It’s one thing to be able to wager on your team to win the big game. It is a whole other thing entirely to talk like a sports bettor, know the parlance, understand the lingo, use the jargon and sound like you are a pro. Like all subcultures, the sports betting language has developed a uniqueness that helps to identify its users as part of the group. The following article is a comprehensive glossary of all the terms you would ever need to know to bet on sports and become a winner.
The Complete Sports Betting Glossary
A
Action – The age old term used by most gamblers referring to placing a wager. It refers to more than just the moneyline or the spread it could mean any type of bet on a game. Gamblers who feel compelled to be involved in many games are often referred to as action junkies. Sportsbooks will often refer to the amount of action on a game, meaning the volume of bets placed.
“I just had to have some action on Monday Night Football. I’m probably an action junkie”
Against the Spread (ATS) – Generally refers to a teams record against the points spread or handicap that has been offered on them in previous matches or games. A team with a good record against the spread (ATS) has outperformed bookmakers and bettors expectations. Bettors tend to look for teams who have performed well ATS as they feel the trend may continue. Of course bookmakers also adjust odds accordingly in future games to account for the teams outperformance.
An example might be an NFL team might be coming into week 9 of the season with a 6-2 record ATS. This means they have covered the points spread 6 out of 8 times. It is critical to note that the ATS record does not in any way reflect their outright win loss record as the the team may simply have covered with a plus line and may have still lost the game.
“The betting on the Buccaneers because they are 3-0 against the spread”
All-Up – The All-Up bet is another name given to a parlay. Commonly used in the UK, as the name suggests, the all-up bet allows a bettor to roll the original stake and winnings from one bet ‘all-up’ into the next bet. If the second bet loses the entire all up loses. The allure of a big return from a relatively small stake is what attracts bettors to the all-up bet type.
“I have Manchester United all-up into Liverpool this weekend.”
American Odds – A way of describing odds using the plus (+) sign to indicate the favourite and a minus (-) sign to indicate the underdog. For example a team with minus odds of -125 to win means the bettor would have to bet $125 to win a profit of $100. The opposing team may have odds of +150 which means a bet of $100 would return a profit of $150. American odds are called such as they are used exclusively in the US. They are also known as moneyline odds or US odds.
“My sportsbook quotes the moneyline in American Odds”
Anchor Bet – Similar to a banker bet the anchor is a bet which is viewed by the bettor as a virtual certainty to win. It has the name anchor as it is used in parlay betting as the cornerstone of the bet. It is the leg of the parlay that all other legs are built around and often it is carrying with it the shortest or smallest odds. Having said that, there are few more frustrating moments in sports betting when a parlay is brought down by a losing anchor.
“I am using Dodgers as my anchor today”
B
Backdoor Cover – Refers to the instance when late points scored by a bettors team allow them cover the spread in an unlikely way. Often the outright result in the game is no longer in question and the points scored are in ‘junk time’. A sports bettor normally views a backdoor cover as a lucky result.
“The late Bengals touchdown gave me a fortunate backdoor cover”
Bad Beat – One of the truly painful moments for any online sports bettor. A bad beat occurs when a team you have wagered on finds a way to lose from an unlosable position. It may be because of poor play, poor umpiring, poor coaching, a freak incident, a rarely seen play or any number of other crazy twists of fate. The key here is that it’s a losing bet that feels like it should a have been a winner. There is an argument to say you are not a true sports bettor until you have experienced a few bad beats.
“They were two scores up at the two minute warning and lost.
What a bad beat!”
Banker Bet – A banker is a bet considered by the person placing the bet as a virtually guaranteed winner. Sometimes referred to as a ‘lock’, it is given the term banker as it comes from the saying “you can take that to the bank”, meaning guaranteed money. Of course nothing is guaranteed in gambling but the confidence level of the bettor is such that they can’t see the banker being beaten. Banker bets are often used in parlays as the ‘anchor’ or the bet which the parlay will be built around. They are also extensively used in system bets.Unfortunately the odds on banker bets are often not very generous as the books will consider it a strong favorite as well.
“I have the Saints as my banker today”
Bettor – An individual who places a wager on a particular sports outcome. The bettor is the centre of all action. Odds being offered on a market will fluctuate depending on the behaviour of the bettors. Can also be referred to as a punter or gambler. Sophisticated bettors are know as sharps or wiseguys.
“The bettor made a smart decision to take the home team”
Buying Points – When a bettor is allowed to change the points spread in their favor by accepting reduced odds in exchange. It is a form of insurance and is seen to have a cost benefit. Of course the cost benefit only exists if the bet were to win by falling in the ‘bought points’ range, otherwise profit has been left on the table. Buying Points is often used to move a points spread figure out beyond a critical number. Eg +6.5 out to +7.5 in the NFL. This moves the spread out beyond a touchdown.
“I am buying points on the Bills this week to give me some insurance”
C
Closing Line – The final line as betting closed before an event began. It is often seen as an excellent indicator of the bettors weight of money. Sports betting is fixed meaning the gambler will receive the line as it was when they placed their bet. It is a great feeling if you have wagered on an event and the closing line has moved in your favor.
“The closing line has come in to 2.5”
Cover – A team is said to cover, when as favorite, they win by more than the points given, or as underdog they win outright or lose by less than the points start recieved. In either case they are said to ‘cover the spread’. Gamblers whose wager beats the spread is also said to cover. Bettors who consistently bet the spread need to cover at a rate of 53% to be profitable.
“I am betting the Ravens to cover this week”
D
Decimal Odds – Represent the payout on a bet per $1 invested. Expression of odds in a decimal format allows the exact payout to be calculated by multiplying the original stake by the odds. The profit on the bet is calculated by subtracting the original stake from the payout. These odds are not commonly used in the US but have much wider use internationally. For example a favorite may be paying 1.65 in decimal odds. This means a $100 bet would pay $100 x 1.65 = $165. Profit on that bet would be $65.
The multiplication of the decimal odds is used to calculate the final odds on a parlay bet. That way the profit plus the stake from the original bet are factored into the next legs of the parlay.
“I got action on the 49ers at odds of 2.25”
Dime – Lingo that usually refers to a bet of $1000 on a particular market. When betting large amounts bettor often use the slang term in order to keep the bet size on the downlow.Dime can in some cases refer instead to a $10 bet which is a reference to the dime being worth 10c or just 10. Obviously establish which bet size you mean before using ‘dime’. Online sports betting eliminates some of this lingo as the betting platform will use real terms.
“I’m on the Lakers for a dime”
Dollar – A slang term used by bettors to indicate a bet of $100. The reference here being that a dollar is 100 cents, so therefore ‘on for a dollar’ means ‘on for 100’. A gambler will also say ‘on for 3 dollars’ meaning they wish to bet $300.Online sports betting eliminates some of this lingo as the betting platform will use real terms.
“I’m on the Bruins for 2 dollars’’
E
Even Money – Occurs when a bet placed is set to return, in profit, the same dollar amount as staked. Essentially the gambler is doubling their money. Even money is a key figure when considering odds as it is the point where only a 50% success rate is required to break even. Often bettors are looking for better than even money (a plus money market) so that the 50% win rate yields profit. Bookmakers will rarely offer even money on a ‘coin flip’ market like spread betting, over/under points total and many prop bets. Doing so would remove their ‘juice’ or profit from the market.
“I got the Patriots at better than even money.”
Exotic – A bet type that focuses on side markets or variations to the more common higher volume markets. Among others, exotics include parlays, mixed parlays, props, futures and teasers. Within any one of those categories some sportsbooks will over a myriad of options. The most sophisticated sportsbooks can offer a many as 500 different exotic markets on a single game in high volume sports like the NBA and NFL. The exotic bet is popular with the recreational bettor as it can make an otherwise uninteresting game far more entertaining. Big events like the Super Bowl and the NBA finals are havens for the exotic bet.
“I always look to bet the exotics during march madness”
F
Favorite – The team or player considered most likely to win a particular event or game based on the odds offered. It is the most favored result by the betting community. In the two team moneyline betting the favorite is at minus (-) odds, meaning the profit will be less than the original stake. Betting the favorite over the long term is typically not very profitable due to the high strike rate required.
“The favorite won the game easily today”
Fixed Odds – The bettor receives the odds as they were when the bet was placed even if they fluctuate after that time, hence they are fixed. This can be very rewarding for a bettor who manages to ‘buy’ a team at a good odds on the hunch that it may later change. This opens up opportunities to ‘trade’ bets at a later date.
“I was able to grab a great fixed price on the home underdog”
Fractional Odds – Use fractions to represent the odds for a particular event. The Numerator is the potential profit the denominator is the amount wagered to win that profit.
For example: Odds of 4/6 (pronounced 4 to 6) mean that a profit of $4 will be made from a bet of $6.
Total Payout = Profit + Stake
= $4 + $6
= $10
This is said to be “Odds on” as the bettor is receiving less than double their money on the bet.
Another example: Odds of 7/2 (pronounced 7 to 2) mean that a profit of $7 will be made from a bet of $2.
Total Payout = Profit + Stake
= $7 + $2
= $9
This is said to be ‘Odds Against’ as the profit is larger than the stake or more than double their money.
‘I was able to get 3 to 2 for Arsenal to beat Liverpool’
Futures Bet – A wager placed on a market that will result well into the future. Often these bets focus on season long results such as over/under team wins, divisional winners or whether a team will make the playoffs, to name just a few. The futures betting market is enormous for bookmakers as bettors will often stake larger than normal bets on futures markets.
“I placed a futures bet on the Los Angeles Rams to win over 9.5 games this season.”
G
Garbage Time – A slang term for the late stages of a game when the result is already decided and the two teams appear to be going through the motions, playing their bench or second stringers. Garbage time is also referred to as ‘junk time’. This is a critical time for points spread and totals bettors. The entire dynamic of a game can change and it becomes less predictable. Garbage time is fertile ground for the bad beat or the backdoor cover. It needs to be considered when looking for an in-game wager.
An example of a moment a bettor may look to take advantage of garbage time is during NBA playoff games where a team has a match winning lead ealy and both sides have ‘clocked off’ to prepare for the next game in the series. The team who has dominated the scoreboard may score considerably less in the last quarter as they manage the clock. Some sophisticated bettors look to go after the last quarter ‘unders points total’ market on that team.
“The bucks back door covered in garbage time”
H
Handle – The amount of money taken by sportsbooks on a particular market at a point in time. The handle represents all monies including that which will be paid out to winners. Typically sportsbooks aim to retain slightly less than 5% of the handle hence the size of handle is proportional to their profit. Legislators tend to also claim a portion of the handle as tax which in the end can lead to less value for bettors, perhaps even drive bettors to illegally bet offshore.
“The handle on Thursday Night Football is a record”
Head to Head Bet (H2H) – Another name for the straight up or moneyline market. Terminology used outside of the US and as the term suggests the market pits two teams or players against each other head to head. The odds are usually quoted in decimal format and payouts are based on the outright winner. This will generally include overtime.
“I am on the home team head to head”
Hedging – An age old art or taking some insurance against a bet that has improved in odds and is potentially heading towards a good sized payout. This is achieved by placing a bet on an opposite outcome to the one the bettor originally bet on so as to lock in some guaranteed profit.. It is commonly used in futures betting, parlay betting and in game, with halftime and second half betting. The key is time. The bettor needs time to be able to assess the likelihood of the original bet winning and whether there is an appropriate market that will allow a ‘hedge off’ and guarantee a win.
A simple example of a hedge bet might be if the first two legs of a parlay had resulted and the third leg involved a strong favorite. The bettor may decide to hedge by placing a small wager on the underdog, effectively using some of the future profits from the parlay, to guarantee a return if the favorite was to go on and lose.
‘Hedging your bets’ is a phrase that has entered common vernacular as it quite neatly points to a person’s interest in both sides of an outcome and can be seen as sometimes as a sign of indecision. In betting hedging, if executed correctly, is sound money management.
“I hedged off on the last leg of my parlay to lock in some winnings”
Hook – The hook is a half point (0.5) which is added to a line bet to ensure there is no chance of a push or tie. It derives its name from the number 5s hook like appearance. For example in an NFL game the underdog may have a +3.5 start, meaning if they were to lose by a field goal (3 points) the hook (0.5) would ensure bettors who took the points would still win. They are said to have taken the team ‘with 3 points and a hook’. As a general rule sportsbooks will favor using the hook as there is no benefit in them having to refund all bets. Nevertheless losing by the hook is a cruel way to get beaten.
“The Packers are laying 6 and a hook”
I
Integrity – As the name suggests, integrity of a sportsbooks is important for all bettors. As each bet is a transaction of money (or credit) based on a set criteria (rules and regulations of the bet) then a bettor, who has something to lose, expects their sportsbook to be completely honest and fair. Regulated betting allows and enforces this to occur in all case. When bettors are forced to look offshore to place bets then the integrity of the bookmaker is harder to establish and in most cases impossible to prosecute should something go wrong.
“My bookmaker is full of integrity”
J
Juice – Sometimes called ‘the juice’ or ‘under juice’ it is simply a slang term for a bookmakers vigorish (vig). The amount of juice a bookmaker is taking as a commission can vary and finding a book with a smaller juice is always an important consideration for a sports bettor. Books will also vary the juice depending on the market. For instance the commission on minor league baseball is generally higher than the MLB because its is more challenging to frame accurate odds based on less information available about team selections, player form and so on. Juice is not an extra charge for a bettor, it is built into the odds. In coin flip markets like the points spread the juice is typically just less than 5%.
“I doubled my money minus the juice”
K
Kiosk – An unmanned station generally in a casino where an individual can place a sports bet. With the advent of legalised sports betting in a growing number of states in the US, kiosks will be required to handle to influx of first time bettors. While these kiosks are an excellent way to improve the user experience of a sports bettor in a casino or other legalised venue they are no substitute for the ease of mobile and online sports betting seen internationally.
“Placing bets at the kiosk meant I didn’t have to wait long”
L
Layoff – Refers to sportsbooks betting on an outcome with another bookmaker in order to insure themselves against a potentially costly result. This is a common occurrence and is all about risk mitigation. An example could be where a sharp places a very large bet on a favorite, the bookmaker then lays off with another sportsbook by placing a smaller stake on the underdog who is at larger odds. This reduces their potential profit but removes the risk of a large loss. Individual bettors can layoff in the form of hedging which in many ways follows the same principles.
“The bookmaker made a lay off bet against the Yankees.”
Limits – In order to mitigate their own risk betting agencies will often set limits on markets. This means they are limiting the amount an individual can place on one particular market. There are a few reasons why sportsbooks will set a particular limit on an event but the main one is that the event is seen as high risk and could be targeted by sharps. An example is the NFL draft prop bets which have grown in popularity over the last few years. These are notoriously difficult for sports books to frame odds so often the limit is set at $1000 per market. A large bet in most people’s eyes but a small bet for some.
Sportsbooks will also limit consistently winning bettors as they would prefer them to move their business elsewhere. Being banned by a sportsbook is seen by some as a badge of honor as it may reflect the bettors prowess.
“I bet the limit on the unders on QBs drafted first round”
Live Betting – A bet type that is placed after an event has begun. Also known as in-game wagering. The available odds fluctuate as the game ebbs and flows, making the timing of the bet critical. Most bookmakers will accept live bets on high volume markets but their can be restrictions on how the bet can be placed. In Australia for example, where online sports betting in general is quite sophisticated live bets must be placed over the phone or in person at betting kiosks. This of course, slows down the process of placing the bet, which can mean the value bet opportunity could be lost. There is real skill in being a successful live betting player.
“I enjoy the challenge of live betting”
Lock – A bet that is seen as one that basically won’t lose (a no lose bet). Of course any bet can lose but in the case of a lock the bettor’s confidence level is such that they feel it is almost a guaranteed win. The term ‘lock’ referring to to ‘lock it in’ without anymore thought or debate. A lock can also be referred to as a ‘banker’. An example might be where a bettor always bets a certain team when they are at home, or when they play at night, or after a bye week.The lock bet gets bettors into trouble when they fall in love with a certain condition and stop giving it due consideration.
“The Packers at home are a lock”
Long Shot – A team, player or market that seems unlikely to win and therefore has long (high) odds attributed to them. All bettors dream of landing a few long shots as they are serious bank boosters. The term comes from military parlance where hitting a target from distance had a high degree of difficulty and was rarely successful – the long shot. Typically when wagering on a long shot sports bettors will reduce risk by investing a smaller stake than usual. This means if and when the inevitable long shot doesn’t win not much is lost. The required win or strike rate for profitability on long shots is low (depending on how long the odds are) hence they have a certain allure to gamblers. Sadly often the long shots odds are still much shorter than they should be and being profitable long term is highly unlikely.
“My team winning the super bowl is a total long shot”
M
Middle – This is a move used by sophisticated or experienced bettors. The term refers to a bettor finding the ‘middle’ of two bets, typically on the points spread. An example of this is if a gambler was to wager on an NBA team at -6.5. Some time after the bet has been placed the line may move to say 8.5. At this point the bettor may wager on the underdog at +8.5 and now they have effectively opened up a middle. If the game was to finish with the favourite winning by 7 or 8 point both bets would win for a very tidy profit. If the result was to miss the middle it is guaranteed that one of the two bets would win and the gambler would return the majority of their stake. It begs the questions why go to all that trouble for essentially a refund if the middle doesn’t work out? The answer, a shot at a risk free bet, which makes it very difficult to go broke! Punting Nirvana!
“I middled the Magic, Nuggets game and cleaned up!”
Moneyline – The most popular bet type across many sports books. This bet type offers odds on a team’s chances of winning a particular match or game outright. The moneyline odds intend to reflect a team’s true odds of winning. The distribution of the odds in this market are what dictates a team’s favouritism or underdog status. In the US the moneyline odds are quoted in American but in other jurisdictions they can be listed as decimal or fractional. Moneyline can also be referred to as ‘head to head’ or ‘two way’ betting.
“The Cleveland Browns are Moneyline favourites for the first time in two years”
Multi Bet – Another name for a parlay, accumulator, combination or all-up bet. Commonly used in Australia which has arguably the most sophisticated online sports betting market in the world. Sportsbooks promote mutlis heavily in those markets as they provide a sizeable edge to the bookmaker.
“I have a 6 leg multi riding on this week’s games”
N
Nickel – The betting jargon used by gamblers referring to a bet size of $500. It is named such because of the nickel being worth 5 cents. I.e. the bettor is in for five. A bettor wagering $1500 could say they are in for 3 Nickles (3 X $500). Online sports betting eliminates some of this lingo as the betting platform will use real terms.
“I took the Cubs for a Nickel”
O
Online Sports Betting – Also known as mobile sports betting. Refers to the ability to place a bet without going to a betting location in person. Individuals hold an account with an online sports bookmaker and bets are placed on the run. The ease and convenience increases the user experience for the bettor.
In sophisticated sports betting jurisdictions like the UK and Australia much of the betting is done over mobile apps which have all the functionality of an in house bookmaker with immeasurably more convenience. The arrival of this in the US will be a game changer for the entire pro sports landscape.
“I do all my sports betting online”
P
Parlay – A bet type where a series of wager are linked together (or parlayed) so that the stake and winnings from the first wager are then placed on the next leg or option in the parlay. The final odds of a parlay are calculated by multiplying the decimal odds of each option together. Parlays are commonly referred to as combination bets (Combos), multi-bets (multis), accumulators or all-ups.
“I have parlayed the Phillies into the Angels for a potentially big return”
Prop Bets – Otherwise known as proposition bets. These are an exotic form of betting where wagers are placed in events that occur within the game but are not necessarily linked to the result of the game. They are very common in sports like American Football, Basketball and Baseball where the performance statistics are varied and thorough. For example in the NFL a bettor can wager on Individual player rushing yards, receiving yards or both. Sportsbooks are ever expanding their prop bet options.
“I put a few prop bets on the game to make it more interesting”
Punter – Another name for a bettor or gambler. Used more readily in England, Australia and New Zealand. A term of endearment. Insinuates you know the struggles of gambling but are ready and willing to take on the risk.
“After the Celtics big win the punters were left very happy.”
Push – When a wager is deemed a ‘No Result’ or ‘return’ due to the outcome of the bet being a non-listed occurrence in the original market. All wagered monies are returned to the bettor. The most common time this happens is in spread betting where the score of the game lands exactly on the listed spread. Eg. the spread is 6 points and the favourite wins by exactly 6 points. Sportsbooks attempt to eliminate the push by adding a hook or half point to the spread.
“My wager on the New York Giants at -3 was a push”
Q
Quarters – A style of betting used heavily in the NFL and NBA where each quarter of the game is broken into its own separate market. All the usual full game bet types are available including moneylines, points spreads and over/under totals. These are popular with sophisticated bettors who often work systems and do often hit these markets hard when circumstances line up with their system. Recreational bettors are less likely to bet quarters although in high profile games like the super bowl the volumes do increase as bettors look for ‘fun’ markets.
“I am going to bet the fourth quarter unders total”
R
Runner – The name given to a person who places bets on behalf of someone else. This is deemed illegal in most jurisdictions. The growth of the sports betting industry in the US should reduce the instances of this as in the past a runner has been required to place bets in vegas for people who live outside of Nevada but looking to wager.. Now that many states are in the process of legalising sports betting to some level, sports bettors should be able to get action without breaking the law.
“My buddy uses a runner to get action”
S
Sharp – The name given to a sophisticated or smart bettor. They typically bet with a large bankroll and are often quick to target lines, which they deem weak, as soon as they are posted by bookmakers. Many times betting is a source of full time income for a sharp and they are seen as well researched when placing a wager. Their recognised knowledge is useful for bookmakers as they will often adjust, or move, a line immediately after they have accepted a bet from a sharp. Sharp money is seen a trustworthy guide for betting by recreational bettors but often bookmakers have adjusted odds accordingly before the recreational bettors have jumped on. A bettor who follows a sharp is known as a ‘square’ Sharps are also referred to as wiseguys.
“The book has taken a lot of money from the sharps on this one”
Square – A common name given to a recreational or average everyday bettor. Typically they are viewed as long term losing gamblers who tend to bet in an unsophisticated manner. That is they bet without much research, close to game time when markets have already been bet through, with emotion, without finding the best odds and so on. Squares are a target for all sportsbooks as they are seen as low risk clients.
“The betting world is made up of mammy squares”
Steam – Refers to the sudden and dramatic move of a line in a sports betting market across multiple bookmakers. The steam is as a result of large volumes of money hitting the same market simultaneously. This is can be a deliberate move by professional gamblers or it can be when a tout, tipping service or handicapper releases information to the betting community and it prompts a flood of money to hit the markets.
Some bettors focus on ‘chasing the steam’. They watch the market closely for movements then go with the momentum. This is fraught with danger as the movement may be orchestrated by sharps who move a line then after it moves hit the other side harder.
“The points spread has been steamed”
Straight Up – When a bettor wagers on a player or team to win outright regardless of the margin of victory it is called a straight up bet. The market for straight up bets is called the moneyline and the prices vary depending on the team’s chance of winning, their ‘true odds’. A bundle of straight up bets is a common way to create a parlay as the bettor can take a combination of favorites and underdogs. Sophisticated bettors will usually bet a relatively large stake on straight up bets, particularly on the favorite. In other jurisdictions the straight up bet is referred to as a head to head bet.
“I took the Clippers straight up”
Systems Bet/Parlay – In a systems parlay the bettor can take ‘systems’ within their original selected legs. This gives the bettor multiple possible winning combinations. The functionality of the system creates, in a way, a hedge against the original full blown parlay. The many combinations and permutations are wagered upon creating a series of smaller bets all centred around the same legs as your original parlay. Most online books will offer systems on parlays of between 2 and 8 legs. Common systems types are, trixie, yankee, patent, lucky 15, canadian, lucky 31, heinz, super heinz, and goliath. For all you need to know on systems betting go to our article by clicking here.
“I used a system parlay to give me some insurance”
T
Teaser – A type of bet that allows the bettor to combine two or more markets and adjust the spread values in their favor in exchange for some loss of odds value. For example a bettor might bet on the Browns -2.5 and then link that with the Cardinals +4.5. The bettor might receive 4 points to use to adjust either matches spread. Ie Changing Browns to -6.5 or Cardinals to +10.5. If one of the markets loses the entire bet is lost. A teaser is similar to a parlay is many ways.
“I am looking for a good two team teaser to bet on today”
Tout – A person or service that sells tips or picks to recreational gamblers. They are self proclaimed experts and promise a better than average return. To achieve profitability from the use of a tout service the bettor must win enough to also return the tout’s fees. The tout is selling their expertise to pick winners much like a stock picker does for at home stock market investors. Not an exact science and no guarantee of a win. Touts typically tend to focus on the spread betting and the over and under totals markets.
“I used a tout to get the best picks this week”
U
Underdog – Refers to the team or player considered by oddsmakers to be the least likely to win a particular event. Bettors will often shorten the word to ‘dog’. The underdog status is defined by the moneyline market. The team with the plus money odds is the underdog and the team with the minus odds is the favorite. For example in an NBA game the favorite may be at -150 and the underdog at +175. A $100 bet on the underdog would yield a profit of $175 and a total payout of $275. Betting on the underdog is a strategy employed by many gamblers due to the increased payout and lower win rate required to be profitable.
“I always bet the underdog”
V
Vigorish (Vig) – The term is derived from the russian word ‘vyigrysh’ which means winnings. In sports betting language it refers to the profit or ‘take’ that a bookmaker will receive from a certain wager. It can also be called ‘juice’. In an effort to minimize risk sports books will often not look to win from a particular side in a bet but instead have even amounts of money bet on boths sides and gain a profit from the vig. The classic example of this is spread or line betting where the true odd should be -100 versus +100 (2 to 1). More often than not they are -110 to -110 meaning (1.91 decimal odds) meaning the vig is just shy of 5%.
For example, if a bookmaker takes $250 000 on each side of a -110 (1.91 decimal odds) spread bet (total $500 000) they will payout $477 500 ($250 000 x 1.91) to the winning side. This leaves them with a profit of $22 500 regardless of the result. The art in this for the sportsbook is to ensure that as close to possible an even amount of money has come in for both sides.
“I am looking to find a bookmaker with a reduced vig”
W
Welch – To welch on a bet is to not pay off when bet loses. This is alway a risk when bettors use credit to place bets. The use of credit is a huge risk and is not recommended. Welching on a bet is not a major concern in online sports betting as the sportsbook will deduct the stake from the account balance at the time the bet is placed and return the stake and profit within minutes of a winning bet resulting.
“This guy is known to welch on his bets”
Wiseguy – A gambler seen to be knowledgeable and successful in the world of sport betting. They carry a lot of credence with bookmakers and their betting patterns often help books frame their odds more accurately. A wiseguy will often pick their targeted markets and bet those heavily looking to maximise profits. They are often targets of bookmaker limits, however it is in the interest of the bookmaker to accept some money as the information gained is so valuable. Wiseguys are also referred to as sharps. It is the dream of many an avid sports bettor to be considered a wiseguy.
“We just took a large bet on the plus moneyline from a wiseguy”
X – Y
Yield – The yield of a bet is essentially the profit from the bet. It can be described in real money terms, or as a percentage of the initial stake or investment. Generally it is of more value to compare back to the original stake so a return on investment (Roi) can be calculated. For example a $50 bet on a +200 market will yield a profit of $100 or a percentage yield of 200%. Over the long term a yield of just a few % of turnover volume is worthwhile to a bettor considering the amount turnover would probably be quite significant.
“Over the last 6 months my betting yield has been 2.5% of my betting volume”
Z
Zone – When a bettor is high on confidence and executing their picks well. Usually occurs when the bettor has developed a trusted strategy and is disciplined enough to stick to it. When in the zone a bettor will often try to repeat their pattern of behaviour, fearing that a change will somehow jolt them out of the zone.
“I have been picking well lately, I’m in the zone”