A Beginner’s Guide to Common Sports Betting Terms in the US

Navigating the world of sports betting can be daunting, especially with the intricate jargon that surrounds it. If you’re new to betting or looking to refine your understanding, knowing the terminology is essential. Understanding terms like "spread," "parlay," and "chalk" can make a significant difference in your betting experience. Here’s a comprehensive glossary designed to help American sports bettors familiarize themselves with essential terms.

Common Sports Betting Terms Glossary

Action

“Action” refers to a confirmed bet. If a game is “getting action,” it means wagers are being placed on it. You might hear someone say, “I’ve got action on the Lakers tonight,” signaling their financial interest in the game.

American Odds

The American odds format features both positive and negative numbers. For example, odds of +200 mean a $100 bet will yield a $200 profit, while -150 indicates you need to bet $150 to gain $100. This format is prevalent across US sportsbooks.

Bad Beat

A “bad beat” occurs when a bet appears to be winning but then loses, often in the final moments. This type of letdown can be particularly frustrating for bettors.

Bankroll Management

This strategy involves tracking your wins and losses relative to a financial amount. By adopting this approach, bettors can manage their funds wisely and set boundaries for their gambling habits, ensuring responsible play.

Bet

A bet is simply any wager placed on a sporting event. This could involve betting on a game’s winner, the scoreline, or specific outcomes like who will score first in a soccer match.

Betting Odds

Odds indicate both the potential winnings and the likelihood of a bet succeeding. Underdogs are shown with a plus (+), while favorites have a negative (−). For instance, +300 signifies that a $100 wager would yield a $300 profit.

Betting Exchange

A betting exchange allows bettors to wager against one another rather than against a house. This innovative platform connects players directly, offering a different betting experience.

Bookie/Bookmaker

A bookie or bookmaker sets the odds and accepts bets. In the US, most legitimate betting occurs through licensed sportsbooks like Caesars or BetMGM, rather than individual bookies.

Cover the Spread

A team “covers the spread” if it wins by more than the predetermined point margin. For example, if the Knicks are favored at -6 and win by 10 points, they have successfully covered the spread.

Closing Line

The closing line represents the final odds offered by a sportsbook before the event begins. It’s crucial for assessing the market’s perception of the teams involved.

Decimal Odds

Decimal odds provide a straightforward way of calculating potential winnings, represented by decimal numbers such as 1.5 or 2.75. Bettors compute their payouts by multiplying their stake by the decimal odds.

Even Money

Even money, denoted as -/+100, means that the wager will return an amount equivalent to the stake. For instance, a $10 bet at even odds would yield a total of $20 if successful.

Fade

To “fade” a team means betting against them. This strategy is used when the public heavily favors one side, allowing sharper bettors the opportunity to back the other team.

Favorite

The favorite is the team expected to win, indicated by a negative sign (e.g., -150). For instance, in a match against a bottom-tier team, Manchester City may be the favorite to win.

Fractional Odds

Fractional odds, commonly seen in the UK, are expressed as a fraction (e.g., 1/4, 7/5). This format shows how much a bettor can win relative to their stake.

Moneyline

Moneyline betting involves placing a straightforward wager on the outcome of a game without the influence of a point spread. For instance, if the Celtics are -200, a $200 bet would yield a $100 profit upon a Celtics victory.

Over/Under (Total)

This type of bet revolves around whether the combined score will exceed or fall short of a set threshold. If you bet "over 2.5" goals in a match between Barcelona and Real Madrid, you’re predicting three or more goals will be scored.

Parlay

A parlay combines multiple bets into a single wager, requiring all selections to win for the bettor to receive any payout. While they offer potentially larger returns, they come with increased risk.

Prop Bet

Prop bets allow wagers on specific occurrences that don’t directly relate to the final score, such as whether a player will score a certain number of points or if a particular event will happen during the game.

Spread

The point spread is a handicap set to equalize the teams’ chances of winning. If the Oklahoma City Thunder are favored at -4.5 against the Denver Nuggets, they must win by 5 or more points for the spread to be covered.

Straight Up

A straight-up bet involves selecting a winner without considering the spread. If you bet on Inter Miami to win outright, that’s a straight-up play.

Sportsbook

A sportsbook is a regulated site or app where bets are placed on sporting events. Prominent US sportsbooks include Fanatics, bet365, and Caesars.

Total

Total is another term for the over/under bet, indicating the anticipated number of goals or points scored in a matchup.

Underdog

The underdog is the team expected to lose, indicated by positive odds. For example, Bournemouth might be a +300 underdog against Arsenal, meaning a $100 bet would return $300 if they win.

Vig

Also known as “juice,” the vig represents the sportsbook’s cut included in the odds. It’s essentially the cost of placing a bet and is often seen in spreads.

Wager

"Wager" is simply another term for "bet." For example, placing a $50 wager on an over in an NBA game indicates you believe the total score will be higher than set.

Sports Betting Terms US – A–Z Glossary

• Alternative Line: A modified version of the original spread or total with adjusted odds.
• Asian Handicap: A soccer betting method designed to prevent draw outcomes.
• ATS (Against the Spread): Betting on a team to cover the spread instead of just winning.
• Backdoor Cover: When a team scores late and covers the spread while still losing the game.
• Cashout: Ending your bet early to secure a profit or minimize a loss.
• Chalk: Refers to a heavily favored team with substantial public backing.
• Dime: A betting term for a $1,000 wager.
• Dog: Another term for an underdog.
• Draw: A tie at the end of a game, commonly seen in soccer.
• Each-Way: A split bet, covering both a win and a top finish; common outside the US.
• Edge: An advantage held by a bettor over the sportsbook.
• Exotic Bet: Any wager that doesn’t fit the standard format; commonly a prop bet.
• First/Last/Anytime Scorer: Bets on which player will score at various points in a match.
• Futures Bet: A long-term wager on the season’s outcome, like betting on a team to win the championship.
• Halftime Bet: A bet placed on just the first or second half of a game.
• Handle: The total amount wagered at a sportsbook, representing total betting volume.
• Hedge / Hedging Bets: Placing a second bet to reduce risk or ensure a profit.
• Hit Rate: The percentage of successes in a bettor’s overall betting history.
• Hook: A half-point added to prevent a tie outcome on point spreads.
• In-Game Wagering: Bets placed while a game is ongoing, also known as live betting.
• Juice: The sportsbook’s share from each bet, synonymous with vig.
• Laying Points: Backing the favorite with the expectation that they will win by a margin above the spread.
• Line: The odds or point spread provided for a betting event.
• Live Betting / In-Game Wagering: Betting during the game with real-time odds adjustment.
• Lock: A bet viewed as almost certain to win.
• MVP: An acronym for Most Valuable Player, often a market for futures betting.
• Nickel: A $500 wager.
• Odds Boost: Promotions that offer increased odds on certain bets.
• Oddsmaker: The individual or algorithm responsible for setting the betting lines.
• Odds-On Favorite: A heavy favorite with short odds.
• Off-the-Board: A game or bet that’s no longer available for wagering.
• Outright Betting: Wagering on the overall winner of a tournament or league.
• Payout: The total earnings from a winning bet.
• Pick ‘Em: A contest where no favorite emerges, hence no spread is applied.
• Point Spread (or Spread): The margin set to level the playing field between teams.
• Push: A bet ending in a tie, resulting in a stake refund.
• Same-Game Parlay: An opportunity to create a parlay using multiple results from one game.
• Ticket: A physical or digital record of a wager placed.
• Tipster / Tout: An individual who offers betting advice, often exaggerating their expertise.
• Unit: A term used to track betting amounts without revealing specific financial figures.
• Win Total: A futures bet on a team’s overall winning count for the season.

Legal US Sports Betting States

With the completion of your sports betting vocabulary lessons, it’s crucial to check if betting is permitted in your state before signing up with a sportsbook. Following the Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in 2018, states can now decide whether to allow sports betting. This progress means millions of Americans have access to regulated and safe betting venues.

Some states permit both online and in-person betting, like New York and Pennsylvania, while others may limit participation to physical casinos. As most betting activity has shifted to mobile, ensure that your state supports online platforms.

Using US-licensed sportsbooks guarantees your funds and personal information remain secure. While unregulated sites may showcase enticing promotions, they typically lack the safeguards offered by state-licensed operators.

Always bet responsibly and ensure you are in compliance with local regulations to enhance your sports betting journey.