Sports betting has been one of the most popular activities for people around the globe. It is always exciting to bet on your favourite teams and potentially win some bankroll.
However, it is not only about knowing football, basketball, tennis or any other discipline. A knowledgeable bettor must have a good understanding of certain terms. This can greatly enhance the overall betting experience. In the following article, we will go through the major sports betting terms and their meaning.
Basic Sports Betting Terms
There are hundreds of terms in the world of online gambling. While not all of them are equally important, here we have picked out the most popular betting phrases you should know. Make sure to have a look at the explanations. Keep in mind that most of them are football betting terms and their meaning.
- Point Spread – A point spread is a handicap given to one team in a sports game to even the playing field. The favourite team is given a negative point spread, meaning they must win by more than that number of points for the bet to win.
- Moneyline – Moneyline is simply picking which team will win the game in regular time. Each team is assigned odds, with the favourite having a negative number and the underdog having a positive number.
- Overtime bets – Overtime bets involve predicting results in overtime. This pick is mostly for sports popular in the United States such as NFL, hockey and basketball.
- Over/Under – Also known as the “totals” bet, this is a wager on the total combined score of both teams in a game. The sportsbook sets a line representing the total points expected to be scored. For instance, soccer’s most popular option is under or over 2.5 goals.
- Parlay – A parlay is a single bet that links together two or more individual wagers for a high payout. To win a parlay bet, all the bets included in the parlay must win. If any of the bets lose, the entire betslip is lost.
- Teaser – A teaser is a type of parlay bet that allows the bettor to adjust the point spread or totals line to their advantage by adding or subtracting points but at the cost of lower odds.
- Prop Bet – A prop bet is a wager on specific outcomes within a game that are not necessarily related to the final score or outcome. These can include individual player performances or specific events occurring during the game.
- Futures Bet – A futures bet is a wager placed on an event or outcome that will be determined at a future date. For instance, in soccer, you might bet on Real Madrid to win the Champions League even before the tournament starts.
- Live Betting – Also known as in-play betting, live betting allows bettors to place wagers on a game while it is in progress. Odds and lines are continuously updated based on the events of the match.
- Added game – An added game is one that was not originally on the sportsbook’s betting menu. However, it has been provided in the line for certain reasons.
- Grand salami – This term is often used in hockey betting to describe the combined total of all goals scored in every game on a given day or night. This is one of the most common sports betting terms for bettors in Canada.
- Off the board – When a game is taken off the board, it means that betting on that particular game has been suspended. To illustrate, a particular player might have been injured, the weather has changed, or there was some type of unpredictable event.
Advanced Sports Betting Terms
Alongside the basic terms that we have explored above, there are also ones that require further analysis. To a certain degree, they can influence your betting strategy and general outcome. Typically these terms are frequently overlooked by a majority of bettors so we have prepared everything for you.
- Vigorish or Vig (Juice) – The vigorish, often referred to as “vig” or “juice,” is the commission or fee that a bookmaker charges for accepting a bet. It’s normally included in the odds, ensuring the sportsbook makes a profit regardless of the outcome.
- Handicap – In sports betting, a handicap is a point or goal advantage given to one team to level the playing field and make the bet more attractive. This is often used in situations where one team is significantly stronger than the other. Spreads and handicaps are often used as synonyms
- Puck Line – this is one of the most common sports betting terms in hockey, where a point spread is applied to the game. The favourite NHL team must win by a certain number of goals, while the underdog can lose by that same number of goals or win outright.
- Grand Slam – This term is not a sports betting one in essence. It refers to all four major tennis tournaments (the Australian Open, French Open, Wimbledon, and US Open) in a single calendar year.
- Canadian Handicap – Canadian handicap is a form of handicap betting where the stronger team must win by more goals for a bet to be successful. At the same time, the weaker team can lose by a certain number of goals or win outright.
- Total Goals – Total goals betting involves wagering on the total number of goals scored in a match, typically soccer or hockey. The number could vary depending on the status of the match and the teams that are playing.
- Run Line – Run line is one of the most used sports betting terms in baseball, where a point spread is applied to the game. The favourite team must win by a certain number of runs, while the underdog can lose by the same number of runs.
- Double Chance – Double chance covers two out of three possible outcomes in a match. Usually, either the team wins or the game ends in a draw. This is often used by punters in soccer when there are three potential results.
- Correct Score – A correct score predicts a match’s exact final score. To illustrate, if the Vancouver Canucks are playing against Edmonton Oilers in hockey, you might place a bet on the result of 5-3 between these sides.
- Arbitrage – Arbitrage betting involves wagering on all possible outcomes of a game to guarantee a profit, regardless of the outcome. This is an online betting strategy, and punters turn to this option quite often.
- Push Gaming – Push Gaming refers to a scenario in sports betting where neither the bettor nor the bookmaker wins or loses money because the final score matches the point spread or total exactly.
- Hedging – This is placing additional bets to reduce or offset potential losses from an initial wager. It’s a risk management strategy commonly used when a bettor’s initial position is at risk.
- Round Robin – A round robin bet is a series of parlays featuring a group of teams. It allows players to wager on multiple teams while still covering all possible combinations.
- Express – Express betting is a term used in some regions to refer to an accumulator or parlay bet, which involves combining multiple selections into a single wager for higher potential payouts. It normally starts with three selections and can contain even twenty options.
- Action – In sports betting terms, “action” refers to any bet that is currently active or in progress.
- Against the spread (ATS) – ATS betting is wagering on the outcome of a game based on the point spread rather than simply picking the winner. For your bet to be successful, the team must win by a margin greater than the spread.
- Bankroll – A bettor’s bankroll is the total amount of money they have set aside specifically for betting on sports. The bankroll depends on the matches and events you decide to bet on. Usually, the riskiest bets come with a lower bankroll.
- Bookmaker – A bookmaker, or bookie, is a person or organization that accepts and pays out bets on sporting events. Another one of the most commonly used sports betting terms is sportsbook which is typical for people in North American countries.
- Buying points – Buying points enables bettors to adjust the point spread or total by paying an additional fee to the bookmaker. It happens frequently, especially by “sharp” players.
- Chalk bettor – A chalk bettor is someone who consistently bets on the favourite or the team with the lowest odds. While this strategy could be effective in certain cases, you should always take into account various factors. Odds represent a general likelihood, so it is not a guarantee that the team with the lowest odds will emerge victorious.
- Covering the spread – When a team covers the spread, it means they have won by more points than the point spread set by the bookmaker.
- Underdog – The underdog is the team or player that is expected to lose the game or match. In any sport, underdogs come with higher odds.
- Draw – A draw occurs when neither team wins in a game or match, resulting in a tie. The draw is available in the majority of disciplines. When you place a bet on this selection you will normally get one of the highest odds.
- Edge – An edge refers to any advantage a bettor may have over the bookmaker, often based on analysis, knowledge, or expertise. This term is also used in the casino with the same meaning.
- Even money – Even money refers to odds of 1:1, where the potential payout equals the amount wagered. You won’t see it too often from the bookies.
- Favorite – The favourite is the team or player expected to win the game or match. It is usually depicted in the odds. When setting a favourite, sportsbooks analyze a broad range of factors such as historical performance, H2H matches and players’ form.
- Home field – Home field advantage refers to the tendency for the home team to perform better than the away team. This is due to factors such as familiarity with the stadium or support from the home crowd. For instance, Liverpool and Dortmund have some of the best supporters around the world and their own fields have helped them produce numerous comebacks.
- Hook – In sports betting terms, a hook is half a point added to point spreads to prevent ties.
- Limit – The limit is the maximum amount a bookmaker will accept on a single bet. Both the overall winnings and the initial stake size could be subject to change. Usually, bookies have a threshold of $100,000 or currency equivalent on a sum of total wins.
- Lines – Lines refer to the odds or point spreads set by the bookie for a particular sporting event. They are subject to frequent change.
- Middle – Middle is placing bets on both sides of a game, with the hope of winning both bets if the final margin falls within a specific range. This is a difficult prediction to guess.
- Odds – Odds represent the likelihood of a particular outcome occurring in a sporting event. Depending on your location, the odds system could be either Malaysian, Decimal, Fractional or Hong Kong. However, they all describe the same.
- Pick ’em – A pick ’em is a game where the point spread is so close that neither team is considered a favourite. Let’s say we are talking about a match between the Denver Nuggets and Boston Celtics where the spread could be -/+3.5 even.
- Return on investment (ROI) – Return on investment is a measure of profitability in sports betting. It is calculated as the net profit divided by the total amount wagered, expressed as in percentages. Technically, people use this term a lot in the economy.
- Wager – A wager is a bet or stake placed on the outcome of a sporting event. It is oftentimes used as a synonym for placing a betslip as well.
Specialized Sports Betting Terminology for Compilers
Sportsbook compilers are individuals responsible for setting the initial odds and lines for sports betting markets. They use a combination of statistical analysis, historical data, expert knowledge, and market trends to set accurate odds.
For compilers, there is also a specific range of terms and sports betting slang that will be useful for the users of sportsbooks. Here are some of the major ones.
- Opening line – The opening line covers the initial betting odds offered by a sportsbook for a particular sporting event when the betting market opens. It serves as the starting point for bettors to place their wagers, and subsequent line movements may occur based on numerous factors.
- Closing line – In contrast, the closing line refers to the final odds for a specific match. When you actually see them, these are the ultimate odds you can take advantage of and place in your betslip.
- Steam – In sports betting terms, steam is a sudden and significant movement in the betting line or odds caused by a large volume of bets. Steam indicates strong betting activity and can influence further line movements.
- Sharp – A sharp bettor, also known is a skilled and knowledgeable individual who consistently wins and is often considered a professional. Sharps typically place well-informed bets based on careful analysis and understanding of the betting markets.
- Public money – Public money describes the bets placed by recreational or casual bettors, as opposed to professional or sharp bettors. Sportsbooks often monitor the flow of public money to adjust their odds accordingly to balance their exposure and minimize risk.
Conclusion
To sum up our review of sports betting terms, one should know that it is an effective way to thoroughly understand gambling terminology. Imagine you are placing a bet on soccer in Canada, and you have no idea what a specific term means.
You might place a completely inaccurate wager and thus lose your money. We advise you to stay informed and constantly learn the latest developments and new information. This is the way to unlock success in sports betting.
FAQ
What are sports betting terms?
Sports betting terms are a set of vocabulary and terminology used in wagering on sporting events. These terms cover a wide range of concepts, including types of bets (such as point spread and moneyline), betting strategies (like hedging and arbitrage), and specific outcomes (such as prop bets). Understanding these terms is crucial for an effective sports betting strategy.
What are some common sports betting terms I should know in Canada?
Common sports betting terms in Canada include point spread, moneyline, over/under, parlay, teaser, prop bet, and futures bet. Additionally, terms like puck line (in hockey), grand salami (total goals in all NHL games), and Canadian handicap are prevalent. Understanding these terms helps Canadian bettors to place more effective betslips.
Is sports betting legal in Canada?
Sports betting laws in Canada vary by province. While single-event sports betting was historically illegal, the passing of Bill C-218 in 2021 amended the Criminal Code to allow provinces and territories to regulate sports betting within their jurisdictions. As a result, sports betting is now legal in Canada. However, it is subject to the regulations and oversight of individual provinces and territories.
Where can I learn more about responsible sports betting in Canada?
To find out more about responsible sports betting in Canada, you can visit the website of the Responsible Gambling Council (RGC). The RGC provides resources and information on how to gamble responsibly, including tips for staying in control and recognizing problem gambling. Additionally, individual provincial gambling websites often provide resources and support for responsible gambling within their jurisdictions.
