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Sports Betting Glossary: All Must-Know Sports Betting Terms

09.04.2024, 16:21

Sports betting is a hobby known in the majority of the world. Although it's at its most easy and accessible as it has ever been, it is also a complicated thing, especially for beginner bettors. There's just so much to know about all the aspects of it, and sports betting terms are a big part of that. Here are some of the hottest sports betting terms from all over the world concerning the most important parts of sports betting.

Sports Bet Terms TIPS.GG

Important Sports Betting Terms

Action

A more formal, book-like synonym for wager. You have action on the game after putting down a wager on the outcome.

American Odds

This is one of the popular odds formats that denotes favorites with a "-" (minus) sign and the underdogs with a "+" (plus) sign next to their odds. As its name implies, popular among the US bookies.

All In

A short form of "all in play or not" - a bet market where the bet is set in stone regardless of whether the participant takes part in the event. It is most relevant in horse racing but applies to other sports.

Alphabet

A very complex bet that takes its name from the fact that it consists of 26 individual wagers. An alphabet bet has 2 Patents, 1 Yankee, and a six-fold accumulator (for a total of 26).

Also Ran

A horse racing term that refers to a horse that runs, but doesn't win anything for the owner, i.e. does not finish first, second, third, or even fourth.

Alternate Lines

Refers to any wagers beyond the standard pregame moneyline bets.

Ante Post

Refers to a bet placed before the day of the event, or before the betting market has been opened. Ante post bets usually feature better betting odds than pre-match bets. Common in horse racing.

Arbitrage

A sports betting strategy that lets gamblers ensure a betting profit regardless of the event's outcome. For instance, betting on both win and loss at odds allows for an overall profit across both bets.

Asian Handicap Betting

Form of sports betting preferred by football (soccer) punters. The underdog receives a virtual advantage meant to lessen the skill difference between the teams to make bets on them more enticing.

BIP or BIR

This acronym stands for betting in play (or in-play betting). Alternatively, in a horse racing context, it stands for betting in running. Participants of BIP bet on the match when it's underway as opposed to pre-event betting.

BTTS

Acronym of "Both Teams To Score." This is a popular type of bet, where punters wager on whether both teams will score at least one point during the match. Match outcome doesn't affect the bet.

Back

A betting term that stands for an event happening as opposed to not happening (lay). For instance, if you believe a soccer team will win, you place a back bet on them.

Back to Lay Betting

A betting technique where a bettor places a back bet on high odds and a lay bet on the same match at a lower price on another sportsbook. By doing so with appropriate odds, punters can lock a profit regardless of the outcome.

Backdoor Cover

A late-game score that beats the point spread for the underdog without affecting the outcome of the actual match. For example, a football team that’s a +2.5 underdog is trailing by 3 goals but only loses by two after scoring a last-minute goal.

Bad Beat

The term hails from poker but applies to sports betting. A bad beat is when a bettor loses a high-chance wager - although it is a fuzzy, not-well-defined term.

Banker

In sports betting, this term stands for a very strong favorite of the match - a nearly guaranteed bet winner.

Bet Slip

A tab that contains the user's bet selections on sportsbooks. It contains wagers, odds, and potential winnings.

Betting Exchange

A betting exchange is a peer-to-peer network of bettors where punters bet between each other instead of wagering on a sportsbook.

Betting W/O

Stands for "Betting Without." This type of bet involves betting on a team, player, or horse (in horse racing) to win the race without including the favorite in the result. So, in a "betting without" bet, a team you bet on finishing in second-place would count as a win.

Bookie

A short-hand for bookmaker - a company licensed to offer odds and accept wagers from players.

Canadian bet

In a Canadian bet, bettors pick 5 selections for a total of 26 bets. Sometimes referred to as "Super Yankee."

Cash Out

A tool offered by some sportsbooks that allows users to profit from an event before it is completed. It can also be used as a loss mitigation tool by taking a loss in running. If you think your bet is going to lose, rescind it with the Cash Out function and get part of your stake back.

Century

A British punter slang that stands for one hundred pounds sterling (£100 GBP).

Consensus Pick

Whenever multiple bookmakers post odds that heavily favor on of the sides in a sports match or a horse race, this side is known as the "consensus pick."

Cover

In handicap betting, a cover is whenever the favored team wins by exceeding the point spread against them. For instance, when a football team on a -1.5 wins by a 2-point difference, it has covered the spread and has the cover.

Decimal Odds

This is one of the popular odds formats used in European sportsbooks. Displays odds in a decimal value per every dollar wagered, including the initial stake.

Dime

Betting slang for a $1000 wager.

Dollar

Betting slang for a $100 wager.

Double Bet

A bet where a punter needs to make the same bet and stake across two different events. Both selections must win for the Double Bet to succeed.

Dutching

A betting strategy where a bettor wagers on more than one selection within a single event.

Edge

A sports term for an advantage a bettor gains by conducting extensive research of a game, team, or a particular match. If that helps a bettor find a value bet, that's the edge.

Even Money

A betting term for "50-50 odds," or even odds. If a punter bets $100 on an even money odds, they will receive $100 in winnings plus their initial stake.

Evens

A shorthand synonym for even money.

FGS / FPTS

Acronyms for First Goal Scorer or First Player To Score. Used depending on the sport you're betting on - for instance, FGS for soccer and FPTS in basketball.

Field

This betting term stands for everyone BUT the favorite of the event - i.e., every other team, player, and horse, but the one that is more likely to win.

Form

The form stands for the performance history of a team, athlete, player, horse, etc. More precisely, form stands for the way a player has recently performed - or usually performs.

Fractional Odds

This is one of the popular odds formats used in British sportsbooks. Displays odds in a fractional value per every pound wagered, including the initial stake.

Full Time

Refers to betting on the match outcome excluding overtime, extra time, or any possible penalty shootouts. For instance, in soccer betting, a full-time bet will only include 90 minutes of play (and any injury time added by the referee) and nothing else.

Futures Bet

A long-time wager on an event that will take much longer to resolve than a typical bet on an individual game or match. A futures bet may take anywhere from weeks to months to resolve.

Goliath bet

A total of 247 bets across a range of eight selections. The Goliath bet includes the following: 28 double bets, 56 treble bets, 70 four-fold accumulators, 56 five-fold accumulators, 28 six-fold accumulators, 8 seven-fold accumulators, and 1 eight-selection accumulator.

Graded Bet

A sports betting term for a finished bet. A graded bet is any bet that has already been officially declared as winning, losing, or pushing once the event has ended. Also called settled bet.

Grand

A sports betting slang for a £1,000 GBP wager.

Handicap

A disadvantage, virtual or real, in a sports match or a race. In sports bets, favorites receive a virtual handicap to make bets on them more enticing. In competitions like horse racing, better horses carry different weights to make the competition closer.

Handicapper

In sports betting, a handicapper can mean two things: a sports analyst assigning handicaps on a particular bet or a sports punter betting on any sports event.

Handle

A total amount of money bet on players on a particular game, event, or race on a single sportsbook (or multiple sportsbooks).

Hedging

A betting strategy that involves making a bet on the opposite of the original wager. By doing so, a punter minimizes risk and guarantees some return regardless of the outcome. Example of hedging: making a large outrights bet on a football team, then betting against them in pre-match betting.

Heinz bet

A total of 57 bets across a range of eight selections. The Goliath bet includes the following: 15 double bets, 20 treble bets, 15 four-fold accumulators, 6 five-fold accumulators, 1 six-fold accumulator.

Hook

A half-point added to a point spread. Used in sports without half-points to eliminate the possibility of a push bet.

House Rules

Set of rules set by a bookmaker outlining the sportsbook's policy. This combination of User's Agreement, license, and terms of service includes wagering standards, user eligibility, account policies, etc.

IBAS

Acronym for Independent Betting Adjudication Service. This service resolves conflicts between customers and bookmakers.

In-Game Wager/In-Play Betting

Participants of in-game wagers bet on the match when it's underway as opposed to pre-event betting. See also in-play betting, BIP.

Juice

The hidden fee of bookmakers for taking a bet. Also known as vig, vigorish, or rake.

Lay Bet

A wager on the sports event NOT ending in a certain outcome. For instance, if you believe a football team will not win a match, you place a lay bet on that match.

Lay to Back Betting

An advanced sports betting strategy popular on sports betting exchanges. It involves a player placing a lay bet first and then a back bet on the same match at different odds. By doing so correctly, a profit is secured regardless of the outcome.

Laying Points

Handicap betting on a favorite. An example of a laying points bet is backing a +2 point spread favorite in a soccer match. They win if they lead the match by 3 goals or more.

Leg

A single-wager part of a parlay bet.

Line Movement

Changes in game odds. In pre-match betting, this term stands for odds change from the time betting opens to the time the match begins. In live betting, odds change all the time during the match.

Lines

A betting term that included odds and handicap values on sporting events.

Lock

A betting term that indicates a very strong likelihood of a particular outcome.

Longshot

A betting term for a strong underdog in the event. The "long" in "longshot" stands for "long odds" such an underdog would have.

Matched Betting

A sports wager on any sports betting exchange. It involves two punters (a backer and a layer) agreeing on a sports wager and its liability.

Moneyline Bet

A straight single bet on an event outcome. Nothing more, nothing less.

Monkey

Betting slang for a £500 bet in Britain.

Multiple bet

A bet consisting of more than one selection.

Nailed On

A nearly guaranteed bet outcome. See also: lock.

Nickel

Betting slang for a $500 wager.

No Action

A wager that has been canceled by a bookmaker, with stakes returned to bettors. Different from a push bet since a "no action" bet is due to a canceled or unsatisfactory match, not a draw.

Non-Runner

A selection that drops out of a race or a sports competition. Most bets are "non-runner no bet," i.e. if that happens the stake is returned to the player.

Odds

Betting odds are the bookmakers' evaluation of the likelihood of an event. Also measures how much a bettor stands to win on a wager.

Oddsmaker

Sports analysts setting the odds and lines. See also: handicapper, sports trader.

Off the Board (OTB)

A period when the match is removed from the bet list. It often happens due to technical problems, player injuries, etc., that cause the match to be canceled or postponed.

Over/Under

Over/under is a type of wager where players bet on whether the score in the game will exceed or fail to exceed an arbitrary threshold set by the bookmaker.

Overround

The bookmaker's fee for placing a bet. Also known as vig, vigorish, juice, or rake.

Outright/Game Outright

A type of wager where punters bet on the outcome of an entire event, season, or league instead of a single match.

Parlay

A wager that consists of multiple bets, combining them into one. All individual bets must succeed in order for parlay to be a win.

Pick ‘em

Betting slang for a sports match without a favorite or an underdog; a close sports game.

Picks

Advice or tips given by sports analysts, community bettors, and tipsters on the probability of the event.

Places

Places are used in sports racing and horse racing betting to refer to a selection of winning placements in a bet. For example, a small number of races will have only two or three winning places, while massive competitions may have up to six or more.

Pleaser Bet

A wager that combines multiple bets into one but lets the user move lines on each of the selections in favor of the sportsbook. Pleaser bets are riskier than teaser bets, but they offer a greater payout.

Point Spread

Also called "the handicap", point spread is the virtual handicap set by the bookmaker to level the playing field between the favorite and the underdog to encourage bets on particularly difficult matchups.

Pony

A betting slang for a £25 bet in Britain.

Price

Another synonym for betting odds.

Prop Bet

Prop bets are bets on the game or a sports match aspect that aren't immediately tied to the game's outcome. They can be placed on score, player performance, or something completely unrelated to the game's or sport's rules or winning condition.

Public Money

The total amount of money wagered on a specific bet. For instance, if 90% of bets are on Real Madrid against Valencia, it means the public money is on Real Madrid.

Punter

Synonym for "sports bettor."

Push

To "push" a bet means it has been canceled due to a match ending in a draw. Push bets are refunded to punters.

Record Against the Spread (ATS)

Advanced sports betting is a term that refers to the team's performance relative to the handicap.

Return

Term for profit plus initial stake that go back to the punter in case of a successful bet.

Reversed Forecast

A bet on two participants in a race or a sporting league that you believe will finish first and second. Unlike straight forecast, their actual placements don't matter - all that matters is that they both finish either first or second.

Round Robin

A bet made up of 10 individual bets across 3 selections, these are as follows; 3 Doubles, 1 Treble, and 3 Single Stakes About that combine into 2 bets each.

SP

Acronym for "Starting Price." This term refers to the final odds for a bet posted right before the match, race, or event starts, and the wagers are closed off.

Same-Game Parlay

A type of bet that combines multiple wagers into one in the context of a single match. For instance, betting on match outcome together with betting on a player's performance. As with all parlays, all selections must be successful in order to win same-game parlay bets.

Scalping

A betting strategy that involves taking advantage of changes in odds on sportsbooks and sports betting exchanges.

Score

A betting slang for a £20 bet in Britain.

Selection

Betting term for the subject of the bet, be it athlete, player, horse, greyhound, or a sports team.

Sharp

Sports term for a successful bettor. Bookmakers even trace bets made by sharps to adjust their odds and handicaps.

Single bet

A simple, one-selection bet.

Sportsbook

A company licensed to offer odds and accept wagers from players. See also: bookmaker, bookie.

Spread Betting

A sports betting tactic that involves betting on multiple selection within one event, covering multiple outcomes.

Stake

Amount of money wagered on a bet.

Straight Forecast

A type of sports bet that involves picking out the first and second places in a match, event, or race. Unlike the Reverse Forecast, you must get the places of the two teams exactly right to win.

Straight Up

A simple single bet on a match, event, season, race, etc. outcome without any handicaps or point spread.

Taking Points

Sports betting term for underdog betting.

Teaser

A wager that combines multiple bets into one but lets the user move lines on each of the selections in their favor. Teaser bets are safer than regular parlays but offer worse odds.

Tips

Any advice given by sports bettors or members of the betting community.

Tote bets

In tote betting, all the stakes on a particular bet are pooled together, with the pot shared among the winners. The odds fluctuate based on the amount of money wagered.

Tricast

A bet type in which bettors need to pick the first, second, and third-place finishers in the exact order. This is common in horse or motor racing.

Underdog

A team heavily disfavored in a sports match, race, or a league.

Unit

An abstract measurement of a betting budget, betting units are used by expert bettors to track their successful bets and efficiency.

Winnings

Amount of money earned from a successful bet.

X

In sports betting, X stands for draw. It's called this way because of a popular soccer betting market 1x2, where 1=home win, X=draw,2=away win.

Yankee bet

A complex bet consisting of four selections for a total of 11 individual bets.

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