Betting Terms - Wagering Definitions

Action: Is defined as a live bet.

Arbitrage: Placing a wager on the same sporting event at 2 different books to lock in a profit by taking advantage of the difference in money lines.

Bad beat: A really tough betting loss.

Bankroll: The available total of your sports betting monies allotted for wagering.

Beard: A person or messenger who places a bet for someone else.

Board: All the games and sporting events available to bet on at a sportsbook.

Bookmaker (or bookie): Defines a person or party who takes sports bets.

Buck: $1.00

Buyback: Late betting action on the underdog when the favorite has been heavily bet. Enough so that the value play is on the dog.

Chalk: A heavy favorite. Used more as a term in horse racing.

Chalk eaters: Sports bettors who like to bet heavy on the favorite.

Circled game: When a sports book lowers the betting limits because of an uncertainty of weather conditions or player injury.

Cover: A win against the point spread.

Dime: $1,000.

Dime line: A ten cent line or "dime line" is used at the better sportsbooks during baseball season. The term dime line is used to describe the 10cent difference between betting lines. Ex: if the favorite is minus 140, the underdog is plus 130.

Dog: The team or side that is not favored to win a bet.

Dollar: $100.

Exposure: Defines the degree of risk the sports book will lose on any given game.

Fade: A wagering stance taken against a handicapper or team who is on a cold streak.

Favorite: Is the team that according to the odds is the stronger in any given match-up by the betting public and is expected to win.

First-half betting: Wagers that are placed that involve the outcome of the 1st half of a game or sporting event.

Freeroll: Either a wager you can win or push on.

Futures: Wagers that are placed on the outcome of a team or player over the course of the entire season.

Halftime betting: Wagers that are made at halftime on the outcome of the second half only.

Handicap: To research sports teams in order to make predictions as to the outcome of a particular game or season.

Handle: The total amount of action accepted by the sports book.

Hedge: Placing a wager opposite to your original wager in order to lock in a profit.

Hook: Is defined by the half point in the spread.

Juice: See "vigorish."

Layoff: Is a wager placed by one bookmaker with another often larger book in order to balance action and reduce risk.

Limit: The maximum bet allowed by a sports book.

Line: The point spread or odds on any given by the sports book on sporting event.

Lock: Defined as a bet that can not be lost.

Long shot: "Huge Underdog"

Match-up proposition: A betting option that pits one player against another in a sporting event.

Middle: When a player bets both sides of a game and wins both bets due to favorable line movement.

Money line: The odds winning the game outright regardless of the lines.

Money management: A strategy used by sports bettors to maximize their bankroll.

Over/under: See "totals."

Overlay: When a team is over bet it creates a situation where the odds are favorable to the sharp bettor.

Parlay: Placing a bet on two or more sporting events. For the bet to win all wagering selections have to win or cover. If any one of betting selections doesn't win or cover the wager is lost.

Pick 'em: An evenly matched sports event where there is no clear favorite.

Player: A person or player who lays wagers on sports.

Pleaser: A bet somewhat like a teaser bet, but where you give additional points raising the payout odds of the wager.

Point spread: A number of points either added to or subtracted from a teams actual score for the purpose of sports betting.

Power rating: A numerical representation of a team's strength for betting purposes.

Price: See "line."

Proposition (or prop): A proposition bet or "prop bet" are novelty bets such as "who will score the first" or "who will rush for more yards".

Public: Also known as a "square" an unsophisticated or casual sports bettor.

Puck line: a handicap of goals instead of points. An example would be Toronto is favored by 1.5 goals over Montreal. Toronto would then have to win by 2 or more goals for you to win your Toronto bet.

Pup: "underdog."

Push: A tie, where the sports bettor neither wins nor looses and wagering dollars are refunded.

Rundown: A reading of all the games and betting lines on a particular day.

Runner: See "beard."

Scalp: A type of middling where the bettor wagers both sides of a particular game when the line has changed enough that the final result could fall in the middle. Normally this opportunity takes place after new injury information has been released.

Sharp: A well informed, savvy sports bettor.

Side: Your betting choice. "what side are you on?"

Sports book: A "house" that accepts wagers on sporting events.

Square: An unsophisticated or casual bettor.

Steam: One-sided action.

Straight: A single bet, usually laying 110 to win 100.

Takeback: On a money line, the price of the underdog. In baseball, if the favorite is minus 140, the "takeback" on the underdog is often plus 130 if the sportsbook offers dime lines.

Teaser: A specialized form of a parlay that improves the point spread (for the bettor) but pays off at reduced odds.

Totals: Laying a wager on whether a score or game result will either go over or under a posted number.

Tout: A person who sells his predictions to the public.

Underdog: According to the posted odds it is the team that is expected to loose by the betting public.

Vigorish (or vig): The fee or commission charged by the sport book to take a wager.

Wise guy: A sharp, successful, established professional sports bettor.

Wood: The price of a heavy favorite.

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