company that accepts bets from bettors. They set the odds and determine the payouts for winning bets.
Runner
A runner is a person who places bets on behalf of someone else. They are often used by bettors who want to place large bets but do not want to be identified by the bookmaker.
Arbitrage
Arbitrage is a betting strategy that involves placing bets on all possible outcomes of an event to guarantee a profit, regardless of the outcome.
Hedging
Hedging is a betting strategy that involves placing additional bets to reduce the risk of a previous bet. It is often used to lock in a profit or minimise losses.
Lock
A lock is a bet that is guaranteed to win. It is often used in combination with other bets to increase the potential payout.
Push
A push occurs when the final score of a game is exactly equal to the point spread. In this case, all bets are refunded.
Juice / Vig
Juice, also known as vig or vigorish, is the commission that a bookmaker charges for accepting a bet. It is usually expressed as a percentage of the total amount wagered.
Spread
The spread is a handicap that is applied to the favourite team to level the playing field. Betting on the favourite requires them to win by a certain margin, while betting on the underdog requires them to lose by less than a certain margin or win the game outright.
Total
The total, also known as the over/under, is a bet on the total number of points scored in a game by both teams combined.
Even Money
Even money is a bet where the potential payout is equal to the amount of the original stake. It is often used in combination with other bets to increase the potential payout.
Moneyline
Moneyline is a type of bet that is based on the outright winner of a game, without the use of a point spread.
Point Spread
The point spread is a handicap that is applied to the favourite team to level the playing field. Betting on the favourite requires them to win by a certain margin, while betting on the underdog requires them to lose by less than a certain margin or win the game outright.
Over/Under
The over/under is a bet on the total number of points scored in a game by both teams combined.
Against the Spread
Against the spread is a statistic that tells you how well a team does against the point spread.
Backdoor Cover
A backdoor cover occurs when a team covers the point spread in the final moments of a game, often with a meaningless score.
Bad Beat
A bad beat is a term used to describe a situation where a bettor loses a bet in the final moments of a game due to a fluke play or unexpected outcome.
Futures
Futures are bets on events that will take place in the future, such as the winner of a championship or the outcome of a tournament.
Round Robin
A round robin is a type of bet that involves multiple parlays. It is often used to increase the potential payout while reducing the risk.
Teaser
A teaser is a type of bet that allows the bettor to adjust the point spread or total in their favour, but at the cost of reduced odds.
Sports Betting Slang
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Sports betting has a rich vocabulary of slang and special terminology that can be confusing for beginners. Here are some common sports betting slang terms to help you navigate the world of sports betting:
- Chalk: Refers to the favourite team or player in a match or game. It is often used to describe a heavily favoured team that is expected to win.
- Sharp: A term used to describe a professional sports bettor who has a proven track record of success.
- Square: Refers to an inexperienced or casual sports bettor who is more likely to make impulsive bets.
- Steam: Refers to a sudden and significant change in the line or odds for a particular game due to heavy betting action on one side.
- Beard: A person who places bets on behalf of someone else to conceal their identity.
- Action: Refers to any bet placed on a game or match.
- Dog: Refers to the underdog team or player in a match or game.
- Lay: A bet placed against a particular team or player to lose.
- Lines: Refers to the odds or point spread for a particular game.
- Book: Refers to a sportsbook or a person who takes bets on sports events.
- Form: Refers to the recent performance of a team or player, which can be used to predict their future performance.
- Back: A bet placed on a particular team or player to win.
- Cover: Refers to a team or player winning by more than the point spread.
- Edge: Refers to an advantage that a sports bettor has over the sportsbook or other bettors.
- ATS: Abbreviation for “against the spread,” which refers to a bet on a team to cover the point spread.
- Exotic: Refers to a type of bet that is not a straight bet, such as a parlay or teaser.
- Field: Refers to all the competitors in a particular event, except for the favourites.
- Leg: Refers to a single bet in a parlay or other multiple bet.
- Press: Refers to increasing the size of a bet after a win.
- Run: Refers to a series of bets placed on consecutive games or events.
- Tie: Refers to a game or match ending in a draw or a tie.
- Win: Refers to a bet that is successful and results in a profit.
- Lose: Refers to a bet that is unsuccessful and results in a loss.
- Winning: Refers to a successful bet or a period of successful betting.
- Losing: Refers to an unsuccessful bet or a period of unsuccessful betting.
- Place: Refers to finishing in the top two or three in a particular event, depending on the number of competitors.
- Return: Refers to the amount of money won on a successful bet.
- Profit: Refers to the amount of money won on a successful bet, minus the amount of money wagered.
- Advantage: Refers to a situation where a sports bettor has a favourable position or edge over the sportsbook or other bettors.
- Double: Refers to a type of bet that involves two selections, both of which must be successful for the bet to win.
- Fin: Refers to the final result or outcome of a particular event.
- Multiple: Refers to a type of bet that involves more than one selection, such as a parlay or accumulator.
- Odds on: Refers to a situation where the odds for a particular bet are less than even money, such as 1/2 or 4/5.
- Off the board: Refers to a situation where a particular game or event is not available for betting.
- Max: Refers to the maximum amount that can be wagered on a particular bet.
- BR: Abbreviation for “bankroll,” which refers to the amount of money a sports bettor has available for betting.
- Draw: Refers to a game or match ending in a tie or a draw.
Understanding these sports betting slang terms can help you communicate more effectively with other sports bettors and improve your overall understanding of sports betting.
Sports Betting Platforms
When it comes to sports betting, there are two main types of platforms: sportsbooks and betting exchanges. Both offer a range of sports and betting options, but they differ in how they operate.
Sportsbook
A sportsbook is a platform where a bookmaker sets the odds and accepts bets from customers. The bookmaker makes a profit by ensuring that the odds they offer are lower than the true probability of the outcome. This difference is known as the bookmaker’s margin or “juice”. Sportsbooks offer a range of betting options, including moneyline bets, point spreads, and over/under bets.
Some popular sportsbooks include Bet365, William Hill, and Ladbrokes. These platforms offer a wide range of sports and betting options, as well as live streaming and in-play betting.
Betting Exchange
A betting exchange is a platform where customers can bet against each other rather than against the bookmaker. The exchange acts as an intermediary, matching bets between customers and taking a commission on winning bets. The odds on a betting exchange are set by the customers themselves, rather than by a bookmaker.
Betting exchanges offer a range of betting options, including lay bets, back bets, and in-play betting. Some popular betting exchanges include Betfair, Matchbook, and Smarkets.
One advantage of a betting exchange is that customers can often find better odds than on a sportsbook. However, the lack of a bookmaker’s margin means that the commission charged by the exchange can be higher than the margin on a sportsbook.
Overall, both sportsbooks and betting exchanges offer a range of options for sports betting. The choice between the two depends on the customer’s preferences and betting style.