Betting Glossary
Xyes betting glossary
A
Accumulator: When multiple bets are linked together, with the outcome relying on all selections being successful.
Added game: A game that is not included in the regular Las Vegas lineup. A bookmaker may provide odds upon a bettor's request.
Aet: Soccer term for 'After Extra Time,' referring to the extra period played when a match concludes in a draw.
Alternate lines: Variations of traditional betting markets, such as Alternate Handicaps or Alternate Totals, provide adjusted spreads or totals with corresponding changes in odds.
American odds: Odds representation showing the return based on a 100-unit base figure. A minus (-) indicates the amount you need to wager to win $100, while a plus (+) signifies the amount you would win for every $100 you bet.
Ante-post: An initial market provided before the final list of participants is confirmed.
Arb: Short form for arbitrage.
Arbitrage: Placing bets on all options within a market across multiple bookmakers to take advantage of price differences and ensure a profit.
Asian handicap: A two-way market that employs a point or goal handicap to adjust the perceived advantage between two competing teams, thereby removing the chance of a draw.
Ats: An acronym for "against the spread," ATS refers to betting on a selection that is conceding points or goals, challenging the conventional logic of the spread.
B
Banker: A heavily favored selection that serves as the foundation for numerous bets.
Beard: A third-party gambler employed to hide the actual identity of the primary bettor.
Best-price percentage: The built-in advantage that a bookmaker has in a particular market.
Bet: Wager funds on the result of an event, with the potential return reflecting the assessed probability as indicated by the odds.
Betting exchange: A betting platform that does not take bets itself, but instead connects backers (those placing bets on odds) with layers (those providing the odds), earning a commission on the winning wagers.
Betting strategy: A strategic method of betting aimed at giving the bettor an advantage over the bookmaker or house.
Binary betting: A blend of spread and fixed-odds betting that results in only two possible outcomes: 0 or 100. The bet is placed against a bid or offer within that range, based on a predetermined unit stake.
Board price: The odds offered to bettors by bookmakers present at horse or greyhound racing events.
Bonus: A promotional offer provided by bookmakers to encourage new or existing account holders to engage in betting activities.
Bonus-chasing: Creating new accounts specifically to take advantage of promotional bonuses.
Book/bookie:Abbreviation for Bookmaker. A person or organization that provides odds on the results of events—primarily in sports but not limited to them—for the purpose of accepting wagers.
Buy points: Agreeing to lower odds in return for a larger point spread benefit.
C
Canadian line: A blend of Points Spread and Money Line betting in hockey.
Chalk: The choice in a betting market deemed most likely to succeed, as indicated by the implied probability derived from the odds.
Circled game: A game where betting limits are restricted to lower amounts. This typically happens when markets are initially released, for additional games, specials, or in response to adverse weather, injuries, or suspicious betting patterns, as well as during game halves.
Closing line: The final odds provided before a market closes. Bettors who "beat the closing line" have wagered at odds that are better than those available when the market closed; consistently achieving this indicates a successful bettor.
Closing odds: The final odds available before a market closes. Bettors who "beat the closing odds" have placed wagers at odds better than those at market closure; consistently achieving this is indicative of a skilled bettor.
Co-favourite: When three or more options are listed as favorites.
Commission: The expense of placing a bet is determined by adding the implied probability of the selections and subtracting this total from 100, representing a fair market value. In the context of exchange betting, commission refers to the percentage fee applied to winning bets.
Correct score: A soccer bet where the bettor forecasts both the winning team and the exact final score of the match.
Cover: When a favorite wins by exceeding the required number of points in a Handicap/Spread bet.
D
Decimal odds: A type of odds display, commonly known as European odds, where the odds are presented in decimal format.
Dime: Colloquial term for a $1000 sports wager.
Dog: Shortened form of "underdog"; the option viewed by the market as having the least chance of winning.
Double action: A wager that depends on the outcome of a previous bet.
Double bet: When a bettor places a wager that is twice the usual amount, typically in response to a perceived favorable opportunity. This is also referred to as a "double pop" or "doubling up."
Double result: A type of bet that links the outcome at half-time with the final result of the match.
Double-header: Two major games scheduled close to each other on the same day.
Draw: When the contest concludes with neither a winner nor a loser.
Drift:When odds increase, suggesting a lower probability of the event happening, the odds are described as having drifted or being "on the drift."
E
Each-way: A bet consisting of two separate wagers: one for the selection to win and one for it to place (e.g., 2nd or 3rd). The placing conditions vary depending on the number of participants. This type of bet is most commonly used in horse and greyhound racing, though not exclusively.
Edge: A betting edge achieved either by consistently taking advantage of a bookmaker’s margins or by utilizing exclusive or insider information.
Elo ratings: Developed by Arpad Elo, a Hungarian-born American chess master and physics professor, this system is used to evaluate and compare the skill levels of players in head-to-head competitions.
Even money: A bet that returns precisely the amount staked, represented by odds of 1/1, 2.0, or +100.
Exotic: Any bet that is not a straight bet or a multiple bet.
Expected goals: The anticipated number of goals a team (or teams) is expected to score in a match. This estimate is based on factors such as the value assigned to shots on goal, the total number of shots, shot location, the current game situation, and the proximity of opposing defenders.
Expected value: The expected amount a player could win or lose if they placed the same bet repeatedly at the same odds. This is calculated using a formula: multiply the probability of winning by the potential winnings per bet, and then subtract the probability of losing multiplied by the amount lost per bet.
Exposure: The potential losses that a sportsbook or bettor might face in a particular market or bet.
F
Favourite: The option that the market considers most likely to win an event. The quoted odds indicate how strongly the choice is favored.
First half bet: A wager placed solely on the result of the first half of a game.
First/last goal scorer: A wager on who will score the first or last goal/try in a particular game.
Fixed-odds betting: This refers to the betting style provided by conventional bookmakers, where the odds are established at the moment the bet is placed, unlike other formats where the odds and potential returns can fluctuate.
Fractional odds: This is an odds format primarily used in the UK, where the odds are displayed as fractions.
Future: Odds set for the victor of a particular upcoming event, usually released well ahead of the event date. Typical examples include bets on the winner of the EPL, Super Bowl, World Series, Stanley Cup, or NBA Championship, known as Future bets.
G
Grand salami: Wagering on the overall total of goals scored across all matches listed for a particular league on a given day, such as the EPL, using an Over/Under format.
H
Half time bet: A wager focused solely on the outcome of the first half of a game.
Half-ball handicap: A handicap set at half a goal or point.
Handicap: A numerical value established by the bookmaker to address the perceived skill disparity between opponents, resulting in more equitable odds.
Handicapper: An individual who employs mathematically-based rating systems to predict the results of sporting events and makes bets based on those forecasts.
Handicapping: Predicting the results of sporting events through mathematically-based rating systems and placing bets based on those predictions.
Handle: The overall amount of wagers placed on an event by a bookmaker.
Hedging: Wagering on both sides of a market or on multiple selections within it to take advantage of price differences or minimize losses. For further details, check out our guide on hedging a bet for assured profit.
Holding your own: Achieving a neutral outcome, where there is no gain or loss, resulting in a break-even situation.
Home field advantage: Commonly shortened to HFA, this term denotes the perceived benefits that the home team experiences during a match.
I
If bet: A set of bets that relies on a particular order of results.
In-play betting: Placing wagers on an event that is currently underway. Standard betting markets typically close at the start of the event, while in-play odds adjust in real time based on the event's progression.
J
Joint favourite: One of the two choices listed as the favorite.
Jolly: British slang for the favorite.
Juice:The implied expense of making a bet determined by the bookmaker. Bookmakers tend to exaggerate the perceived chances of an event—reflected in their odds—indicating that it is more probable than the actual underlying likelihood
K
Kelly criterion: A common staking strategy that recommends adjusting the stake based on the perceived advantage.
L
Landing on three/seven: A term used to refer to the most frequent final score margin in NFL games based on statistics.
Laying the points: Betting on the favorite in the Points Spread and accepting the assigned points handicap.
Layoff: When a bookmaker minimizes risk by placing a counter-bet with another bookmaker, or when a bettor reduces risk, limits losses, or guarantees a profit by betting on both sides of a market or multiple outcomes within the same market.
Limit: The highest permitted betting amount.
Line: A term commonly used in North America as an alternative to "odds."
Linemaker: The individual tasked with determining the lines or odds at a bookmaker.
Listed pitchers: A baseball wager that depends on the specified pitchers starting the game, becoming void if they do not.
Live-betting: Wagering on an event while it's ongoing. Traditional betting markets close when the event begins, while live-betting odds adjust in real time based on the event's progress.
Lock: Selection which is considered especially likely to occur; often the cornerstone of a Multiple bet.
Longshot: A pick with long odds (indicating a very low likelihood of winning) that suggests it is an unlikely winner, but offers a correspondingly high payout.
M
Margin: The implied expense of making a bet established by the bookmaker. Bookmakers tend to exaggerate the perceived chances of an event—reflected in their odds—indicating it is more probable than the actual underlying likelihood.
Match bet: A wager that centers on the comparison of two variables within an event (e.g., which of two horses will come in first).
Middle: A scenario in which you profit from both sides of the same bet by taking advantage of changes or discrepancies in odds or point spreads over time.
Money line: A wager on the result of a match or game, one of the three fundamental types of bets.
Multiple: A set of dependent bets that offer proportionately higher returns, often utilizing standardized combinations:
Double – One bet encompassing two interdependent selections
Treble – One bet covering three interdependent selections
Trixie – Four bets that include limited combinations of three selections (one treble and three doubles)
Patent – Seven bets covering all combinations of three selections (one treble, three doubles, and three singles)
Yankee – Eleven bets featuring limited combinations of four selections (one four-timer, four trebles, and six doubles)
Lucky 15 – Fifteen bets that include all combinations of four selections (one four-timer, four trebles, six doubles, and four singles)
Lucky 31 – Thirty-one bets covering all combinations of five selections (five singles, ten doubles, ten trebles, five four-timers, and one five-timer)
Bets for combinations involving larger numbers of selections also exist, such as Canadian (five), Heinz (six), Super Heinz (seven), and Goliath (eight).
Mvp: Wagers made on a specific player to be named the Most Valuable Player for a season or series during a competition, commonly in basketball and the NBA.
N
Nap: A term used to refer to a tipster’s strongest recommendation.
No action: A bet that is canceled for any reason, leading to no win or loss.
Non-runner: A choice that will not take part in a specific event.
Novelty bet: A wager on an event that is challenging to evaluate using typical handicapping methods and is provided for its novelty (e.g., the winner of a reality TV show).
O
Odds: An illustration of the expected frequency of an event based on its underlying probability, facilitating betting.
Odds format: Various international formats have been created to express odds. For a coin toss with a 50% chance of landing on heads, there are three common ways to represent the odds of the event:
Europe (Decimal): 2.0
UK (Fractional): Evens (or 1/1, or even money)
US (American): +100; a (+) indicates the profit from a $100 bet, while a (-) shows the amount needed to bet to win $100.
Odds on favourite: A horse, team, or individual for which the odds suggest a probability of more than 50%.
Oddsmaker: The individual tasked with determining the lines or odds at a bookmaker.
Off the board: A game for which the bookmaker does not allow bets to be placed.
Outright betting: Wagering on the champion of an entire competition rather than on an individual match (e.g., the World Cup or the EPL).
Over: A wager on whether the total of a specific variable will exceed the limit established by a bookmaker. This is one of the three fundamental types of bets.
Overbroke: A term used to indicate when the betting percentage in a market is below 100%, giving an advantage to the bettor and a disadvantage to the bookmaker.
Overround: A term that refers to a situation where the betting percentage in a market exceeds 100%, giving an advantage to the bookmaker and a disadvantage to the bettor.
P
Parlay: In a situation where several bets are merged, the odds are combined, and success hinges on all selections winning.
Payout: The payout from a successful bet.
Pick 'em: When there is no handicap and neither team is favored, this is also known as a "pick" in sports betting terminology.
Points spread: The assessment of the perceived disparity in abilities among participants in a specific event, as shown in the Handicap/Spread market. The favorite is represented with a minus sign (e.g., -8.5 points), while the underdog is indicated by a plus sign (e.g., +8.5 points). For betting purposes, the game's outcome is determined by calculating the difference between the actual scores of the two teams (known as the points spread or simply the "spread").
Post time: Planned start time.
Power-ranking: A rating system based on historical data that bettors utilize for predictions.
Price: An alternative term for odds, line, or points spread.
Prop (proposition) bet: A side bet on specific events within a match or game (e.g., first goal scorer or the timing of the first yellow card).
Public money: The impact of wagers from casual bettors, typically on the favorite, placed shortly before the event begins.
Push: When a contest concludes without a winner or loser for betting purposes, resulting in a refund of the stakes.
Q
Quarter bet: A wager focused solely on the outcome of a single quarter of a game.
R
Rag: UK slang for an underdog or a longshot.
Reload bonus: A bonus that becomes available again when account holders make new deposits.
Rotation number: A numbering system used in Las Vegas to organize bets, frequently utilized by bookmakers to assign unique IDs to markets.
Round robin: A specific type of multiple bet that combines three selections into 10 combinations: three doubles, one treble, and three up-and-down single stakes across pairs.
Run line: The Spread/Handicap in baseball, referring to the number of runs in the game.
S
Scalping: Taking advantage of price or bonus differences between different bookmakers to secure a profit.
Second half bet: A wager focused solely on the outcome of the second half of a game.
Sell (points): Reducing a point spread advantage in return for higher odds.
Sharp: An experienced or professional bettor.
Sp: An abbreviation for "starting price," which refers to the official odds given in UK horse racing and greyhound racing.
Special: Any wager that falls outside the three basic types or their derivatives (Money Line/1x2, Handicap/Spread, Total).
Split-ball handicap: When a handicap bet is divided into two distinct bets, each corresponding to the handicap levels set by the bookmaker, whether on Asian Handicaps or Totals, etc.
Sportsbook: Another term for a bookmaker.
Spread: The estimated scoring difference between two opponents as stated by a sportsbook.
Spread betting: An alternative to fixed odds betting where a spread is provided for the outcome of an event, and the bettor chooses whether the outcome will be higher or lower. The loss or return is calculated as the multiple of their unit stake times the difference between the result and the chosen spread.
Square: A beginner or amateur bettor.
Stake: The sum of money a bettor wagers on a particular bet.
Staking method: A technique for determining the optimal amount of money to wager on a bet to ensure consistent profitability as part of a betting strategy.
Steam: When odds change quickly because of a significant number of bets placed in a short timeframe. Most "steam games" do not necessarily represent objective conditions, but rather may indicate herd behavior or inherent biases toward favored teams.
Straight bet:A wager on the result of one of the three fundamental types of bets.
T
Taking the points: Wagering on the underdog and benefiting from the positive point spread.
Teaser: A unique type of sports parlay that provides modified point spreads or totals for the individual bets. The cost of these adjusted spreads/totals (teasing) is reflected in the odds.
Ticket: A sports wager that was traditionally verified with a physical ticket but is now also applicable to online bets.
Tie: A wager in which neither money is lost nor won due to the absence of a favorable outcome for the bet.
Tip: A betting forecast offered by someone believed to have expertise about the event or competitors.
Tipster: A person who offers advice or suggestions.
Tissue price: A reference price that is merely a rough estimate and is likely to change rapidly.
Total: The total number of runs, points, or goals scored by both teams in the game. This is one of the three fundamental types of bets. Wagers can be made on whether the total will be higher or lower than the figure set by the bookmaker.
Totals bet: Where the bettor predicts that the combined score of both teams or players in a game will be above or below the figure set by the bookmaker.
Tout: A person who sells betting advice.
True odds: The accurate representation of the underlying probability of an event, to which a bookmaker will add their margin.
U
Under: A wager on whether the total of a specific variable will fall below the threshold established by the bookmaker.
Underdog: The team considered to have the lowest chance of winning.
V
Value: Betting at odds that reflect a lower likelihood than the actual probability, providing the bettor with 'value' through the opportunity for greater potential profit.
Vigorish: Betting at odds that indicate a lower probability than the underlying North American term for the implied fee a bookmaker charges for accepting bets in a particular market, which is typically 10% for Money Line, Points Spread, and Totals.
W
Wager: A way to stake money on the odds presented by a bookmaker.
Wise guy: An experienced or knowledgeable handicapper or bettor.
Last updated