Sports Betting Terminologies: What Every Bettor Should Know

Sports betting can be exciting, but the terminology might seem confusing if you’re new to it. What’s the point spread? How does a parlay work? And what on earth is juice?

If you’ve ever felt lost in betting lingo, you’re in the right place! I’ll break down all the essential sports betting terms so you can bet with confidence.

Let’s begin.

Basic Sports Betting Terms

Bankroll

Your bankroll is the total amount of money you’ve set aside for betting. Smart bettors always manage their bankroll wisely to avoid losing everything in one go.

Bookmaker (Bookie)

A bookmaker or bookie is the person or company that sets the odds and takes your bets. In the U.S., sportsbooks handle legal betting, while independent bookies often operate illegally.

Handle (Stake)

The total amount of money wagered on a particular game or event. The larger the handle, the more money is at stake.

Juice (Vig or Vigorish)

This is the fee a sportsbook charges for taking bets. For example, if a bet has -110 odds, you need to wager $110 to win $100. That extra $10 is the sportsbook’s profit (Juice).

Types of Bets

Moneyline

A moneyline bet is the simplest form of betting—just pick who will win.

Example: Lakers (-150) vs. Celtics (+130)

• Lakers are the favorites (-150)
  
  

• Celtics are the underdogs (+130)

Betting on the Lakers (-150):

• Since the Lakers are favorites, you must bet more money to win less.
  
  

• At -150 odds, you must bet $150 to win $100.
  
  

• If the Lakers win, you get back $250 total ($150 stake + $100 profit).

Here’s the formula to calculate the payout for negative odds:

Profit = (100 / Odds) × Bet Amount

Example Calculation for -150 Odds: Profit = (100 / 150) × $150 = $100

Betting on the Celtics (+130):

• Since the Celtics are underdogs, you win more money if they win.
  
  

• At +130 odds, a $100 bet wins $130 in profit.
  
  

• If the Celtics win, you get back $230 total ($100 stake + $130 profit).

Here’s the formula to calculate the payout for positive odds:

Profit = (odds / 100) × Bet Amount

Profit = (130 / 100) × 100
Profit = 1.3 × 100
Profit = $130

Total payout = Profit + Original Bet

$130 (profit) + $100 (bet) = $230 total payout

Point Spread (Handicap)

The point spread levels the playing field by giving the underdog extra points.

For example:

• Chiefs -7.5 (favorite)
  
  

• Broncos +7.5 (underdog)

That means the Chiefs must win by eight or more for a bet on them to win. Alternatively, the Broncos must lose by seven or fewer (or win) for a bet on them to win.

Over/Under (Total)

Instead of betting on who wins, you bet on the total number of points scored in a game.

For example, if the total for an NBA game is Over 215.5, you win if the teams combine for 216 or more points. On the other hand, you lose if the total points hit 215 or less. If you bet on under 215.5, you lose if the points hit 216 or more and win if the total is 215 and below.

It applies to all total bets like corners, fouls, goals, and more.

Parlay (Accumulator, Multi-Bet, Combo Bet)

A parlay combines multiple bets into one. You must win all the bets to get paid, but the payout is much higher. For example, betting on the Lakers, Chiefs, and Yankees to all win—if one loses, the entire bet is lost.

Teaser

A teaser is a type of parlay where you can adjust the point spread or totals in your favor to increase your chances of winning. However, in exchange for this advantage, the payout is lower than a standard parlay. Teasers are most commonly used in football and basketball betting.

For example, if you’re betting on two football teams with a -6.5 point spread, a teaser might allow you to move the spread to -3.5, making it easier for your teams to cover. However, since you’re improving your odds, the potential payout is reduced compared to a regular parlay.

Prop Bet (Proposition Bet)

A prop bet is a wager on a specific event within a game that doesn’t directly affect the final outcome. These bets add excitement by allowing you to focus on individual performances or unique game occurrences rather than just the final score.

Below are a few examples:

• Will LeBron James score over 25.5 points?

• Which team will score the first touchdown in the Super Bowl?

• Which player will receive a yellow card?

• Player to score anytime
  
  

Futures Bet

A futures bet is a long-term wager on an event that will be decided later in a season, tournament, or championship. These bets often offer high payouts because of the uncertainty involved.

Example:

• Betting on the Kansas City Chiefs to win the Super Bowl before the season starts.
  
  

Since odds fluctuate throughout the season based on team performance, placing a futures bet early can yield significant value if your prediction is correct.

Live Betting (In-Play Betting)

Unlike traditional bets placed before a game starts, live betting allows you to wager while the action happens. Odds change in real time based on how the game unfolds, creating opportunities for strategic bets.

For example, if an underdog team falls behind early, you might get better odds betting on them to make a comeback. Live betting is especially popular in fast-paced sports like basketball and football.

Hedging

Hedging is a strategy where you place a bet against your original wager to minimize risk or lock in a profit. This is commonly used when your initial bet is close to winning, and you want to ensure you walk away with some money.

Example:

• You placed a $100 bet on the Celtics at +500 to win the championship.
  
  

• They make it to the finals, but you’re unsure if they’ll win.
  
  

• You bet on their opponent to win, ensuring you profit no matter the outcome.
  
  

Hedging can be useful in futures bets or parlays where you’re close to a big payout.

Push

A push occurs when a bet results in a tie, meaning your wager is refunded. It happens when the final score lands exactly on the spread or total points.

For example, you bet on the Packers -3, and they win 24-21—that’s a push because they won by exactly 3 points. Since no one technically won or lost the bet, you'll get your money back.

Betting Strategies & Key Terms

Chalk

A chalk bet is a wager on the favorite. Even though it's safer, these bets often have smaller payouts due to lower odds.

Fade

To fade a team means to bet against them. Many bettors "fade the public," meaning they bet against the team that most casual bettors are backing, assuming the odds are inflated.

Steam

Steam refers to a sudden shift in betting lines caused by heavy betting from professional or "sharp" bettors. This can indicate valuable betting opportunities if you react quickly.

Arbitrage Betting (Arbing)

Arbitrage betting involves placing bets on all possible outcomes across different sportsbooks to guarantee a profit, no matter the result. This takes advantage of differences in odds between bookmakers.

Let’s say two sportsbooks offer different odds on a tennis match between Player A and Player B:

• Sportsbook 1: Player A (+105) → Bet $100 to win $105
  
  

• Sportsbook 2: Player B (+105) → Bet $100 to win $105
  
  

Total amount wagered: $200

• If Player A wins, you get $205 total payout ($105 profit + $100 original bet).
  
  

• If Player B wins, you get $205 total payout ($105 profit + $100 original bet).
  
  

In both cases, you invested $200 but got back $205, securing a $5 guaranteed profit no matter what happens.

Middle (Middling)

Middling is a betting strategy where you bet on both sides of a spread at different times, hoping the final score falls between your bets so you win both. Even if the score doesn't land perfectly in the middle, one of your bets will always win, minimizing risk.

Let's say you’re betting on an NFL game between the Chiefs and the Bills:

• Early in the week, you bet Chiefs -3 (they must win by more than 3 for your bet to win).

• Later in the week, the line moves, and you bet Bills +5 (they must lose by fewer than 5 or win for your bet to win).

• Final score: Chiefs win 24-21 (by exactly 4 points).

• Your Chiefs -3 bet wins because they won by more than 3.

• Your Bills +5 bet also wins because they lost by fewer than 5.

Final Thoughts

Now that you understand these sports betting terminologies, you’re ready to place smarter bets. Whether you prefer moneyline bets, point spreads, or even live betting, knowing these terms will help you navigate the sportsbook like a pro.

Also, explore these betting sites offering bonuses and promotions to help boost your stake.