Video lessons
One short chalkboard lesson for each betting term. Open a lesson to watch it.
ActionA wager or betting interest in an event. In some sportsbook rules, "action" can also describe whether a wager remains valid despite a listed-player or starting-pitcher change.
Action ReverseTwo or more if-bets linked in both directions; each leg triggers the next with "action" (the chain proceeds even on a push or no-action leg).
American OddsThe US-style price format: negative for favorites (how much to risk to win $100), positive for underdogs (profit on a $100 risk).
Arbitrage / ArbExploiting odds differences to guarantee profit regardless of outcome.
Asian HandicapA spread format, born in soccer, that eliminates the draw using half- and quarter-point lines — and on quarter lines splits your stake across the two nearest lines, refunding any pushed half.
ATS (Against The Spread)A team's record when accounting for the point spread.
Backdoor CoverCovering the spread with a late, often meaningless score.
Bad BeatLosing a bet in an improbable, heartbreaking way.
BankrollThe total amount of money you've set aside specifically for betting.
Book / SportsbookThe company or establishment that accepts bets.
BuriedDeep in the red. Losing badly.
Buying PointsPaying extra juice to move the spread in your favor.
ChalkThe favorite. Betting on chalk means betting favorites.
ChasingIncreasing bet sizes after losses to try to get even. Very dangerous!
Closing LineThe final odds available right before the event starts.
CLV (Closing Line Value)Beating the closing market on the number or price you bet — a better spread/total, a better American price on the same outcome, or an improvement in no-vig probability terms.
Commentator's CurseA curse called down from the broadcast booth — praise a team, a kicker, or a streak on air before the result is final, and watch it flip. It is sometimes called the commentator's jinx.
CoolerA person whose presence brings bad luck. Similar to a mush — when a cooler shows up, the winning stops.
CoverWinning against the point spread.
DegenShort for degenerate. Someone who bets on everything compulsively.
DogThe underdog. The team expected to lose.
Even MoneyA bet that pays 1:1. No juice advantage.
Expected Value (EV)The average amount you expect to win or lose per bet over time, given your estimated win probability and the offered price.
FadeTo bet against someone or something — a team, a trend, a tout, or the public.
FutureA long-term bet on a season outcome like a championship winner.
Garbage TimeMeaningless action late in a blowout that can affect the spread.
Getting HookedLosing a bet by exactly a half-point.
GrinderA bettor who grinds out small, consistent profits over time.
HandicappingAnalyzing games to find betting value.
HandleThe total amount of money wagered on an event, market, sportsbook, or period.
HedgePlacing a bet on the opposite side so that either outcome pays you a known result. A true two-outcome hedge locks in a win either way once stakes and prices cover both results — you trade max upside for certainty on both outcomes.
Hit and RunBeating a local book and then never betting with it again — take the score, collect, and disappear as a customer.
HookA half-point in the spread (the .5 in -7.5).
House EdgeThe built-in mathematical advantage the house holds on every wager it offers.
If BetA conditional bet: if the first bet wins, the winnings automatically go on the next one.
Implied ProbabilityThe win chance baked into American (or other) odds, before removing the book's hold. Posted two-way probabilities often sum above 100% because of vig.
Key NumbersThe most common margins of victory. In NFL: 3 and 7 are critical.
Let It RideTo take your winnings and roll them into the next bet.
Line MovementWhen odds change between opening and closing.
Line ShoppingComparing odds at multiple sportsbooks to get the best number.
LiveBetting during the game as odds change in real time.
MiddleWinning both sides of a bet due to line movement.
MoneylineA bet on who wins, straight up, no spread.
MushA person who brings bad luck. Nobody wants to bet with a mush.
No-Vig Fair ValueThe estimated fair win probabilities (and fair odds) after removing the sportsbook's overround from a market.
Off the BoardA game that's been removed and can't be bet on.
Opening LineThe first odds posted by sportsbooks for an event.
PaperMoney. The word gamblers use so they never have to say money.
ParlayA single bet that links two or more picks together. All legs must hit to win. Higher risk, bigger payout.
Parlay CombinationsThe distinct parlays that can be formed from a set of picks — for N picks and parlay size k, "N choose k" combinations.
PayoutThe total returned on a winning bet: stake plus profit.
Pick'em / PickA game with no point spread. Both teams are even.
Point SpreadA handicap applied to the favorite so both sides have roughly equal juice. Favorite must win by more than the number; dog can lose by less (or win outright) and still cover.
PropA bet on a specific event within a game, not the final outcome.
Public MoneyBets from recreational bettors, usually on favorites and overs.
Puck LineHockey's version of the point spread, usually -1.5 / +1.5.
PushA tie. The result lands exactly on the spread/total number.
RLM (Reverse Line Movement)When the line moves opposite to where the money appears to be going.
ROI (Return on Investment)Your profit as a percentage of total amount wagered over a sample of bets.
Round RobinA wager that automatically builds every parlay combination of a chosen size from your selected teams.
Run LineBaseball's version of the point spread, usually -1.5 / +1.5.
RunnerSame as a beard — places bets for someone else.
Same Game ParlayA parlay where all legs are from the same game. Also called SGP.
SharpA professional or highly skilled bettor whose action sportsbooks respect and track.
Slow PayDragging out payment of a gambling debt — by either side: the book stalling a winner, or the player stalling the book. One step short of a stiff.
SquareA casual or recreational bettor. The opposite of a sharp.
StakeThe amount of money risked on a bet.
Stale LineA sportsbook price or number that has not yet caught up to newer market-moving information.
SteamHeavy, fast betting action that moves lines quickly.
StiffTo not pay a gambling debt — in either direction. A player who loses and disappears is a stiff, and so is a book that won't pay a winner.
Straight BetA single wager on one game. No parlay, no teaser.
Sucker BetA bet with terrible odds where the house edge is huge.
SweatingAnxiously watching a game when you have money on it.
TailTo ride with someone else's betting — copy their pick, bet what they bet. The opposite of fading them.
TeaserA parlay where you get extra points on every leg in exchange for lower payout.
Teaser PointsThe points a teaser moves each spread or total in your favor (commonly 6, 6.5, or 7 in football) in exchange for a lower payout.
TicketA single bet or wager. Your receipt for a placed bet.
TiltEmotional state where you make bad decisions after losses.
TotalThe combined score. You bet over or under the number.
ToutSomeone who sells betting picks. Quality varies wildly.
Trap GameA game where the favorite might overlook an opponent.
UnitA standardized bet size, typically 1-2% of your bankroll.
VigShort for vigorish. The book's cut on every bet. In loving memory of Vigtoria "Vig" the Goody Girl — a beloved English Bulldog who carried the name with grace.
VouchTo put your own name and credit on the line so someone gets accepted — by a private book, a card game, or anyone who does not take strangers. If the player you vouched for stiffs, it lands on you.
WhaleA very large bettor. Someone who bets huge amounts.