Understanding betting 101 is the foundation for any aspiring bettor in 2025. To fully grasp the range of options and opportunities across today’s sports betting market, it’s essential to understand the language of gambling — the terms, abbreviations, and jargon used by sportsbooks and bettors alike.
VegasBetting’s betting guide includes this comprehensive glossary to help readers navigate the terminology they’ll encounter on all major sports betting sites.
Calder Trophy
Named after Frank Calder, the first president of the NHL, this award is given annually to the top-performing rookie. It honors the first-year player who has made the greatest impact throughout the season.
Drafts
Drafts are a staple across major leagues such as the NFL, NBA, NHL, and MLB, offering bettors a unique and exciting market. These events determine which young talents join professional teams, often sparking heavy betting action. The MLS has also begun adopting similar draft systems.
Hart Trophy
Awarded each year to the NHL’s Most Valuable Player (MVP), the Hart Memorial Trophy was donated by David Hart, father of longtime Montreal Canadiens coach Cecil Hart.
Larry O’Brien NBA Championship Trophy
The NBA’s top honor, awarded to the team that wins the postseason finals. Named after former NBA commissioner Larry O’Brien, this trophy represents basketball supremacy for that season.
March Madness
One of the biggest betting events on the annual sports calendar, March Madness showcases the top college basketball programs under the NCAA banner. Every spring, 68 teams compete for glory in a single-elimination tournament that captivates fans and bettors alike.
MLB (Major League Baseball)
Often referred to as “America’s pastime,” MLB dates back to the 1800s and remains one of the most-watched and most-bet-on leagues in the world.
MLS (Major League Soccer)
The fastest-growing sports league in the United States, especially since Lionel Messi’s arrival. MLS is steadily climbing toward top-tier status among U.S. sports.
NCAA (National Collegiate Athletic Association)
The governing body for college athletics in the United States. It oversees a wide range of competitions — most notably NCAAF (college football) and NCAAB (college basketball) — which feed talent into the pro ranks.
NBA (National Basketball Association)
The world’s premier basketball league, home to global superstars and watched by millions across the globe. The NBA continues to expand its international influence each season.
NFL (National Football League)
The largest and most profitable sports league in the United States. Each season culminates in the Super Bowl, one of the most-watched events worldwide and a massive highlight for sports bettors.
NHL (National Hockey League)
The leading professional ice hockey league in North America, featuring teams from both the United States and Canada. The NHL attracts elite players from around the world and fuels a passionate betting market every season.
Rose Bowl
Hosted annually in Pasadena, California, the Rose Bowl is the oldest college football bowl game in the United States. It usually kicks off the year’s NCAAF postseason on January 1, drawing massive crowds and viewership.
Selke Trophy
An NHL award presented to the forward who best demonstrates exceptional defensive skills throughout the season.
Stanley Cup
The ultimate prize in professional hockey, awarded to the NHL champion after a grueling postseason of knockout rounds. Winning the Stanley Cup is considered one of the toughest achievements in all of sports.
Ted Lindsay Award
Presented to the NHL’s most outstanding player, as voted by fellow members of the NHL Players’ Association — making it one of the most respected individual honors in hockey.
The Grand National
Held annually at Aintree Racecourse in Merseyside, England, the Grand National is one of the most prestigious horse racing events on the global calendar and a major draw for bettors.
Triple Crown
The pinnacle of American horse racing, consisting of the Kentucky Derby, Preakness Stakes, and Belmont Stakes. Winning all three races is an incredibly rare and celebrated feat.
Vezina Trophy
Awarded to the NHL’s top goaltender each season, as voted on by the league’s general managers.
Vince Lombardi Trophy
Named after legendary NFL coach Vince Lombardi, this trophy is awarded to the team that wins the Super Bowl — the ultimate goal in American football.
Added games are additional games that are scheduled to popular demand. Often they replace events which have been cancelled, but added games can occur for a variety of reasons.
AET refers to the additional 30 minutes played if a soccer match ends in a draw after regulation time, used in knockout competitions to determine a winner. It stands for “After Extra Time”.
Alternative, or alt-lines allow bettors to raise or lower the match odds with the relevant price change.
American odds are all based on a unit of 100, they refer to the alternatives to decimal or fraction odds. A plus (+) sign indicates the underdogs, and a negative (-) represents the favorites. If a team is +150 to win, that means a $100 bet would profit $150.
Also known as futures, these are risky bets that are made well in advance of the event taking place.
Short for Arbitrage.
It’s a betting strategy employed that takes advantage of slight discrepancies between the odds at various bookmakers. This strategy involves a bettor wagering on both sides of an event, at different bookies, guaranteeing a return regardless of the outcome.
Kind of like spread betting, Asian Handicapping goes from a quarter to multiple goals. Mostly linked to soccer, this betting market doesn’t allow for ties.
An acronym for “Against the Spread”. The spread bet is arguably the most popular wager of all. If you ever hear a team “covered the spread”, you know that means they won ATS-wise.
They are safe bets around which parlays are often built. Used in parlays, Bankers are the bedrock of bet.
The Best-price percentage is the percentage chance of winning. Meaning a match with even odds stands at a 50% best-price percentage.
Actual or promotional money used to make wagers.
Betting exchanges are websites where bettors can wager against other bettors rather than against the bookmaker. Betting exchanges take function by taking commissions on bets placed.
There are various strategies that can be used by bettors, which have been created by numerous different statisticians and sports betting enthusiasts.
Bonuses and promotions are regularly offered by major sportsbook providers and act as an incentive for bettors to play with their book, or reload (reinvest) funds using certain payment methods. There are a broad range of bonus offerings.
Any website that offers betting markets on certain sports; horse racing is a racebook, sports betting is a sportsbook.
Bookie is short for Bookmaker, which is the same as a Linemaker. Bookies set the prices at a sportsbook.
A Canadian line combines puckline (spread) and moneyline betting, used primarily in NHL markets.
Another word for the favorite in any game or event.
Closing lines are the final odds that are posted before lines close. They will likely be quite different to the opening lines.
Two or more teams priced at the same odds. This is common in futures or ante betting.
Also known as juice or vigorish. This is the money bookmakers take to stay in business.
These are wagers used by bettors to predict the exact score at the end of a game. A risky bet, unless the bettor has a tip or is more sure of something.
A common term used, often under the phrase of “covering the spread.” The team that won the spread bet is deemed to have “covered.”
Decimal odds are a way to represent odds, commonly used in Canada, Europe, and Australia. Smaller odds (e.g. 1.5) represent the favorites, whereas longer odds (e.g. 7.5) represent outsiders or underdogs.
It refers to wagers placed at odds of -110, where the juice represents roughly 10% of the wager. In betting slang, a dime refers to a $1,000 wager, while a nickel is $500 and a dollar is $100.
A dog or underdog is a term used among bettors to describe a team that is least likely to win out of the two teams in question.
A Double Action is multi-wager bet. These bets require bets to be won, tied, or pushed for the next bets to be considered.
A bet placed on two wagers. The winnings from the first is rolled over to the second bet. Like parlays, you must win both to win the double bet.
Common across most sports, these wagers bet on the winner at halftime and at the end of the game. For example: Manchester United win at half time and Newcastle United win at full time.
Doubleheaders are two games played on the same day between the same two teams. These mainly happen in baseball.
Also known as a push, in sports betting. Any match ended in a tie. The original stakes are returned.
Drift refers to the steady and gradual growth of odds.
Bookmakers offer each-way bets to spread risk for bettors. This type of bet is made up of a win bet and a place bet. Betting on a horse to win, as well as a horse to place in a number of positions.
Another term often used to describe an advantage.
Even Money refers to any wager that returns the same amount as the original wager. The bettor may win or lose the same amount as the original risk.
They are also referred to as props or special bets. They are often more fun and unrelated to the outcome of the game.
Expected goals is the amount of goals that are predicted to occur in a half or an entire game.
Expected Value is the amount a bettor can expect to win across a variety of wagers.
The favorite is the opposite of the underdog. It’s quite self-explanatory, it’s the team/individual most likely to win.
This bet allows you to bet on who will be ahead at the end of the first half. It is a common wager available in most sports.
These types of bets are based on the first/last person to score in a particular match or competition (typically soccer).
Fixed-odds will not change after you place your bet. In other words, the closing line will not change your bet.
One way of representing the odds, often used in horse racing. Fractions set at 2/1 are equivalent to +200 in American odds.
Futures are very common bets, but come with a higher risk level, as they predict the future long before the factors affecting the event get underway. Typically seen as a high risk bet.
Bets placed at halftime on who will win just the second half, not the overall match.
Simply refers to wagers that are set at half points. For example a wager might predict Chelsea to win 2.5, meaning the over under lands on 2 or 3, depending which way the bet goes.
As a way of leveling out odds, a handicap ensures the odds are competitive attracting bettors to both sides of a particular bet.
The person who sets, bets on, or predicts a handicap.
Handicapping is a common occurrence and involves making a prediction of the odds.
The total amount of money wagered on a particular event or across all events.
Hedging your bets refers to betting on the opposite side of the original wager to ensure the bettor wins. This is often employed as a betting strategy.
Having ‘home advantage’ simply means the team are playing at their stadium, ground, or their usual playing field. The advantage of doing this can sway odds in that team’s favor.
Multi-wager bets which rely on each individual wager to win in order to proceed. These often occur in knockout tournaments.
Also known as live-betting, it’s the term used to describe when bettors place wagers on games or events whilst they are occurring. This has become an extremely popular betting market.
When at least two units such as players or teams are seen as equally likely to win.
Juice refers to the commission bookmakers take-off of winning bets. It is also known as “vig” or vigorish.
A formula created by John Kelly that is often employed by bettors to try and maximize the value of their bets.
This is the most common score differential in football.
Each sportsbook will set its own limits. These refer to the maximum and minimum each team can stake on any bet.
To describe bets that handicapped to make both sides equal.
The person/employee at a bookmaker who creates the odds – also known as an oddsmaker.
Also known as in-play betting, live-betting is when you can place wagers on a match or event as it’s happening.
A term used to describe a bet that is certain to come in. It’s a term that is misrepresented as no bet is certain to come in.
This is often referred to as ‘betting on the “underdog”. But its meaning is clear in that it’s something you have to take a risk on with a low probability of success.
It refers to two different things; Either the point spread or the oddsmaker’s commission on a match.
Any bet on a wager with two sides in a head-to-head match-up.
Probably the most common type of wager in betting. A very direct wager, where the winning team determines the outcome of the wager. Not based on the score or other aspects of the game or event.
Any bet that has multiple bets within it. They are often referred to as parlays, combos, or accumulators.
Stands for Most Valuable Player.
A bet perceived to be a sure-fire winner – It is also known as a “lock”. The best bet on any match.
A wager that is pulled from the betting market.
This represents the balance of advantage on a bet. They try to determine risk versus reward for punters.
Bookmakers will often give users the option of choosing American, Decimal or Fractional odds.
The side that is estimated to most likely win.
The person who decides what the odds will be, with some of the best normally coming out of Las Vegas.
It’s when the bet hasn’t been posted yet. Sudden changes such as injuries or weather can make bookmakers place an OTB where the odds would normally be.
A form of ante or futures betting. Any outright bet is created to predict the overall outcome of a league, competition, trophy, etc…
Based on the value set by the oddsmakers, the over is betting on the result to go over the set value.
Markets where the odds are in favor of the bettors, rather than the bookmakers.
Markets where the odds are in favor of the bookmakers, rather than the bettors.
The bookmakers will fix a certain figure, which bettors will wager over or under on. The bet will be decided on the result if it goes over or under that value.
A combination of bets made into a single wager.
This is the amount you win, plus your original stake, on a bet.
A betting market where the odds are the same on both sides.
A number elected by oddsmakers to represent the gap between the winning and losing team.
The time horses and greyhounds are set to begin the race.
Based on a variety of different statistics, power rankings assign a league rank based on current form and overall performance to form a unique ranking table for major sports.
Based on odds and reward. This is the amount it costs to play a particular bet.
These are very popular and represent bets that don’t have a direct relationship to the end result of a game. They can be designed to simply make the viewing experience more entertaining.
The number of goals that an underdog must stay within or a favorite must win by, to cash a winning ticket.
Any bet that lands in a tie or on the spread. The term refers to the money being given back to the bettor with no loss or gain in funds.
Any bet that is made based on a first, second, or third quarter.
Additional funds paid into a sportsbook account by a user.
Primarily used in Las Vegas, it’s the number a bookmaker assigns to a bettor.
A type of parlay of three legs or more that covers all wagers.
A handicap, against-the-spread baseball wagering option. Normally set at 1.5 runs at the start of the game, they change during live betting.
Switching between various sportsbooks to take advantage of the bonus offerings.
When a bet is received as being too high. Over the odds.
A bettor who knows the game and has invested time in betting, gaining experience and knowledge.
The opening odds for greyhound and horse races.
Otherwise known as props, these are betting markets that differ from standard betting lines such as moneyline and spread.
A split-ball handicap is two handicapped bets on a single wager that have differing values.
Another name for a bookmaker. Where odds are posted, bets are accepted, and fun is had.
A physical location inside a casino or venue where bets are placed and paid out
To make a spread bet, you place a bet for or against the spread set by the bookmaker.
Also known as “risk,” it is the amount you wager on any given bet.
It’s a way of budgeting your bankroll (total funds) so that not too much is spent in one go and bettor’s reserve funds.
It refers to single bets, as opposed to placing a multi bet or accumulator.
A type of parlay where the odds move slightly (are “teased”) in your favor.
This is what a bettor will see on their account after they have completed a bet. The bookmaker will list the full bet on the ticket.
When a match, game, or event ends with an even score, also known as a draw.
When someone offers insight about a particular bet.
Professionals who provide tips.
A bet on the total score, accumulative, or by one team.
A professional bettor who offers tips, often for a fee.
Any wager that ends beneath the set value assigned by the oddsmakers, the opposite of an over bet.
The one team or individual who is expected to lose the game or event. The opposite of the favorite.
The commission added to bets by oddsmakers, otherwise known as “vig”.
Otherwise known as a bet, it’s placing money on a particular event.
