Don’t let the sports betting jargon stop you, here is the ultimate guide to understanding sports betting lingo.
Here are the key terms you’ll need to get started:
- Bet: An agreement between a bettor and a sportsbook in which the bettor places money on the outcome of a specific event or game.
- Sportsbook: A company or platform that accepts bets on sports events and sets the odds.
- Odds: The numerical representation of the likelihood of an event occurring, expressed as a ratio or a fraction (e.g., 2:1 or 1/2) or as a decimal (e.g., 2.00 or 0.50). Odds indicate the potential payout for a winning bet.
- Moneyline: A type of bet where you simply choose which team or player will win the game without considering the point spread. Positive (+) and negative (-) signs are used to indicate the underdog and favorite, respectively, and the odds determine the potential payout.
- Point spread: A handicap or margin of victory set by the sportsbook to create a more balanced betting market. Bettors can wager on a team to win by a certain number of points (cover the spread) or lose by less than that number (beat the spread).
- Over/Under (or Total): A bet on whether the total combined score of a game will be over or under a specific number set by the sportsbook.
- Parlay: A single bet that combines two or more individual bets into one. All bets in the parlay must win for the bet to be successful, but the potential payout is higher compared to individual bets.
- Teaser: A type of parlay bet that allows bettors to adjust the point spread or total in their favor, but with lower odds and potential payout compared to a regular parlay.
- Prop bet: Short for proposition bet, a bet on a specific outcome or event within a game, such as which player will score the first goal or how many strikeouts a pitcher will have.
- Handle: The total amount of money wagered on a particular event or by a sportsbook during a specific time period.
- Juice/Vig: The commission or fee charged by the sportsbook for accepting bets. It is typically included in the odds and represents the sportsbook’s profit margin.
- Live betting/In-play betting: Placing bets on a game or event while it is in progress, with odds and lines that may change in real time based on the game’s developments.
The Takeaway
Now that you know some basics, you can get ready to place your first sports bet. As with any form of sports betting, do your research and gamble responsibly. Good luck!
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