Sports Betting Dictionary - Sports Loci Edition

A

• Absolute Value : The absolute value of a bet is the true odds of an outcome taking place, obtained by subtracting the odds you believe are accurate and the odds given by the bookies.
• Action : Saying you have "action" on something is the same as saying you placed a wager on something. For example: "I have action on the EPL game later today".
• Arbitrage : Arbitrage is a betting strategy that ensures a profit by placing a wager on all possible outcomes for a specific line in a single game or event. Let's say, for example, that I want to place an O/2.5 wager. If I were doing "arbi" I would also place a bet on the U/2.5. That way no matter what happens, and things usually happen, I win. There is more to this that we won't cover here, but this only works if the odds on the outcomes allow for it, there are certain conditions that must be met. Usually, when people do this, they are using multiple books.
• Asian Handicap : Ah, the Asian handicap. A type of bet where you give or take points (from the scoreline) from a side in an event. This results in an advantage or disadvantage for the team. Later, you take the ending scoreline, and you add or subtract the points from your wager and see if that team is still a winner. There is more to this of course, so if you want the full in-depth explanation check out our asian handicap guide.

B

• Bankroll : The total amount of money that is available to a player for sports betting activities. When you win or lose a bet for example your bankroll goes up or down respectively.
• Bookies : Slang or short for "bookmakers", which are the individuals behind the magic of sports betting lines. They determine what can be wagered on, they set the odds for it, accept the bets, and payout any earnings when it is done.
• Bookmaker : A bookmaker is the same as the definition above. A bookmaker is the person responsible for setting and taking bets on sporting events.
• BTTS: BTTS stands for "Both Teams to Score", which is a type of bet that can be placed - most often for soccer games. In this type of bet, you place a wager on whether both sides of the match will score at least once or if they will not. We go into more detail on BTTS in our BTTS guide.

C

• Chalk : Chalk is used to refer to the favorite in an event, but it isn't just any favorite, it is a BIG favorite. For example, a side that is -780 on the betting lines.
• Closed Line : Lines are either open or closed. When a betting line is closed, it means that it is no longer available to players for them to place wagers on it. This will happen for different reasons, but most of the time it is because the outcome of the bet has already been determined, the event started and the line only accepts action before the start, or something happened in the event that affects the outcome. It is not rare to see lines closed and opened constantly throughout an event, this is because bookies will close the lines depending on what is happening live.
• Closing Line : The final odds offered by the bookies at the start of the event. This does not refer to the last odds before a line is closed which is a common mistake. Rather, even if the line is still open, its closing line is the odds that were available at the start of the event.
• Closing Line Value (CLV) : A metric for measuring if you are placing a bet with a positive or negative value. It is calculated by taking the difference between the odds bet on and the closing line odds (see above). If this value is + then the player has obtained an edge over the bookie, if the CLV is negative then the opposite is true (bad bet).

D

• Dog : Short for "Underdog", opposite the favorite, the "dog" of a game is the side that is not expected to win. Usually on the lines these teams will have plus value, meaning that a wager on them doubles your money or more.

E

• Expected Value (EV) : EV is the "expected" value of a bet compares the probability you believe an outcome has of happening versus the probability that sportsbooks believe exists for it to happen. If the probability you calculate is higher than that the sportsbooks have set the lines at, then you have a positive expected value (+EV) and the bet may be a good one to take. If the opposite is true then you have negative expected value (-EV) and the bet isn't all that good at the price set by the bookies. There are many sites and services that calculate EV algorithmically based on the calculated probability obtained by a computer program.
• Exotic : An exotic is a term used to refer to betting lines that do not depend on the outcome of an event or the scoreline. Usually this term is synonymous with "prop bets" which you can read about more below.

F

• Favorite : The team or side that is most likely to win an event based on the odds given by the bookies. Favorites usually give you negative money since the probabilities of them winning have been calculated to be high.
• Futures : Future bets are bets that are placed on events/outcomes in the future. The most common futures bet is for example, wagering on who will win the championship at the end of the season. Other examples include who will be MVP, top goal scorer, etc. These bets ask you to pull out your crystal ball 🔮 but they are exciting and almost always have plus money odds since you place them well before the results are known.

H

• Half Loss : A type of outcome that can happen on certain types of bets (most commonly Asian handicaps). In a half loss, you lose half your wager and get your other half back (push).
• Half Win : Similar to the half loss above, but instead you win half your wager and get the other half back. We recommend that you read our guide on asian handicaps to understand this in-depth, specifically why this happens.
• Handicapper : "Professional" - always take that with a grain of salt in sports betting - sports bettors that are dedicated to analyzing games and making predictions, often these predictions are for sale.
• Hedging : Hedging is a betting tactic that minimizes your risk and in the best scenarios, guarantees a profit. In hedging you place a wager on all possible outcomes of an event. In order to do this the odds have to make sense, which is why people who do this, place wagers at different times (as the lines move), and use multiple sportsbooks (since odds differ slightly from house to house).

I

• Implied Probability : Betting odds mean something beyond just how much money you can get back if you win. Odds are set depending on the calculated probability of the event/outcome occurring, as determined by the bookies. Therefore, odds have what is called an "implied probability" attached to them that can be caculated. The formula for doing this in EU format is : (1/ decimal odds) * 100 = implied probability.

J

• Juice : The same as vigorish or "vig", it is the commission / fee taken by the bookies for each bet. The juice is always included in the odds, therefore odds are a combination of implied probability and juice. This is how the bookies ensure a profit.

L

• Limit : The limit is the max amount of money that a bookie will take for a single bet. It depends on the bet you are trying to place, but the bookies place these limits because of profability concerns. Let's say for example that a game has a huge favorite, the biggest favorite, no way this team losses and everyone knows it. The odds are offering super negative money because the bookies know too that the probability of that side not winning are super super low. Someone could try to make an easy profit by say placing a wager of $250,000 on this outcome, this is why bookies have limits.
• Line Making : Process undertaken by bookies or line-makers to establish the odds for an event.
• Line Movement : Betting lines are not static, odds are not static, they move. Odds / lines move up or down depending on different factors. For example if a last minute injury to the star player on one side is announced, the lines will move to adjust to that, and so on.
• Live Bet : Live betting is when you bet on an outcome while the event is live. This cannot be done with all betting lines, but there are many that allow wagers to come in while the event is running. Live betting is also referred to commonly as "in-play betting"
• Lock : A bet that is 100% a sure winner.
• Locked Line : A line that is momentarily not accepting any wagers usually because something significant has happened in relation to the outcome. Sometimes locked lines become closed lines, but other times they become live again and can be wagered on.

N

• Negative Money : Betting lines that give you in return less money than you wagered if you win. For example, a negative money bet at odds of -120 and a wager of $100, will pay me out $83.33 if I win, less than double my money. Negative money lines are a good way to identify favorites who pretty much never have plus-money odds.
• No Contest : An event that is deemed invalid by the house and as a result, all bets (that are still pending, and haven't had their outcome determined) are refunded to the players. This will happen for example if a game is cancelled.

P

• Parlay : A bet that combines two or more individual bets. The odds on a parlay are aggregated together and result in a higher potential payout, but not without added risk. In order to win a parlay, all bets on the parlay must be one, if just one bet is a loss, then the whole parlay is a loser. Parlay odds are obtained by converting all individual odds to decimal format and multiplying those odds together.
• Player Props : Type of betting lines that are based on the individual performance of a player. An example would be placing a wager on Lionel Messi to score at anytime in a match.
• Point Spread : A point spread is a type of bet where points can be "given" or "taken" from a side. If a side is given points then the spread is a positive one (+) (i.e., +2), and the side's final score is adjusted upwards to account for these points. If the side has points taken (negative points, i.e., -2) then the final score of this team is adjusted downward. After the final scores are adjusted upwards or downwards for the final team, this new score is then used to determine the winner. So let's say that I take points from Real Madrid, -2 points, the game ends 4-0 in favor of Madrid, after adjusting for the taken points, the final score is 2-0 in favor of Madrid. Then I win my bet because the result is still in the favor of the team I chose with the accounting of the point spread.
• Plus Money : Opposite of negative money, these lines can be identified by having American odds that are positive (+), or EU odds that are greater or equal than 2.0. Plus money lines double your money or more.
• Positive EV : Positive Expected value or EV, indicates a bet that you have calculated as having value based on what you believe the probability is compared to that of the bookies. Read the definition of EV for more info.
• Prop Bets : Short for "proposition bets", these bet types are more specific than your general moneyline and points spread. They deal with particular occurrences, such as what team will score last, or how many yellow cards there will be in a match.
• Push : A bet that essentially resulted in a tie has the wager amount returned to the player in full.

S

• Scalping : The same as arbitrage betting, it is a betting strategy where you place wagers on all possible outcomes, ensuring a profit or minimizing losses.
• Sharp : A skilled sports gambler who can read events well and makes a profit in the long run.
• Smart Money : Smart money is the money wagered by sharps, this money usually causes line movements because "big money" is wagered by these individuals. There are many applications where these movements are tracked and used as an advantage to see who the best of the best are backing.
• Stake : Amount of money wagered on a bet.
• Steam : Sudden and significant line movement, almost always because of smart money or a large amount of money on one side. This happens because lines are adjusted by bookies to try and achieve even money on each side, if too much money comes in on one side, the lines will suddenly shift in the other direction to incite users to take action. Steam is used to identify smart money movement.

T

• Teaser : A type of parlay where a bettor can adjust the point spread of a match in exchange for a lower payout. The bets become easier to win the adjustment of the spread, therefore bookies require two or more matches to be combined and lower payouts. American football is a very popular sport for this.
• Tipster : A person dedicated to providing betting tips and predictions, these individuals will almost always sell their tips.
• Tout : Similar to a tipster. A person that sells betting picks.

U

• Underdog : The side of an event not favored by the bookies to win, usually gives you plus money if you wager on them.
• Units : A unit is a standardized amount of money that is used as a reference by bettors to compare the size of their bets. Sometimes this will be a percentage of a bettors entire bankroll. For example, I play with units of $20, and my latest wager was for $60, or 3 units.

V

• Vigorish (Vig) : The commission taken by the house on each bet, the vig is embedded into the odds that you see on any platform. The vig percentage varies from bookie to bookie, but it is a way that all houses ensure a profit.