Sports Betting Terms Explained A-Z: A Comprehensive Guide for Beginners

Sports betting has become a popular pastime for many people worldwide. However, it can be challenging for beginners to understand the different terminologies used in sports betting. To be a successful sports bettor, one must have a good understanding of the various terms used in sports betting.

This article will provide an A-Z glossary of sports betting terms that will help beginners understand the different terminologies used in sports betting. The glossary will cover various terms such as odds, types of wagers, bonuses, and other aspects of sports betting. The glossary will provide concise definitions of each term to ensure that beginners can easily understand them.

General Sports Betting Terms

When it comes to sports betting, there are a number of terms that can be confusing for beginners. However, understanding these terms is essential for anyone looking to make informed bets. In this section, we will explain some of the most common general sports betting terms.

Accumulator

An accumulator, also known as a parlay bet in North America, is a bet that combines two or more selections. To win an accumulator, every selection must win (or push). Accumulators offer the potential for larger payouts, but they are also riskier than single bets.

Banker

A banker is a selection that is considered to be almost certain to win. Bankers are often included in accumulators to increase the potential payout.

Chalk

Chalk refers to the favorite in a game or event. Betting on the chalk means betting on the favorite to win.

Closing Line

The closing line is the final point spread or odds that are set just before a game or event begins. This line can fluctuate in the days leading up to the event as more information becomes available.

Cover

To cover a bet means to win by more points than the point spread. For example, if a team is favored by 3 points and they win by 7 points, they have covered the spread.

Edge

An edge is a bettor’s advantage against the house. This can come from knowledge of the sport, understanding of the odds, or other factors.

Futures Bet

A futures bet is a bet that is placed on an event that will take place in the future, such as the winner of a league or tournament.

Handicap

A handicap is a point spread that is used to level the playing field between two teams of different abilities. The favorite must win by more than the handicap, while the underdog can lose by less than the handicap or win outright.

Juice

Juice, also known as vigorish or vig, is the commission that the bookmaker takes on a bet. This is typically around 10% of the bet.

Lock

A lock is a bet that is considered to be almost certain to win. This term is often used to describe a banker.

Moneyline Bet

A moneyline bet is a bet on the outright winner of a game or event, without a point spread.

Over/Under

An over/under bet is a bet on the total number of points or goals scored in a game or event. Bettors can bet on whether the total will be over or under a certain number set by the bookmaker.

Parlay

A parlay, also known as an accumulator in some regions, is a bet that combines two or more selections. To win a parlay, every selection must win (or push). Parlays offer the potential for larger payouts, but they are also riskier than single bets.

Point Spread

A point spread is a handicap that is used to level the playing field between two teams of different abilities. The favorite must win by more than the point spread, while the underdog can lose by less than the point spread or win outright.

Prop Bet

A prop bet, short for proposition bet, is a bet on a specific event or outcome within a game or event. Prop bets can range from the number of yards a player will run to the color of the Gatorade that will be dumped on the winning coach.

Teaser

A teaser is a type of parlay bet that allows bettors to adjust the point spread or total in their favor. However, this also lowers the potential payout.

Vigorish

Vigorish, also known as juice or vig, is the commission that the bookmaker takes on a bet. This is typically around 10% of the bet.

Sports Betting Odds Terms

When it comes to sports betting, understanding the different types of odds is crucial. There are three main types of odds: American, Decimal, and Fractional. Each type of odds represents the same thing, but they are simply expressed differently.

American Odds

American odds, also known as moneyline odds, are the most common type of odds used in the United States. They are expressed as either a positive or negative number. A negative number indicates the favorite, and the number represents how much money you need to bet to win $100. A positive number indicates the underdog, and the number represents how much money you would win if you bet $100. For example, if the odds are -150, you would need to bet $150 to win $100. If the odds are +150, you would win $150 if you bet $100.

Decimal Odds

Decimal odds are the most common type of odds used in Europe and Australia. They are expressed as a decimal number, and they represent the total amount you will receive if you win your bet, including your original stake. For example, if the odds are 2.50, you would receive $2.50 for every $1 you bet. Your total payout would be $3.50, including your original stake.

Fractional Odds

Fractional odds are the oldest type of odds, and they are still commonly used in the United Kingdom. They are expressed as a fraction or a ratio, and they represent the amount you will win if you bet the amount of the denominator. For example, if the odds are 5/1, you would win $5 for every $1 you bet. Your total payout would be $6, including your original stake.

Implied Probability

Implied probability is the likelihood of an event happening based on the odds. It is expressed as a percentage, and it represents the probability of the event happening according to the odds. For example, if the odds are 2.50, the implied probability is 40% (1 divided by 2.50 multiplied by 100).

Odds Converter

An odds converter is a tool that can be used to convert between different types of odds. It is useful for bettors who are not familiar with a particular type of odds or who want to compare odds from different sportsbooks. There are many online odds converters available, and they are easy to use.

Understanding sports betting odds is essential for anyone who wants to place a bet on a sporting event. By knowing the different types of odds and how to convert between them, bettors can make informed decisions and increase their chances of winning.

Types of Sports Betting

When it comes to sports betting, there are several types of bets that a person can place. Each type of bet has its own unique characteristics and can offer different payouts. Here are some of the most common types of sports betting:

Live Betting

Live betting, also known as in-play betting, allows a person to place bets on a game while it is in progress. This type of betting has become increasingly popular in recent years as it allows for more dynamic and interactive betting experiences. With live betting, a person can bet on a variety of outcomes, such as the next team to score, the total number of points scored, and more.

Matched Betting

Matched betting is a type of betting that involves placing two bets on the same game, one for and one against a particular outcome. This type of betting is often used to take advantage of free bets and promotions offered by bookmakers. By placing both a back bet and a lay bet, a person can ensure that they make a profit regardless of the outcome of the game.

Mobile Betting

Mobile betting refers to placing bets using a mobile device such as a smartphone or tablet. This type of betting has become increasingly popular in recent years as it allows for more flexibility and convenience. With mobile betting, a person can place bets from anywhere at any time.

Online Betting

Online betting refers to placing bets through an online sportsbook. This type of betting has become increasingly popular in recent years as it allows for more convenience and flexibility. With online betting, a person can place bets on a variety of sports and events from anywhere with an internet connection.

Spread Betting

Spread betting is a type of betting that involves placing bets on the outcome of an event based on a spread or handicap. This type of betting is often used in sports such as football and basketball, where there is a clear favorite and underdog. With spread betting, a person can bet on the favorite to win by a certain number of points or the underdog to lose by less than a certain number of points.

Overall, there are many different types of sports betting, each with its own unique characteristics and advantages. By understanding these different types of bets, a person can make more informed decisions when placing bets and increase their chances of winning.

Sports Betting Strategies

When it comes to sports betting, there are several strategies that bettors can use to increase their chances of winning. Here are some of the most popular sports betting strategies:

Arbitrage Betting

Arbitrage betting, also known as sure betting, is a strategy that involves placing bets on all possible outcomes of a game with different bookmakers. This guarantees a profit regardless of the outcome of the game. However, this strategy requires careful research and a lot of time to find the right opportunities.

Bankroll Management

Bankroll management is a crucial strategy for any sports bettor. It involves setting a budget for betting and sticking to it. This helps to prevent bettors from losing more money than they can afford and allows them to bet responsibly.

Fading the Public

Fading the public is a strategy that involves betting against the public. This is because the public tends to bet on popular teams or favorites, which can lead to inflated odds for the underdogs. By betting against the public, bettors can take advantage of these inflated odds and potentially win more money.

Hedging

Hedging is a strategy that involves placing bets on both sides of a game to reduce risk. This is often used when a bettor has already placed a bet on one side and wants to minimize their potential losses. However, this strategy can also limit potential profits.

Line Shopping

Line shopping is a strategy that involves comparing the odds offered by different bookmakers for the same game. This allows bettors to find the best possible odds and potentially win more money. However, this strategy requires time and effort to research and compare odds from different bookmakers.

Martingale System

The Martingale system is a betting strategy that involves doubling the bet after every loss. The idea behind this strategy is that eventually, the bettor will win and recoup all of their losses. However, this strategy can be risky and lead to significant losses if a bettor goes on a losing streak.

Value Betting

Value betting is a strategy that involves placing bets on outcomes with odds that are higher than their true probability. This requires careful research and analysis to identify opportunities where the odds offered by bookmakers are higher than the actual probability of the outcome occurring. By doing so, bettors can potentially win more money in the long run.

Overall, there are many different sports betting strategies that bettors can use to increase their chances of winning. However, it is important to remember that no strategy is foolproof and that there is always a risk of losing money when betting on sports.