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

Bookie

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

Buying points

Chalk

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 - used in reference to buying a half-point in the point spread at a higher juice amount.

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

Pick 'em

A game with no favorite or underdog. The point spread is zero, and the winner of the game is also the spread winner.

Point spread (or just "spread")

The number of points by which the supposed better team is favored over the underdog.

Proposition Bets

Proposition bets are wagers made on a very specific outcome of a match not related to the final score, usually of a statistical nature. Examples include predicting the number of goals a star player scores in an Association Football match, betting whether a player will run for a certain number of yards in an American football game, or wagering that a baseball player on one team will accumulate more hits than another player on the opposing team.

Push

When a result lands on the betting number and all wagers are refunded. For example, a 3-point favorite wins by exactly three points.

Round Robin

A series of three or more teams in 2-team parlays.  A Round Robin bet is an easy way to wager multiple parlays with a single bet. They make it easy for bettors to place parlays that consist of 3-8 lines and 2-6 teams.

Sharp

A sophisticated or professional gambler.

Sides

The two teams or athletes playing - the underdog and the favorite.

Spread or Line Bets

Spread betting (or betting the line) are wagers that are made against the spread. The spread, or line, is a number assigned by the bookmakers which handicaps one team and favors another when two teams play each other and one is perceived as being more likely to win. The favorite "takes" points from the final score and the underdog "gives" points.

Square

A casual gambler. Someone who typically isn't using sophisticated reasoning to make a wager.

Steam

When a line is moving unusually fast. It can be a result of a group or syndicate of bettors all getting their bets in at the same time. It can also occur when a respected handicapper gives a bet his followers all jump on, or based on people reacting to news such as an injury or weather conditions.

Straight up

The expected outright winner of the money line in an event or game, not contingent on the point spread.

Taking the Points

Betting the underdog and its advantage in the point spread.

Teaser Bets

A teaser is a type of wager used most commonly for basketball and football. This wager is a multi-team wager, allowing the bettor to choose a minimum of two teams up to, in some cases, 15 teams. The bettor will get additional points in his favor to add or subtract to the teams chosen to improve the point spread chosen.  Typically American football teaser bets are +/- 6 points and basketball bets are +/- 4.

Teaser Odds

Tie

A wager in which no money is lost nor won because the teams' scores were equal to the number of points in the given line.

Total or Over/Under Bets

Total (Over/Under) bets are wagers made based on the total score between both teams. Example, if an MLB game has a total of 10.5, an over bettor will want the combined total to be greater, and the opposite for a bettor taking the under. If the combined total is the same as the proposed total, the bet is a push.

Tout (service)

A person (or group of people) who either sells or gives away picks on games or events.

Under

A wager that the total points scored by two teams will be under a certain figure.

Underdog

The team who is popularly expected to lose.  Also known simply as the dog for short.

Value

Getting the best odds on a wagering proposition; the highest possible edge.

Vig/vigorish

The commission the bookie or bookmaker takes; also called the "juice." Standard is 10 percent.

Wager

A bet.

Welch

To not pay off a losing bet.

Wiseguy

A well-informed or knowledgeable handicapper or bettor.  A professional bettor. Another term for a "sharp."