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Sports Betting Glossary

51+ essential betting terms explained simply. From basic bet types to advanced concepts.

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Bet Types

16 terms

Moneyline

A straight-up bet on who wins

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Point Spread

Handicap betting on margin of victory

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Total (Over/Under)

Betting on combined score of both teams

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Parlay

Multiple bets combined into one wager

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Teaser

Parlay with adjusted point spreads

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Prop Bet

Wager on specific events within a game

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Futures

Bets on season-long outcomes

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Live Betting

Wagering while the game is in progress

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Same-Game Parlay (SGP)

Parlay with legs from the same game

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Round Robin

Multiple smaller parlays from selections

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Favorite

Team expected to win the matchup

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Player Props

Bets on individual player statistics

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ATS (Against the Spread)

Record relative to point spread

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Pleaser

Reverse teaser with worse lines for higher payout

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Buying Points

Paying extra juice to move a line

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Alternate Lines

Alternative spreads/totals with adjusted odds

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Odds & Lines

9 terms

American Odds

Plus/minus odds format used in US

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Decimal Odds

European odds showing total return

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Implied Probability

Win percentage suggested by odds

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Line Movement

Changes in odds from open to close

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Steam Move

Rapid line movement from sharp action

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Opening Line

First odds posted for an event

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Fractional Odds

UK odds format showing profit-to-stake ratio

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Closing Line

Final odds before event starts

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Reverse Line Movement

When line moves opposite to betting percentages

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Key Concepts

13 terms

Expected Value (EV)

The average profit/loss per bet over time

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Vig (Juice)

The sportsbook's commission on bets

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Closing Line Value (CLV)

How your bet compares to the closing line

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Edge

Your mathematical advantage over the sportsbook

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Sharp

A professional or winning bettor

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Square

A recreational or losing bettor

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Push

When a bet ties and stake is returned

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Hook

The half-point added to eliminate pushes

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Chalk

The favorite in a betting matchup

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Dog (Underdog)

The team expected to lose

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Fair Odds

Odds without sportsbook margin

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No-Vig Odds

Betting lines with margin removed

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ROI (Return on Investment)

Profit as percentage of total wagered

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Bankroll & Strategy

10 terms

Bankroll

Total money set aside for betting

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Unit

Standardized bet size as bankroll percentage

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Kelly Criterion

Mathematical formula for optimal bet sizing

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Hedging

Betting opposite side to guarantee profit

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Arbitrage

Guaranteed profit from odds differences

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Variance

Natural fluctuation in betting results

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Flat Betting

Wagering same amount on every bet

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Middling

Betting both sides to win both bets

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Chasing

Increasing bets after losses to recover

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Key Numbers

Common margins of victory in NFL (3, 7)

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Sportsbook Terms

3 terms

Sharp Book

Sportsbook that welcomes winning bettors

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Soft Book

Sportsbook that limits winning bettors

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Limit

Maximum bet amount allowed

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Ready to Apply These Concepts?

Beginner's Guide to Positive Expected Value Betting

Comprehensive introduction to EV betting fundamentals

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