Betting Terms (Glossary of Terms)

Sportsbook – Also known as a book. Place where a bettor can wager on various sports. Sportsbooks can be in casinos, offered by individual ‘bookies’, in brick-and-mortar establishments and online. In the last 10 years, online sportsbooks have been becoming increasingly popular due to the ease and efficiency of betting online.

Money Lines – Assigned odds on the outcome of a game with no regards to a point spread. The odds for a favorite are lower than the odds for an underdog, enticing players to bet on the weaker teams.

Point Spreads – Betting by how much a certain team will win or lose. The money lines are usually at (110), unless specified otherwise. The spreads are presented as a score beside each team such as: Boston Celtics (+5) and Miami Heat (-5). If you are betting on the Celtics money line, you are betting that they have to win by more than 5 points for you to win. If you are betting on Miami Heat, then they will have to lose by 5 or less (or win by any number of points), for you to win.

Over/Under – A sportsbooks predicts a total score in a game and bettors have to bet if it is going to be over or under that score. Over/Under lines usually do not include favorite or underdog outcomes, but occasionally you will see them.

Parlay Betting – Multiple bets (usually minimum 2, up to a maximum of 12) placed with a single wager, where all must be successful for you to win your bet. The bigger the parlay is, the higher is the risk of a bettor winning, but also the higher is the potential payout.

Progressive Parlay Betting – Multiple bets (usually minimum 4, up to a maximum of 12) placed with a single wager. The payouts are not as large as in normal parlays and the risks are higher, but progressive parlays can still be won even if one of the bets is unsuccessful.

Proposition Betting – Also known as prop bets. Bets on a specific outcome in a match such as guessing the number of goals scored by a certain player in a certain period. Prop bets can be short-term or long-term side bets.

Teasers – Allows bettors to bet on multiple games, increasing the point spreads chosen but getting lower returns in case of a win. Usually a minimum of 2 teams up to a maximum of 15.

If bets – Bets have to meet certain conditions (if clauses), in order to win. Has to be at least two bets joined together by an if-clause.

Head-to-head – Bettors predict outcomes between individual competitors rather than overall result of the event. For example, you are not betting on who will win the PGA Championship, but rather if Tiger Woods will get a better score than Greg Norman.

Live Betting – Betting on a certain event while it is in progress. In live betting, the odds are constantly updated and changed. For example, you are betting on a Brazil to win against England in a FIFA World Cup match in a second period after Brazil scored a goal. The money line for Brazil will adjust significantly after its goal. It can go from an underdog line (i.e. +120) to a huge favorite line (i.e. -300). Betting on Brazil will be very expensive but the chances of you winning will be higher as well; the opposite will apply for England.

American Odds – Usually the odds seen in the US and parts of Canada, displayed by whole numbers, such as 100, 200 and so forwards.

Decimal Odds – Preferred odds by the EU players and markets, where they are illustrated in decimal format, such as 1.2, 1.5, and so on.

Fractional Odds – Odds used at racetracks and racebooks only, and displayed in fractional form, such as 1/2, 1/5, and so on.