Sports Betting
Glossary

A long-term bet on something that resolves at season's end, like a championship winner, MVP, or season win total.

ExampleThunder +110 to win the 2026 NBA Finals. Wagered in October, settled in June.

Related: Prop bet (Proposition)

Placing a second bet on the opposite side of an open wager to lock in profit or limit loss. Common with futures that come close to cashing.

ExampleHeld a $100 Chiefs +1500 Super Bowl future. They reach the final. Bet $400 on the other team at +200 to lock in profit on either outcome.

Related: Futures , Arbitrage (arb)

Bets placed after a game has started, with odds updating in real time after every play, possession, or scoring event.

ExampleDown 14-0 in Q1, Chiefs ML jumps from -180 to +120. Live spreads adjust each timeout.

Related: Cash out

A bet on which team or athlete wins the contest outright, regardless of margin. The most common straight wager in US sports betting.

ExampleChiefs -180 vs Bills +150. Bet $180 on KC to win $100, or $100 on Buffalo to win $150.

Related: American odds , Point spread

A single bet combining 2 or more selections. All legs must win for the parlay to pay; one loss kills the whole ticket. Payouts compound.

ExampleThree -110 spreads parlayed pays roughly +600 (bet $100 to win $600).

Related: Same Game Parlay (SGP) , Teaser , Round robin , Hedge

A handicap a sportsbook gives the underdog (or takes from the favorite) so both sides are priced at roughly even money. The favorite must win by more than the spread to cover.

ExampleCeltics -6.5. Boston must win by 7+ to cover. Lay -110 to win $100.

Related: Moneyline , Vig (Vigorish / Juice) , Push

A wager on something that may happen in a game beyond the final score, most often a player stat (yards, points, strikeouts) or a yes/no event.

ExamplePatrick Mahomes Over 275.5 passing yards (-110). Coin toss: heads (-105).

Related: Same Game Parlay (SGP) , Futures

An automated way to place every possible smaller parlay combination from a list of selections. Reduces variance vs. one giant parlay.

ExampleRound robin of 4 picks in 3-leg parlays creates 4 separate parlays of 3 legs each.

Related: Parlay

A parlay where all legs come from a single game, often combining team result with player props. Legs are correlated, so the book prices them tighter than a true parlay.

ExampleChiefs ML + Mahomes Over 275.5 pass yards + Kelce anytime TD = combined +450.

Related: Parlay , Prop bet (Proposition)

A parlay variant where you adjust each leg's spread or total in your favor by a fixed number of points, in exchange for shorter odds.

Example6-point NFL teaser: -7.5 favorite becomes -1.5; +1.5 underdog becomes +7.5.

Related: Parlay , Point spread

A bet on the combined score of both teams being over or under a number set by the sportsbook. Overtime usually counts.

ExampleLakers vs Nuggets total 224.5. If the final is 118-110 (228), the Over wins.

Related: Point spread , Vig (Vigorish / Juice)

Spread or total options offered at non-standard numbers, with re-priced odds. Useful for buying or selling points around key numbers.

ExampleStandard line Chiefs -3 (-110). Alternate Chiefs -7 (+200) or Chiefs -1.5 (-180).

Related: Point spread , Total (Over/Under)

The plus/minus odds format used by US sportsbooks. Negative numbers show how much you must bet to win $100; positive numbers show what $100 wins.

Example-150 → bet $150 to win $100. +200 → bet $100 to win $200.

Related: Decimal odds , Implied probability

European odds format showing total payout per $1 wagered, including stake. The format used by most international books.

Example2.50 decimal = +150 American = bet $1 to receive $2.50 ($1 stake + $1.50 profit).

Related: American odds , Implied probability

The probability a bet must hit to be break-even at the stated odds, before the book's vig. The percentage embedded in any line.

Example-110 odds imply 52.4% probability. Beat that long-term and you profit.

Related: American odds , Vig (Vigorish / Juice) , Closing Line Value (CLV)

Promotional or competitive pricing where the vig is lower than the standard -110, e.g. -105 or -103. Improves the bettor's break-even rate.

Example-105 / -105 cuts the house edge from 4.5% down to about 2.4%.

Related: Vig (Vigorish / Juice)

The sportsbook's commission baked into the odds. Standard juice on a point spread is -110, meaning you risk $110 to win $100. Equivalent to a 4.5% house edge.

Example-110 / -110 on both sides means a $110 winner pays $100, and the book keeps the difference.

Related: Implied probability , Closing Line Value (CLV)

A sportsbook feature that lets you settle a bet before the event ends, accepting a calculated payout based on current odds. Always priced in the book's favor.

ExamplePre-game ML at +200 now showing live odds of -300. Book offers $180 cash-out on a $100 bet: guaranteed profit but less than the $200 if it wins.

Related: Live betting (in-play) , Hedge

When the result of a game beats the spread for your side. The favorite covers by winning by more than the spread; the underdog covers by losing by less (or winning).

ExampleChiefs -7 win 30-21 → cover by 2 points.

Related: Point spread

A tie between the bet and the line, which happens when a spread or total lands exactly on the number. The wager refunds; no win or loss.

ExampleBet Chiefs -3. Final score 24-21. The result is a push, your stake refunds.

Related: Point spread , Total (Over/Under)

A bet that gets refunded because the qualifying conditions weren't met. Common cases: a starting pitcher scratches in MLB, a fight is cancelled, or a player doesn't play.

ExampleListed pitcher MLB total: if either starter is scratched, the bet voids unless you specified "action".

A prop bet on whether a specific player will score (a goal or a touchdown) at any point in the game.

ExampleTravis Kelce anytime TD scorer (+150). Pays $250 on a $100 wager.

Related: Prop bet (Proposition)

Lines posted on segments of a game rather than the full result: first half, third quarter, second period, and so on. Often called derivative markets.

ExampleFirst-quarter spread Celtics -2 (-110). Halftime total Over 110.5 (-115).

Related: Point spread , Total (Over/Under)

NHL's standard point spread, fixed at 1.5 goals. About 48% of NHL games are decided by exactly one goal, making this a high-impact line.

ExampleAvalanche -1.5 (+145) vs Stars +1.5 (-170). Colorado must win by 2+ to cover.

Related: Point spread , Run line

MLB's standard point spread, fixed at 1.5 runs. Favorite -1.5 must win by 2+; underdog +1.5 can lose by 1 and still cover.

ExampleDodgers -1.5 (+135) vs Giants +1.5 (-160).

Related: Point spread , Puck line

A moneyline with three options (home win, draw, away win) used for sports where ties are possible (soccer, regulation NHL, first-half NBA).

ExampleLiverpool 2.10 / Draw 3.40 / Arsenal 3.50 in decimal odds.

Related: Moneyline

The total money you have set aside specifically for sports betting. Should be money you can comfortably afford to lose entirely.

ExampleA $1,000 bankroll with 1% unit sizing means $10 per standard bet.

Related: Unit

The difference between the price you got and the closing line just before kickoff. The single best predictor of long-term betting profitability.

ExampleBet Chiefs -3 (-110). Closing line is Chiefs -3.5 (-115). You beat the close: positive CLV.

Related: Expected Value (EV) , Implied probability

The average outcome of a bet over many trials, given a probability estimate. Positive EV means the bet would profit long-term; negative EV means it would lose.

ExampleBetting a -110 line you estimate has 55% true probability is +EV: (0.55 × $100) − (0.45 × $110) = +$5.50.

Related: Implied probability , Closing Line Value (CLV)

The percentage of total wagers a sportsbook keeps as gross profit. US legal sportsbooks average 7-10% hold across the year.

ExampleA book takes $100M in handle, pays out $92M, holds $8M (8% hold).

Related: Vig (Vigorish / Juice) , Handle

Profit divided by total amount staked, expressed as a percentage. The honest measure of betting performance, not win rate.

ExampleWagered $10,000, profit $500 → 5% ROI. A 5% ROI long-term is excellent.

Related: Unit , Expected Value (EV)

A standardized bet size, typically 1-3% of bankroll. Pros measure performance in units to make results comparable across stakes.

ExampleA 100-unit bankroll at 1% per bet = $1,000 with $10 units. "+12u for the season" means up 12 standard bets.

Related: Bankroll , ROI (Return on Investment)

The natural up-and-down swings in your results that come from betting outcomes, even when your edge is real. Bigger samples reduce variance.

ExampleA 55% bettor can lose 8 of 10 bets occasionally. That's variance, not skill loss.

Related: Expected Value (EV)

Betting all outcomes of an event at different sportsbooks at prices that guarantee profit regardless of result. Risk-free but low-margin and aggressively limited by books.

ExampleBook A has Lakers +210. Book B has Nuggets -180. Properly sized stakes profit on either result.

Related: Hedge , Middle

Total dollar amount wagered at a sportsbook over a defined period. The headline number on state monthly reports, different from revenue.

ExampleNew Jersey reported $1.2B in monthly handle in October. Total bet, not book profit.

Related: Hold percentage

The maximum amount a sportsbook will accept on a single bet at posted odds. Sharp accounts get limited far below the public posted limit.

ExamplePublic limit on a Sunday NFL spread might be $50,000. A sharp account on the same line might be capped at $500.

Related: Sharp

A change in the spread, total, or moneyline after a line is first posted, in response to bet volume, sharp action, or news.

ExampleOpener Chiefs -3 (-110). Steam from sharp money pushes it to Chiefs -4 (-105) by kickoff.

Related: Steam , Sharp

Betting both sides of a moving line at different numbers, hoping the result lands between them so both bets win.

ExampleBet Cowboys -3 early. Line moves to -7. Bet Eagles +7 late. If Cowboys win by 4, 5, or 6, both win.

Related: Line movement , Arbitrage (arb)

When a sportsbook removes a market or game from betting, usually because of injury news, weather uncertainty, or insider information.

ExampleGame pulled OTB after the starting QB is questionable to play 90 minutes before kick.

When a line moves opposite the way bet percentage suggests. Strong indicator of sharp action on the unpopular side.

Example75% of bets on Chiefs -3, but the line moves to Chiefs -2.5. Sharps are on the dog.

Related: Sharp , Line movement

A professional or highly skilled bettor whose action moves lines. Sportsbooks track sharp money carefully and adjust lines in response.

ExampleA respected sharp betting Chiefs -3 at -110 might cause the book to move to -3.5 (-110).

Related: Square (public) , Steam , Reverse Line Movement (RLM)

A casual or recreational bettor whose action does not move lines. Sportsbooks often welcome square money and even shape lines to encourage it.

ExampleOn Super Bowl Sunday, ~95% of action is square, and the book sets prices accordingly.

Related: Sharp

A sudden, sharp move on a line at multiple sportsbooks at once, usually triggered by syndicated sharp action or insider information.

ExampleTotal moves from 47 to 49 across all major books in 30 seconds. That's steam.

Related: Sharp , Line movement

A promotional credit that pays out only the profit if the bet wins, not the stake. Worth roughly 70-80% of face value.

Example$100 bonus bet on +150 wins $150 (the profit), not $250 (profit + stake).

Related: No-sweat bet , First-bet offer

Marketing umbrella for any new-user welcome promo applied to your first wager. Covers bonus-bet matches, deposit matches, and no-sweats.

Related: Bonus bet (Free bet) , No-sweat bet

A first-deposit promo where you get bonus bets back equal to your first wager if it loses. The downside is capped at zero, but bonus bets are worth less than cash.

ExampleNo-sweat $500. Bet $500 on Chiefs -3. If they lose, get $500 in bonus bets back.

Related: Bonus bet (Free bet) , First-bet offer

A token or promo that increases the payout on a winning bet by a set percentage. Often capped at a maximum profit amount.

Example50% profit boost on a $50 bet at +200 → win $150 instead of $100.

A wagering requirement attached to a deposit-match bonus: total stake required before the bonus or its winnings can be withdrawn.

Example$100 bonus with 5x rollover means $500 in qualifying wagers before withdrawal.

GPS, Wi-Fi, and cell-tower based verification that you are physically inside a legal state at the moment of placing a bet. Required by every US sportsbook by law.

ExampleStanding on a state border, your phone may flicker between in-state and out-of-state, blocking the bet.

Related: KYC (Know Your Customer)

Identity verification (legal name, date of birth, last four of SSN) sportsbooks must complete before allowing wagers. Required by federal Bank Secrecy Act rules.

Related: Geolocation

An unlicensed sportsbook operating outside US jurisdiction. Illegal under UIGEA, offers no consumer protections, and disputes have no regulatory recourse. Avoid.

Related: Regulated (Licensed)

A sportsbook holding an active license from a state regulator. Required to escrow customer funds, follow KYC and self-exclusion rules, and pay state taxes.

Related: Offshore book , KYC (Know Your Customer)

A voluntary program where a bettor asks to be banned from licensed sportsbooks for a set period (1 year, 5 years, lifetime). Available in every US state with legal betting.

ExampleNew Jersey self-exclusion list bans you from all NJ-licensed online and retail books for 1, 5, or lifetime.

IRS form a sportsbook must issue when winnings are $600+ AND at odds of 300:1 or longer. Wins over $5,000 trigger 24% federal withholding.

ExampleHit a $50 bet on a +5000 longshot for $2,500 profit → W-2G issued.