Betting lingo 101, the most important terms

Introduction

Welcome to the dynamic world of sports betting, where understanding the terminology is your ticket to making informed decisions and navigating the complexities of the betting landscape. In this comprehensive guide, we’ll delve into the most important terms every sports bettor should know. Whether you’re a seasoned punter or just starting your betting journey, mastering these terms is the key to enhancing your overall betting experience.

The Most Important Terms You Should Know as a Sports Bettor

As a sports bettor, familiarising yourself with key terminology is essential for being able to achieve success. Let’s explore why each of these terms is essential for your success in the realm of sports betting.

Accumulator

An “accumulator,” often referred to as an “acca,” or a parlay in America, is a popular type(link to bet type article) of bet where you combine multiple selections into a single wager. While the potential winnings can be enticing, all selections must win for your bet to be successful. It’s crucial to understand the risks and rewards associated with accumulators, as they add an extra layer of excitement to your betting experience.

Action

An action is simply making bets or having a stake in a particular event.

Arbitrage

Arbitrage, commonly known as “arbing,” is a technique where you take advantage of discrepancies in odds across different bookmakers to guarantee a profit. While arbing requires meticulous attention to odds movements, it exemplifies a strategic approach to risk-free betting when executed effectively.

Asian Handicap:

Commonly used in Football, Asian handicap odds begin at 0.25 goals and can extend up to 3.0 or 4.0 goals. The number signifies a virtually added handicap upon a team. So if you bet on an -0.5 handicap for team A it implies that team A will start the game at 0-0.5 behind and you lose the bet if it ends in a draw and you win your bet if team A wins with 1 goal difference as it has overcome the 0.5 handicap.

Bad Beat:

A bad beat occurs when a bet, on the brink of winning, turns into a losing bet due to late-scoring in a match.

Bankroll:

The total amount of money you allocate or deposit for betting purposes. The more you win the more it grows and the more you lose the smaller it gets.

Bankroll Management:

Similar to managing a personal bank account, this involves setting limits, seeking favourable odds, and only staking amounts that you can afford to lose. Bankroll management is crucial for long term success.

Bet:

Any monetary wager placed at a sportsbook, casino, racebook, or poker room. The stake amount indicates how much money was allocated to a bet.

Betting Algorithm

In the digital age of sports betting, algorithms play a significant role. Betting algorithms use data and statistical models to analyse and predict outcomes, aiding bettors but also bookmakers in making more informed decisions. Embracing the assistance of betting algorithms can elevate your betting strategies beyond mere intuition. At the Hunch Club we have several algorithms that we use in our decision making.

Betting Exchange

A betting exchange is a platform that facilitates users to bet against each other rather than against the bookmaker. Understanding how betting exchanges operate provides you with an alternative to traditional bookmakers and opens up opportunities for more flexible betting strategies.

Bookie

“Bookie” is a colloquial term for a bookmaker, the entity or individual accepting bets. Developing a clear understanding of the role and practices of bookies is pivotal to your strategy and success.

Bookmaker:

A licensed individual who establishes daily betting odds and accepts bets, also known as a linemaker or bookie.

Cash Out

The “cash out” option allows you to settle bets before the match concludes, providing an opportunity to secure a profit or minimise potential losses. Knowing when to utilise the cash-out feature is a strategic aspect of sports betting.

Closing Line

The closing line refers to the final odds offered by bookmakers just before an event begins. Tracking the movement of the closing line can offer insights into market sentiment and help you make more informed betting decisions. The closing line has the most information included and is therefore generally most accurate.

Commission:

Also known as vigorish or juice, it represents the bookmaker’s cut on any bet and is the amount deducted by a betting exchange from winning wagers. The higher the average commission of a bookmaker the more money a bookmaker makes and the more difficult it is to consistently make a profit.

Correct Score:

Involves betting on potential final scores in a match, such as predicting a football game to end 0-0 or 5-0. Often has high odds because of the low probability of predicting the actual score of a match.

Decimal Odds:

A European format for odds, where 1.91 is equivalent to -110 in American odds and 10/11 in fractional pricing, all three yielding a £100 profit on a winning £110 stake.

Double Action:

Also called an “If bet,” this automatically transfers stakes and/or winnings from a successful bet to a second betting option, and hence slightly different from an accumulator(parlay) bet.

Edge:

Gaining an advantage through thorough research or possessing insights not publicly known. If you are consistently winning money with betting you are known to have an edge against the bookmaker. Can be calculated as a percentage.
CTA: Get your edge with our free daily bet tips here(link to community)

Even Money:

Odds that yield an exact return of the original bet, for example, a £100 bet at 1/1 Fractional, +100 American, or 2.0 Decimal odds implies that if the bet goes correct your payout is double of your stake.

Exposure:

The potential amount of money a bettor or bookmaker(link to bookmaker money marking article) could lose on a particular event.

Favourite:

The team with the higher predicted chance of winning. In American odds they always have negative odds whereas for decimal odds the team with the lowest odds is the favourite.

First Half Bet:

A wager focused on the outcome of the first half in sports. Often on the amount of goals or points scored in total or by a particular team/player or a specific team winning their first half. There is much less volume on these markets compared to traditional bettypes which makes it an attractive option if you find valuable information.

First/Last/Anytime Scorer:

Prop betting options offered before a game, such as predicting who scores the first and/or last goal. Especially prevalent in Football for player betting. These bets typically have high odds because of the low probabilities of a certain team and then also one specific player scoring the first goal.

Fractional Odds:

A UK odds format, with a line like 10/11 equaling -110 in American odds and 1.91 in decimal pricing.The first number represents the relative stake whereas the 2nd number represents the relative winnings. 10/11 thus meaning that if you would put £10 on this bet you would win £11 and your payout would be £10+£11 is £21.

Futures Bet:

A wager on an event occurring in the near or distant future, popular for championships in sports like the winner of the Champions League, a certain team winning their respective national league or the winner of a Grand Slam in Tennis.

Game Total Bet:

Over/Under betting on the total number of goals/points/runs in a game. In Football most often over 2.5 goals as bet. Meaning that if you bet over, if 2 goals are scored in a game you lose your bet while if 3 goals get scored you win your bet.

Handicap

Handicap betting involves giving a virtual advantage to one team or player to level the playing field. Understanding handicaps is crucial in markets where one side is heavily favoured, providing more balanced betting opportunities.There are 2 forms of handicaps, Asian Handicaps where a draw is not possible and european handicaps where a draw is a possible outcome.

Hedge:

Common in accumulator betting, it involves placing a bet on the opposite side of the original wager to secure a guaranteed return or reduce the risk. Very difficult to achieve in practice because bookmakers carefully select their positions to prevent hedging and arbitrage possibilities.

Implied probability:

The probability that an event happens in a match. It is calculated as the inverse of the decimal odds. So decimal odds of 2.0 would imply a probability of 1 divided by 2 or in other words 50% of the event to happen.

In-Play Betting:

Wagers placed after an event has started, also known as live betting. If done right can be very successful but is also very challenging because odds movements can be very rapid. And a small movement in the odds can already make your edge vanish.

Limit:

The varying high and low wagering limits set by bookmakers for different sports and betting options. The more popular the match and the bet type the higher the limits are as the bookmaker has more information. For non-popular sports and leagues the limits are generally lower.

Line:

Betting odds posted by a bookmaker.

Linemaker:

Similar to a bookmaker, an individual or group setting daily betting lines and prices.

Liquidity:

Indication of how much money is present in a betting market. The more money wagered on a particular bet type for a particular match the higher the liquidity. Often the higher the liquidity the higher the limit for bettors to stake. Popular bettypes such as over/under and match betting for football matches in big leagues such as the premier league often have the highest associated liquidity.

Live Betting:

Also called in-play wagering, available once a sporting event begins, with adjusted spreads, moneylines, and totals as the match progresses. Odds movements occur very frequently which makes it a difficult form of betting to be successful in.
CTA: Live betting can be very exciting but very difficult at the same time.

Longshot:

An underdog with perceived inferior chances, always displayed with positive prices in American odds or with the higher odds in decimal odds. With the right knowledge and research it can be a favourable decision sometimes to bet on the longshot rather than the favourite.

Margin

The margin is the built-in advantage that bookmakers incorporate into odds to ensure their profitability. Recognizing how margins influence odds helps you assess the fairness of the prices offered by bookmakers. The higher the bookmaker margin the lower your potential payout.

Odds

Odds represent the probability of a particular outcome occurring. Whether presented in fractional, decimal, or American formats, comprehending odds is fundamental to evaluating potential returns and making informed bets.There are 3 forms to represent odds: decimal,fractional and american.

Odds Formats:

The three main odds formats are American (+100), Decimal (2.00), and Fractional (1/1).

Odds Shopping:

Reviewing lines at various sportsbooks to find the best-priced odds. There can be quite substantial differences between bookmakers in their odds for a certain event.

Opening Line

The opening line is the initial set of odds offered by bookmakers when a betting market opens. Monitoring opening lines can reveal valuable insights into early market expectations and trends. They are often based on advanced statistics(link to statistics article),elaborate modelling and predictive machine learning.

Outright Betting:

Predicting the overall winner of a tournament or playoff competition. Can be done for both teams and players. For example predicting the winner of the Premier League or the top scorer of the Fifa World Cup.

Over/Under:

A posted number indicating the expected total runs/goals/points in a match. In football the most common over/under bet is the over/under 2.5 goals in which you have to indicate whether you believe there will be 3 or more goals scored in the match or not

Payout

The payout is the total amount returned to a bettor, including the original stake and winnings. Understanding how payouts are calculated is essential for assessing the potential returns of your bets. With decimal odds your payout is easily calculated as the odds multiplied by your stake. 1.9 odds with £10 mean a £19 payout. For fractional(UK) odds, the payout is the sum of the 2 numbers in the fraction. Thus 10/2 implies a £12 payout with a £10 stake.

Player

In the context of sports betting, “player” refers to an individual athlete or participant in a sporting event. Assessing player performance and form is crucial when making bets on individual sports or player-specific markets. But also injury or suspensions to key players can significantly influence the outcome of a match.

Punter

A “punter” is another term for a bettor or gambler. Embracing the identity of a punter reflects the mindset and approach needed for success in sports betting.
Sharp

A “sharp” bettor is someone considered highly skilled and informed in their betting strategies. Recognizing the traits of sharp bettors and learning from their approaches can enhance your own betting prowess.

Stake

Your “stake” is the amount of money you wager on a particular bet. Effectively managing your stakes is a cornerstone of responsible and sustainable sports betting.

Staking Method:

Varies among bettors, involving setting maximum stake limits or using a percentage of the bankroll as the stake.

Tip:

Betting advice provided by tipsters and handicappers predicting the most likely outcome of an event.

Tipster

A “tipster” is an individual or service that provides betting tips and predictions. Tipsters can help you with valuable insights to support your betting decisions.

Three-Way Odds:

Wagering options with three possible outcomes, including ties.Most common in Football games.

Two-Way Odds:

Wagering options with only two possible outcomes, excluding ties. Knockout football matches or in American sports where overtime is played to prevent draws from happening.

Wager

A “wager” is another term for a bet. Understanding the nuances of placing a wager, including the various types and strategies, is essential for any sports bettor.

Value Bet

A “value bet” is a bet where the bettor believes the odds offered are higher than the true probability of the outcome. Identifying value bets is a skill that can contribute significantly to long-term profitability.

Vig

“Vig,” short for vigorish, is the commission or fee charged by bookmakers for accepting bets. Recognizing the vig’s impact on your potential returns is crucial for effective bankroll management.

Void

A “void” bet occurs when a bet is declared invalid, often due to unforeseen circumstances such as a cancelled event or a rule violation.

Conclusion

In conclusion, mastering the terminology of sports betting is a first step for your betting journey. As you embark on your sports betting adventure, embrace these key terms, learn from real-life examples, and let your growing knowledge become a powerful tool in enhancing your success as a sports bettor. You can also join our free community here(link to community). There we provide daily tips and help our members elevate their betting succes(https://www.techopedia.com/gambling-guides/how-to-win-betting-on-sports).