Welcome to the GOSUBETTING Betting Glossary, your ultimate resource for understanding the terminology used in the exciting world of sports betting and betting sites. Whether you’re a regular bettor looking to brush up on your knowledge or a newcomer seeking to grasp the basics, our comprehensive betting glossary provides clarity on the language of betting.
A
Accumulator (Acca):
A single bet that links together multiple individual wagers. To win, all selections must be correct.
Arbitrage Betting:
A strategy where a bettor takes advantage of differing odds at various bookmakers to guarantee a profit.
American Odds (Moneyline Odds):
Odds displayed in the American format, either positive (+) or negative (-) numbers representing potential profits or the amount needed to win $100.
B
Bankroll:
The total amount of money a bettor has set aside for betting.
Bookmaker (Bookie):
A person or organization that accepts bets and determines odds.
Betting Exchange:
A platform that allows bettors to bet against each other rather than a bookmaker, enabling lay betting.
Back:
To bet on a selection to win, also known as a “back bet.”
Bet Slip (Betting Slip):
A physical or digital form used to record selected bets before confirming.
C
Cash Out:
A feature that allows bettors to settle their bets before the event’s conclusion, often used to lock in profits or minimize losses.
Chalk:
Refers to the favored team or athlete in a betting event.
Cover:
When a team or athlete wins against the point spread.
Closing Line:
The final odds offered by bookmakers just before an event begins.
Circled Game:
A game in which the maximum bet limits are reduced due to various factors, such as uncertain player availability.
Correct Score Bet:
A wager on the exact final score of a game or event.
D
Double Chance:
A bet that covers two potential outcomes in a match, increasing the chances of winning but often with lower odds.
Decimal Odds:
Odds displayed in decimal format, representing the potential return on a winning bet, including the stake.
Dog (Underdog):
The team or athlete considered less likely to win, often with higher odds.
Draw (Push):
A result that neither wins nor loses a bet, typically when the final score matches the point spread.
Dime Line:
A betting line with a 10-cent difference between the favorite and underdog odds.
E
Each-Way Bet:
Common in horse racing, a bet that is split into two parts – one for the win and one for a top finishing position.
Exotic Bet:
A non-traditional bet, such as a parlay, teaser, or prop bet, often involving multiple selections.
Expected Value (EV):
A statistical measure used to assess the potential value of a bet, helping bettors make informed choices.
F
Futures Bet:
A long-term bet on an event or outcome that will occur in the future, such as betting on a team to win a championship.
Favorite (Fav):
The team or athlete considered most likely to win, usually with lower odds.
First Half (1H) Bet:
A bet placed on the outcome of the first half of a game, excluding the final result.
Fractional Odds (British Odds):
Odds displayed in fractional format, representing the potential profit relative to the stake.
More Betting Glossary
G
Goliath Bet:
An extensive multiple bet that includes 247 different bets on eight selections.
H
Handicap (Spread):
A point-based advantage given to the underdog to level the playing field in a bet.
Hedging:
Placing additional bets to minimize potential losses or guarantee profits.
Hook:
A half-point added to betting lines to avoid ties or pushes.
I
In-Play Betting (Live Betting):
Betting on an event while it is in progress, with odds continually adjusting based on the game’s dynamics.
J
Juice (Vigorish, Vig):
The bookmaker’s commission or fee for accepting bets, typically built into the odds.
K
Kelly Criterion:
A mathematical formula used to determine the optimal size of a series of bets for long-term growth.
L
Lay Betting:
A type of bet where you act as the bookmaker, betting that a selection will not win.
Longshot:
A selection with very low odds of winning, often considered an underdog.
Lock:
A bet perceived as having a high probability of winning.
M
Martingale Betting System:
A betting strategy where the bettor doubles their stake after each losing bet to recover losses.
Moneyline Bet:
A bet on the outright winner of a game or event, with odds expressed as positive or negative numbers.
Multiple Bet (Combo, Parlay):
A bet that combines multiple selections into a single wager, offering higher potential payouts.
More Betting Glossary
N
Non-Runner:
In horse racing, a horse that is withdrawn from a race before it starts.
O
Odds:
The numerical representation of the likelihood of an event happening, determining potential payouts.
Over/Under (Totals):
A bet on whether the total score of a game will be above or below a specified number.
Outright Bet:
A wager on the winner of an entire tournament or competition rather than individual matches.
P
Point Spread (Spread):
A margin of points by which the favored team must win or the underdog must lose by to cover the bet.
Proposition Bet (Prop Bet):
A wager on a specific aspect of an event, not directly related to the final outcome.
Push:
Another term for a tie or draw bet, where the final result equals the point spread.
Q
Quarter Bet:
A bet placed on the outcome of a specific quarter of a game, often used in basketball and American football.
Betting Glossary Continued
R
Round Robin Bet:
A type of multiple bet that creates combinations from a group of selections, ensuring that each selection is paired with every other.
Rollover Requirement:
The number of times a bettor must wager their initial deposit or bonus amount before withdrawing winnings.
S
Single Bet (Straight Bet):
A simple bet on a single selection or outcome.
Sharp (Wiseguy):
A professional bettor known for making well-informed and successful bets.
Steam Move:
A sudden and significant shift in odds due to heavy betting action on one side.
Super Heinz Bet:
An extensive multiple bet that includes 120 different bets on seven selections.
T
Teaser Bet:
A type of multiple bet that allows bettors to adjust the point spread in their favor in exchange for lower odds.
Tout:
A person or service that sells sports betting picks or predictions.
U
Underlay:
A selection with odds considered lower than its actual chances of winning.
V
Value Bet:
A bet placed when the bettor believes the odds offered by the bookmaker are higher than the actual likelihood of the selection winning.
W
Wager (Bet):
The act of placing a bet or gamble on an event.