Betting Terms | Sports Betting Glossary Explained

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Sports betting terms are words that define the entire gambling ecosystem at online bookmakers. They describe different types of bets, general betting markets, and concepts specific to a single sport. A beginner’s guide to betting will include a section dedicated to betting basics, including such terms.

Betting terminology is important to understand betting odds and wager types. Some are sports betting basics, such as moneyline and spread betting that apply to all sports. Other betting definitions are more technical, such as implied probability and parlay calculator. They are essential to understanding betting odds and quantifying the value in the markets featured at various online bookmakers.

A betting glossary is a collection of common terms that are often found in technical betting language. They are the cornerstone of any sports betting guide and are constantly expanded with new concepts. They teach proper money management and how to bet on football bets.

There are many such betting terms in a glossary, but the information is concise. You should take the time to read it to know how to win at sports betting. This should be a priority after setting up a betting account, and try to use the information learned for practical betting.

These simple betting terms focus on the basic markets and betting options. They teach you how to become a professional sports gambler and bet on over/under and point spread markets and how to create parlay bets. They are easy to understand and can be applied immediately with no previous experience.

A

Action – Short for saying “I have placed a bet on a certain sports event”. Likewise, you can choose to take “no action” on a sports event.

ATS – Short for “against the spread”. It means that you are betting on the favorite player/team but predicting that it will win by more than the margin.

Accumulator – a betting slip made of several bets where the odds are multiplied

Acca Insurance – accumulators with parlay insurance that will refund the stakes if you win a single match

Alphabet – A system bet of six selections and 26 combinations, including two Patent bets, one Yankee bet, and a sixfold accumulator.

American Odds – always displayed in American format where the favorites have a minus sign, and the underdogs are shown with the plus sign.

Arbitrage – a strategy where you bet on opposing outcomes to have a mathematical profit.

Ante-Post – bets placed before the match or racing event starts.

Asian Corners – a bet on the total number of quarters, suitable for totals and team differences.

Asian Goal Line – a bet where you predict the number of goals, with half and quarter-bets available.

Asian Handicap – Asian Handicap betting removes draws by giving one team a goal advantage or deficit.

B

Bad Beat – A “bad beat” occurs when the underdog unexpectedly wins despite being statistically less likely.

Bankroll – A simple term used for defining your betting budget. If you have 1.000 EUR for placing a bet, for example, this is your bankroll.

Back – known as to bet or wager, it indicates that you bet on a team or athlete.

Banker – The banker bet is a bet on the favorite, which we expect to win with high confidence.

Best Odds Guaranteed – bookmakers offer the best odds available from the moment they are posted.

Bet Calculator – an instrument that allows you to calculate odds and implied probabilities.

Bet Builder – an instrument that allows you to make combinations of bets from the exact match.

Betting Exchange – a bookmaker that allows you to set the odds and compete against your peers.

Betting Market – a specific type of bet for any sport, pregame, or live.

Bar Price – The bar price is a term used in horse racing, but also other sports and it reffers to the odds of contestants not quoted individually, always underdogs.

Beard – A beard is a person that places a bet in favor of another person. This is done to conceal the identity of the actual bettor.

Beef – The controversy between the bookmaker and the bettor. In some cases, the bookie and the player may not agree on the outcome of an event.

Beeswax – This term is used in the United Kingdom, and it refers to the tax payment of the bookmaker.

Bet – Risking a certain amount of money on the outcome of an unpredictable event, for example, a horse race or a football game.

Bookmaker/Bookie – The person/company that sets the odds and accepts the bets. After the event ends, the bookmaker also makes the payouts according to the odds.

BTTS – In betting BTTS means that during a match both teams need to score at least one goal for you to win the bet. There are two main categories: BTTS yes and BTTS no.

Buck – Short for “100 USD/EUR bet”. If you placed a buck, this means you have placed a bet that is worth 100 USD/EUR.

C

Chalk – This is a horse racing bet term, used to define the favorite horse. However, it can be used for all other sports events too. If a team is favored, this means it is the “chalk” team.

Chalk Player – Same as above, but this time the term is used to define a specific player/athlete. Chalk players are favorite players, and they can increase/decrease the odds of a certain sports event.

Cash Back Bonus – a promotion that refunds your stakes if you lose on a qualifying match.

Cash Bonus – a bonus offered in cash that can be withdrawn without meeting wagering requirements.

Corners Match Bet – a bet on the team to have the most corners in a football match.

Cash Out – the cash-out is a tool that allows you to sell your bets sooner and cash in on an active bet.

Clean Sheet – a match in which a football team doesn’t concede a single goal.

Circled Game – If the bookie lowers the number of odds and/or limits the types of available betting options for a certain sports event, this is a “circled game”.

Cover – Short for covering the spread. One team is expected to lose and the other is expected to win in every sports event. Bookmakers offer different “victory margins” for these teams and for example, set a minimum victory margin for the favorite team.

D

Dime – A slang term that refers to “money”. Usually, it refers to a bet that is worth 1.000 USD/EUR, but it is also used to define any amount of money too.

Dog – Short for the underdog, look above; also, refers to dog betting.

Dollar – Same as the “buck” – refers to a bet that is worth 100 EUR/USD. Used as “placing a dollar bet”.

Double Action – You are placing a bet for two different sports events and create action on both teams, but these events will be played at different times of the day. In order to win such a bet, both of your picks must win.

Double Bet – This is a method of progressive betting. You are betting on at least two different sports events, like double action. But if your first pick wins, you don’t collect the prize: Instead, you juice the commission to increase the payout of your second bet.

Double Chance Bet – A double chance bet covers two out of three possible outcomes (win-draw-win). With a Double Chance bet you can bet on: A home team win and a draw (1x), a home team and away team win (12) or an away team win and a draw (x2).

Draw No Bet – a type of Bet where you get the stakes back if the match and in a draw

Dead Heat Betting – a horse race where two competitors finish at the exact time.

Drift – odds that increase.

Dutching – a Bet on several horses in races with several participants.

E

Edge – This is also known as “value betting. It means finding the best odds for a particular outcome, which you have some kind of insider knowledge. For example, the odds for a soccer team to win the match will rise after their star player gets injured.

Even Money (or EVS betting) – This means the odds and the payouts for a wagering proposition are even. It is usually shown like “1/1”, “1:1”, “+100” or “-100”. If you place 10 EUR and win, your prize will be 10 EUR too – it is even.

Each-Way – a bet where you indicate a horse that wins the race or finishes on the placement spots.

Esports – a videogame played competitively that you can bet on.

Enhanced Odds Meaning – odds that are increased by the bookmaker to offer more value.

European Handicap – European Handicap is a betting option where one team gets a goal advantage or disadvantage, aiming to level the playing field.

Expected Goals – the number of goals expected to be scored in the match.

Exposure: The total amount of money that the bookmaker can accept to lose from a sports event. Bookmakers limit the lines/odds to limit their exposure amount. 

E-wallet – a payment method for deposits and withdrawals without a bank account.

F

Fade the public – It is also called betting against the public or contrarian betting. By fading the public you are betting against the popular opinion.

Favorite – The most popular team/player that is expected to win a particular sports event.

Fees – a tax paid when withdrawing or depositing winnings at select bookmakers.

Fixed Odds – the fixed odds bookmakers offer that remain unchanged once they are listed.

First Corner – a betting market where you predict the team that will execute the first corner kick.

Form – the recent performances of a team or athlete over some time.

Forecast Betting – a bet will try to predict the winner and runner-up in a competition.

Fractional Odds – odds format popular in England and other countries.

Free Bet – a bet you can place on the match without depositing your own money.

Fifty Cents – Also known as “half-dollar”. This term refers to a bet that is worth 50 USD/EUR.

First Half Bet – This means betting on the first half of a sports event only. The outcome of the match is not important, as long as your picks for the first half wins.

Future Bet – Betting on an outcome that will happen in the far future. For example, betting on who will win the 2023 UEFA Champions League in 2022 is a future bet.

G

Gamble/Gambling – Placing money on a certain outcome in the hope of a desired result.

GamCare – the largest provider of support for problem gamblers in Great Britain.

Goalscorer – the player to score in the match; it can be the first or anytime goalscorer.

Goliath – a bet consisting of 8 selections and 247 betting combinations.

Grand Salami – This is baseball betting term, and it is similar to over/under. The players try to guess how many total runs will be scored in a day and try to beat the bookmaker’s guess.

H

Handicap – Handicap betting levels the playing field by giving weaker teams an advantage.

Half A Dollar – Same as the “fifty cents”, look above.

Halftime Bet – Also known as second half bet or 2H bet. It is the same as first half bet, but this time you are betting on the second half.

Halftime Fulltime Bet – Also known as a double result bet. It has to predict who will lead in the first half (or draw) and also in the second half, on the same betting ticket.

Handle – The total of the wagered money in a certain period of time. This term is used by bookies, to show how much money they are controlling.

Hedging – Placing two opposite bets for the same sports events, to decrease and/or control the losses. 

Heinz – a bet consisting of 6 selections and 57 betting combinations.

Hook: This betting term means “half point”. An odd that looks like this is a full point: “3.0”. But if it is “3.5”, for example, it is a half-point and called a hook.

Hot Game – If a sports event is drawing a very large number of bets and creates a ridiculous amount of prize money, it is a “hot game”. Usually, show-downs between two popular teams fall into this category.

I

If Bet – An if bet consists of at least two selections and the result of the first selection determines whether you have placed a bet on the other selection or not. So if your first choice doesn’t win, the if bet will be completely voided.

Implied Probability – For every event to occur there is a probability, expressed as a percentage. Bookmakers will calculate the actual probability of an event and then add their margin on top.

J

Joint favorites – two teams or athletes that are credited with the same chances to win.

Jolly – another way to refer to the favorite, based on the odds and likelihood to win.

Juice/Vig – Basically, it is the commission of the bookie for accepting your bet. It is similar to the “house edge” of casinos.

L

Lay – you bet against someone else winning, usually in a betting exchange

Live Betting – the form of betting in real time on events that have already started.

Live Streaming – a live broadcast of the match that you can watch at bookmakers.

Loyalty Programme – a long-term promotion where you earn points when betting real money.

Lucky 15 – a bet consisting of 4 selections and 15 betting combinations.

Lucky 31 – a bet consisting of 5 selections and 31 betting combinations.

Lucky 63 – a bet consisting of 6 selections and 63 betting combinations.

Line – A simple term used for showing the current odds.

Limit – The maximum amount of bet you can place in a specific sports event.

Linemaker/Oddsmaker – A reference to the bookmaker. Linemaker is the person/company who sets the odds.

Longshot – This term means that a team’s chances of winning are far below expectations. A longshot team is an underdog, but it is even below the underdog standards – nobody expects that team to win, not by a “longshot”.

M

Maximum Bet – the maximum bet a bookmaker allows on a specific match.

Minimum Bet – the minimum bet our bookmaker allows on the specific match.

Mobile App – an application you can download and install on smartphones and tablets to gamble.

Mobile Bonus – a bonus available exclusively at mobile betting sites when using mobile devices.

Money Line – This shows the minimum wager amount you need to place in order to win 100 USD/EUR. It also means that betting on which team/player will win the match.

N

Nickel – A sports bet that is worth 500 USD/EUR.

No Deposit Free Bet – a free bet awarded to players without depositing first.

Non-Runner – a horse or greyhound and doesn’t start in the race it was supposed to.

No Action – This has two meanings. First, it means that you have not placed a bet for that sports event, as explained at the beginning. Second, it means the bookmaker canceled a specific bet type.

O

Odds – Shows the likelihood of a possibility and how much money can you win for placing a certain amount of money.

Outright – a bet you place on the team or player to win the tournament.

Outsider – a term that refers to the underdog based on chances to win and odds.

Over/Under – a bet on the total number of goals or points scored in the match.

Overround – a term that describes bookmakers’ profit margin, synonymous with the house edge.

Own Goal – a goal a player scores in his net during a football match.

Off the Board – This means the bookmaker is not accepting any more bets for a specific sports event. Some bookies refuse to accept new bets after a match starts, so they take all the offered options “off the board”.

Opening Line – The first odds offered by the bookmaker. The odds of a sports event are not fixed – the bookmaker can change them according to how many people have placed a bet on a particular outcome.

P

Parlay – Placing multiple bets on a single coupon. In order to win, all of your picks must win too. The parlay is a commonly used football betting term but can be the subject of all kinds of sports.

Promo Code – a promotional code you are supposed to enter to receive a bonus or benefit.

Place betting – a bet that indicates that the horse will finish on one of the placement spots.

Placepot – a bet where you pick a placed horse in the first 6 races of a meeting.

Pick’em/Pick/PK – This means none of the teams/players are the favorite and there is no point spread.

Punter – a term describing a player who bets, synonymous with the bettor.

Point Spread/Spread – Shows the expected point difference between the favorite and the underdog teams. For example, let’s say that the point spread of Team A is – 3.5. This means it is the favorite team and expected to win the match by more than 3.5 points.

Puppy – Another term for the underdog, look above.

Price – The cost of your betting coupon.

Prop/Proposition Bet – Another term for an exotic bet. It means the bettor has placed a wager on a very unique outcome, like what will the result of the coin toss at the beginning of a basketball game.

Push/Tie – If the game/match results in a tie for your wager, this is called a “push”. In such a case, the bookmaker will take no action and refund your money.

R

Race book – A horse betting term. It is a printed guide that contains information about each horse race, like the names of the horses, jockeys, which color they will be using, etc.

Request a bet – a feature that allows you to request a particular bet not available at the bookmaker.

Referral Bonus – a bonus awarded to players who recommend other players to sign up and deposit.

Return On Investment – ROI (Return On Investment) is the ratio between net profit and investment cost. It shows how much your net profit will be when you win a bet.

Round Robin bet – This is a specific type of a parlay bet, but for round-robin tournaments only. On these tournaments, each participating team must face each other at least once. So, the term means placing a parlay bet to a round-robin tournament.

Run Line – Another term for point spread bets. However, this one is specific to baseball – but for more read runline odds explained for baseball.

S

Scoop 6 – The Scoop 6 bet is a popular type of pool bet in horse racing. You must predict the winner horse in 6 different races to get a share of the pool money.

Super Heinz – a bet consisting of 7 selections and 120 betting combinations.

Spread Betting – a bet popular in America that is similar to handicapping.

Special Bets – a term describing special bets not usually featured in the standard lineup.

System Bets – a combination of many bets on the same betting slip that can win simultaneously.

Score – The numerical value that shows who has won and lost a particular sports event.

Scorecast – A scorecast bet is a single bet that combines two markets: correct score betting and first goalscorer markets on the same betting slip. Both predictions must be correct to win a scorecast bet.

Straight Bet – You are betting on a single team and on the possibility that the same team will win or lose the match. The most basic form of sports betting.

Sides – A term refers to the two teams/players playing against each other. As the bettor, you need to pick a “side” to place a bet.

SP or Starting Price – This is another horse betting term. The SP is the fixed odds of a horse when the race starts.

Sportsbook – A place (digital or physical) for placing sports bets. Similar to the “bookmaker/bookie” term. This is also the origin of the “bookmaker/bookie” term.

T

Terms And Conditions – the rules for a promotion, game, or betting system at bookies.

The Gambler’s Fallacy – a wrong belief that you can predict future results based on past performance.

Time cast Betting – a bet where you indicate the time of the goal and the goalscorer.

Tote – the organization in the UK set up to operate pool-betting for horse races.

To Win To Nil – a bet on a team to win without allowing a single goal.

To Score In Both Halves – a bet on a team to score at least once in each half.

To Win From Behind – a betterment team to win after conceding a goal.

Teaser – This is similar to a parlay bet: You will be placing a bet on at least two matches and all of your picks must win. This lowers the odds (and the payout, as a result) but increases your chances of winning.

Tout – Another term for handicapper, look above.

Ticket – A piece of paper that shows which options you placed a bet on and how much you wagered. In order to collect your prize, you must show the ticket to the bookmaker.

Total – This betting term is also known as “over/under”. For each sports event, the bookmaker sets a fixed point value for a specific event in the game, for example, the number of combined goals in a soccer game will be at least 4.

To Win both halves bet – With this type of bet both the score of the first half and second half have to be in your team’s favor. Both halves are evaluated separately and the score is reset at halftime.

To Win either half bet – With this type of bet you have two possibilities: either the home team to win either half or the away team to win either half. As long as your team outscores the opposition in any half, you will win the bet.

Trends – The overall volume of wagers at a bookmaker. Betting trends show which team is the favorite and which type of bets the players prefer.

U

Underdog – The “non-favorite” team or player of a specific sports event. Underdogs are expected to lose so they get higher odds. Betting on the underdog can sometimes be the better option, especially if you made your research and think that its true odds are not that low.

V

Value Bet – a bet where the value in the odds exceeds the risks; therefore, it is worth making.

VAR – an acronym for Video Assistant Referee, a system that uses cameras to analyze controversial situations in a football match.

Virtual Sports – a digitalized version of classic sports where the outcomes are determined by algorithms.

W

Wager – The formal term of “bet”.

Wagering Requirement – a play-through demand that must be met before you can withdraw winnings

Welcome Offer – an introductory offer awarded to new players to sign up and deposit at a bookmaker.

Wincast Betting – a bet where you indicate the anytime goalscorer and the team to win.

Winning Margin – the margin by which a team wins over its opponent.

Wise Guy – A high-ranking mafia member in the United States. They organize illegal sports betting and gambling.

Y

Yankee – a bet consisting of 4 selections and 11 betting combinations.

To be successful with sports betting, you need to invest as much time as money in this activity. You never stop learning and it all begins with the basic and advanced betting terms. These are the building blocks for any successful long-term sports betting strategy. Bookmark the betting glossary and return to this section whenever you want to learn more or remember key concepts.