Betting Glossary

October 11, 2009

in Bet Types

Action – A bettor who has placed a bet is said to have “action”. Slang term for bet.

American Odds – The price is given in the form +600, +800, etc.

Bet – A pledge of money that a certain event will occur.

Bettor – One who bets.

Book – The record of all bets wagered on a particular event.

Chalk – Slang for Favourite.

Decimal Odds – The price is given in the form 6.00, 8.00, etc.

Event – Any happening, either in sports or in reality, on which people can bet.

Favorite – The team or person more likely to win a particular event.

Fractional Odds – The price is given in the form 6/1, 8/1, etc.

Futures Bet – A futures bet is a bet in an event where there are many competitors, such as a golf tournament or horse race, and is often made considerably before the event takes place – a bet placed on who’ll win the Super Bowl in January that’s placed in September, for instance.

Futures Betting – Betting on who will win a particular event, be it the Super Bowl, the US Masters or the Daytona 500.

Grand Salami – A Hockey totals bet where players bet on the number of goals scored on a particular day.

Line – See Pointspread.

Odds – The price a sportsbook offers on the occurrence of a particular event.

Online Sportsbook – A licensed and regulated operator that offers prices on given events occurring and other betting related services online

Online Sports betting – Sports betting which is facilitated in an online sportsbook

Outright Betting – See Futures Betting.

Outsider – See Underdog.

Placing a Bet – The act of pledging money that a certain event will occur.

Player – Bettor; one who bets.

Pointspread – The amount of points an underdog team is given at the start of a game to even the betting and make it more interesting. The underdog must win or not lose by more than the spread for a bet on the underdog to win. The favorite must win by more than the spread for bets on the favourite to win.

Puckline – Hockey’s version of the pointspread.

Punter – British slang for bettor.

Push – A push occurs when an event finishes on the spread. All wagers are voided and the stakes are returned.

Return – The bettor’s stake, multiplied by the offered price, gives the return. A $10 bet on an event priced at 4.00 returns $40.

Runline – Baseball’s version of the pointspread.

Sportsbook – A licensed and regulated operator that offers prices on given events occurring.

Spread – See Pointspread.

Stake – The amount of the bet.

Teaser Bet – A pointspread bet where the pointspread has been adjusted or “teased” to give the bettor a greater chance of winning.

Totals Bet – A bet placed on the total points scored by both teams in a particular game.

Underdog – The team or person less likely to win a particular event.

Vig, Vigorish – A sportsbook’s commission, or profit margin, for making a book.

Wager – See Bet.

Winning Margin Wager – Also known as ‘margin of victory’. This is a bet on the number of points (or goals) that a specific team will defeat the opposing team by.

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