Reference · A–Z
Sports Betting Glossary
Over 60 terms defined in plain English. Cross-linked to the SmartBet.cc deep-dive guides where the concept matters most.
Updated 2 May 2026 · SmartBet.cc editorial
A
- Action
- Any wager placed on a game. "Action on Lakers -3.5" means a bet has been laid on that line.
- Accumulator
- A parlay — multiple bets combined into one ticket where all legs must win. UK and Australian terminology. Parlay guide →
- American odds
- Odds format used in US sportsbooks. Positive numbers (+150) show profit per $100 staked; negative numbers (-200) show stake required to win $100.
- Arbitrage (arbing)
- Placing simultaneous bets on every outcome of an event across different sportsbooks where combined implied probabilities sum below 100%, locking in guaranteed profit. Full arbitrage guide →
- Asian handicap
- A spread-betting format in soccer using quarter-, half- and whole-goal handicaps that eliminate the draw outcome and balance betting on either side.
B
- Backdoor cover
- A garbage-time score that flips a spread bet's result. The losing team scores late but meaningless points that cover the spread.
- Bankroll
- The total money set aside for betting. Should be segregated from living money and managed via strict 1–5%-per-ticket discipline. Bankroll discipline →
- Beard
- A bettor placing wagers on behalf of someone else (typically because the principal has been limited or banned by the sportsbook).
- Book / sportsbook
- The bookmaker accepting bets and setting odds. Sharp books (Pinnacle, Circa) take large action; soft books (DraftKings, FanDuel) cater to recreational players.
- Buying points
- Paying extra vig to move a spread or total in your favour by half or full points. Almost always -EV at standard pricing.
C
- Cash-out
- A sportsbook feature allowing you to settle a bet before the event ends at the operator's offered current value. Convenient but typically -EV vs hedging via a separate bet.
- Chalk
- The favourite — the team or competitor with the lowest odds.
- Closing line
- The final odds posted by a sportsbook at event start. The market's last price discovery; profitable bettors consistently beat the closing line.
- Closing line value (CLV)
- The difference between the line you bet and the closing line. Positive CLV is the strongest single proxy for long-run skill in sports betting. CLV explained →
- Correlated parlay
- A parlay where the legs are not statistically independent (e.g. team total over + team to win). Sportsbooks price correlation into same-game parlays. Parlay correlation →
D
- Dead heat
- A tie between two or more competitors on a wagered position. Dead-heat rules typically pay reduced odds based on the number of tied competitors.
- Decimal odds
- Odds format expressing total return per unit staked. 2.50 means a $100 bet returns $250 total ($150 profit). Standard in Europe and Asia.
- Dime line
- A 10-cent vig spread — e.g. -110 / -110. Standard for NFL and NBA spreads. Tighter dime lines (-105 / -105) appear at sharp books.
- Dog (underdog)
- The team or competitor expected to lose. Carries plus-money odds (+150, +200).
E
- Edge
- The percentage advantage a bettor has over the implied probability of the offered odds. A 5% edge means the bettor's calculated probability is 5 percentage points higher than the line implies.
- European odds
- See decimal odds.
- Expected value (EV)
- Average profit per bet from a given strategy. EV = (P_win × profit) − (P_lose × stake). Long-run profit comes from accumulating +EV bets. +EV explained →
- Exchange (betting exchange)
- Peer-to-peer betting platform where users back and lay against each other rather than against the bookmaker. Betfair Exchange, Smarkets, Matchbook. Lower margins, no limiting of winners.
F
- Fade
- To bet against — typically against the public, against a sharp move, or against a team you've researched as overrated.
- Fair odds (no-vig)
- The odds you'd see if the sportsbook didn't include their margin. Calculated by stripping the vig from the offered line. The benchmark for value-bet finding. No-vig calculation →
- Favourite
- The team or competitor expected to win. Carries minus-money odds.
- Futures
- A bet on a season-long or tournament-wide outcome — championship winner, season MVP, regular-season win total. Held until the event resolves, often months later.
H
- Handicap
- The points spread or goal advantage applied to balance betting on either side of an unequal contest.
- Handle
- The total amount of money wagered on an event, market, or sport. The legal US sports-betting handle exceeded $120 billion in 2025.
- Hedge
- Placing a bet on the opposite side of an existing position to lock in profit or cap loss. Most useful with futures bets that have appreciated. Live hedging →
- Hold
- The sportsbook's profit margin as a percentage of total handle. US books target 5-10% hold; sharp books operate at 2-3%.
- Hook
- The half-point added to a spread or total — e.g. -7.5 instead of -7. Lines without a hook (-7) can result in a push.
I
- Implied probability
- The probability of an outcome implied by an odds line. 1/2.20 = 45.5% on decimal odds. The foundation of every value-betting analysis.
J
- Juice (vig)
- The bookmaker's margin baked into the line. On a -110 / -110 standard spread the implied probabilities sum to 104.7% — the 4.7% over 100% is the juice.
K
- Kelly Criterion
- A stake-sizing formula that maximises long-run bankroll growth for a known edge. Full Kelly is too aggressive in practice; quarter or half Kelly is the standard compromise. Kelly explained →
- KYC
- Know Your Customer — sportsbook identity verification (ID upload, address verification, source-of-funds checks). Crypto sportsbooks operate KYC-light below withdrawal thresholds. Crypto books →
L
- Lay bet
- A bet that wins if a specified outcome does NOT happen. Available on betting exchanges (Betfair, Smarkets) and via separate sportsbook offerings.
- Limit
- The maximum stake a sportsbook will accept on a particular bet. Soft books impose individual-account limits to restrict winning bettors.
- Line
- The current odds offered by a sportsbook on a market. "The line moved from -3 to -3.5" describes spread movement.
- Line shopping
- Comparing odds across multiple sportsbooks to find the best price. Half-point or 5-cent edges from line shopping compound to a meaningful long-run advantage.
- Longshot
- A bet at long odds — typically +500 or higher. Low probability, high payout if cashed.
M
- Middle
- Two opposing bets at different lines such that both can win if the result lands in the middle. E.g. Lakers -3 + Bulls +4.5 — Lakers win by 4 hits both.
- Multi (multi-bet)
- Australian terminology for a parlay/accumulator.
N
- No action
- A bet that doesn't run — typically because the event was postponed, a player didn't participate, or the line moved meaningfully. Stakes are returned.
- No-vig odds
- See fair odds.
O
- Odds-on
- Odds shorter than even-money — e.g. 1.50 decimal, -200 American. The bettor must stake more than they will win.
- Off the board (OTB)
- A market that's been removed from the sportsbook — typically pending news (injury, weather) or following sharp action. Stakes already placed remain valid; new bets aren't accepted.
- Over/Under
- See totals.
P
- Parlay
- Multiple bets combined into one ticket — all legs must win. Big payouts, brutal math. Parlay guide →
- Pick'em (pick)
- A market with no favourite — both sides priced at -110 or 1.91 (or thereabouts). Equal probability, dimensional vig only.
- Point spread
- A handicap added to or subtracted from a team's score to balance betting. Spread explained →
- Prop bet
- A wager on an outcome within an event other than the final result — player props, game props. Prop guide →
- Public
- Recreational bettors, as opposed to sharps. The "public side" is typically the more-bet side regardless of value.
- Push
- A tie between bet and line — e.g. spread -7 with a final score covering exactly 7. Stakes are returned; no win, no loss.
R
- Reduced juice
- A line offered with a lower-than-standard vig — e.g. -105 / -105 instead of -110 / -110. Usually a temporary promotion; durable at sharp books.
- Risk-free bet
- A sportsbook promotion where a losing first bet returns your stake (in cash or as a free bet). Read the terms — "free bet" returns are usually rebated as bonus credit, not cash.
- ROI
- Return on investment. (Profit / Total amount staked) × 100. Profitable sports bettors target 2-4% ROI long-term. Anyone promising 10%+ is selling something.
S
- Same-game parlay (SGP)
- Multiple bets from the same event combined into one ticket. Legs are correlated; sportsbooks price correlation into SGP odds. SGP correlation →
- Sharp
- A skilled professional bettor whose action moves lines, OR a sportsbook (Pinnacle, Circa) that takes large action and prices accordingly.
- Soft book
- A recreational-focused sportsbook (DraftKings, FanDuel, BetMGM) that limits winning accounts and operates higher margins.
- Spread (point spread)
- The handicap applied to a market to balance betting on either side. Spread explained →
- Steam move
- A rapid line movement caused by sharp money pouring in on one side. Following steam is usually too late; identifying it as it forms is the skill.
T
- Teaser
- A parlay variant where the bettor adjusts spreads or totals in their favour by a fixed number of points (commonly 6, 6.5, 7) in exchange for reduced payouts. Standard teasers favour the sportsbook; specific "Wong teasers" (crossing key NFL numbers 3 and 7) can be +EV.
- Ticket
- A single bet, regardless of how many legs it contains.
- Totals (over/under)
- A wager on whether the combined final score will be over or under a number set by the sportsbook. Totals explained →
- True odds
- The odds reflecting the actual probability of an outcome — without sportsbook margin. See fair odds.
U
- Underdog (dog)
- The team or competitor expected to lose, carrying plus-money odds.
- Unit
- The bettor's standard stake size. Tracking results in units rather than dollars normalises across bankroll changes.
V
- Value bet
- A bet where the offered odds imply a probability lower than the bettor's calculated true probability. The foundation of long-run profitable sports betting. Value betting →
- Vig (vigorish)
- The sportsbook's margin baked into a line. See juice.
W
- Wager
- A bet. The amount staked on an outcome.
- Wong teaser
- A specific +EV teaser strategy crossing the key NFL numbers of 3 and 7 with 6-point teasers. Documented by Stanford Wong; controversial as still +EV in 2026 given line-movement adjustments by sportsbooks.