Betting Glossary

Any wager with money at stake. "Having action on a game" simply means you have a bet riding on it.

Betting the point spread rather than who wins outright. A team’s ATS record tracks how often it beats the number, not just the game.

The default US odds format, anchored to $100. Negative numbers (−150) show what you must stake to win $100; positive (+130) show what $100 wins.

Betting both sides of a market at different books where the prices lock in a profit no matter the result. Rare, small, and quickly limited by books.

A bet that looks won until a late, improbable swing flips it to a loss. Painful, common, and not a sign you bet wrong.

The total money you’ve set aside for betting. Smart staking is sized as a percentage of bankroll, not gut feel.

A sportsbook feature that settles a bet early for a reduced amount before the game ends. Convenient, but the book prices it in their favor.

The favorite. "Betting chalk" means backing the favored side; a "chalky" slate is one where favorites dominate.

The final odds a market settles at right before kickoff or first pitch. Considered the sharpest price because it reflects all available information.

The gap between the price you bet and the closing line. Consistently beating the close is the strongest evidence of a long-term edge.

When a favorite wins by more than the spread, or an underdog loses by less than it (or wins outright). A covered bet cashes.

An odds format showing total return per $1 staked, stake included. 2.50 means $1 returns $2.50. Standard outside the US.

Your advantage over the price — the gap between the true probability and the book’s implied probability. No edge, no bet.

A bet that pays exactly your stake in profit (+100 American, 2.00 decimal). Win $100 on a $100 bet.

The average profit or loss a bet would return if you could make it infinitely many times. Positive EV is the entire goal.

The total amount you stand to lose if your open bets lose. Books manage their exposure carefully — so should you.

The side expected to win, priced with negative American odds. The larger the number, the heavier the favorite.

An MLB bet settled on the score after five innings, isolating the starting pitchers from the bullpens.

Odds shown as a fraction (3/2) representing profit over stake. Traditional in the UK and horse racing.

A bet on a long-term outcome — a division, a championship, a season win total — settled weeks or months later.

Another word for the point spread, common internationally — a margin applied to level an uneven matchup.

The total amount of money wagered on a game, market, or book over a period. Not to be confused with the book’s actual revenue.

Placing a bet on the opposite side of a position you already hold to lock in profit or cut a potential loss.

The percentage of all money wagered a sportsbook expects to keep on a market, created by the vig.

The half-point on a spread or total (the .5 in 7.5). The hook prevents a push and decides a surprising number of bets.

The win rate a price implies — 1 divided by the decimal odds. It’s the break-even line your real win rate has to beat.

The sportsbook’s built-in margin on a bet — see Vig. It’s why both sides’ implied probabilities add up to more than 100%.

A formula that sizes a bet in proportion to its edge to maximize long-term bankroll growth. Many bettors use a fraction of full Kelly to soften the swings.

The maximum a book will accept on a bet. Sharp bettors often get limited — capped — once they win too consistently.

The odds, spread, or total a sportsbook posts on a game. "The line moved" means the price changed.

Wagering after a game has started, with odds updating in real time as the action unfolds.

Slang for a supposed sure thing. There’s no such thing — treat anyone selling "locks" with suspicion.

A big underdog at long odds — a small chance of winning paired with a large payout if it hits.

Betting both sides of a game at different numbers so a result landing in between cashes both tickets.

A bet on which team wins outright, with no spread involved. Priced in American odds.

The price with the sportsbook’s margin stripped out, revealing the market’s true estimate of each side’s chances.

A game a sportsbook has temporarily pulled and won’t take bets on, usually over injury or lineup uncertainty.

A bet on whether the combined score lands above or below the posted number. Also called the total.

A single bet combining multiple legs, all of which must win. Bigger payout, but a steeper built-in vig stacked across every leg.

A game with no favorite — no spread, just pick the winner at roughly even odds.

The margin of victory a favorite must exceed, or an underdog must stay within, for the bet to cover.

A bet on something other than the final result — a player’s stat line, a team total, the first score, and so on.

Wagers from casual bettors, who lean toward favorites and overs. Books shade popular lines to take advantage of it.

A tie against the number — the result lands exactly on the spread or total. Stakes are refunded.

Profit divided by the total amount staked — the cleanest measure of betting performance, and why we publish ours.

Baseball’s standard spread, almost always 1.5 runs. Backing a favorite at −1.5 means they must win by two or more.

A winning, professional bettor — or the money they move. Books track sharp action closely and follow it.

A casual, recreational bettor — the opposite of a sharp. Square money tends to chase favorites and big names.

Fast, heavy line movement across the whole market as money pours in on one side, often chasing sharp action.

A single wager on one outcome — the cleanest, most common bet and the easiest to evaluate for value.

A parlay variant that lets you shift the spread or total in your favor across legs in exchange for a lower payout.

The combined score both teams are expected to put up; bet over or under the posted number. Also called the Over/Under.

What the odds should be based purely on data — no vig, no public bias. The gap to the book’s line is where the edge lives.

The side expected to lose, priced with positive American odds. Often underpriced when the public piles onto the favorite.

A standardized bet size, usually 1% of bankroll. Tracking results in units keeps records comparable regardless of bankroll size.

A bet priced better than its true probability justifies — getting the best of the number. The habit that drives long-term profit.

The natural swing of short-term results around the long-term expectation. Even a +EV bettor has losing weeks.

The sportsbook’s commission baked into every line — the reason both sides’ implied probabilities add up to more than 100%.

Any bet — money risked on an uncertain outcome at agreed odds.