SportsSharps

Betting Glossary

Every term a sharp bettor needs to know — from ATS to vig, explained in plain language with real examples.

Topic illustration: Betting Glossary
Conceptual illustration. Model assumptions and examples are explained in the text.

60 terms

A
Action
Having a bet on a game.
I have action on the Sunday Night Football game.
American Odds
Odds expressed with a plus or minus sign (e.g., -110, +150).
-110 means bet $110 to win $100.
Arbitrage (Arb)
Betting all possible outcomes of an event at different sportsbooks to guarantee a profit.
Finding an arb where Team A is +110 and Team B is +105.
ATS (Against the Spread)
Against The Spread. A team's record against the point spread.
They are 5-0 ATS this season.
B
Bad Beat
A tough loss on a bet that appeared to be won, often due to a late, meaningless play.
A garbage-time touchdown ruined my under.
Bankroll
The total amount of money a bettor has set aside specifically for sports betting.
My bankroll is $1,000 for the season.
C
Cash Out
Settling a bet for a specific amount before the event has finished.
Chalk
The heavy favorite in a game.
Betting all chalk is a common square strategy.
Closing Line
The final odds offered right before a game begins.
CLV (Closing Line Value)
Closing Line Value. Getting a better number than the final line before kickoff.
I bet -3 and it closed at -5, so I got great CLV.
Consensus
The percentage of the betting public taking a particular side.
Correlated Parlay
A parlay where if one leg wins, the other leg has a higher chance of winning.
Cover
When a team beats the point spread.
They lost the game but covered the +7 spread.
D
Decimal Odds
Odds expressed as a decimal number representing total payout (e.g., 1.90).
Dog (Underdog) (Underdog)
The team expected to lose.
Drawdown
A decline in a bettor's bankroll from its peak.
E
Edge
An advantage over the sportsbook, usually derived from having a more accurate probability assessment.
Expected Value (+EV) (Expected Value, +EV)
The mathematical expectation of profitability on a bet. A +EV bet means you will win money long-term.
F
Fade
To bet against someone or something.
I am going to fade the public on this game.
Flat Betting
Wagering the same amount (or unit size) on every single bet.
Fractional Odds
Odds expressed as a fraction (e.g., 5/1), common in the UK.
Futures
Bets placed on long-term events, like winning a championship at the end of the season.
H
Handle
The total amount of money wagered by bettors on a specific event.
Hedging
Placing bets on the opposite side of your original wager to lock in a profit or minimize losses.
Hold
The percentage of money a sportsbook expects to keep from all wagers placed.
Hook
The half-point in a point spread (e.g., the .5 in -7.5).
I bought the hook to get it from -7.5 to -7.
I
Implied Probability
The conversion of betting odds into a percentage chance of winning.
In-Play (Live) (Live Betting)
Betting on an event while it is actively happening.
K
Kelly Criterion
A mathematical formula used to determine the optimal size of a series of bets based on edge.
L
Limits
The maximum amount of money a sportsbook will allow you to wager on a specific market.
Line
The odds, point spread, or total set by the sportsbook.
Line Movement
A change in the betting odds or spread from its opening number.
M
Middle
Betting both sides of a game at different lines to try and win both bets.
Betting Team A -3 and Team B +5, hoping it lands on 4.
Momentum Shift
A sudden change in a game's dynamics that often creates live betting opportunities.
Moneyline
A simple bet on which team will win the game outright, regardless of the score.
N
No-Vig Line
The true odds of a market after removing the sportsbook's built-in margin (vig).
O
Opening Line
The very first odds or spread posted by a sportsbook for a given event.
Over/Under (Totals)
A bet on whether the combined score of both teams will be above or below a specified number.
Overround
The percentage by which the sum of the implied probabilities for all outcomes exceeds 100% (the book's margin).
P
Parlay (Accumulator)
A single bet that links two or more individual wagers; to win, all of the wagers must win.
Point Spread (Spread)
A handicap created by oddsmakers to make a game a 50/50 proposition.
The favorite is -6.5 against the underdog.
Power Ratings
A numerical value assigned to teams by bettors or sportsbooks to estimate the point spread between any two teams.
Prop Bet (Proposition Bet)
A bet on a specific aspect of a game not necessarily related to the final score.
Patrick Mahomes over 2.5 passing touchdowns.
Public Money
The total amount of money wagered by casual, recreational bettors.
Push
A tie between the bettor and the sportsbook, resulting in a refunded wager.
R
Reverse Line Movement (RLM)
When the betting line moves in the opposite direction of the betting percentages.
75% of bets are on Team A, but the line moved toward Team B.
Risk of Ruin
The mathematical probability of losing an entire bankroll.
ROI (Return on Investment)
Return on Investment. The total profit generated divided by total bankroll invested.
S
Sharp Money
Money wagered by respected, professional bettors that often influences line movement.
Sportsbook (Book, Bookmaker)
A company or establishment that accepts wagers on sporting events.
Square
A casual bettor who typically relies on gut feelings or basic stats rather than math.
Steam Move
A sudden, drastic change in betting lines across multiple sportsbooks caused by heavy action.
The total dropped from 44 to 41; it was a huge steam move.
SU (Straight Up)
Straight Up. Winning a game without factoring in the point spread.
T
Teaser
A parlay bet where you can shift the point spread in your favor in exchange for lower odds.
Tout
A person or service that sells sports picks or betting advice, often with dubious claims.
True Odds
The actual mathematical probability of an event happening, without the bookmaker's margin.
U
Unit
A standard measure of betting size, usually 1% of a bettor's bankroll.
V
Vig (Juice) (Juice, Vigorish)
The cut or commission taken by the sportsbook for taking a bet.
W
Wiseguy
Another term for a sharp or highly successful, well-informed bettor.
Y
Yield
Total profit divided by total amount wagered, expressed as a percentage.

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