Betting Terms Glossary: 50+ Terms Every Bettor Should Know
Understanding betting terminology is the first step to betting smarter. Here's every term you need to know.
By
Eric Pauly
Feb 6, 2026
0 min read
Why Betting Terminology Matters
Sports betting has its own language. When you hear someone talk about covering the spread, taking the over, or chasing steam, they're using terminology that has specific meanings in betting contexts. Understanding these terms isn't just about keeping up with conversations. It's about making informed decisions when you place bets and evaluate markets.
When I started betting, I spent the first few months confused by basic terminology. I didn't understand the difference between the spread and the moneyline. I had no idea what vig meant or why it mattered. That confusion cost me money because I was making decisions without fully understanding what I was betting on. This glossary covers the essential terms you'll encounter, organized by category so you can find what you need and build your betting vocabulary systematically.
article Summary
Betting terminology includes odds formats (American, decimal, fractional), bet types (spread, moneyline, totals, props, parlays), market concepts (vig, juice, line movement), and bettor categories (sharp, square, public). Learning these terms helps you understand what you're betting on, evaluate odds accurately, and communicate with other bettors. This glossary covers 50+ essential terms organized by category.
Odds and Payouts
American Odds
The standard odds format in U.S. sportsbooks. Positive numbers (+150) show profit on a $100 bet. Negative numbers (-150) show how much you must bet to win $100. Also called moneyline odds. Our American odds guide covers these in detail.
Decimal Odds
Common in Europe and Australia. Shows total return per unit staked. Odds of 2.50 mean a $1 bet returns $2.50 total ($1.50 profit plus $1 stake). Easier for calculating parlay payouts than American odds.
Fractional Odds
Traditional UK format. Shows profit relative to stake. Odds of 5/2 mean $5 profit for every $2 wagered. Common in horse racing and UK betting shops.
Implied Probability
The win percentage suggested by the odds. At -200, the implied probability is 66.7%. At +200, it's 33.3%. Comparing implied probability to your own assessment reveals whether a bet offers value.
Vig (Vigorish)
The sportsbook's commission built into odds. Also called juice. A -110/-110 market charges about 4.5% vig. Lower vig means better value for bettors. Sharp books like Pinnacle charge 2-3%; recreational books charge 5-10% on some markets. See our vig explanation for the full breakdown.
Juice
Another term for vig. "Paying juice" means accepting the sportsbook's margin. "Reduced juice" promotions lower the vig, often to -105 per side.
Bet Types
Moneyline
A bet on which team wins outright. No spread involved. Favorites have negative odds; underdogs have positive odds. Covered in depth in our moneyline betting guide.
Point Spread (Spread)
A handicap applied to level the playing field. The favorite gives points (-7); the underdog gets points (+7). The favorite must win by more than the spread to cover.
Totals (Over/Under)
A bet on the combined score of both teams. If the total is 48.5, you bet whether the final combined score will be over or under that number. Also called O/U betting.
Prop Bet (Proposition)
A bet on a specific occurrence within a game. Player props bet on individual performances (rushing yards, strikeouts). Game props bet on events (first team to score, coin flip result). Covered in our prop betting guide.
Parlay
A single bet combining multiple selections. All legs must win for the parlay to pay. Higher risk, higher reward. A 3-leg parlay at -110 per leg pays around +595.
Teaser
A parlay where you adjust spreads in your favor in exchange for reduced payouts. In NFL, 6-point teasers are standard. All legs must still win.
Futures
Bets on outcomes decided in the future, like championship winners or season awards. Odds change throughout the season based on team performance.
Live Bet (In-Play)
A bet placed after the game has started. Odds update continuously based on game action. Requires quick decision-making and often offers unique value.
Market and Line Terms
Opening Line
The first odds posted for a game. Sharp books like Pinnacle and Circa often set opening lines that other books follow. Early bettors compete for value before lines move.
Closing Line
The final odds available before a game starts. Considered the most efficient line because it incorporates all available information and betting action. Beating the closing line consistently is a mark of sharp betting.
Line Movement
When odds change from the opening line. Movement happens due to betting action, injury news, weather, or other information. Tracking line movement reveals market sentiment.
Steam Move
Sharp, sudden line movement across multiple sportsbooks simultaneously. Usually indicates coordinated sharp action. The line might move 1-2 points within minutes.
Reverse Line Movement
When the line moves opposite to where most bets are placed. If 80% of bets are on Team A but the line moves toward Team B, sharps are likely on Team B. The book is adjusting to limit sharp exposure.
Key Numbers
Margins that occur most frequently in a sport. In NFL, 3 and 7 are key numbers because games often end with margins of a field goal or touchdown. Half-points on key numbers are especially valuable.
Push
When the result lands exactly on the spread or total. Your stake is returned. A 7-point favorite wins by exactly 7, resulting in a push. Half-point lines eliminate pushes.
Cover
When a team meets the spread requirement. A -7 favorite that wins by 10 covered. A +7 underdog that loses by 3 also covered.
Bettor and Strategy Terms
Sharp
A professional or sophisticated bettor whose action moves lines. Sharps bet early, use analytical methods, and maintain long-term profitability. Sportsbooks track and limit sharp accounts.
Square (Recreational)
A casual bettor who typically bets for entertainment. Squares often bet favorites, popular teams, and high-profile games. They represent the majority of betting handle.
Public
The collective action of recreational bettors. "Fading the public" means betting against popular opinion, which can be profitable when the public overvalues favorites or storylines.
Chalk
The favorite. "Eating chalk" means betting on heavy favorites. Chalk bettors win frequently but at low payouts.
Dog
Short for underdog. The team expected to lose, indicated by positive odds.
Handicapper
Someone who analyzes games to predict outcomes and find betting value. Can refer to professionals who sell picks or bettors who do their own analysis.
Bankroll
The total money you've allocated for betting. Proper bankroll management involves betting consistent percentages rather than fixed amounts.
Unit
A standardized bet size, typically 1-2% of your bankroll. Tracking results in units normalizes for bet size and allows comparing performance over time.
ROI (Return on Investment)
Your profit as a percentage of total amount wagered. A $500 profit on $10,000 wagered is 5% ROI. Long-term sharps target 2-5% ROI.
EV (Expected Value)
The average amount you expect to win or lose per bet over time. Positive EV (+EV) means the bet is profitable long-term. Negative EV (-EV) means it's a losing proposition. Learn more in our EV betting guide.
Final Thoughts
This glossary covers the core terminology you'll encounter in sports betting. Understanding these terms isn't just about vocabulary. It's about understanding the mechanics of betting markets, evaluating whether odds offer value, and communicating effectively about your betting activities.
I recommend bookmarking this page and referring back to it when you encounter unfamiliar terms. As you gain experience, the terminology will become second nature. The next step is applying these concepts: understanding how vig affects your long-term results, why key numbers matter in football, and how to identify when implied probability differs from your assessment. For practical application, explore our betting tools hub to find resources that help you put this knowledge into action.
Betting Terms FAQ
Additional Resources
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