Encyclopedia
A comprehensive A-Z glossary of sports betting, casino, and lottery terminology. Every term explained with examples and key takeaways.
A
Accumulator
An accumulator is a single bet that links together two or more individual bets and is dependent on all of those bets winning for a return.
Action
A bet or wager of any kind. Also refers to the total amount of money wagered.
Against the Spread (ATS)
Betting on a team to cover the point spread rather than simply win the game outright.
Arbitrage
Placing bets on all possible outcomes of an event across different sportsbooks to guarantee a profit regardless of the result.
B
Backdoor Cover
When a team covers the point spread with a late, often meaningless score.
Bad Beat
A loss that occurs in an unlikely or devastating fashion, often when the bettor was heavily favored to win.
Bankroll
The total amount of money a bettor has set aside specifically for gambling.
Bonus Abuse
The act of strategically exploiting promotional offers from online gambling sites to gain an unfair advantage or guaranteed profit.
Book
A book, short for sportsbook or bookmaker, is an individual or establishment that accepts bets on sporting events and other outcomes.
Bookie
A person or organization that accepts and pays off bets on sporting events and other outcomes.
Buying Points
Paying extra juice to move the point spread in your favor by half a point or more.
C
Chalk
The favorite in a betting matchup. Betting chalk means betting on the favorite.
Chalk Eater
A sports bettor who predominantly wagers on the favorites, or the 'chalk', often accepting lower payouts for a higher perceived chance of winning.
Circled Game
A circled game is a sports betting event where the sportsbook lowers betting limits due to uncertainty, often because of player injuries or weather.
Closing Line Value (CLV)
A measure of whether you consistently beat the closing line — the most efficient odds available just before an event starts.
Comps
Complimentary rewards given by casinos to players based on their level of play, including free rooms, meals, and show tickets.
Contrarian Betting
A strategy that involves betting against the public consensus, based on the theory that the public is often wrong.
Cover
When a team wins by enough points to beat the point spread.
Craps
A casino dice game where players bet on the outcome of rolls. Features some of the best and worst bets in the casino.
D
Dead Heat
A dead heat is a term used in sports betting to describe a situation where two or more competitors tie for a particular finishing position in an event.
Dime Line
A dime line is a betting line with a 10-cent straddle on the moneyline, most commonly found in baseball.
Dog
Short for underdog — the team or player expected to lose a matchup.
Double Down
In blackjack, doubling your initial bet in exchange for receiving exactly one more card.
Draw (Lottery)
The event where lottery numbers are randomly selected, determining winners.
Draw No Bet
A betting market that removes the outcome of a draw, refunding stakes if the match ends in a tie.
E
Each Way
An Each Way bet is a two-part wager, with one part on the selection to win and the other on the selection to place.
Edge
A mathematical advantage over the opposing side. The house has an edge in casino games; sharp bettors seek an edge in sports betting.
Even Money
An even money bet is a wager that pays out at a 1-to-1 ratio, meaning the potential profit is equal to the amount of the original stake.
Expected Value (EV)
The average amount a bettor can expect to win or lose per bet if the same bet were placed many times. Positive EV (+EV) bets are profitable long-term.
F
Favorite
The team, player, or outcome expected to win. Indicated by negative odds on the moneyline.
First Half Bet
A wager placed on the outcome of only the first half of a sporting event, settled at halftime.
Fixed Odds
A betting system where the odds are agreed upon at the time the bet is placed and do not change.
Flat Betting
A bankroll management strategy where you bet the same amount on every wager regardless of confidence level.
Futures
A bet on an event that will be decided in the future, such as which team will win the championship.
G
Gambler's Fallacy
The mistaken belief that past random events affect the probability of future random events.
Grand Salami
A single wager on the total combined score of every game on a given day's schedule for a specific league.
Grind
A disciplined, long-term approach to betting that focuses on small, consistent edges rather than big scores.
H
Handicapper
A person who studies and analyzes sporting events to predict outcomes and find profitable betting opportunities.
Handle
The total amount of money wagered on an event or at a sportsbook over a given period.
Hold
The percentage of the total handle that the sportsbook keeps as profit.
Hook
A hook is the half-point (0.5) added to point spreads and totals in sports betting to avoid a push (tie).
Hot Hand Fallacy
The belief that a person who has experienced success has a greater chance of further success in additional attempts.
House Edge
The mathematical advantage the casino or sportsbook has over the player, expressed as a percentage of each bet.
I
J
K
L
Limit
A limit in gambling refers to the minimum or maximum amount of money a player can wager on a single bet, hand, or in a specific timeframe.
Line Movement
Changes in the odds or point spread between when a line opens and when the event starts.
Line Shopping
Comparing odds across multiple sportsbooks to find the best available price before placing a bet.
Live Odds
Live odds are real-time, dynamic prices for a wager on a sporting event that is already in progress, constantly updating to reflect the current state of the game.
Lock
A "lock" is a bet that is considered to be a guaranteed win, often due to a significant mismatch in skill between the competitors.
Lottery Syndicate
A group of people who pool their money to buy more lottery tickets, sharing any winnings proportionally.
M
Martingale System
A betting system where you double your bet after every loss, theoretically recovering all losses with one win. It doesn't work long-term.
Matched Betting
Matched betting is a technique to profit from free bets and promotions by placing bets on all possible outcomes of an event, effectively removing risk.
Middle
Betting both sides of a game at different point spreads, creating a window where both bets can win.
Moneyline
A bet on which team or player will win the game outright, without a point spread.
N
O
Off the Board
A game or event that a sportsbook has temporarily removed from its betting menu, making it unavailable for wagering.
Over/Under (Total)
A bet on whether the combined score of both teams will be over or under a number set by the sportsbook.
Overlay
An overlay is a betting opportunity where the odds are more favorable than the true probability, offering positive expected value (+EV) to the bettor.
P
Pari-Mutuel
Pari-mutuel betting is a system where all bets are pooled, the house takes a commission, and the remaining money is shared among the winners, with odds determined by the betting public.
Parlay
A single bet that combines two or more individual wagers. All selections must win for the parlay to pay out.
Pick'em
A Pick'em is a sports betting scenario where two teams are considered evenly matched, with no point spread and bettors simply picking the outright winner.
Point Spread
A number set by oddsmakers that represents the expected margin of victory. The favorite must win by more than the spread.
Pot Odds
In poker, the ratio of the current pot size to the cost of a contemplated call, used to determine if a call is mathematically correct.
Powerball
A multi-state lottery game with jackpots starting at $20 million. Players pick 5 numbers from 69 and 1 Powerball from 26.
Prop Bet
A bet on a specific occurrence within a game that doesn't directly relate to the final outcome, such as player stats or game events.
Push
A push is a tie between the bettor and the house, resulting in the refund of the original stake.
R
Return to Player (RTP)
The percentage of all wagered money that a casino game will pay back to players over time. The inverse of house edge.
ROI (Return on Investment)
A measure of betting profitability calculated as net profit divided by total amount wagered, expressed as a percentage.
Roulette
A casino game where a ball is spun on a numbered wheel. Players bet on where the ball will land.
Run Line
The run line is baseball's version of the point spread, typically set at 1.5 runs, where the favorite must win by a certain margin or the underdog can lose by a certain margin.
S
Scalping
Scalping is a sports betting strategy that involves placing multiple bets on different outcomes of an event to lock in a small but guaranteed profit from minor price fluctuations.
Sharp
A professional or highly skilled bettor who uses mathematical analysis and data to find edges.
Sharp Money
Sharp money is a wager placed by a respected bettor or betting group with a proven track record of success, which can influence betting lines.
Slots
Casino games where players spin reels and win based on symbol combinations. They have some of the highest house edges in the casino.
Square
A casual or unsophisticated bettor who wagers for entertainment rather than profit, often without in-depth research.
Steam Move
A sudden, dramatic line movement caused by heavy sharp action hitting multiple sportsbooks simultaneously.
Straight Bet
A straight bet is a single wager on the outcome of a single game or event, such as a moneyline, point spread, or total.
T
Teaser
A type of parlay where you can adjust the point spread in your favor on each leg, in exchange for a lower payout.
Tilt
An emotional state where frustration or anger causes a bettor to make irrational decisions, often after a bad beat or losing streak.
Tout
A tout is a person or service that sells sports betting picks and advice to bettors, often with exaggerated claims of success.
V
Value Bet
A bet where the probability of winning is greater than what the odds imply, giving the bettor a mathematical edge.
Variance
The statistical measure of how results deviate from expected outcomes over time. The reason short-term results are unreliable.
Vig
Short for vigorish — the commission or fee charged by the sportsbook on each bet. Also called juice.
W
Wager
A wager is the act of risking a sum of money or a valuable item on the outcome of an uncertain event, forming the basis of all gambling activities.
Wheeling System
A lottery strategy that involves playing multiple combinations of a selected group of numbers to guarantee certain prize tiers if some numbers are drawn.