Betting Terminology A to Z – Online Betting Terms Explained

Unfamiliar with some betting terms? Do you have a problem understanding some of the phrases that are commonly used in the sports betting world? The experts of the Scores and Stats portal made this comprehensive glossary of terms, phrases, and synonyms every bettor should know.

Our goal is to help novice bettors become more accustomed to sports betting terms, but also to help those more experienced players to keep up with modern phrases and new expressions. New terms and expressions emerge every day in the sports betting industry.

We have arranged the terms in alphabetical order so that our readers can easily find and understand every single term, phrase, or synonym.

A

Accumulator (aka Multiple, Parlay) – this term is undoubtedly familiar to almost every man who has ever entered an online sportsbook. Accumulator bet is something that every person who starts to bet on sports encounters at the beginning of his career. An accumulator bet is a bet where more than one selection has been played. Although bets with two, three, or more selections all have their unique names, the common name for tickets of more than one selection is called accumulator, multiple or parlay. The bettor needs to predict all the bets correctly on the accumulator to have a winning ticket.

Against the Spread (ATS) – the term ATS is an acronym for against the spread. ATS is one of the most used terms in sports betting. ATS term is used when you bet on the point spread market, but it also reflects specific team performance during the season against the spread. In short, ATS is betting on a selection that is giving away points and opposing the perceived logic of the spread.

American Odds – the type of odds that is popular in the United States of America. In sports betting, there are several types of odds, but the most popular are Decimal, Fractional, and American. The specific thing about American odds is the fact that the odds for favorites are accompanied by a minus (-) sign. In contrast, the odds for underdogs are accompanied by a positive (+) sign. Those odds, depending on the sign, either indicate the amount you need to wager to win $100 or the amount you can earn for every $100 staked.

Ante-Post (aka Outright Betting, Future bet) – it is sometimes possible to place bets on some events months or even years in advance. For example, when you bet on who will win the Super Bowl at the beginning of the season, or which team will miss the playoffs in NBA championship. The term “ante-post” originated from the world of horse race betting.

Asian Handicap (aka AH) – the type of handicap used in soccer betting. This type of handicap originated in Asia, and today is one of the most popular betting markets that can be found in soccer betting. The Asian Handicap market is a two-way market that uses a handicap (points or goal) to adjust perceived advantage between the favorite and the underdog. One more exciting thing about the Asian Handicap is the fact that you can bet on half or even quarter handicap (-0.25, -0.5. -0.75, +0.25, +0.5, +0.75). At first, the rules of the Asian Handicap may seem a bit complicated, but the truth is that it only takes a few hours to learn them well. If you would like to learn more about this type of handicap, then we encourage you to read our detailed article on Asian Handicap located here. It should be noted that besides the Asian Handicap Match Winner, there is also an Asian Handicap Betting Market for goals, called the Asian Goal Line Market.

Arbitrage Betting (aka Hedging) – a betting discipline that is similar to Matched Betting. In Arbitrage Betting bettors use the highest odds from different sportsbooks on one sporting event to create a “safe bet” and guaranteed profit. Arbitrage betting is one of the safest ways to make a long-term profit in the world of sports betting, by hedging your bets. It takes a bit of work, some calculations, and it is time-consuming, but the benefits of Arbitrage Betting can be massive.

B

Banker – this is a term generally used in sports betting when a favorite is expected to produce a win in a match.

Beard –a term that represents a third-party person whose job is to place the bet to hide the real identity of the bettor who wants to be anonymous.

Bet (aka Wager) – placing the specific amount of money on the outcome of the event with the potential return measured by the odds.

Betting Exchange – in short, the betting exchange is a peer-to-peer betting network. Unlike traditional sportsbooks where players are only allowed to place bets, betting exchanges are places where bettors can place their bets but also accept bets from other players. If you want to know more about the pros and cons of Betting Exchanges, we suggest you read our “Traditional online sportsbooks vs. Betting Exchanges” article.

Betting Strategy – is an organized and systematic approach in sports betting with a goal to generate a long-term profit.

Bookmaker (aka Bookie, Sportsbook) –is a legal and licensed company, who provide betting services to the registered customers.

Bonus –there are several types of bonuses that the customer can get at the sportsbook. Still, in general, bonuses represent a certain amount of free money that the sportsbook gives to the newly registered customer or a loyal customer. The most common bonuses are Welcome Bonus, Reload Bonus, Non-Deposit Bonus, etc. If you want to know more about the types of bonuses and promotions, we suggest you read our special Bonus article.

BOTD (Bet of the Day) – an abbreviation commonly used on social networks (Facebook, Twitter), mostly by punters who share their personal bets with followers.

BTTS (Both Teams to Score) –is a betting market mostly used in soccer betting. To win this bet, both teams need to score at least one goal in the game.

C

Canadian – a multiple bet system that consists of 26 separate bets (ten doubles, ten trebles, five four-folds and one five-fold). This system is also known as the Super Yankee system.

Cash Out – is the betting option offered by sportsbooks to the bettors. This feature allows bettors to settle the bets before the end of the game. Cash Out is a good option for those who like to play safely, who do not want to gamble until the end of the game, or in situations when you see that your bet is going in the wrong direction, and you want to save some of your initial stakes.

Chalk – betting on a favorite team or player.

Circled Game – a game where the bets limits are lowered as a reaction to bad weather, injury of the important player, or shady betting patterns.

Closing Line – this term represents the last available odds offered by the sportsbook before the start of the game. Beating the closing line regularly is a sign of a profitable bettor.

Commission (aka Margin, Juice, Vig) – the commission is the price of placing a bet at the sportsbook. Registering at sportsbooks that have a low margin is one of the most important things that bettors should consider when they choose the perfect sportsbook.

D

Decimal odds – a type of odds shown in decimal format mostly used in Europe.

Dime – betting slang term for a $1000 bet.

Dog (aka Underdog) – the term dog represents a team or a player who is expected to lose a game.

Double – An accumulator bet which involves two selections. Both selections must be successful to win the bet.

Double Chance – one of the basic soccer bets. With double chance bet, bettor reduces three outcomes of a soccer match to two. A double chance is a low-risk bet, but for that reason, the odds are low in that market.

Dutching – is a betting system in which bettor divides his initial stake into several selections. That way, bettor covers all the outcomes and makes a safe bet that will bring him profit regardless of the outcome. This betting system is mostly used in horse race betting.

E

Each Way – a bet that consists of two independent bets, one for the winner and one for the placement of the same horse or a player. This type of bet is mostly used in horse and greyhound racing, and golf betting.

Edge –this term represents the imaginary advantage that bettor perceives over the bookmaker. This happens when abettor feels that the odds or lines are not set correctly and considers that bet to be of great value.

ELO Ratings–ELO ratings compare the skill of players in competitor vs. competitor games, like in E-sports.

Even Money –a phrase that represents the odds of 1/1, 2.00, or +100. Even money means that sportsbooks think the game has 50-50 chance to finish either way.

F

Favorite – his term indicates that the player or team is deemed by the bookmaker to win the match or a game. You will be able to identify favorites easily by looking at odds as favorites rank from 1.99 for a mild favorite to 1.01 for an absolute favorite.

Fractional odds – a type of odds shown in fractional format mostly used in the United Kingdom.

Future bet – see Ante-Post.

G

Gamblers Anonymous – GA is a twelve-step program for people who have a gambling problem. Gambling addiction is a severe problem that needs to be adequately treated. If you feel that you lost control over your gambling habits you should ask for help!

Goal Line Market – a type of Asian Handicap betting market in soccer. In this betting market, bettors predict a number of goals that will be scored by both teams in the game. A similar type of market like standard Under/Over market, but with some differences specific for Asian Handicap.

Goliath – a multiple bet system that consists of 246 separate bets (28 double bets, 56 treble bets, 70 four-fold bets, 56 five-fold bets, 28 six-fold bets, 7seven-fold bets, and one eight-fold bet). To win some money, you need to predict correctly at least two from eight selections.

H

Half Time Bet – A bet on the result of the first half of a specific game only.

Handicap – a numerical advantage set by the sportsbook to balance the chances of both teams in the game.

Half-ball Handicap – a handicap which is 0.5 of a goal or point depending on a sport.

Hedging – see Arbitrage Betting

Heinz – a multiple bet system that consists of 57 separate bets (15 double bets, 20 treble bets, 15 four-fold bets, 6 five-fold bets, and one six-fold bet). To win some money, you need to predict correctly at least two from six selections.

I

IBAS (Independent Betting Arbitration Service) – the independent body that deals with betting disputes between sportsbooks and bettors.

In-play Betting – is a betting discipline where bettor places a bet on an event that is in progress. The odds in the in-play market move in real-time, depending on the current score.

J

Juice – see Commission, Margin, Vig

K

Kelly Criterion – one of the most popular advanced staking methods. Kelly Criterion is maybe the most used staking system  among professional bettors, but it also is one of the most difficult methods to follow.

L

Lay – aterm that is opposite from the back term. When you place the bet, you are backing your selection, and when the sportsbook accepts your bet, they are laying that selection.

Limit – themaximum amount of the money that the sportsbook allows you to bet.

Live-betting – see In-play Betting.

Longshot – combination bet that has a high odds and low probability of winning.

M

Matched Betting – a betting discipline that is similar to Arbitrage Betting. In Matched Betting bettors exploit bonuses and promotions, and use them to make a safe bet.

Margin – see Commission, Juice, Vig.

Money Line – the money line is one of the three basic bet types. Simply, the money line is the bet on match-winner. This type of betting market is available in any sport.

Monkey – betting slang term for a $500 bet. Sometimes, a $500 bet is also known as a nickel.

Multiple – see Accumulator, Parlay.

N

No action – a term most commonly used in horse racing, and represents a bet where no money is won or lost.

No deposit bonus – a type of bonus that bookmakers give quite rarely to the customers. What is specific about this type of bonus is the fact that it is enough to just register without having to make a deposit, and the bookmaker gives you free money. Of course, bonuses like this are usually low, with pretty strict terms and conditions.

O

Odds – the odds represent the value with which a bookmaker predicts that a certain team or a player will win or lose the game.

Odds format – there are several types of odds that are commonly used in online sportsbooks. The most popular are Decimal, Fractional, and American odds.

Oddsmaker – a person that makes and sets the lines/odds at a sportsbook.

Outsider – an opposite term of a favorite.

Over – a bet on whether the number of goals or points on a certain match will be over the line set by the sportsbooks. One of the three basic bet types (Over/Under).

P

Parlay – see Accumulator, Multiple

Payout – the potential return on a winning bet.

Point spread – the predicted difference in score between the two teams/players, as quoted by the sportsbook.

Pony – betting slang term for a $25 bet.

Price – see Odds

Push – when the selection ends without a winner or a loser, and bettor gets his original stake back.

R

Reload bonus – a reload bonus is a percentage of the amount of funds you have deposited.

Runner – an individual who places bets for another person.

S

Sharp bettor – a professional bettor.

Sportsbook – another term for a bookmaker.

Spread betting – one of the most popular betting markets. Spread betting is most popular in football and basketball. Sportsbook offers a spread on the outcome of the game, and bettor chooses to back favorite or underdog with a handicap.

T

Tipster – a person who provides tips for other people.

Treble – the combination bet that consists of one bet with three selections. Bet is won, if all three selections are correct.

Trixie – the betting system that consists of four bets (3 double bets, and one treble) with three selections. A minimum of two of your selections must be correct to get a return.

U

Under – an opposite term from Over. If you bet on Under, you bet that the number of goals/points will be lower than the line set by the sportsbooks.

Underdog – see Outsider.

V

Value – when the bettor sports the line or the odds that in his opinion are too high, then for him, it is a value bet.

Vig (Vigorish) – see Commission, Juice, Margin.

W

Welcome Bonus – one of the most popular types of bonuses that sportsbooks give to the newly registered players. In most cases, Welcome Bonus is received when a player completes registration and makes the first deposit.

Wise Guy – well informed and sharp bettor. A similar term like a Shark.