Sports Betting Terminology

Sports betting can be a relatively easy hobby to get into, but you will have to know and understand some key terms to be successful. There are also some common betting types that you will find, and knowing the difference in each of them can allow you to choose the one that works the best for you. 

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What is Straight Betting?

A straight bet is a wager that is placed pregame on one single game or event. This type of bet involves betting the moneyline, spread, or total. 

Betting the Moneyline

Betting the moneyline means that you are picking the winning team or individual in a certain matchup and the odds are different for each. 

Betting Against the Spread

The point spread is the margin of victory that the betting favorite must win by in order to cover the spread. The losing team can also be the correct pick with this bet as long as they lose by a number that is within that spread. 

Over/Under Bets

Over/under betting is another common way to make a straight bet. This type of bet looks at the total number of points, goals, or runs and you are not required to bet on the winning team or individual. 

What is Parlay Betting?

A parlay bet is a combination wager in which the bettor can combine any number of legs to try and create a bigger payout. This type of betting has become popular due to the potential payout, but the risks are greater with each leg as well. 

What is a Round Robin?

A round robin bet is a series of parlay bets that are created by the sportsbook. This type of bet provides a bit of insurance to parlay betting while still having a larger payout than a straight bet. 

Explaining Futures Betting

Futures betting is unique as this wager doesn’t look at just one single game or event. Most future bets that are placed focus on teams that win a league championship or on individual awards handed out at the end of a season. 

Prop Betting

Prop betting looks at different events that occur within a sporting event or game. You can find both individual and team prop betting odds, and they usually look at statistics. Prop betting is extremely popular when it comes time for the Super Bowl, but this is an option for most games.

Live Betting

Live betting is a wager that is placed in real-time while a sporting event is taking place. There will be many different betting options available with live betting, but the odds are going to be coming and going very quickly. 

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Sports Betting Glossary

Here is a quick look at some of the most important terms that you will need to know if you want to be successful when betting on sports.   

Action

Any type of bet that is placed at a sportsbook; Getting in on the action

Book

Any place that has betting odds listed and will accept wagers

Cash Out

The process of cashing out on a bet before the event has concluded. Cashing out can also refer to making a withdrawal after winning a bet.

Chalk

Betting the favorite in a sporting event.

Cover

Term used to describe the winning side of a point spread bet. Both winning and losing teams can cover the spread. 

Favorite

Individual or team that is expected to win a sporting event based on probability. The odds will reflect the betting favorite. 

Free Bet

A type of bonus or promotion that is given out by sportsbooks. A free bet can be used to wager on a sporting event, and it is done without using any cash.

Future

A type of bet where the bettor is looking at an outcome that will take place in the future. Think a champion in a certain sport or the winner of an individual award. 

Handle

The total amount of money that is wagered at a sportsbook.

Hold

Refers to the percentage of wagers that the sportsbook wins. 

Limit

Amount of money that can be wagered before the sportsbook changes the odds and opens it back up for wagering. 

Line

Moneyline or point spread odds that you find listed for a particular game. 

Moneyline 

A type of bet that is placed where the listed odds show the bettor how much money can be won. Moneyline betting is simply picking the winning team or individual. 

No Action

Refers to a game in which no bets can be made. 

Opening Line

The opening moneyline or point spread odds that are posted by the sportsbook. 

Over

Taking the over means betting that the total number of points or runs will be more than what is listed with the over/under odds. 

Parlay

Type of bet that includes combining several legs (bets) into one large wager with a bigger payout.

Pick’em

A game or event in which there is no favorite or underdog. Both sides have the same odds and betting lines. 

Point Spread

Point spread refers to the margin of victory that is set based on probability. The correct team to bet on covers the spread and either wins by a certain margin or or loses within that margin.

Prop

Prop bets are unique wagers that look at events that take place during a game. Most prop bets include some type of individual or team stats. 

Push

A term used to describe a game in which neither side wins or loses. Think tie. 

Puck Line

Hockey version of a point spread bet. Puck line is usually set at -1.5 goals.

Round Robin

Variation of a parlay bet with multiple different bets being combined to form different options. 

Run Line

Baseball version of the point spread betting line. 

Straight Bet

Standard single game wager that is placed on an event. The most common straight bets are moneyline, spread, and total. 

Straight-Up

Focusing on the moneyline when betting rather than the point spread.

Teaser

Buying additional points for a point spread bet to help increase the chances that the bet is won. 

Total

The total refers to the number of points, runs, or goals that are scored in a game. When betting the total, the options are betting on the over or the under. 

Under

One of the options in a total bet. Betting the under means taking the under based on the betting lines that are set. 

Underdog

The individual or team that is not expected to win the game or event based on probability. 

Vig

Refers to the amount of money that the sportsbook makes on each wager. Another name for the vig is “juice.”