Sports betting glossary
45 terms, defined plainly. Where a term is commonly used loosely or misleadingly, the definition says so.
Jump to: A · B · C · D · E · F · H · I · J · K · L · M · N · O · P · R · S · T · U · V
Action
Any bet with money on it. "In action" means the wager is live.
Alternate line
A spread or total offered away from the main number at an adjusted price.
American odds
Price format where a negative number is the stake required to win 100, and a positive number is the return on a 100 stake.
Arbitrage
Backing every outcome across different books at prices that guarantee a profit regardless of result. Rare, small, and usually limited quickly.
Asian handicap
A soccer handicap that removes the draw, sometimes splitting the stake across two lines (e.g. -0.25).
Bankroll
The money set aside for betting, separate from everything else. Stake sizing is expressed as a share of it.
Break-even rate
The win percentage a price needs to be profitable. At -110 it is 52.38%.
Closing line
The final price before an event starts. Widely treated as the market's best estimate.
CLV (closing line value)
The difference between the price you took and the closing price. A proxy for skill, not a guarantee of profit.
Decimal odds
Price format showing total return per unit staked, including the stake. 2.00 is even money.
Dime
1,000 units of currency in betting slang. A "dime bet" is a 1,000 wager.
Even money
A price returning exactly your stake in profit. +100 American, 2.00 decimal.
Expected value (EV)
The average result of a bet if it could be repeated indefinitely at the same price and probability.
First five innings (F5)
A baseball bet settled on the score after five innings, isolating the starting pitchers from the bullpens.
Fractional odds
Price format showing profit relative to stake. 5/2 returns 5 profit on a 2 stake.
Futures
A bet on an outcome decided at the end of a season or tournament. Typically carries a much higher hold than a single game.
Half point
The extra half a point that takes a line off a whole number, removing the possibility of a push.
Handle
The total amount wagered on a market or by a book over a period. Not the same as revenue.
Hedge
Betting the opposite side of a position you already hold to lock in a result or reduce variance.
Hold
The theoretical margin built into a market, expressed as a percentage. Also called the vig or juice.
Implied probability
The win probability a price corresponds to, before the book's margin is removed.
Juice
See hold. The cost of placing the bet, priced into the odds.
Kelly criterion
A staking formula that sizes bets in proportion to edge. It assumes your probability estimate is correct, which is where it usually goes wrong.
Key number
A margin of victory that occurs disproportionately often. In the NFL, 3 and 7.
Limit
The maximum a book will accept on a market, from that account. Limits vary enormously by book and by customer.
Line shopping
Comparing the same bet across multiple books and taking the best available price. The most reliable edge available to a recreational bettor.
Live betting
In-play wagering after an event has started, priced by model with a wider margin.
Middle
Holding two positions that can both win if the result lands between the two numbers.
Moneyline
A bet on the outright winner, with no handicap applied.
No-vig line
The fair price implied by a market once the book's margin has been removed proportionally.
NRFI
No Runs First Inning. A baseball bet on neither team scoring in the opening frame.
Overround
The sum of implied probabilities across a market. Above 100% by the amount of the hold.
Parlay
A single bet combining multiple selections, all of which must win. The hold compounds with each leg.
Prop
A wager on an occurrence within a game rather than its result, often a player statistic.
Public money
Wagering volume from recreational bettors. A count of tickets, not of money, unless stated otherwise.
Puck line
The standard hockey handicap, almost always 1.5 goals.
Push
A tie against the number. Stakes are returned.
Run line
The standard baseball handicap, almost always 1.5 runs.
Sharp
A bettor whose action a book treats as informative. A description of how you are priced, not a compliment.
Steam
Rapid, coordinated line movement across several books at once.
Team total
A bet on how many points or runs one side alone will score.
Unit
A standardised stake size, usually 1% to 2% of bankroll, used so results are comparable across bankrolls.
Vig
See hold.
Know the words. Now check the record.
Vocabulary is the easy part of this. Whether the person selling you a pick has ever been right is the part worth checking.
Find Verified Handicappers →