Sports Betting Terms Explained for beginners: getting started with sports betting can feel confusing at first. With so many odds formats, bet types, and unfamiliar terms, it is easy to feel overwhelmed.
This guide breaks down the most common sports betting terms and phrases you will encounter. Whether you are learning how moneyline or point spread bets work, or exploring odds, totals, and accumulators, this glossary helps you understand everything before placing your next wager.
General Sports Betting Terms
Moneyline – A straightforward bet on which team or player will win the game. The odds determine how much you need to risk or how much you can win.
- Example: Lakers -150 means you must bet $150 to win $100. Celtics +130 means you’d win $130 from a $100 wager.
Moneyline bets are the most common in American sports like the NFL, NBA, and MLB.
Point Spread (Spread Betting) – A bet that levels the playing field by giving the favorite a handicap.
- Example: If the Chiefs are -6.5, they must win by 7 or more points to “cover the spread.” If they win by fewer, or lose, the underdog covers instead.
Point spreads are popular for basketball and football games where team strengths differ significantly.
Over/Under (Totals) – A wager on the total combined points or goals scored in a game.
Sportsbooks set a line — for example, 2.5 goals in soccer or 45.5 points in football — and bettors predict whether the actual total will go over or under that number.
This is one of the most popular markets for NFL, NBA, and soccer games.
Accumulator (Acca) – A single bet that combines multiple selections. For example, betting on the winners of four separate matches. If all selections win, you earn a larger return — but one loss voids the entire bet.
Back Bet – A standard bet placed for something to happen (e.g., betting on a team to win).
Cash Out – Ending your bet early to secure profit or reduce potential loss before the event finishes.
Chase – Continuing to gamble after a loss in hopes of winning it back — a common but risky habit.
Decimal Odds – Odds expressed in decimal format (e.g., 2.0 = total return of $20 from a $10 stake). Common in Europe and online sportsbooks.
Double – Two selections combined into one bet — both must win for a payout.
Drift – When odds increase, indicating the selection is becoming less likely to win.
Dutching – Betting on all possible outcomes to guarantee a profit if the odds align.
Evens – Odds of 1/1 (or 2.0 in decimal), meaning your winnings equal your stake.
Favourite – The team or competitor most likely to win.
Fixed Odds – A wager where the odds are locked in once placed.
Fractional Odds – Traditional UK-style odds like 2/1 (win $2 for every $1 bet).
Hedging – Placing multiple bets on different outcomes to limit risk or secure profit.
In-Play (Live) Betting – Betting while a game or event is actively happening.
Long Shot – A bet on a high-odds outcome that’s unlikely but offers a big payout.
Matched Betting – A strategy that uses bookmaker promotions by betting both for and against an outcome to guarantee small profits.
Odds Against / Odds On – “Odds against” means the potential profit is greater than your stake; “odds on” means the return is smaller than your stake.
Outright Bet – Betting on the overall winner of a tournament or season, rather than a single match.
Stake – The amount of money risked on a bet.
Underdog – A team or competitor expected to lose but still capable of an upset.
Vigorish (Vig) – The bookmaker’s built-in commission or fee, included in the odds.
Void Bet – A canceled bet, often due to event cancellation or player withdrawal; your stake is usually refunded.
Horse Racing Terms
All In – A bet that remains valid even if your horse withdraws (your stake is lost if so).
Ante Post – A wager placed before official betting markets open, often with better odds.
Each Way (E/W) – Two bets in one: one on the horse to win, one on it to place.
Going – The track’s surface condition, from “Heavy” to “Firm.”
Handicap – A race where horses carry adjusted weights to even out ability.
Jolly – Slang for the favorite horse.
Non-Runner – A horse that doesn’t start the race (stake refunded).
Rule 4 Deduction – Winnings reduced due to a horse’s withdrawal.
Starting Price (SP) – The odds available at race start.
Walkover – A win awarded because all other horses were withdrawn.
Football (Soccer) Betting Terms
2UP – Some sportsbooks pay out early if your team leads by two goals.
Banker – A selection viewed as almost certain to win.
Bet Builder – A custom multiple bet within the same game (e.g., team to win + total goals).
Both Teams To Score (BTTS) – Betting on both teams to score during the match.
Extra Time – Added 30 minutes when knockout matches end in a draw; usually excluded from standard bets.
First Goal Scorer (FGS) – Betting on who scores the first goal.
Full Time / Half Time – The 90-minute result or halftime score, respectively.
Matched Betting and Exchange Terms
Arbitrage (Arbing) – Placing bets across different sportsbooks to lock in profit due to price differences.
Commission – A small fee charged by betting exchanges (e.g., 2–5% on winning bets).
Exchange – Platforms like Betfair or Matchbook where players bet against each other.
Free Bet – Promotional bet using bonus funds instead of cash.
Lay Bet – Betting against an outcome (e.g., betting a team won’t win).
Qualifying Bet – The first bet required to unlock a promotion.
Reload Offer – A bonus offer for existing customers.
Sign-Up Offer – A welcome promotion for new users (e.g., “Bet $10, Get $30 Free Bet”).
Final Thoughts
Understanding these terms helps you make smarter, more confident wagers. From moneylines and spreads to odds formats and exchange betting, mastering the language of sports betting is your first step toward informed and responsible play.
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FAQ
What is a Moneyline bet?
A Moneyline bet is a simple wager on which team will win. The odds show how much you risk or earn. For example, -150 means betting $150 to win $100, while +130 means winning $130 from a $100 bet.
What is a Point Spread in sports betting?
A Point Spread gives the favorite a handicap to balance both sides. If the favorite is -6.5, they must win by seven or more points. The underdog covers by losing within that margin or winning outright.
What does Over/Under (Totals) mean?
Over/Under betting predicts if total points or goals will be higher or lower than a set line. For example, betting Over 2.5 goals means expecting at least three total goals in the match.
What is the difference between fractional, decimal, and American odds?
Fractional odds like 2/1 are common in the UK, decimal odds like 3.0 in Europe, and American odds like +200 or -150 in the US. Each format shows the same implied probability differently.
What does in-play or live betting mean?
In-play betting allows wagers after a game starts. Odds update continuously based on game action, letting bettors react to live performance instead of pre-game predictions.
What is the difference between a favorite and an underdog?
The favorite is expected to win and has lower odds. The underdog is less likely to win but offers a larger payout if they succeed, making it a higher-risk, higher-reward option.
What does vig or vigorish mean in betting?
Vig is the bookmaker’s commission included in the odds. It ensures the sportsbook earns a small profit regardless of which side wins, keeping the betting market balanced.