Sports Betting Terms Glossary (A-Z)

Sports betting terms can feel like a foreign language when you are just getting started. What does -110 actually mean? Why does a "push" give your money back but a "hook" can change the entire outcome of your bet? This glossary breaks down every term you need to know, from basic odds to advanced market concepts, with clear definitions, real examples, and links to our Odds Converter so you can put each concept into practice.

Whether you are placing your first moneyline wager or trying to understand what sharps and squares mean, this page is your reference. Use the category sections below to learn terms in context, or jump straight to the full A-Z glossary to look up any term.

Sports betting is entertainment, not a guaranteed way to make money. Most bettors lose over the long run. Always bet within your means, set limits, and remember that you must be 21 or older in most US states to place a legal wager.

Start Here: The 25 Most Common Betting Terms

If you are new to sports betting, start with these 25 terms. They cover the language you will encounter on virtually every sportsbook app and bet slip. Whether you just downloaded a sportsbook app for the first time or you are returning to betting after a break, these are the words that will appear on every bet slip, odds board, and promotion page.

How to learn them: Work through the list roughly in order. Start with how odds work (moneyline, spread, total, American odds), then learn the bet types built on top of them (parlay, teaser, prop), then understand what happens after the game (push, hook, grading), and finally pick up the market and strategy terms (sharp, line movement, bankroll). Each term links to a deeper section below where you can see worked examples.

Term	Quick Definition
Moneyline	A straight bet on which team or player wins the game outright, with no point spread involved.
Point Spread	A handicap set by the sportsbook that the favorite must win by for spread bets to pay out.
Over/Under (Total)	A bet on whether the combined score of both teams will be over or under a number set by the book.
American Odds	The standard US odds format. Negative numbers (-150) show how much you risk to win $100. Positive numbers (+150) show how much you win on a $100 stake.
Favorite	The team or player expected to win, shown with a minus sign (-) on the moneyline.
Underdog	The team or player expected to lose, shown with a plus sign (+) on the moneyline.
Juice / Vig	The sportsbook's commission built into every line. It is the reason -110 on both sides of a spread does not add up to an even 100%.
Parlay	A single bet combining two or more selections. All legs must win for the parlay to pay out, which raises both the potential payout and the risk.
Push	When the result lands exactly on the spread or total number, resulting in a refund of your stake. No win, no loss.
Hook	The half-point in a spread or total (e.g., -3.5 instead of -3) that eliminates the possibility of a push.
Straight Bet	A single wager on one outcome: a moneyline, spread, or total. The simplest and most common bet type.
Prop Bet	A bet on a specific event within a game, such as a player scoring a certain number of points or a team leading at halftime.
Futures	A bet placed on an outcome that will be decided in the future, such as which team will win the championship.
Live Betting	Placing bets on a game that is already in progress, with odds updating in real time as the action unfolds.
Implied Probability	The likelihood of an outcome as suggested by the odds. For example, -200 odds imply roughly a 66.7% chance.
Handle	The total amount of money wagered on a particular event or over a set period at a sportsbook.
Sharp	A professional or highly informed bettor whose action often moves lines. Sportsbooks pay close attention to sharp money.
Square	A casual or recreational bettor who tends to bet with popular opinion rather than deep analysis.
Line Movement	A change in the odds or spread between the time a line opens and when the game starts, driven by betting action or new information.
Opening Line	The first odds or spread posted by a sportsbook for an event, before any significant betting action occurs.
Closing Line	The final odds or spread available just before an event starts. Consistently beating the closing line is a strong indicator of long-term skill.
Bankroll	The total amount of money you have set aside specifically for betting. Good bankroll management is essential for long-term discipline.
Unit	A standard bet size, usually 1-2% of your total bankroll. Using units helps you track results and manage risk consistently.
Teaser	A parlay-style bet where you get extra points on spreads or totals in exchange for reduced payouts. All legs must still win.
Bonus Bet	A promotional credit from a sportsbook that lets you place a wager without risking your own cash. The stake itself is typically not returned with winnings.
Cash Out	A feature that lets you settle a bet early for a guaranteed amount before the event finishes, locking in a profit or cutting a loss.

Each of these terms is explained in more depth in the sections below and in the full A-Z glossary.

How This Glossary Works (and How to Learn Faster)

This glossary is organized in two ways. First, the category sections below group related terms together so you can learn concepts in context: odds and pricing, bet types, settlement rules, and so on. Second, the full A-Z glossary at the bottom is a quick-reference dictionary you can search or scan alphabetically.

Every key term follows a consistent format:

• Definition - a plain-English explanation (40-60 words) written to be understood on its own
• Example - a real scenario using actual odds, lines, or payouts
• Why it matters - one practical takeaway that explains how the term affects your betting
• Related terms - links to connected concepts so you can keep learning

Tips for learning faster:

• Start with the Top 25 table above, then read the Odds and Pricing section
• Use the Odds Converter to experiment with the numbers as you learn
• Follow the internal links to deep-dive guides on the concepts that matter most to you
• Bookmark this page and come back when you encounter unfamiliar language on your sportsbook app

Odds and Pricing: How to Read Betting Odds

Understanding odds is the single most important skill for any sports bettor. Odds tell you three things at once: how much you can win, how much you need to risk, and the implied probability of an outcome. US sportsbooks primarily use American odds, but you will also encounter decimal and fractional formats.

American odds use plus (+) and minus (-) signs:

• Negative odds (-150): You need to risk $150 to win $100 in profit. The larger the negative number, the heavier the favorite.
• Positive odds (+150): You win $150 in profit on a $100 stake. The larger the positive number, the bigger the underdog.
• Even odds (+100 or -100): Risk $100 to win $100. A true coin-flip price before juice is applied.

Decimal odds (used internationally) show your total return per dollar staked. Decimal 2.50 means a $100 bet returns $250 total ($150 profit + $100 stake). Most of the world outside the US and UK uses decimal format, and many US sportsbook apps let you switch to it in settings.

Fractional odds (common in UK horse racing) show profit relative to stake. 3/2 means you win $3 for every $2 you risk. You will see fractional odds in horse racing markets and on UK-based sportsbooks.

Here is a quick reference for how the three formats compare at common price points:

American	Decimal	Fractional	Implied Probability
-300	1.33	1/3	75.0%
-150	1.67	2/3	60.0%
-110	1.91	10/11	52.4%
+100	2.00	1/1	50.0%
+150	2.50	3/2	40.0%
+200	3.00	2/1	33.3%
+300	4.00	3/1	25.0%

Conversions and payouts are mathematical, not guesswork. Use our Odds Converter to switch between formats and see implied probabilities instantly.

Implied probability converts odds into a percentage chance. The formula for negative American odds: divide the absolute value of the odds by (the absolute value of the odds plus 100). For -150: 150 / (150 + 100) = 60%. For positive odds, divide 100 by (the odds plus 100). For +200: 100 / (200 + 100) = 33.3%.

Why implied probability matters: When a sportsbook prices a team at -200, the implied probability is 66.7%. If your own research suggests that team actually wins 72% of the time in similar situations, there may be value in the bet. If you think the true probability is only 60%, the line is overpriced. Implied probability gives you a common language for comparing your view against the market's price.

One important detail: the implied probabilities on both sides of a market always add up to more than 100%. For example, -110 on each side of a spread implies 52.4% + 52.4% = 104.8%. That extra 4.8% is the juice. The lower the combined overround, the less margin the sportsbook is taking and the better the value for bettors.

These conversions explain the mathematics behind odds. They do not predict outcomes or improve your chances of winning.

What Does -110 Mean?

You will see -110 more than any other number in sports betting. It is the standard price for point spreads and totals at most sportsbooks.

At -110, you risk $110 to win $100 in profit ($210 total return). The extra $10 is the juice (vig) the sportsbook charges as its commission. When both sides of a spread are priced at -110, the book collects that margin regardless of which side wins.

The break-even percentage at -110 is 52.4%. That means you need to win more than 52 out of every 100 bets at this price just to break even over time. This is why understanding juice matters: you are not betting at true 50/50 odds even when the spread looks like a coin flip.

Example: The NFL spread is Chiefs -3 (-110) vs. Bills +3 (-110). Whether you take the Chiefs or Bills, you risk $110 to win $100. If the Chiefs win by exactly 3, it is a push and both sides get their stakes returned.

Not every spread and total is priced at -110. Sportsbooks adjust the juice when action is imbalanced or when they want to encourage bets on a particular side. You might see -105 on one side and -115 on the other, or even -120/-100. Always check the price, not just the number. A spread of -3 at -105 is a meaningfully better deal than -3 at -115 over the course of a season.

Quick sanity-check rules for American odds:

• If the number is between -100 and -150, the bet is close to even. These are common on spreads and totals.
• If the number is -200 or larger, you are laying heavy juice on a strong favorite. Your risk is high relative to the reward.
• If the number is +200 or larger, you are backing a significant underdog. The payout is attractive but the outcome is less likely.

Moneyline vs Spread vs Total: Quick Comparison

These are the three core bet types. Every other wager builds on one of them.

Bet Type	What You Are Betting On	Example
Moneyline	Which team wins outright	Lakers -180 vs. Celtics +155. Bet $180 on the Lakers to win $100, or $100 on the Celtics to win $155.
Point Spread	Whether a team wins by more or fewer points than the set number	Cowboys -6.5 (-110). The Cowboys must win by 7 or more for you to win. The hook at .5 eliminates pushes.
Total (Over/Under)	Whether the combined score goes over or under the posted number	Yankees vs. Red Sox total set at 8.5. Bet Over if you expect 9+ combined runs, Under if you expect 8 or fewer.

When to use each: Moneylines are simplest and best for picking winners in low-scoring sports (baseball, hockey, soccer). Spreads level the playing field in high-scoring sports (football, basketball). Totals let you bet on the pace and scoring environment without picking a side.

A key distinction new bettors miss: A team can win the game but fail to cover the spread. If the Cowboys are -6.5 and win 24-20 (a margin of 4), moneyline bettors on the Cowboys win, but spread bettors on the Cowboys lose because 4 is less than 6.5. Conversely, if you took the Eagles +6.5, you win the spread bet even though the Eagles lost the game. Always check whether you are betting the moneyline or the spread before confirming your wager.

Bet Types Glossary: Straight Bets to Parlays and Props

Beyond the three core bet types, sportsbooks offer several ways to structure your wagers. Each comes with different risk profiles and payout structures.

Straight bet is any single wager on one outcome. Moneylines, spreads, and totals are all straight bets when placed individually. This is the foundation of sports betting and what most experienced bettors rely on.

Parlay combines two or more selections into a single bet. Every leg must win for the parlay to pay out. A two-leg parlay roughly doubles the payout of a straight bet, and each additional leg multiplies the risk. A three-team parlay at standard -110 odds pays about 6-to-1, but the probability of winning drops to roughly 12.5% before juice.

Teaser is a modified parlay where you receive extra points on every spread or total in exchange for reduced odds. A standard NFL teaser adds 6 points to each leg. So if you like the Chiefs -7 and the Over 44.5, a 6-point teaser moves your lines to Chiefs -1 and Over 38.5. All legs must still hit.

Round robin breaks a group of selections into every possible parlay combination of a chosen size. If you pick four teams and create 2-team round robins, you get six separate parlays. You don't need all four to win to see a return.

Prop bet (proposition bet) is a wager on a specific occurrence within a game rather than the final outcome. Player props (Patrick Mahomes over 275.5 passing yards) and game props (first team to score) are the most common. Props have grown enormously with the rise of same-game parlays.

Futures are bets on outcomes settled well in the future. Super Bowl winner before the season starts, MVP awards, conference champions. Futures often offer bigger payouts because your money is tied up for weeks or months, and more uncertainty is involved.

Live bet (in-play bet) is any wager placed after a game has started. Odds change in real time based on the score, time remaining, and game flow. Live betting requires quick decisions and comes with wider juice than pre-game lines in most cases.

Rules and Settlement Terms: Push, Hook, Grading, No Action

Understanding how bets are settled is just as important as understanding how they are placed. These terms explain what happens after the final whistle.

Push occurs when the final result lands exactly on the number. If you bet Chiefs -3 and they win 27-24 (a margin of exactly 3), your bet is graded as a push and your stake is returned in full. No win, no loss.

Pushes are most common on whole-number spreads and totals, especially at key numbers like 3 and 7 in the NFL. Here is how the same game settles differently depending on the number:

Your Bet	Final Score	Margin	Result
Chiefs -3	Chiefs 27, Bills 24	3	Push (stake returned)
Chiefs -3	Chiefs 28, Bills 24	4	Win
Chiefs -3	Chiefs 26, Bills 24	2	Loss
Chiefs -3.5	Chiefs 27, Bills 24	3	Loss (hook eliminates push)

In a parlay, a push typically removes that leg and recalculates the payout at reduced odds. A three-leg parlay where one leg pushes becomes a two-leg parlay. For a complete breakdown, see our guide on what a push means in sports betting.

Hook is the half-point (.5) added to a spread or total. When you bet Cowboys -3.5, that .5 is the hook. It eliminates pushes entirely because no real game can end with a margin of 3.5. The hook matters because a half-point can be the difference between a win, a loss, and a refund.

Bettors can sometimes buy the hook by paying extra juice. Moving from -3 to -2.5 on a spread costs additional vig but gives you an extra half-point of cushion. Whether buying points is worth it depends on how often games land on that exact number. At key numbers like 3 and 7 in football, buying the hook can be more valuable because those margins occur frequently. Learn more about how the hook changes outcomes.

Grading is the process a sportsbook uses to mark your bet as a win, loss, push, or void after the event concludes. Most bets are graded within minutes of a game ending, though props and futures can take longer. If a bet is graded incorrectly, sportsbooks typically have a review process, but you should check your results promptly.

No action / void means the bet is canceled entirely and your stake is returned. Common triggers include:

• A game is postponed or canceled before completion
• A player does not participate (for player props where participation is required)
• A starter is scratched in baseball when the listed pitcher is part of your bet
• Specific sportsbook house rules are triggered (these vary by operator)

Each book has its own house rules, so it is worth reading them for the bet types you use most. When in doubt, check the rules section of your sportsbook app before placing the bet.

Dead heat applies when two or more competitors tie for a position in events like golf or horse racing. Your payout is divided by the number of competitors who tied. If two golfers tie for first and you bet one of them to win, you receive half the normal payout.

Overtime rules vary by sport and book, and getting them wrong can lead to frustrating surprises:

• NFL: Spreads, totals, and moneylines include overtime unless the bet specifically says "first half" or "regulation only."
• NBA: Same as NFL. All standard bets include overtime.
• NHL: Moneylines typically include overtime and shootouts. Some books offer "regulation time" moneylines as a separate market.
• MLB: Games must typically go at least 5 innings (sometimes 4.5 if the home team is ahead) for a bet to have action. Shortened games may trigger no action.
• Soccer: Standard match markets (1X2, over/under, both teams to score) settle on 90 minutes plus stoppage time only. Extra time and penalty shootouts do not count unless you are betting on a "to qualify" or "to lift the trophy" market.

Always confirm whether your bet includes overtime before placing it, especially in playoff games where extra periods are common.

Market and Bettor Types: Sharp, Square, Steam, Line Movement

These terms describe who is betting and how their action moves the market. Understanding them helps you make sense of why odds change between the time they open and when the game starts.

Sharp bettors are professionals or highly analytical bettors who consistently find value in the market. Sportsbooks track sharp accounts closely because their bets tend to predict outcomes more accurately than the general public. When sharp money comes in on one side, books often move the line quickly. For a deeper look, read our guide on sharp vs square betting.

Square bettors are recreational players who bet for entertainment, often favoring popular teams, overs, and favorites. Square action makes up the majority of handle on most games but is less likely to move lines on its own.

Public money refers to the overall volume of bets from the general public. When 75% of spread bets on a Sunday NFL game are on one side, that is public money at work. Books may or may not adjust lines based on public percentages alone.

Steam move is a sudden, sharp line movement across multiple sportsbooks at nearly the same time. Steam moves are typically driven by large sharp bets or syndicate action and happen within seconds. If the line jumps from -3 to -4 across the market simultaneously, that is a steam move.

Line movement is any change in the odds or spread between the opening line and game time. Lines move because of betting action (sharp or public), injury news, weather, and other new information. Tracking line movement can help you understand where the smart money is going, though it is not a guaranteed predictor of outcomes.

Reverse line movement occurs when the line moves in the opposite direction of the public betting percentages. If 70% of bets are on Team A but the line moves toward Team B, sharp money on Team B may be outweighing the public volume.

Promos and Bonuses Terms

Sportsbook promotions use specific language that is worth understanding before you claim any offer. These definitions explain the common terms you will see. Always read the full terms and conditions of any promotion, as details vary by operator and state.

Bonus bet (free bet) is a promotional credit that lets you place a wager without risking your own money. If the bonus bet wins, you typically receive the profit but not the original stake amount back. Expiry periods, minimum odds requirements, and eligible bet types vary by sportsbook.

Odds boost is a promotion where the sportsbook temporarily increases the payout on a specific bet or market. For example, a standard line of +150 might be boosted to +200 for a limited time. Odds boosts have maximum stake limits and are offered at the sportsbook's discretion.

No-sweat bet is a promotion where your stake is returned as a bonus bet if your first wager loses. You still lose your original cash stake, but you receive a bonus bet of equal value to try again. The returned credit carries its own terms.

Deposit match is an offer where the sportsbook matches a percentage of your deposit with bonus funds or bonus bets. A "100% deposit match up to $500" means depositing $500 gives you $500 in bonus credits, subject to the promotion's wagering requirements.

Wagering requirement (playthrough) is the number of times you must bet the bonus amount before you can withdraw any associated winnings. Always check whether the requirement applies to the bonus amount, the deposit, or both.

Rollover is another way of describing wagering requirements. A "5x rollover" on a $100 bonus means you need to place $500 in total qualifying bets before withdrawing.

Modern Betting Features: Same-Game Parlays, Micro-Betting, Cash Out

These features are relatively new to mainstream sportsbooks and come with their own vocabulary.

Same-game parlay (SGP) combines multiple selections from the same game into a single parlay. For example: Chiefs moneyline + Patrick Mahomes over 249.5 passing yards + Travis Kelce anytime touchdown scorer. Because outcomes within the same game can be correlated (a blowout win often means more passing yards), sportsbooks price SGPs with adjusted odds that account for those correlations. SGP payouts are typically lower than what you would get parlaying the same legs as independent events.

SGP builder is the tool within a sportsbook app that lets you select and combine same-game parlay legs. The builder calculates your combined odds in real time as you add or remove selections.

Micro-betting is wagering on outcomes within very small windows of a game, such as the result of the next play, the next pitch, or the next point. Micro-bets settle within seconds or minutes and offer extremely fast action. The juice on micro-bets tends to be higher than on standard markets because of the rapid settlement and pricing complexity. Approach micro-betting with extra caution as the speed can lead to impulsive decisions.

Cash out lets you settle a bet before the event finishes. If your parlay has three legs and the first two have already won, you might be offered a cash out value that locks in a profit without waiting for the third leg. The trade-off is that the cash out amount is almost always less than the full potential payout. Cash out availability varies by sportsbook, market, and game situation, and is not guaranteed.

Partial cash out lets you settle a portion of your bet early while leaving the rest active. For example, you could cash out 50% of your bet for a guaranteed return and let the remaining 50% ride.

Live streaming is a feature offered by some sportsbooks that lets you watch games directly in the app while placing live bets. Availability depends on the operator, your location, and the event.

Betting Slang and Bettor Jargon

Sports betting has its own informal language. These are terms you will hear in conversations, forums, and social media.

• Chalk - the favorite in a matchup. "Betting the chalk" means taking favorites.
• Dog - short for underdog.
• Dime - a $1,000 bet.
• Nickel - a $500 bet.
• Dollar - a $100 bet (in betting slang, not literally one dollar).
• Tout - someone who sells betting picks, often with exaggerated claims of success. Be skeptical of anyone guaranteeing results.
• Lock - a bet someone claims is guaranteed to win. Nothing in sports betting is a lock. Treat this term as a red flag.
• Fade - to bet against a team, trend, or person. "Fading the public" means taking the less popular side.
• Chalk eater - a bettor who consistently bets favorites, often at bad prices.
• Beard - a person who places bets on behalf of someone else, usually to avoid detection by a sportsbook.
• Wiseguy - another term for a sharp bettor.
• Mush - a bettor thought to bring bad luck. Entirely superstition, but a common joke.
• Runner - similar to a beard; someone who physically goes to a sportsbook to place bets for another person.
• Off the board - a game or market that the sportsbook has temporarily removed from betting, often due to a significant injury or breaking news.
• Trap line - a line that looks too good to be true and may tempt bettors onto the wrong side. Sometimes indicates the book knows something the public does not.
• Bad beat - losing a bet due to an extremely unlikely late event, such as a meaningless last-second touchdown that swings the spread.

Full Sports Betting Glossary (A-Z)

This section is your quick-reference dictionary. Each entry provides a concise definition. For deeper explanations with worked examples, see the relevant category sections above.

A

Accumulator - Another name for a parlay, more commonly used in the UK. All selections must win for the bet to pay out.

Action - Any live wager. "Having action" on a game means you have a bet riding on it. Also refers to total betting volume on an event.

Against the Spread (ATS) - A record tracking how a team performs relative to the point spread, not just whether they win or lose outright. A team can lose the game but still cover ATS.

Alternate Line - A spread or total offered at a different number than the primary market line, with adjusted odds. Buying extra points gives you a more favorable spread at worse odds.

Ante-Post - A bet placed well before an event takes place, often before participants are confirmed. Common in horse racing and futures markets. Ante-post bets usually offer higher odds but may not be refunded if your selection withdraws.

Arbitrage - Placing bets on all possible outcomes of an event across different sportsbooks to guarantee a profit regardless of the result. Arbitrage opportunities arise when pricing differences between books create a combined implied probability below 100%. They are rare and close quickly.

B

Backdoor Cover - When a team covers the point spread through late, often meaningless scoring. If the underdog is +7 and scores a garbage-time touchdown to lose 28-24, they backdoor covered. Frustrating for the favorite bettors, lucky for the underdog side.

Bad Beat - Losing a bet due to a highly unlikely late-game event. A last-second garbage-time touchdown that swings the spread is a classic bad beat. The bet was winning right up until it was not.

Beard - A person who places bets on behalf of another bettor to conceal the original bettor's identity from the sportsbook.

Bankroll - The total funds you dedicate to betting. Sound bankroll management means risking only a small percentage (typically 1-3%) on any single wager.

Bonus Bet - A promotional credit from a sportsbook. If it wins, you keep the profit but typically not the stake value. Check terms for expiry and restrictions.

Book / Bookie - Short for sportsbook. The entity that sets odds and accepts wagers.

Buy Points - Paying extra juice to move a spread or total in your favor. For example, moving from -7 to -6.5 costs extra but adds the hook.

C

Cash Out - Settling a bet before the event ends for a guaranteed amount. The payout is almost always less than the potential full return.

Chalk - The favorite. A "heavy chalk" line means a large favorite with a big negative number.

Circled Game - A game with reduced betting limits, usually due to injuries, weather uncertainty, or other factors that make the outcome harder for the book to price.

Chalk Player - A bettor who consistently wagers on favorites. Chalk players accept lower payouts in exchange for backing the expected winner.

Closing Line - The final odds available before an event starts. Consistently beating closing lines is one of the best measures of betting skill.

Closing Line Value (CLV) - The difference between the odds you locked in and the closing line. If you bet a team at -3 and the line closes at -4.5, you got 1.5 points of CLV. Consistent positive CLV is widely considered the best predictor of long-term betting success.

Correlated Parlay - A parlay where the outcomes of individual legs are statistically related. Same-game parlays are a common example.

Cover - To beat the point spread. If the Eagles are -4.5 and win by 6, they covered.

D

Dead Heat - A tie for a finishing position in events like golf or racing. Payouts are divided among the tied competitors.

Decimal Odds - An odds format showing total return per unit staked. 2.50 means $250 returned on a $100 bet ($150 profit).

Dime - Slang for a $1,000 bet.

Dog - Short for underdog. The team or player expected to lose.

Dime Line - A betting line where the juice difference between the two sides is 10 cents (e.g., -115/+105 rather than -120/+100). Dime lines offer better value because the sportsbook takes a smaller margin.

Dog Player - A bettor who specializes in wagering on underdogs, looking for situations where the public has overvalued the favorite.

Dollar - In betting slang, a $100 wager (not literally one dollar).

E

Each Way - A bet split into two parts: one on the selection to win and one on the selection to place (finish in the top positions). Common in horse racing and golf.

Edge - A bettor's perceived advantage over the sportsbook's odds. Finding consistent edge is the goal of serious bettors.

Even Money - A bet priced at +100 (American), 2.00 (decimal), or 1/1 (fractional). You risk the same amount you stand to win.

Exotic Bet - Any wager beyond standard moneyline, spread, or total bets. Parlays, teasers, round robins, and props are all considered exotics by some definitions.

Expected Value (EV) - The average amount you would win or lose per bet if you placed it many times. Positive EV (+EV) means the bet is theoretically profitable over time.

F

Fade - To bet against. You can fade a team, a public trend, or a tout.

Favorite - The team or outcome expected to win, shown with negative American odds.

Fixed Odds - Odds that are locked in at the time you place your bet, regardless of how the line moves afterward.

First Half Bet - A wager that settles based only on the score at halftime, ignoring the rest of the game.

Fractional Odds - A UK-standard format showing profit relative to stake. 5/2 means $5 profit on a $2 risk.

Futures - Bets on outcomes settled in the future, such as championship winners or season awards.

G

Getting Down - Placing a bet. "I got down on the Chiefs" means you placed a wager on the Chiefs.

Grading - The process of settling a bet as a win, loss, push, or void after the event finishes.

Grand Salami - A bet on the total combined score across all games in a sport on a given day, most common in hockey and baseball.

H

Handicapper - A person who analyzes games and predicts outcomes, often to inform betting decisions.

Handle - The total dollar amount wagered on an event or during a time period.

Hedge - Placing a second bet on the opposite side of an existing wager to reduce risk or guarantee a profit. Common when a futures bet is close to paying out.

Hook - The half-point (.5) in a spread or total. It eliminates pushes and can make or break your bet. See how the hook changes outcomes.

I

Implied Probability - The percentage chance of an outcome as indicated by the odds. Calculated by converting odds into a probability figure.

If Bet - A conditional wager where the second bet is only placed if the first bet wins. It limits downside by not committing the full amount upfront.

In-Play Betting - Same as live betting: placing wagers on events that are already underway.

J

Juice (Vigorish / Vig) - The sportsbook's built-in commission on every bet. At -110/-110 on a spread, the combined implied probability exceeds 100%, and that excess is the juice. See how juice (vig) works.

K

Key Number - A final margin that occurs most frequently in a sport. In the NFL, 3 and 7 are key numbers because games commonly end with a margin of a field goal or a touchdown. Spreads on or near key numbers carry extra value.

L

Leg - A single selection within a parlay or teaser. A four-leg parlay has four individual bets that all must win.

Limit - The maximum amount a sportsbook will accept on a single wager for a given market. Limits vary by sport, market type, and the bettor's history.

Linemaker (Oddsmaker) - The person or team at a sportsbook responsible for setting the opening odds, spreads, and totals. Modern linemaking combines mathematical models with market awareness and is one of the most specialized roles in the industry.

Line - The odds, point spread, or total for a given event. "What is the line?" is the most common question at a sportsbook.

Listed Pitcher - In baseball betting, the starting pitcher specified on your bet. If the listed pitcher does not start, the bet may be voided depending on the sportsbook's rules and whether you selected "listed" or "action."

Longshot - A heavy underdog with a low implied probability of winning. Longshots carry large positive odds (+500 or higher) and offer big payouts but win infrequently.

Live Betting - Placing bets during a game with odds that update in real time.

Lock - A bet someone claims is guaranteed to win. In reality, no bet is a lock. Treat this term as a warning sign when you hear it from touts or tipsters.

M

Margin - The sportsbook's profit margin built into the odds. Also called overround. A market with lower margins gives bettors better value.

Middle - Winning both sides of a bet by landing between two different spread or total numbers. If you bet Team A -3 and later bet Team B +5 (after line movement), a final margin of 4 wins both bets.

Moneyline - A bet on which team or player wins outright, with no point spread involved.

Mush - Superstitious term for a bettor considered unlucky. Not a real factor in outcomes.

N

Nickel - Slang for a $500 bet.

No Action - A bet is declared void and the stake is returned. This can happen due to game cancellations, postponements, or specific rule triggers for player props.

O

Odds - Numbers that reflect the probability of an outcome and determine how much a winning bet pays. Available in American (+/-), decimal, and fractional formats.

Odds Boost - A sportsbook promotion that temporarily increases the payout on a specific market.

Off the Board - An event temporarily removed from the betting menu. Books take games off the board when new information (injury, weather) requires them to re-price.

Opening Line - The first odds or spread posted for an event. The opening line moves as money comes in and information changes.

Outright - A bet on which team or player will win an entire tournament or competition, not just a single game. Common in golf, tennis, and season-long futures markets.

Over/Under - Another name for a total. You bet whether the combined score will be over or under a set number.

Overlay - A situation where you believe the true probability of an outcome is higher than what the odds imply, meaning the bet offers positive expected value.

Overround - The sum of implied probabilities for all outcomes in a market. An overround above 100% represents the sportsbook's built-in margin.

P

Partial Cash Out - Settling a portion of your bet early while leaving the rest active. Available at some sportsbooks on selected markets.

Parlay - A combined bet with two or more legs. All must hit for the bet to win. Payouts increase with each leg, but so does risk.

Pick (Pick 'em) - A game with no point spread, meaning neither team is favored. Both sides are priced on the moneyline only.

Point Spread - A handicap that evens the perceived difference between two teams. The favorite gives points, the underdog gets them.

Prop Bet - A wager on a specific event within a game, unrelated to the final score. Player props and game props are the most common.

Puck Line - The hockey equivalent of a point spread, typically set at -1.5 / +1.5 for the favorite and underdog.

Push - A bet that results in a tie against the number, returning the original stake. See what is a push in sports betting.

R

Reverse Bet - A pair of if bets running in both directions. If Bet A wins, a wager is placed on Bet B, and vice versa.

Round Robin - A series of parlays created from a group of selected teams. Covers every possible combination of a chosen parlay size.

ROI (Return on Investment) - The percentage of profit or loss relative to the total amount wagered. A bettor who wagers $10,000 and profits $500 has a 5% ROI. Tracking ROI over a large sample is a more reliable performance measure than win-loss record alone.

Rotation Number - The unique number assigned to each team or selection on a sportsbook's betting board. Using the rotation number when placing a bet ensures you get the correct team, especially when multiple games are listed.

Run Line - The baseball equivalent of a point spread, typically set at -1.5 / +1.5.

S

Side - A bet on one team to cover the point spread, as opposed to a total (over/under) or moneyline bet. "I like the Eagles side" means you are betting the Eagles against the spread.

Same-Game Parlay (SGP) - A parlay combining multiple bets from the same game. Odds are adjusted for correlation between legs.

Sharp - A professional or well-informed bettor. Sharp action frequently moves lines. Learn more about sharp vs square betting.

Spread - Short for point spread.

Square - A recreational bettor. The opposite of a sharp.

Steam Move - A rapid, simultaneous line shift across multiple sportsbooks, usually caused by sharp or syndicate action.

Straight Bet - A single wager on one outcome. The simplest form of sports betting.

Stale Line - Odds that have not been updated to reflect new information (injury, weather, sharp action). Stale lines can briefly offer value before the book adjusts.

T

Ticket - A record of your placed bet. In retail sportsbooks, this is a physical slip. Online, it is your digital bet confirmation.

Teaser - A parlay where you receive extra points on each spread or total in exchange for a lower payout. All legs must still win.

Total - The combined score of both teams. Bettors wager whether the actual total goes over or under the posted number.

Tout - Someone who sells betting picks. Track records are rarely verified. Exercise caution.

Trap Line - A line that appears to offer obvious value but may be set intentionally to attract bets to the less likely side.

True Odds - The actual probability of an outcome, stripped of the sportsbook's margin. True odds are what the line would be if there were zero juice. Comparing true odds to posted odds helps identify value.

U

Underdog - The team expected to lose, represented by positive American odds.

Underlay - A situation where the odds imply a higher probability than you believe is warranted, making the bet overpriced. The opposite of an overlay.

Unit - A standardized bet size relative to your bankroll. Using units makes tracking performance and managing risk more consistent.

V

Value - When the true probability of an outcome is better than the odds suggest. Finding value consistently is the core skill of profitable betting.

Vigorish (Vig) - See Juice. The commission built into every line.

Void - A canceled bet where the stake is returned. Same as no action.

W

Wager - Another word for bet.

Whale - A bettor who wagers very large amounts. Whales can move lines with a single bet due to the size of their action.

Wiseguy - Slang for a sharp or professional bettor.

How to Use the Odds Converter Calculator

Our Odds Converter takes any set of odds and instantly shows you the equivalent in all three formats (American, decimal, fractional) plus the implied probability. Here is how to use it.

Step 1: Enter your odds in any format. If you see -110 on your sportsbook app, type -110 into the American odds field.

Step 2: Read the conversions. The calculator instantly shows the decimal equivalent (1.91), fractional equivalent (10/11), and implied probability (52.4%).

Step 3: Use implied probability to evaluate the bet. If you believe the true probability of the outcome is higher than 52.4%, the bet may offer value at -110. If you think the true chance is lower, the bet is overpriced.

Example 1: Converting -110

You see a spread priced at -110. The calculator shows: decimal 1.91, fractional 10/11, implied probability 52.4%. This tells you that you need to win more than 52.4% of your bets at this price to break even. The extra 2.4% above 50% is the juice the sportsbook charges.

Example 2: Converting +150

You like an MLB underdog at +150. The calculator shows: decimal 2.50, fractional 3/2, implied probability 40%. If your research suggests this team wins more than 40% of the time in similar situations, you may have found value.

Common mistake: Confusing total return with profit. At decimal 2.50, a $100 bet returns $250 total, but your profit is $150. The calculator displays this clearly so you do not overestimate your expected winnings.

These are mathematical conversions. They explain how odds work and what payouts look like. They do not predict outcomes or improve your chances of winning.

Mistakes to Avoid and Quick Tips

Learning the language is the first step. Avoiding common beginner mistakes is the second.

Misreading -110 as "nearly even"

At -110, you risk $110 to win $100. That is not a 50/50 proposition. You need a 52.4% win rate to break even. Many new bettors underestimate how much the juice eats into their returns over hundreds of bets.

Confusing spread and moneyline

The spread is about the margin of victory. The moneyline is about who wins. A team can win the game outright but fail to cover the spread. Make sure you know which one you are betting before you confirm your slip.

Not understanding pushes and voids

If you bet a spread of -3 and the team wins by exactly 3, your money comes back. That is a push, not a loss. But if you bet -3.5 (with the hook), there is no push. Knowing the difference matters for how you pick your numbers.

Overestimating parlay probability

A three-leg parlay at -110 odds per leg has roughly a 12.5% chance of hitting. The payout looks attractive, but the math works against you more often than not. Parlays should be a small part of your betting activity, not the foundation.

Ignoring juice when comparing odds

Two sportsbooks might offer the same spread, but one has it at -110 and the other at -105. That 5-cent difference in juice matters over time. Shopping for the best line is one of the simplest ways to improve your long-term results.

Quick tips:

• Always check the line and juice before confirming your bet
• Use units (1-2% of bankroll) rather than random bet sizes
• Track your bets to identify patterns in your wins and losses
• Read house rules for settlement, overtime, and void scenarios
• Do not chase losses by increasing your stakes after a bad day

Frequently Asked Questions

What does -110 mean in betting?

A line of -110 means you must risk $110 to win $100 in profit. It is the standard price on point spreads and totals at most US sportsbooks. The extra $10 represents the juice (vig) the sportsbook charges as its commission. At -110, you need to win 52.4% of your bets to break even.

How do you read betting odds?

American odds use plus (+) and minus (-) signs. Negative numbers tell you how much to risk for $100 profit. Positive numbers tell you how much profit a $100 bet returns. For example, -200 means risk $200 to win $100, while +200 means a $100 bet wins $200. Use our Odds Converter to switch between American, decimal, and fractional formats.

What is a parlay in sports betting?

A parlay is a single bet that combines two or more individual selections (called legs). All legs must win for the parlay to pay out. Payouts grow with each added leg, but so does the difficulty. If any one leg loses, the entire parlay loses. Pushes typically remove that leg and recalculate the payout.

What happens if a bet is a push?

A push means the result lands exactly on the number you bet. For example, if you bet a team at -3 and they win by exactly 3, the bet is a push and your original stake is returned. There is no win or loss. In a parlay, a pushed leg is usually removed and the parlay is recalculated with one fewer leg.

What is the hook in betting?

The hook is the half-point (.5) in a spread or total. It eliminates the possibility of a push. For instance, -3.5 means the team must win by 4 or more; there is no scenario where a final margin of 3.5 exists in a real game. The hook can be the difference between winning, losing, and getting your money back.

What is juice (vig) in sports betting?

Juice, also called vigorish or vig, is the commission the sportsbook takes on every bet. It is built into the odds. The most common example is a spread priced at -110 on both sides: the combined implied probability exceeds 100%, and that excess is the sportsbook's margin. Lower juice means you keep more of your winnings over time.

What is a moneyline bet?

A moneyline bet is a wager on which team or player will win a game outright. There is no point spread involved. The favorite is shown with a negative number (e.g., -180) and the underdog with a positive number (e.g., +155). You simply pick the winner. Moneylines are the most common bet type in low-scoring sports like baseball, hockey, and soccer.

What is a point spread in betting?

A point spread is a handicap set by the sportsbook to even the perceived gap between two teams. The favorite "gives" points (e.g., -6.5) and must win by more than that number to cover. The underdog "gets" points (e.g., +6.5) and covers by winning outright or losing by fewer than the spread. Spreads are the most popular bet type in football and basketball.