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Betting Vocabulary

Lesson 1-Basic betting vocabulary
There are many terms used in the sports betting world and you will be introduced to several of them in this lesson, but not all.

Don't be overwhelmed. We will identify the main ones you'll hear throughout this course and the advanced ones are just here so you have the information should you see them as you are betting, or you choose to do more advanced dutching.

Most common terms in this course:

  • BOOK: Short for sportsbook or bookmaker. This is simply the establishment that takes the bets from customers (ie Caesars, BetMGM, Points Bet, etc)
  • FAVORITE: The expected winner in a game or event.
  • HEDGING: Betting the opposing side of your original bet.
  • DUTCHING: The most famous hedging method by which the level of bet to stake on each selection results in the same outcome no matter which teams win.
  • MARKET WIDTH: This is a term used to describe the difference between odds for a single game and what we will be basing which bets you should be looking for in order to be mathematically profitable.
  • MONEYLINE: A bet in which the only outcome is that your team wins. This is the simplest bet you can make at a sportsbook.
  • POSITIVE EXPECTED VALUE (+EV): A mathematically profitable bet.
  • STRAIGHT-UP: The expected outright winner of the moneyline in an event or game that is not contingent on the point spread.
  • UNDERDOG: The team that is expected to lose.
  • WAGER: A bet.
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Other terms you may see and are helpful for more advanced betting:

  • ALTERNATE LINES: Alternate lines let you choose your own spread or total. The majority of alternate spreads and totals are added to parlays and not normally bet as a straight bet.
  • FUTURES BET: A long-term wager that typically relates to a teams seaon-long success.
  • HALF-TIME BET: A bet made after the first half ended and before the second half begins.
  • IN-GAME WAGERING/LIVE BETS: A service offered by some bookmakers in which bettors can place multiple bets in real time as the game is occurring.
  • OVER/UNDER: A term used to describe the total combined points in a game. For example, Raves-Steelers over/under is 40 points. Or, the number of games a team will win in a season. For example, Broncos over/under win total is 11.5.
  • PARLAY: A wager in which multiple teams are bet, either against the spread or moneyline. For the wager to win (payout), all of them must win. The more teams you bet, the greater the odds.
  • POINT SPREAD OR SPREAD: The number of points by which the supposed better team is favored over the underdog. 
  • PROPOSITION BET (PROP BET): This is a wager on a result that will occur in-game and often has nothing to do with the games final outcome. Many bookmakers offer both player props and game props.
  • ROUND ROBIN: Some bookmakers offer this as an easy way to place multiple parlays at once where you place individual bets on every possible parlay combination within selected wagers. You don't have to win all the parlays to win the round robin.
  • SAME GAME PARLAY (SGP): This is a special type of parlay that combines two or more selections from a single game.
  • TEASER: ďťżA teaser lets you add or subtract points from a spread or total. A minimum of two teams must be selected for a valid teaser and all selections must cover the spread for the teaser to win.
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