The Complete Sports Betting Glossary

A

Action

Any bet that has been placed. When a sportsbook says a game has "heavy action," they mean a lot of money has been wagered on it. When a bet pushes, you'll sometimes hear it called "no action."

Alternate line

A version of a spread or total offered at a different number than the main line. For example, if the main spread is Chiefs -7, an alternate line might be Chiefs -10.5 at longer odds or Chiefs -3.5 at shorter odds. Often shortened to "alt line."

American odds

The odds format most common in the United States, expressed as a positive or negative number (e.g. +150, -200). See our guide to reading odds.

Arbitrage

Placing bets on all possible outcomes of an event at different sportsbooks to guarantee a profit regardless of the result. Real arbitrage opportunities are rare, small, and often limited quickly by sportsbooks when they notice the pattern.

B

Bankroll

The total amount of money a bettor has set aside specifically for wagering. Good bankroll management is considered the foundation of sustainable betting.

Beard

A person who places bets on behalf of someone else, usually to disguise the identity of the actual bettor. Often used by sharp bettors who have been limited at sportsbooks.

Bet slip

The digital form on a sportsbook where your selected bets are compiled before you confirm the wager and pay.

Book

Shorthand for a sportsbook. When someone says "which book is that on," they're asking where the line is available.

Buy points

Paying extra vig in exchange for a better point spread or total. For example, instead of taking Chiefs -7 at -110, you might "buy" a half point to get Chiefs -6.5 at -130.

C

Canadian line

A three-way bet that combines point spread and moneyline elements. Common in hockey and soccer where ties are possible.

Cash out

A feature offered by many sportsbooks that lets you settle a bet before the event finishes, accepting a lower payout in exchange for locking in a guaranteed result. The cash-out price generally includes a large margin in the sportsbook's favor.

Chalk

The favorite in a bet. "Betting the chalk" means betting on the favorite. A "chalky" bettor is someone who almost always picks favorites.

Closing line

The final odds offered on a game right before it starts. Professional bettors often track their closing line value (CLV) as a measure of whether they're beating the market.

Closing line value (CLV)

A measure of how favorable your bet was compared to where the line closed. Consistently beating the closing line is considered one of the strongest indicators of long-term betting skill.

Correlated parlay

A parlay where the outcomes are statistically related. For example, betting a team to win and the game to go over the total. Most sportsbooks prohibit correlated parlays or adjust pricing accordingly.

Cover

When a team beats the point spread. Not just winning the game, but winning by more than the spread required.

D

Dead heat

When two or more competitors tie for a winning position, most commonly in golf or horse racing. Payouts are typically reduced proportionally.

Decimal odds

The odds format common outside the United States, expressed as a decimal number that includes your stake in the return (e.g. 2.50, 1.75). See our odds explained guide.

Dog (Underdog)

The team or player expected to lose. Underdogs are priced at positive American odds, meaning a $100 bet pays more than $100 if they win.

Draw (Tie)

A wager outcome where neither side wins. Common in soccer and boxing. In sports without ties (like NFL and NBA), games rarely end in a draw, but it can happen.

E

Even money

Odds of +100 in American format or 2.00 in decimal format. A $100 bet wins exactly $100 profit.

Expected value (EV)

The average amount you'd expect to win or lose per bet if you repeated the same wager many times. Positive EV (+EV) means the bet is profitable on average. See our EV guide.

Exposure

The total amount a sportsbook stands to lose if a particular outcome occurs. Books actively manage their exposure by moving lines to balance betting action.

F

Fair odds

The odds that reflect the true probability of an outcome, with the sportsbook's margin (vig) removed. Fair odds are typically calculated by taking the consensus of sharp sportsbook prices.

Favorite

The team or player expected to win. Favorites are priced at negative American odds, meaning you have to risk more than $100 to win $100.

First half / Second half bet

A wager that applies only to one half of the game, rather than the final score. Common in basketball and football.

Futures

Long-term bets placed on events that will be decided weeks or months in the future. Examples include Super Bowl winners, division champions, and MVP awards.

G

Grading

The process of settling a bet after the event finishes. A bet can be graded as a win, loss, push, or void.

H

Half point

The ".5" in a spread or total, used to eliminate pushes. A spread of -7.5 cannot result in a push because no team can win by exactly 7.5 points.

Handicap

A synonym for point spread, more common in international markets. The favorite is said to have a "handicap" to overcome.

Hedge

Placing a second bet on the opposite side of your original wager to reduce risk or lock in a guaranteed profit. Common with large futures bets as the event approaches.

Hook

The half point in a line. Losing a bet by the hook means losing because of a half-point difference, such as a game finishing with the favorite winning by 7 on a -7.5 spread.

I

Implied probability

The win probability expressed by a given set of odds. -110 odds imply a probability of about 52.4%. Implied probability always adds up to more than 100% due to the sportsbook's margin.

In-play betting

Bets placed after a game has started, often with constantly changing odds that reflect the current state of the game. Also called live betting.

J

Juice (Vig)

The margin the sportsbook builds into every line to guarantee their profit over time. On a standard spread of -110 on both sides, the juice is about 4.76%. Also called vigorish.

L

Laying points

Betting on the favorite in a point spread. You're "laying" or giving up points because your team has to win by more than the spread.

Limit

The maximum amount a sportsbook will accept on a given bet. Limits vary by book, market, and bettor. Sharp accounts often have their limits reduced or cut to almost nothing.

Line

Another word for the odds offered on a bet. "What's the line on the Lakers game?" means "what are the current odds?"

Line movement

A change in the odds after they've been posted. Lines move because of betting action, new information (like injuries), or sharp money hitting the market.

Live betting

Betting on a game after it has already started. Also called in-play betting.

Lock

A term used to describe a supposedly guaranteed winning bet. In reality, there are no locks in sports betting. If someone tells you they have a lock, be skeptical.

Longshot

A heavy underdog with long odds (high positive American odds). Longshots rarely win but pay well when they do.

M

Middle

A rare situation where two different sportsbooks have spreads or totals far enough apart that a bettor can bet both sides and potentially win both. For example, if Book A has Chiefs -5 and Book B has Chiefs -7, betting Chiefs -5 at A and Broncos +7 at B wins both bets if the Chiefs win by exactly 6.

Moneyline

A bet on who will win the game outright, with no point spread. Favorites pay less than your stake; underdogs pay more.

N

No action

A bet that is voided and refunded, typically because the event was postponed, canceled, or a specific condition wasn't met.

No-vig line

The line with the sportsbook's margin removed, showing the market's estimated true probability. Also called fair odds.

O

Odds

The numerical expression of how much a bet pays out and the implied probability of winning.

Off the board

When a sportsbook temporarily stops accepting bets on an event, usually because of an injury, pending news, or sharp action.

Opening line

The first odds posted by a sportsbook for an event. Opening lines often move quickly once bets start coming in.

Over / Under

A bet on whether the combined score of both teams will go over or under a specified number. Also called a totals bet.

Outright

A futures bet on who will win a tournament, championship, or series, rather than an individual game.

P

Parlay

A single bet that combines multiple wagers. All selections must win for the parlay to pay. Parlays carry a higher house edge than individual bets but offer larger payouts.

Pick'em (PK)

A game where neither team is favored, typically listed at -110 on both sides with no spread. Also called a "pick" or written as "PK."

Point spread

A handicap assigned to the favored team to level the betting playing field. The favorite must win by more than the spread; the underdog must lose by less than the spread (or win outright).

Prop bet

A wager on a specific occurrence within a game other than the final outcome. Examples include how many passing yards a quarterback will throw for or who scores the first touchdown.

Push

A tie between the bettor and the sportsbook. The bet is refunded and neither side wins. Happens when a spread lands exactly on the spread number or a total ties with the combined score.

R

Reverse line movement

When the line moves in the opposite direction of the betting percentages. For example, 80% of public bets are on the favorite, but the line moves toward the underdog. Usually indicates sharp money on the less-popular side.

Risk

The amount a bettor stands to lose on a bet. On a $100 bet at -110, the risk is $110.

Round-robin

A betting structure that creates multiple smaller parlays from a larger group of selections. For example, a "3-team round-robin" from 4 picks creates four separate 3-team parlays.

Run line

The baseball equivalent of a point spread, typically set at 1.5 runs.

S

Sharp

A skilled, professional-level bettor whose action is respected by sportsbooks. Sharp money often moves lines even on small wagers.

Sportsbook

The business or platform that accepts bets on sporting events.

Spread

Short for point spread. See above.

Square

A casual or recreational bettor. Opposite of a sharp. Sportsbooks welcome square action.

Steam

Rapid line movement across multiple sportsbooks, usually caused by sharp bettors or betting syndicates hammering a line at the same time.

Straight bet

A single wager on a single outcome. The most basic type of bet.

T

Teaser

A parlay variation that lets you adjust the spread or total in your favor in exchange for lower payouts. Common in football (6, 6.5, and 7-point teasers) and basketball (4, 4.5, and 5-point teasers).

Total

The combined score of both teams in a game. A totals bet (over/under) wagers on whether the actual total will go over or under the set number.

True odds

Another term for fair odds. The probability-reflective price with no sportsbook margin.

U

Underdog

The team or player expected to lose. Priced at positive American odds.

Unit

A standard bet size used to track performance. Usually 1% to 5% of a bettor's bankroll.

V

Value bet

A bet where the odds offered are better than the true probability of the outcome. See EV betting.

Vig (Vigorish)

The sportsbook's margin built into every line. Same thing as juice. On a standard -110 line on both sides, the vig is about 4.76%.

W

Wager

Another word for a bet.

Wire-to-wire

A prop bet on whether a team will lead from start to finish, or a player/team will lead every quarter, period, or inning.