Glossary Guide for Sports Bettors
In the world of online sports betting there is a lot of jargon used when placing a bet. It can be extremely useful to understand various the slang terms and phrases, making it easier and quicker to pick up on what is going on. We have compiled a basic sports betting glossary for you to use as a reference.
A
- Accumulator – A bet with multiple selections in which all must be correct to win.
- Action – The number of bets placed on a sporting event.
- Against the Spread – A bet where the outcome is decided by the point spread.
B
- Bookmaker – Someone wo takes wagers on sports or events.
- Bankroll – Money specifically allocated for online betting purposes.
- Betting Exchange – Online peer to peer betting platform with no bookmaker involved.
- Bettor – A person who places a bet.
C
- Chalk – The individual or team favoured to win.
- Combination bet – Any wager containing more than one selection.
- Cover the Spread – Winning against the point spread.
D
- Decimal Odds – One of three formats for expressing betting odds.
- Dog – Abbreviation for underdog
- Double – A wager with two selections
E
- Each Way – A two-part wager with a win and a placing.
- Even money – Odds where you stand to win an equal amount to your stake.
- Exotic bet – Any non-standard bet
F
- Field – A collective term for all the possible betting markets
- Fixed Odds – A bet where the odds are agreed at the time when the wager is placed.
- Fractional Odds – One of three types of formats used to express odds.
- Futures bets – Wagers placed on events happening some time in the future.
G
- Get Down – Placing a wager
- Grand Salami – Used in ice hockey, the total number of goals scored in all the matches on a day.
H
- Handicap Betting – Where the bookmaker adds point or goals to the underdog to make the bet more evenly matched.
- Hedging – Placing wagers on previous bets to reduce the risk of losing with sports betting NZ.
I
- If Bet – Two or more wagers joined together by an if clause.
- Implied Probability – The likelihood of a particular outcome.
L
- Lay – When bookmakers accept a wager.
- Lengthening odds – Odds that increase.
- Line – The odds offered by a bookmaker or the point spread.
M
- Moneyline bet – Betting on a selection to win the match or event.
- Moving the Line – Paying to receive half a point in a point spread bet.
- Multiple Bet – Any bet with more than one selection.
O
- Odds – The potential payout of a wager.
- Odds Against – Odds that pay out higher than even money.
- Odds On – Odds that pay out lower than even money.
- Over/under bet – A wager on the total number of goals or points scored in a match.
P
- Parlay – A wager with multiple selections where all must win to pay out.
- Payout – The amount received from a bookmaker after placing a winning bet.
- Point Spread – A wager where the bookmaker allocates points to the underdog to create an evenly matched bet.
- Proposition Bet (Prop Bet) – An exotic bet placed on an outcome within a match or event.
- Punter – A slang term for a bettor.
S
- Shortening Odds – Odds that decrease
- Sportsbook – Another term for bookmaker
- Spread Betting – A type of betting where the point margin determines how much the bettor wins or loses.
- Stake – The sum of money wagered.
T
- Totals Bet – A wager on the total number of points or goals scored in a match.
- Treble – A wager with three selections
U
- Underdog – The team least likely to win
V
- Value Bet – A wager where the likelihood of winning is greater than what the odds suggest especially if you’re to place bets on AFL premiership games .