What is Sports Betting?
Sports betting is the act of placing a wager on the outcome of a sporting event. It involves predicting the result of a game or event and risking money on that prediction. Sports betting can be done through various channels, including online sportsbooks, brick-and-mortar casinos, and betting exchanges. The goal of sports betting is to win money by correctly predicting the outcome of a sporting event. Whether you’re betting on football, basketball, horse racing, or any other sport, the excitement comes from the challenge of making accurate predictions and the potential financial rewards.
General Betting Terms
Bankroll
This is the total amount of money you have in your betting account. At an advanced stage, you can consider your bankroll to be the amount you have set aside for overall gambling, which is comfortable enough for you. In this sense, your bankroll cannot be any funds that should cater to your daily expenses.
An example is converting the money to pay your light bill to stake on your favourite games. While you can get on a roll of successful bets in a while, there will be instances where you have to make deposits. The total bankroll in such situations is the amount on the actual site plus any other funds you feel free to deposit whenever you need to.
Stake
Say you have set aside $5 for your national team to beat their opponents in a friendly match on a sportsbook. The money invested for the success or failure of an event is the stake. You take the money from your account and risk it on the possibility that your chosen outcome will happen and your bankroll will increase. There are only two options in this situation.
You can either lose your bet alongside your stake or get richer as you win after a correct prediction. For the scenario provided, the national team must win the match for your stake to create any additional bankroll. You should always stay ready for a loss at any point involving the stake.
Odds
Bookmakers use numbers to represent the likelihood of an event happening. Odds are the ratio between the amount placed by the bookmaker and the bettors. An example to illustrate this is the odds of an event being +500. The number on the right is the amount you, as the gambler, need to stake to get the number on the right.
If one places $2, they will get $12 when they win. A loss obviously means losing a stake without the possibility of winning anything. Lower odds show that the event is likely to happen, while the inverse indicates it is less likely.
Juice (Vigorish)
Bookies always charge a fee to facilitate the bet. Their “juice” charges mean the establishments make some money regardless of the outcomes. Consider the odds for an event stand at -110. If you win in this situation and your initial stake is $1, you will receive $1.91. The bet has a 9% gap because you will only receive 0.91 on your money.
Regardless of the event’s outcomes, the bookie knows some pool amounts remain with the house. One of the parties will predict correctly, while the other will have to move on to another day. The sportsbooks always work to ensure they pay out less than what remains with them, which calls for bettors to ensure they seek the best prices to maximize profit in the long run.
Types of Bets
Moneyline Bet
A moneyline bet is a straightforward form directly associated with the match’s outcome. This option is popular because of its simplicity and interaction with the game’s result without additional conditions. For example, if the odds for a soccer match are -150, the better can place $3 for them to get $5.
This could be the best option for new players because they only need to pick the winner of the match and wait for the outcomes. Most options have the gambler choose only one side of the duel, i.e., who will win the game. The bookmakers usually categorise these odds to show the probabilities.
When you log into your favourite site and find that team A has +700, with team B having -400 odds, you already know that team B is the most likely to win the match-up.
Point Spread Bet
This bet banks on the margin of victory for the chosen team. The point spread represents the margin of points by which the favored team must win to cover the spread. It is also the most popular option in basketball and football bets. The favourite must win by the set points for you to win the bet. Consider team A 4-point underdog as they play with team B.
This means team B has a 4-point advantage in the match-up. Several scenarios mean different outcomes for all involved bettors. If team B wins over 5 points, the bettors on that side win. If the same team wins with under 4 points, the bettors on team A spread win.
Those who took the spread on team A will cash their wagers if their team wins. The concept can apply to other concepts other than straight wins. Some bookies could include spreads for points, touchdowns, corners, and yards.
Totals (Over/Under)
Betting totals means you have surrendered your allegiance from any of the team. This means it does not matter who wins the bets and by how much. The bookmakers will make their projections and set the number likely to be scored in the game.
You only have to choose if the points will be over the threshold or under. Consider a basketball game between the Lakers and the Celtics where the bookies have set the line at 230 points. If you think it will be an open duel with smooth offense, you might need to go with the over, while an anticipated defensive affair could prompt you to choose the under.
The total bet works for many other sports and in different countable categories. For example, you could bet on the total corners in a soccer match.
Parlay Bet
A gambler could decide to make two or more bets and combine them into one bet. The combination is called a parlay. Every part of the individual choices should win for the whole selection to succeed. Even if one of the selections fails, the entire bet loses.
Many users like this choice because bookmakers increase the total odds as the individual choices increase. You can also use the parlay option to combine low-risk outcomes for a decent accumulated total. High potential returns and results diversification add to the game’s excitement.
For example, you can choose total games, the money line, total corners, and individual statistics for a soccer game. The odds accumulate with every individual event added to the parlay. Therefore, people following one game could have multiple ways of winning the total odds.
Futures Bet
Imagine you are confident that your favourite football team will win the Super Bowl. You will have to place a futures betting wager to cash in when they go on to fulfil your prediction. Futures betting involves placing wagers on events that will occur far in the future, such as predicting the winner of a championship game before the season starts. Futures bets involve longer-term results, usually settled at the end of tournaments or seasons.
The bookmakers could decide to take bets before the specified period starts. Others also allow in-season bets where players can place their bankroll on their teams. The odds keep changing based on results, injuries, trades, or the total bets on particular events.
However, the point at which you place your bet will remain locked in for you regardless of the changes in the period. For example, if you chose the Chiefs to win the Super Bowl for the 2024/25 season at +300, these odds will remain the same until the season ends.
Prop Bets
Prop bets, short for proposition bets, are a type of sports bet that involves wagering on specific aspects of a game or event rather than the final outcome. These bets can cover a wide range of outcomes, such as the number of points scored in a game, the number of touchdowns scored by a particular team, or the number of rebounds grabbed by a particular player. Prop bets are popular because they add an extra layer of excitement and variety to sports betting. For example, you might place a prop bet on whether a basketball player will score over or under a certain number of points in a game. This type of bet allows you to engage with the game on a more detailed level, making every play and statistic potentially significant.
Sport-Specific Terminology
Football Betting Terms
The “favourite” is the team expected to win a particular match. This expectation banks on various factors, including performance, player statistics, and historical encounters. The favored team must win by a certain margin to cover the spread, which affects the betting odds and indicates the bettors’ expectations regarding the game’s outcome. The odds for the said side are often lower than the underdog, reflecting their higher likelihood of winning. When betting in this scenario, you may need to wager more to win a smaller profit.
“Form” refers to a team’s recent fairing, indicating how well they have played in their last few games. You can use this information to determine the best bet for the day. Teams with strong results, such as winning several consecutive matches, are often deemed to be in good form. Gamblers can use this information on football teams they do not know enough about. For example, a football team on the collegiate level can make a good pick if they are on an impressive results run.
A proposition bet focuses on a specific outcome within a game that does not directly affect the outcome. They can cover various aspects, from individual player performances to specific game occurrences. Prop bets can add excitement to a game beyond the usual win/loss scenarios and can be a fun way to engage with a match on a more granular level.
To “cover” a bet means the team you wagered on met the spread set by sportsbooks. The results can also include when the score is above the set situation. In point spread betting, sportsbooks predict the margin by which a team will win or lose. The gamblers will win from their wagers if the team gets the victory by the margin. It will be deemed to have “covered the spread.”
Basketball Betting Terms
“Fold” indicates the number of options in a single collection. For instance, a “5-fold” accumulator contains five individual selections or bets as the gambler needs. You should note that every option you take in the collection should win before cashing out. This type of bet is popular among bettors looking for higher payouts, as the odds multiply with each added selection. The rewards are enticing, although most bettors overlook the decreasing possibility of winning as they add each leg.
A “long shot” describes a bet on an unlikely outcome but offers a substantial payout if successful. In basketball betting, this could mean wagering on an underdog team to defeat a top-ranked opponent. You can also place your stake on a specific player to achieve outstanding performance statistics. For example, betting on a less publicized player to score the highest points in a game would qualify as a long shot. While these bets carry higher risk, they can yield impressive returns, hence the appeal to bettors who enjoy the thrill of improbable scenarios.
A “banker” bet is a selection very likely to win. The conclusion comes from various factors such as team form, injuries, and historical performance against the opponent. Bettors often use the term to describe a strong favourite they feel confident will secure victory. A “banker” is a cornerstone in a gambling strategy, sometimes included in accumulator bets to enhance the overall odds while minimizing risk. This approach allows you to combine safer wagers with riskier selections for potentially greater payouts.
The “money line” in basketball betting is an option that focuses on either team winning. It is the best option for new users who do not want to indulge in the practice at a deeper level. Lower odds mean the respective team is the most favoured, while higher ones indicate an underdog.
Horse Racing Terms
When a horse’s odds increase in the market, the odds are said to have experienced a “drift.” Horse races hold significant importance in the betting world, with events like The Grand National highlighting their prominence. Various factors could create such a situation. These include the health, form, or the betting action on other runners.
The bookies consider such a horse less likely to win than the previously provided odds. A drift can signal a lack of confidence in that horse’s chances, and experienced punters may look for patterns that explain the drift.
Gamblers visit the “betting ring” on the race course to look at the day’s odds and place bets. You need to see this place to find the various offers on different horses in the race. The dynamic environment of the ring can lead to real-time changes in odds.
The live atmosphere adds to punters’ excitement to strike a good deal. You should observe how odds change in response to market activity to get valuable insights into public sentiment and horse performance expectations.
A “non-runner” is a horse initially scheduled to compete but has been withdrawn for any reason before the race starts. Common reasons include injury, illness, or unfavourable ground conditions. In such situations, bets on that horse become void, and the stake refunds happen. Advance bettors should remain vigilant with such horses because they can change the scope of their selections.
For example, you could be sure with your selection winning and decide to bet “on the nose.” This means one is sure of the horse securing victory in the race, and they place only one wager.
Advanced Betting Strategies
Hedging
This is the practice of making additional bets to cater to the opposite outcome of the original wager. Many people who practice hedging try to insure themselves against losses, although they are still possible. The pattern is clear: placing an original bet, say, team A wins in a basketball duel.
They could reassess the situation using the information available before the game. The hedge bet now comes with a different outcome – team B to win the match. Depending on the person, they could alter the stake amount, while the odds will also differ from the initial bet.
This technique does not cancel out the probability of losses but only reduces the impact of the loss from the original selection. Most situations that allow hedging have only two possibilities, like straight wins on teams.
Arbitrage Betting
This is a strategy where the bettor places on all the possible outcomes of a match to guarantee themselves a profit. An arber will most likely make bets across multiple platforms with different combinations of odds and stake amounts to ensure that they would get a positive turnover regardless of the outcomes.
Some users use automated machinery to identify and place arbitrage situations on specific sites. In most cases, these situations arise from bookies not reacting to live events fast enough or erroneous odds on events. The betting companies try to avoid arbitrage bets as they expose them to more financial liability in an imbalanced environment that only guarantees wins to the punter.
Live Betting
Live betting allows users to place their wagers after the event has started. The bets are usually live as the game continues, with live updates to the odds depending on what is happening in the selection.
For example, you could look at the first quarter of a basketball game and decide to predict that the two teams would score a certain amount of points. The bookie will provide the line at the time with the corresponding odds. Live betting is usually spontaneous, especially in such games where scores change multiple times every minute.
The sportsbooks can accept or reject any bets according to their terms and conditions. Generally, this option allows users to place as many wagers as they desire on the different projected outcomes.
Bankroll Management
This is the process of carefully allocating and managing funds you have set aside for gambling. There are many strategies for bankroll management. The first way to go is to choose an adequate-size of bankroll.
This amount should be the money you can afford to lose without adversely affecting your normal operations. You can select an amount that you could place on your entertainment expenses. Many bettors are recreation-oriented, which means they are flexible in making changes, while their professional counterparts use stricter management strategies to chase long-term profitability.
You should always create a budget as a tool to help you monitor your activity on the sites.
Line Shopping and Value Betting
Line shopping involves comparing the odds offered by different sportsbooks to find the best value for a particular bet. This practice is crucial for maximizing your potential returns, as even small differences in odds can significantly impact your overall profits. Value betting, on the other hand, involves identifying bets that offer a higher expected return than the odds suggest. This means looking for situations where the bookmaker’s odds underestimate the true probability of an outcome. By consistently finding and placing value bets, you can increase your chances of making winning bets and achieving long-term profitability in sports betting.
Online Betting Terminology
Bonus Bets
Many companies have different strategies to ensure brand loyalty among users. One of them is bonus bets, which are free options for new and existing customers. For example, one sportsbook could provide a 100% deposit bonus.
If you deposit money in your account, you will receive an equal amount over a period or in one bet. You should not think these bets are risk-free. Many bookies require bettors to place the bonus funds a certain amount before they can be eligible for withdrawal.
These bets should work as goodwill from the companies for making accounts, placing bets, or referring friends to the site. They constitute a significant upside for those planning to bet on online platforms.
Rollover Requirements
As online platforms want more people on their site placing bets, they also want to ensure that there is no abuse of the gifts on the platform. Therefore, if there are any bonus provisions for players, they have to play it on the site several times.
An example is an X20 wagering requirement. This means you must wager the whole amount at least twenty times before attempting to withdraw. Different bookies have their specific terms and conditions tied to such bonuses.
One is the selection of games to add up to the ultimate requirement effectively. You could face a rejected withdrawal if the bonus amount is not placed or some bet options do not contribute to the wagering requirement.
Cash Out
Imagine you chose your favourite football team to win a game against an underdog. During the game, one of the key players rolls their ankle and has to leave. The most natural bookie reaction would be to change the odds in favour of the opposing team.
A cash-out option helps bettors mitigate losses that would otherwise be total if the events ended as they are. The bookmakers calculate the remaining bet portion and offer you a price. You could choose to take it or ignore it altogether.
In some cases, you could be expecting a win, and before the event ends, you get a cashout offer for the win. If the amount is above the initial stake, it can be used as insurance of profits.
Sportsbooks and Betting Exchanges
Sportsbooks are platforms, either online or offline, that accept sports bets. They offer a range of betting options, including straight bets, parlays, and prop bets. Sportsbooks set the odds for each event and take a commission, known as the “juice” or “vig,” on each bet. Betting exchanges, on the other hand, are platforms that allow users to bet against each other rather than against the house. On a betting exchange, you can either back a selection to win or lay a selection to lose, offering more flexibility and often better odds. Both sportsbooks and betting exchanges are essential tools in the sports betting world, providing different advantages and opportunities for bettors.
Responsible Gambling Terms
Self-Exclusion
This is a tool used by people who recognize their gambling problems and wish to get help. You can exclude yourself from gambling activities, whether online or on a physical premise. For online platforms, the bettor has to hold themselves accountable and avoid placing any bets.
Part of the options is to install site blockers to gambling sites. In this sense, you cannot access gambling websites even if you want to. Physical premises must include reasonable steps to deliver the mandate to their customers.
Some establishments provide timeline options for gamblers so that they can come back if they feel they have more control over their gambling habits.
Problem Gambling
Problem gambling is the uncontrollable urge to bet despite the harmful aspects one suffers. This issue affects family, professional, and personal set-ups. You would know that you are experiencing problem gambling when you feel like you are losing control over the habit as you try to quit. Such people might also hide the problem from those close to them.
Another characteristic is the preoccupation with gambling and neglecting other duties such as work and other financial obligations. There is the constant urge to chase losses and the elusive win even after massive losses. Problem gambling can lead to several issues, including economic stress, strained relationships, risk for suicide, and legal exposure.
Responsible Gambling Resources
There are various resources to help people who are at risk of suffering from addiction. One of them is the National Council on Problem Gambling. This organization has many resources, including campaigns and professional teams. Training programs for the service staff in the industry are also a vital resource.
They will be better equipped to help victims or those at risk when interacting with them at their workplaces. Public awareness campaigns are essential as they give the general public a glimpse of what to avoid and how to help others.
FAQs Sports Betting Terms
What Is a Bankroll in Sports Betting?
A bankroll is the money you have set aside for gambling. This money should be comfortable to lose without affecting your everyday life operation. Your bankroll includes the money in the account and subsequent deposits when needed.
What Do + and – Odds Mean?
Positive odds show that a team is the underdog in a specific situation. The number usually indicates the profit one can make when they stake a $100 wager. Negative odds show favourites, and they direct the gambler to the amount to bet for a $100 profit.
Can I Win With Arbitrage Betting?
You can win with this strategy, as betting on all possible match outcomes guarantees profits, although it does not insulate the player from losses associated with placing wagers. You should be careful because many gambling establishments discourage and even ban users who are found to be practicing this tactic.
What Is a Parlay Bet?
This is a single wager that combines multiple individual bets into one. The main requirement is that all selections have to win for a payout. Parlay bets offer higher potential returns than single bets but come with increased risk, as losing just one selection spoils the whole collection.
What Does ‘Juice’ or ‘Vig’ Mean in Betting?
“Juice” refers to the commission that sportsbooks take to facilitate a wager. The wins from your bets partially remain after calculation. This fee is typically built into the odds and represents the bookmaker’s margin. The allowance is for the bookies to sustain themselves on the market.
