The sports betting world can be a daunting place for newcomers. That’s why having a sports betting glossary at your fingertips is so important, giving you the ability to see popular betting terms explained.
This betting glossary provides a one stop hub for you to locate any ambiguous industry terms. Providing you with all of the knowledge you need to make responsible and accurate betting decisions. With our help you can explore the betting world stress-free and with increased confidence.
If you’re into sports betting, a betting guide for key terms is exactly what you need to level up your game! The betting world is one that is full of slang, jargon and terminology, making it difficult to navigate, even for seasoned pros. But, imagine having all of the popular betting terms laid out clearly...
| Term | Description |
|---|---|
| 1x2 | Bet on home win (1), draw (x), or away win (2). |
| Across the board | Bet on win, place, and show in horse racing. |
| Alphabet | Series of bets combining multiple selections in various ways. |
| American odds | Odds format showing profit on a $100 bet (+) or risk to win $100 (-). |
| Ante-post betting | Betting on an event before it takes place, often long in advance. |
| Arbitrage betting | Betting simultaneously on all outcomes to guarantee a profit. |
| Backed | A selection that has received significant betting support. |
| Bad beat | A bet that looks like a winner until an unexpected last-minute outcome. |
| Banker | A bet considered highly likely to win |
| Bankroll | The total amount of money a bettor has set aside for betting. |
| Bismarck | A highly fancied horse that bookmakers believe will lose. |
| Bookmaker | A person or organization that takes bets on sporting events. |
| BTTS | Both teams to score in a match. |
| Buy points | Adjusting a point spread in your favor by paying extra. |
| Chalk | A term used to describe the favorite in a betting event. |
| Circled game | A game with lower betting limits due to uncertainty or unusual circumstances. |
| Dead heat | A tie between two or more participants in a race. |
| Dog | Short for underdog; the team or player not expected to win. |
| Draw no bet | Bet on a team to win; stake returned if it's a draw. |
| Dutching | Distributing your stake across multiple selections to guarantee a profit. |
| Each-Way | A bet consisting of two parts: a win and a place, typically used in events with a large number of participants. |
| Evens | Odds where the potential payout is the same as the stake. |
| Exacta | Betting on the first two finishers in exact order. |
| Fantasy sports | Virtual competitions where participants assemble teams based on real players' performances. |
| Flag | A complex bet combining multiple selections with various bet types. |
| Juice | The commission a bookmaker takes on bets, also known as vig or vigorish. |
| Lay | Betting against a certain outcome; typically done on betting exchanges. |
| Line | The odds or point spread offered by a bookmaker. |
| Lock | A bet considered highly likely to win. |
| Moneyline | A bet on which team or player will win, regardless of the margin. |
| Off the board | A game or event removed from betting options. |
| Payout | The amount of money won from a bet. |
| Point Spread | The margin by which a favored team is expected to win. |
| Prop bet | A wager on specific occurrences within an event. |
| Push | When a bet results in a tie and the stake is returned. |
| Quinella | Bet on two horses to finish first and second in any order. |
| Round Robin | A series of parlays involving three or more teams. |
| Runline | Baseball spread bet, similar to point spread in other sports. |
| Scorecast | Bet on a specific player to score and the exact match result. |
| Steam | When the odds move rapidly due to heavy betting. |
| Straight Bet | A single wager on a particular outcome. |
| Teaser | A bet allowing the adjustment of the point spread or totals line. |
| Treble | A bet on three selections all to win. |
| Trifecta | Bet on the first three finishers in exact order. |
| Underdog | Aka Dog. The team or player that is not expected to win. |
| Union Jack | Series of 8 trebles formed by a 3x3 grid of selections. |
| Vigorish (Vig) | The bookmaker’s commission on a bet. |
| Wager | Another term for a bet. |
| Wiseguy | A knowledgeable and skilled bettor |
The accumulator bet is the pinnacle of betting for some, where you are able to combine multiple bets into one. Each leg (individual bet) must win for the whole accumulator bet to pay out, multiplying the winnings for each correct pick. But, if just one leg fails, your entire bet will be lost.
Ah! The Asian Handicap meaning. This is a bet where you move the odds in favor of the underdog, essentially giving them a head start and handicapping the favorite. Simple right? Well there’s a little more to this betting type, as it can be split into three variations, known as full, half and quarter handicap:
A betting exchange, explained in simple terms, is like a marketplace where you can bet against other players instead of a bookmaker. Betting exchanges effectively let you be the house, set your odds, and offer odds on anything, from football to reality TV! It's peer-to-peer betting, adding extra excitement and strategy to the mix.
The meaning of fixed odds is knowing exactly what you’ll win right when you place your bet. Basically, the moment your wager is accepted at a sportsbook, the odds are locked in, so no matter what happens from that point on, you’ll know exactly where you stand. No surprises, just straightforward betting!
Hedge betting is like having a safety net when you are placing your bets. It’s all about minimizing any risks and guaranteeing profits by placing a second bet to cover the opposite outcome. For example, you bet $100 on Inter Miami to win the MLS at +1000 odds at the beginning of the season. As the end of the season approaches both Inter Miami and Cincinnati are the two main contenders who can win the league. So, you place a hedge bet of $200 on Cincinnati to win the league at -200 odds. If Inter Miami wins the league you get $1000 from your original bet. If Cincinnati wins, your hedge bet returns $300. Either way you’ve made a profit.
Well, with all of these important betting terms explained, it’s time to wrap things up. I hope this betting school guide has been both insightful and useful. Giving you all of the tools you need to fully understand more about the terminology for different sports and the markets that you can bet on.
Moneyline odds are a type of betting odds that show you how much you can win on a bet. There are two versions, positive odds (e.g. 150+) which indicate how much profit you can make on a $100 bet. While negative odds (e.g. -200) show how much you need to bet to win $100. The higher the positive odds the higher the potential profit, but lower the implied probability of the bet winning. The higher the negative odds the lower the potential profit, but the higher the implied probability of success.
Point spread betting refers to a wager on the margin of a victory in a game. Where the favorite gives points and the underdog receives points to even the odds.
The Martingale System is a gambling strategy where a bettor doubles their bet after each loss aiming to eventually recover losses and make a profit. This is a very risky way to wager, but is typically used in situations where the odds are close to evens or slightly better.
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