Sports Betting Glossary A-Z
Over 100 sports betting terms explained. From basic concepts to advanced strategies, find clear definitions for every term you'll encounter.
A
Accumulator
A single bet that combines multiple selections. All selections must win for the bet to pay out. Also known as a parlay in North America.
Example: A 4-team accumulator at combined odds of 12.5
Action
Any wager or bet placed. Also refers to the total amount wagered on a particular event.
Against the Spread (ATS)
Betting on a team to cover the point spread rather than simply win the game.
Example: The Leafs are 8-2 ATS in their last 10 games.
Alternate Line
Point spread or total that differs from the standard line, offering different odds as a trade-off.
Arbitrage
Exploiting odds differences between sportsbooks to guarantee a profit regardless of outcome. Also called "arbing" or "sure betting".
B
Bankroll
The total amount of money a bettor has set aside specifically for wagering.
Bad Beat
A bet that loses despite appearing to be a certain winner, often due to a last-second score or unlikely event.
Bet Slip
The digital form where you add and confirm your selections before placing a wager.
Betting Exchange
A platform where bettors wager against each other rather than against a bookmaker. The exchange takes a commission on winning bets.
Book / Bookmaker
An organization or individual that accepts bets. Also called a sportsbook or bookie.
Bonus Bet
A promotional bet offered by a sportsbook, typically as part of a welcome offer. The stake is not included in the payout.
Buyback
When a sportsbook adjusts its lines to balance action after heavy betting on one side.
C
Cash Out
An option to settle a bet before the event ends, locking in a profit or minimizing a loss.
Chalk
The favourite in a given matchup. Betting on chalk means backing the expected winner.
Example: The Oilers are heavy chalk at -250.
Closing Line
The final odds offered just before an event begins. Beating the closing line consistently is a hallmark of sharp bettors.
Consensus
The percentage of bets on each side of a wager, reflecting public opinion.
Contrarian Betting
A strategy that involves betting against the public consensus, based on the theory that the public is often wrong.
Cover
When a team wins by enough points to beat the spread.
Example: The Raptors were -6.5 and won by 10, so they covered.
D
Dead Heat
When two or more competitors tie. Payouts are typically divided proportionally.
Decimal Odds
An odds format showing total return per $1 staked, including the stake. Popular in Canada and Europe.
Example: Odds of 2.50 mean a $100 bet returns $250 total ($150 profit).
Dime Line
A betting line where the vigorish (juice) is 10 cents between the two sides.
Example: -105/+105 is a dime line.
Dog / Underdog
The team or player expected to lose. Shown with a positive number in American odds.
Example: +180 underdog
Double Chance
A bet covering two of three possible outcomes in a match (win/draw, win/win). Common in soccer.
Draw No Bet
A bet where stakes are refunded if the match ends in a draw.
Drift
When odds lengthen (increase) over time, indicating less confidence in that outcome.
E
Edge
A bettor's perceived advantage over the sportsbook on a particular wager.
Even Money
A bet with odds of 2.00 (decimal) or +100 (American), meaning you win exactly what you stake.
Expected Value (EV)
The average amount a bettor can expect to win or lose per bet over time. Positive EV (+EV) indicates a profitable bet long-term.
Exotic Bet
Any wager beyond standard moneyline, spread, or total bets. Includes teasers, pleasers, and other specialty bets.
F
Favourite
The team or player expected to win. Shown with a negative number in American odds.
Example: -150 favourite
First Half / Second Half
Bets that apply only to the first or second half of a game, rather than the full game result.
Fixed Odds
Odds that are locked in at the time of the bet. Your payout is guaranteed regardless of subsequent line movement.
Fractional Odds
Odds shown as fractions (e.g. 3/1), popular in the UK. The numerator is profit, denominator is stake.
Example: 5/2 odds: bet $2 to profit $5.
Free Bet
A promotional wager where the sportsbook provides the stake. Only the profit (not the stake) is returned on winning bets.
Futures
A bet on an event that will be decided in the future, such as a championship winner or season totals.
Example: Betting on the Canadiens to win the Stanley Cup before the season starts.
G
Grand Salami
A bet on the total combined score of all games in a sport on a given day. Common in NHL and MLB.
Grinder
A bettor who consistently makes small, low-risk bets aiming for steady profits rather than big paydays.
H
Half-Point Buy
Paying extra juice to move a spread by half a point, often used to avoid pushes on key numbers.
Handle
The total amount of money wagered on an event or at a sportsbook over a period of time.
Handicap
A point advantage or disadvantage given to a team to create a more even betting proposition. Same as a spread.
Hedge
Placing a bet on the opposite side of an existing wager to guarantee a profit or minimize loss.
Hold
The percentage of total handle that a sportsbook keeps as profit after paying out winners.
Hook
A half-point in a spread. Used to avoid pushes.
Example: The line is 7.5 — the hook prevents a push on exactly 7.
I
Implied Probability
The probability of an outcome as suggested by the odds, calculated as 1 divided by decimal odds.
Example: 2.00 odds imply a 50% probability.
In-Play / Live Betting
Bets placed after an event has started, with odds updating in real-time based on game action.
J
Juice
The commission charged by a sportsbook on bets. Also called vigorish (vig) or margin. Standard juice is -110 on each side.
K
Kelly Criterion
A mathematical formula for determining optimal bet size based on perceived edge and bankroll. Maximizes long-term growth.
L
Laying Points
Betting on the favourite to cover the spread. The favourite must win by more than the spread.
Example: Laying 6.5 points with the Flames means they must win by 7+.
Limit
The maximum amount a sportsbook will accept on a single wager. Limits vary by sport, market, and bettor.
Line
The odds or point spread on an event. "The line" generally refers to the primary market.
Line Movement
Changes in odds between the opening line and the current or closing line. Driven by sharp money, public betting, or new information.
Lock
A bet perceived as a certain winner. In reality, no bet is truly a lock.
M
Matched Betting
Using free bets and promotions mathematically to guarantee a profit, typically by hedging on a betting exchange.
Middle
Betting both sides of a game at different spreads, hoping the final score falls between them for a double win.
Mise-o-jeu
Quebec's government-run sports betting platform operated by Loto-Québec.
Moneyline
A bet on which team will win outright, without any point spread. The simplest form of sports betting.
Example: Moneyline -150: bet $150 to win $100.
Mover
A game or market where the line has shifted significantly from the opening.
N
Nickel
A $500 bet in slang terms.
No Action
A bet that is cancelled and the stake returned. Usually happens if a game is postponed or cancelled.
Novelty Bet
Wagers on non-sporting events such as entertainment, politics, or weather. Also called specials.
O
Odds
Numbers that express the probability and payout of a bet. Can be shown in decimal (2.50), American (+150), or fractional (3/2) format.
Odds Boost
A promotional offer where a sportsbook enhances the odds on a particular bet.
Opening Line
The first odds posted for an event. Often set by sharp books and used as a reference point.
Over/Under (Total)
A bet on whether the combined score of both teams will be over or under a specified number.
Example: NHL game total set at 6.5 goals.
Overlay
When the odds on a bet are higher than the true probability suggests, giving the bettor positive expected value.
P
Parlay
A single bet combining two or more selections. All legs must win for the parlay to pay out. Higher risk, higher reward.
Example: A 3-team parlay at +600.
Pick'em (PK)
A game with no point spread, where both teams are considered equally likely to win.
Player Prop
A bet on an individual player's performance rather than the game outcome.
Example: Connor McDavid Over 1.5 points.
PlayNow
British Columbia's government-run sports betting and online casino platform operated by BCLC.
Point Spread
A handicap applied to even out a matchup. The favourite must win by more than the spread.
Example: Raptors -5.5: they must win by 6+ to cover.
Proline
Ontario's legacy government-run sports betting game (now replaced by licensed operators under iGaming Ontario).
Proposition Bet (Prop)
A wager on a specific event within a game, not directly tied to the final outcome.
Example: Will there be a score in the first 5 minutes?
Puck Line
The point spread in hockey, typically set at 1.5 goals.
Example: Canadiens -1.5 means they must win by 2+ goals.
Push
When the result lands exactly on the spread or total. The bet is cancelled and the stake returned.
R
Recreational Bettor
A casual bettor who wagers primarily for entertainment. Also called a "square".
Reverse Line Movement
When the line moves in the opposite direction of where the majority of bets are placed, indicating sharp money.
ROI (Return on Investment)
Profit expressed as a percentage of total amount wagered. A key metric for measuring betting success.
Rotation Number
A unique number assigned to each team or selection by sportsbooks for identification.
Round Robin
A series of smaller parlays created from a larger group of selections. Reduces risk compared to a single large parlay.
Run Line
The point spread in baseball, typically set at 1.5 runs.
Example: Blue Jays -1.5 means they must win by 2+ runs.
S
Same-Game Parlay (SGP)
A parlay combining multiple bets from the same game. Odds are correlated, so pricing differs from standard parlays.
Sharp
A professional or highly skilled bettor. Sharp bettors often move lines through their wagers.
Single-Game Betting
Betting on the outcome of one game, which became fully legal in Canada in August 2021 through Bill C-218.
Sport Select
Manitoba and Saskatchewan's government-run sports betting platform operated by WCLC.
Square
A recreational or novice bettor. The opposite of a sharp.
Steam
Rapid, significant line movement caused by heavy betting from sharp bettors or syndicates.
Straight Bet
A single wager on one event, the most basic type of sports bet.
T
Teaser
A type of parlay where you can adjust point spreads in your favour, in exchange for lower odds.
Ticket
A bet or wager. Also refers to the receipt for a placed bet.
Tissue Price
The odds compiler's initial estimate of odds before they are adjusted by market demand.
Total
The combined score of both teams. Bettors wager on whether the actual total will be over or under the posted number.
Tout
Someone who sells betting picks or tips. Quality varies widely — be cautious of paid tipsters.
True Odds
The actual probability of an outcome occurring, without the bookmaker's margin built in.
U
Under
A bet that the combined score will be less than the posted total.
Underlay
When the odds on a bet are lower than the true probability suggests. The opposite of an overlay.
Unit
A standardized measure of bet size, usually 1-2% of your bankroll. Used to track performance consistently.
V
Value
When the odds offered are better than the true probability of an outcome. Finding value is the key to profitable betting.
Vigorish (Vig)
The commission or fee charged by a sportsbook. Typically -110 on each side of a spread bet, representing about 4.55% margin.
Void Bet
A bet that is cancelled, usually due to a postponement, player withdrawal, or rule violation. Stakes are refunded.
W
Wager
Another term for a bet. The amount of money risked on the outcome of an event.
Wagering Requirements
Conditions attached to a bonus that specify how many times the bonus amount must be bet before it can be withdrawn.
Wiseguy
Another term for a sharp or professional bettor.
Y
Yield
The profit or loss from betting expressed as a percentage of total stakes. Similar to ROI.