Glossary Guide for Sports Bettors

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.