Betting Glossary: Common Sports Betting Terms Explained

Betting Glossary: Common Sports Betting Terms Explained

New to sports betting or trying to understand the jargon used by sportsbooks? Our betting glossary breaks down the most commonly used terms and phrases in the world of online gambling. From basic definitions to advanced betting strategies, here’s everything you need to know.

A–C

  • Accumulator: A single bet that links together multiple wagers; all selections must win for the bet to cash.
  • Action: A general term for having money on a game or event.
  • Against the Spread (ATS): Betting on a team to cover the point spread rather than just win the game outright.
  • Bankroll: The total amount of money a bettor has set aside for wagering.
  • Betting Exchange: A platform where bettors wager against each other rather than a bookmaker.
  • Bookmaker (Bookie): A person or company that takes bets and pays winnings.
  • Chalk: The favorite in a matchup, typically with negative odds.

D–F

  • Dime: Slang for a $1,000 wager.
  • Dog: Short for underdog — the team or player not expected to win.
  • Draw: A bet where the outcome results in a tie, commonly seen in soccer or combat sports.
  • Even Money: A bet where the payout is equal to the stake (odds of +100 or 2.00 decimal).
  • Favorite: The side expected to win, typically indicated with negative odds (e.g., -150).
  • Futures: A long-term bet on an outcome like a championship winner or season MVP.

G–L

  • Hedge: Placing a second bet to reduce or eliminate potential losses on an original wager.
  • Handle: The total amount of money wagered by all bettors on a specific event or market.
  • In-Play Betting: Also known as live betting, it allows you to bet on events after they have started.
  • Juice: Also known as vig or vigorish — the commission charged by sportsbooks.
  • Line: The odds or point spread for a particular betting market.
  • Limit: The maximum amount you’re allowed to wager on a specific event.

M–R

  • Moneyline: A bet on which team or player will win outright, regardless of the point spread.
  • Odds: Represent the likelihood of an outcome and determine potential payout.
  • Over/Under: A wager on the total combined score being over or under a set number.
  • Parlay: A multi-leg bet that combines several selections into one wager. All legs must win to cash the ticket.
  • Pick’em: A matchup where neither side is favored — odds are typically close to even.
  • Push: A tie between the bettor and the sportsbook, resulting in no win or loss.

S–Z

  • Spread: The number of points a team is favored to win or lose by in a given matchup.
  • Stake: The amount of money wagered on a bet.
  • Straight Bet: A single wager on one event or market.
  • Teaser: A parlay that allows you to adjust the point spread in your favor, with lower odds as a tradeoff.
  • Underdog: The team or player expected to lose. Typically comes with positive odds (e.g., +200).
  • Vig (Vigorish): The house edge built into betting odds — how sportsbooks make money.
  • Wager: A formal term for placing a bet.

Why This Matters

Understanding betting terminology is crucial if you want to bet smarter and avoid costly mistakes. Whether you’re placing your first wager or fine-tuning your strategy, having a clear grasp of the lingo can give you a real edge.

Looking for more beginner resources? Explore our guide on choosing a sportsbook or check out the latest reviews and bonus offers at BettingEdge.ca.