Sports betting terms defined
The U.S. sports betting industry continues to grow and expand, but there are a few terms that continue to be the most important. If you are going to have success in the sports betting industry, then you must know what these key terms mean and how they play a role in sports betting.
Action
Action is simply making a bet or a wager on a live sporting event.
Against the spread
Against the spread is a commonly used phrase when describing what happens in a spread bet. A spread bet requires bettors to make a wager on a team to cover a certain number of points when winning or losing a game. These spread odds are set by the oddsmakers, and there are betting lines attached for each side of the bet.
American odds
American odds are one of the three types of odds that are used in sportsbooks from around the world. These odds are typically always used at sportsbooks in the United States and focuses on whole three-digit numbers.
American odds will always come after either a (+) or (-) sign and will identify how much money can be won by betting on that side.
Bankroll
A bankroll is the amount of money that is set aside for betting or deposited into a sports betting account. A bankroll amount can always change as time goes on, but the best bettors have a solid bankroll management system.
Bookmaker
A bookmaker is someone or a group of people that sets the betting lines for a sporting event. A bookmaker can refer to just one individual that is privately taking bets or someone that determines betting odds for an online sports betting operator.
Chalk
Chalk is another name for favorite, and you will hear people say, "Making the chalk pick." This means that instead of looking closely at the lines, they are simply betting the most probable option.
Draw
A draw occurs when there is no winner of a particular bet that has been offered. Games could end in a tie that would force a draw to happen, or other circumstances could be in play that forces the sportsbook to declare a draw or "no contest."
Even money
Even money is a term that is used when both betting options are being offered with the same betting line. The same payout will be awarded for both sides of a wager when there is even money available.
Favorite
A favorite is a term that is used when it has been determined that one side has a higher probability of winning that game or matchup. Betting the favorite will result in a smaller potential payout than betting the underdog.
Futures bet
A futures bet is one of the most popular betting types offered at sportsbooks in the United States, and this can be found on most betting markets. A futures bet is placing a wager on an outcome that won't be determined until a date much further down the road.
One of the most popular futures bets to make is on which team will win the upcoming championship of a specific sport.
Handicap
A handicap is a term that is used by oddsmakers as they take a look at the probability of how a game or matchup will play out. The handicap is then used to make each side of the bet as equal as possible, and this affects the betting lines.
Handle
Handle is the amount of money that is brought in by the sportsbook on wagers that are offered.
Hedge (hedging a bet)
A hedge bet is made as a form of insurance for a bettor, and this is usually a strategy that is used to cover up potential losses on a parlay wager. Placing a hedge bet on both sides of a spread betting option is a common practice that is used.
Line
A line is posted by the bookmaker or sportsbook, and it is what can then be wager on.
Live bet
A live bet refers to any wager that is placed while a sporting event is taking place. This type of bet is also sometimes referred to as an in-play bet.
Moneyline
A moneyline bet is the simplest form of bet to make in the sports betting industry. With a moneyline bet, a bettor is simply choosing the team or individual that will win a particular matchup.
Odds
Odds are what bettors can use to determine the amount of money that can be won or lost when wagering on a sporting event. There are three major types of odds that are used, but American odds are common in the United States.
Over/under
Over/under is a common phrase that is used in the sports betting industry when talking about placing a totals bet. With an over/under bet, bettors are focusing on the total number of points, runs, goals scored in a particular matchup.
The only options are then to choose either "Over" or "Under" the betting lines that are listed.
Parlay
A parlay is a combination style of wager that has become extremely popular in the United States. Bettors are able to build their own parlays by adding "legs," and the potential payout goes up with each game that is added.
Pick 'em
A pick 'em refers to a spread or moneyline bet in which there is no favorite or underdog. Oddsmakers have determined that both teams or both sides are equal, and bettors can then simply make a pick to have the exact same payout option.
Sportsbook
A sportsbook sets betting lines and odds and also accepts action. Sportsbooks can come in many different forms, but online sportsbooks are now the most popular option in the United States.
Spread: See "Against the spread"
A spread bet is one of the top bets made when it comes to basketball and football, and it is a common phrase that is used. The spread is set by oddsmakers and refers to the probable outcome of a sporting event or matchup.
Totals: See "Over/under"
This type of bet was explained in the over/under section, but it remains a popular betting option on both basketball and football markets.
Underdog
All betting matchups will have an underdog unless the betting lines are listed as a Pick'Em. Underdogs will always result in a much larger payout if they win a particular sporting event, but there is also more risk involved when betting on this option.
