BETTING TERMINOLOGY

Action
Having a wager on a game.

ATS (“Against the spread”)
Refers to a team’s win-loss record against the point spread (aka the “line”).

Backdoor cover
When a team scores points at the end of a game to cover the spread unexpectedly.

Bad beat
Losing a bet you should have won. It's especially used when the betting result is decided late in the game to change the side that covers the spread. Also used in poker, such as when a player way ahead in the expected win percentage loses on the river (last card).

Book
Short for sportsbook or bookmaker; person or establishment that takes bets from customers.

Bookie
A person who accepts bets illegally and charges vig (aka vigorish and juice).

Buying points
When a player pays an additional price to receive half a point or more in his favor on a point spread game.

Chalk
A term to refer to the favored team in a matchup.

Chalk Player
Someone who usually only plays the favored teams, rarely betting on the underdogs. Also known as a "chalk eater."

Circled Game 
A game where the limits are lowered, or betting options are restricted, usually due to injuries.

Closing line
The final line before the game or event begins.

Cover
To beat the point spread by the required number of points. When you win, you have "covered the spread."

Dime 
Slang for a $1,000 bet.

Dog
Short for "underdog."

Dog Player 
A bettor who mostly plays the underdog.

Dollar 
Slang for $100 bet.

Edge 
A person's advantage when it comes to sports betting.

Even Money 
A wager on which neither side lays any odds or vigorish.  Odds that are considered 50-50. You put up $1 to win $1.

Exotic 
Any wager other than a straight bet or parlay, also called a prop or proposition.

Exposure 
The maximum amount of money a sportsbook stands to lose on a game.

Fade
Betting against a particular bettor - especially one on a losing streak.  Can also be applied to betting against a team for a variety of reasons (injuries, losing streak, lack of coaching and/or players, let down spot, etc.).

Favorite 
The team expected to win an event. The quoted odds reflect the extent to which the choice is favored.

Fifty Cents 
Slang for a $50 bet.

First Half Bet 
A bet placed only on the first half of the game.

Future wagers
While all sports wagers are by definition on future events, bets listed as "futures" generally have a long-term horizon measured in weeks or months; for example, a bet that a certain NFL team will win the Super Bowl for the upcoming season. Such a bet must be made before the season starts in September, and winning bets will not pay off until the conclusion of the Super Bowl in February (although many of the losing bets will be clear well before then and can be closed out by the book). Odds for such a bet generally are expressed in a ratio of units paid to unit wagered. The team wagered upon might be 50-1 to win the Super Bowl, which means that the bet will pay 50 times the amount wagered if the team does so. In general, most sportsbooks will prefer this type of wager due to the low win-probability, and also the longer period of time in which the house holds the player's money while the bet is pending.

Grand Salami 
The grand total of goals scored in all the hockey games of the day. It can be wagered to go Over/Under.

Half Time Bet 
A bet made after the first half ended and before the second half begins (football and basketball primarily). The oddsmaker generally starts with half of the game side/total and adjusts based on what happened in the first half.

Handicapper 
One who studies and rates sporting events.

Handicapping 
The attempt to predict the outcome of sporting events. Usually involves research.

Handle 
The total amount of money bet on an event or group of events.

Hedging 
Placing wagers on the opposite side in order to cut losses or guarantee a minimum amount of winnings.

High roller
A high-stakes gambler.

Hook
A half-point.

In-game wagering
A service offered by books in which bettors can place multiple bets in real time, as the game is occurring.

Juice
The amount charged by the bookmaker to take the bet from the gambler.  Also known as the “vigorish” or “the vig” - the term originates from the Russian word for winnings.  Example:  when betting against the line or for total bets, the typical juice is 10%.  Meaning a gambler risks $110 to win $100 and the $10 is the juice.

Laying the Points|
Betting the favorite by giving up points.

Layoff
Money bet by a sportsbook with another sportsbook or bookmaker to reduce that book's liability.

Limit 
The maximum amount a bookmaker will allow you to bet before he changes the odds and/or the points.

The Line or Spread
A number oddsmakers use as a median between two teams or sides in an effort to generate betting interest on both of them.  Example:  New Orleans at home is (-4.5) against Carolina (+4.5).  New Orleans must win by 5 points or more for your bet on New Orleans against the spread to win.  Conversely, if you bet on Carolina, Carolina needs to win the game outright or lose by 4 points or less for your bet to win.

Linemaker 
The person who establishes the original and subsequent betting lines. Also known as "oddsmaker."

Lock 
A guaranteed win in the eyes of the person who made the wager.

Longshot 
A team, athlete or horse perceived to be unlikely to win.

Middle
When a line moves, a bettor can try to "middle" a wager and win both sides with minimal risk. Suppose a bettor bets one team as a 2.5-point favorite, then the line moves to 3.5 points. She can then bet the opposite team at 3.5 and hope the favorite wins by three points. She would then win both sides of the bet.

Moneyline Bets
Moneyline bets do not have a spread or handicap, and require the chosen team to win the game outright. The favored team pays lower odds than does the underdog, thus, it acts mainly as an enticement to take the underdog for a better payout. Sometimes a bettor may couple this type of bet on the favored team to increase the payout of a parlay.

Moose
A bet that goes horribly wrong despite the fact that everything was progressing just as planned and the bettor seemed to have the odds going in his/her favor.  See “bad beat.”

Mush
A bettor or gambler who is considered to be bad luck.

Nickel
Slang for a $500 bet.

No Action 
A wager in which no money is lost nor won.

Oddsmaker (also linemaker)
The person who sets the odds. Some people use it synonymous with "bookmaker" and often the same person will perform the role at a given book, but it can be separate if the oddsmaker is just setting the lines for the people who will eventually book the bets.

Off the board
When a book or bookie has taken a bet down and is no longer accepting action or wagers on the game. This can happen if there is a late injury or some uncertainty regarding who will be participating.

Over/under
A term that can be used to describe the total combined points in a game (the Ravens-Steelers over/under is 40 points) or the number of games a team will win in a season (the Broncos' over/under win total is 11.5). Also used in prop bets.

Parlay Bet
A parlay involves multiple bets that rewards successful bettors with a greater payout only if all bets in the parlay win. A parlay is at least two bets, but can be as many as the bookmaker will allow.

Parlay Odds