The Sportmoney Sports Betting Glossary

New to sports betting? Want a refresher? See a word in Sportmoney or somewhere else that you aren’t sure of? You’ve come to the right place. These are 30 words or phrases you should know if you bet on sports.

Action

Definition: This term refers to any kind of bet placed with a sportsbook. It encompasses all types of wagers, including bets on individual games, futures bets, prop bets, and parlays.

Example: With the Super Bowl just days away, there's been a surge of action at sportsbooks across the country, with millions of dollars already wagered on the big game.

Alternate Line

Definition: This is a betting option that allows you to adjust the point spread or total for a game in exchange for different odds.

Example: In a game between the Lakers and the Celtics, the standard point spread might be Celtics -6.5. However, if you think the Celtics will win by a larger margin, you could take an alternate line of Lakers -8.5 at higher odds, increasing your potential payout if they win by 9 or more points.

Bad Beat

Definition: A bad beat is a loss that occurs due to an unexpected or improbable turn of events, often in the final moments of a game.

Example: You bet on the Chiefs to cover the spread and they were leading by 10 points with less than a minute to go — but the opposing team scored two touchdowns in the final seconds, resulting in a bad beat.

Bankroll

Definition: This is the total amount of money a bettor has set aside specifically for sports betting. It's essential to manage your bankroll responsibly to avoid overspending and minimize risk. A common strategy is to divide your bankroll into "units," which represent a fixed percentage or amount of your total bankroll. This helps standardize bet sizing and track your wins and losses more effectively.

Example: A bettor with a $1,000 bankroll might decide to risk only 1% to 5% of their bankroll on any single bet, or $10 to $50 per unit. By using units, they can easily track their progress and adjust their bet sizes as their bankroll grows or shrinks.

Book (or Sportsbook)

Definition: This is a company or establishment that accepts bets on sporting events. It can be a physical location or an online platform.

Example: DraftKings and FanDuel are two of the most popular online sportsbooks in the United States.

Buying Points

Definition: This refers to paying an additional fee to adjust the point spread in your favor.

Example: If the point spread is -7, you could buy half a point to make it -6.5, but the odds will be adjusted accordingly. This can be a useful strategy if you are confident that a team will win by a specific margin.

Chalk

Definition: This term refers to the favorite in a game, especially a heavy favorite. The term originates from the days when odds were written on chalkboards at racetracks, and the favorites, which received the most bets, would have their odds updated frequently, resulting in their names being covered in chalk dust.

Example: The Kansas City Chiefs are considered chalk in their upcoming game against the Denver Broncos.

Closing Line Movement

Definition: This refers to the changes in the point spread or odds that occur leading up to a game, often influenced by sharp bettors, who are experienced and knowledgeable bettors who are believed to have an edge over the sportsbook.

Example: The line on the Patriots game opened at -7 but it has moved to -8.5 due to heavy betting on the Patriots, potentially influenced by sharp bettors who believe the Patriots are undervalued at the opening line.

Closing Line Value (CLV)

Definition: This is a measure of how much better the odds you bet at are compared to the closing line. It's an indicator of whether you got a good value on your bet.

Example: You bet on the Giants at +4, and the line closed at +2.5, so you have positive closing line value.

Cover

Definition: This means winning a bet against the point spread.

Example: If you bet on the 49ers -3.5, and they win by 4 points, they have covered the spread.

Dog (or Underdog)

Definition: This is the team or individual expected to lose a game or match.

Example: The Detroit Lions are the underdog in their game against the Green Bay Packers.

Even Money

Definition: This refers to a bet where the potential payout is equal to the amount wagered.

Example: A $100 bet at even money on the winner of a boxing match would return $200 if it wins ($100 profit plus the original $100 stake).

Expected Value (EV)

Definition: This is a calculation that helps determine the long-term profitability of a bet. It takes into account the odds and the probability of winning or losing.

Example: A bet with a positive expected value (+EV) is likely to be profitable over time, while a bet with a negative expected value (-EV) is likely to lose money.

Favorite

Definition: This is the team or individual expected to win a game or match.

Example: The Boston Celtics are the favorites to win their upcoming game against the Miami Heat.

Futures Bet

Definition: This is a bet on an event that will occur in the future, such as the winner of a championship or an award.

Example: Betting on the Los Angeles Dodgers to win the World Series before the season starts is a futures bet.

Handicap

Definition: Handicap betting involves giving a team or individual a head start (for underdogs) or a disadvantage (for favorites) to level the playing field, similar to a point spread.

Example: In soccer, Tottenham might be given a +1 goal handicap, meaning they start the game with a 1-0 lead in terms of betting.

Hedging

Definition: This is a strategy where you place a bet on the opposite side of your original bet to reduce your risk or guarantee a profit.

Example: You bet on the Denver Nuggets to win the NBA championship before the season and now they are in the finals. To guarantee yourself a profit, you could hedge your bet by placing a wager on the Miami Heat to win the series.

In-Play Betting (or Live Betting)

Definition: This refers to betting on a game while it is in progress. The odds and betting options change in real-time based on the action in the game.

Example: During a tennis match, you can place an in-play bet on who will win the next set or even the next point, with the odds fluctuating based on the current score and momentum of the match.

Limit

Definition: This is the maximum amount of money a sportsbook will accept on a particular bet.

Example: The limit on a regular season NFL game might be $5,000, but for a high-profile event like the Super Bowl, the limit could be significantly higher, potentially reaching $100,000 or more.

Moneyline

Definition: This is a bet on which team will win a game outright, regardless of the point spread.

Example: Betting on the New York Yankees to win a baseball game on the moneyline means you are simply picking them to win the game, regardless of the final score.

Odds

Definition:  Odds represent the probability of a specific outcome occurring in a game or event, and they dictate how much you can win relative to your wager. The odds can be displayed in American, Decimal, or Fractional formats.

• American Odds: A bet on the New England Patriots to win at -150 means you need to bet $150 to win $100

• Decimal Odds: A bet on the same team with 1.67 odds would return $1.67 for every $1 wagered

• Fractional Odds: A bet with 5/6 odds means you win $5 for every $6 you stake

Over/Under (or Total)

Definition: This is a bet on the total number of points, goals, or runs scored in a game by both teams combined.

Example: The over/under for a football game might be set at 45.5 points. If you bet the over, you are wagering that the two teams will combine to score more than 45.5 points.

Parlay

Definition: This is a bet that combines multiple selections into a single wager. All selections must win for the parlay to pay out.

Example: A three-team parlay might include the Patriots to cover the spread, the Lakers to win on the moneyline, and the over in the Celtics game. Parlays offer the potential for large payouts, but they are riskier than single bets because every selection must be correct.

Point Spread

Definition: The point spread is a handicap applied to a team's score to level the playing field. The favorite has a negative spread (e.g., -5), meaning they must win by more than 5 points. The underdog has a positive spread (e.g., +5), meaning they can lose by 4 points or less, or win outright.

Example: Notre Dame is favored by -5.5. If Notre Dame wins by 6 points or more, they cover the spread. If they win by 1-5 points or they lose, you lose.

Prop Bet

Definition: This is a bet on a specific occurrence or player performance within a game that is not directly tied to the final outcome.

Example: Betting on which player will score the first touchdown in a football game is a prop bet.

Public Money

Definition: Public money refers to the bets placed by casual or recreational bettors, who typically bet on popular teams or players.

Example: Public money often flows toward popular teams like the Dallas Cowboys or the New York Yankees, even if the odds are unfavorable.

Push

Definition: A push occurs when the result of a bet ties the line, meaning neither side wins or loses. In this case, the bettor’s stake is returned.

Example: The Dolphins are -7 against the Rams. If the Dolphins win by exactly 7 points, the bet results in a push, and the bettor gets their stake back.

Teaser

Definition: A teaser is a variation of a parlay where you can adjust the point spreads or totals in your favor, but you will receive a lower payout. Teasers are common in football and basketball.

Example: In a 6-point teaser, if the spread for the Patriots is -7, you can adjust it to -1, and if the spread for the Cowboys is +3, you can adjust it to +9.

Unit

Definition: A unit is a standard measurement of your bet size, used for bankroll management. The amount per unit varies depending on the bettor’s bankroll and betting strategy.

Example: If your bankroll is $1,000, a 1-unit bet might equal $25. If you decide to bet 2 units on a game, you would wager $50.

Vig (or Juice)

Definition: This is the commission or fee charged by a sportsbook for accepting a bet. It's built into the odds and helps the sportsbook make a profit.

Example: If the odds on a point spread are -110, the vig is approximately 10%.

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