Sports Betting Terms Guide
Spread
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Moneyline
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Total
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Parlay
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Spread 〰️ Moneyline 〰️ Total 〰️ Parlay 〰️
This guide covers the most common sports betting terms, from basic wagers to more advanced concepts.
Odds Formats
Odds tell you how much you can win and imply the sportsbook's estimate of the probability of an outcome.
The odds can be written out as American Odds, European (Decimal) Odds, or Fractional Odds.
American Odds:
Negative Odds (-)
Example: -200
Means:
Bet $200 → Profit $100
Total payout = $300
Examples:
-110 → Bet $110 to win $100
-500 → Bet $500 to win $100
Used primarily in the United States.
Positive Odds (+)
Example: +200
Means:
Bet $100 → Profit $200
Total payout = $300
Other Examples:
+150 → $100 wins $150
+500 → $100 wins $500
Decimal Odds (European Odds):
Common in Europe, Canada, Australia.
Example:
2.00
1.50
5.00
Formula: Profit = Stake × (Odds − 1)
Fractional Odds (UK Odds)
Common in the UK.
Examples:
1/1 ("even money")
5/1
10/1
1/2
Meaning:
5/1:
Bet $1
Profit $5
1/2:
Bet $2
Profit $1
Implied Probability
Each odds imply a certain likelihood of winning a bet. The probability implied by the odds.
For each odd type the implied probability is calculated.
Typical Bet Types
Moneyline (ML)
Betting on who wins the game.
Example:
Yankees -150
Red Sox +130
If Yankees win:
Yankees bet wins
Margin of victory doesn't matter.
Spread Bet
Spread betting occurs when a Sportsbook gives one team a handicap.
For example:
Chiefs -7 or Raiders +7
Chiefs -7:
This means the Chiefs must win by 8 or more. Imagine that you have the Chiefs to win, but at the end of the game 7 points are taken away from the Chiefs.
Raiders +7:
Taking this position means the Raiders can:
Win outright
Lose by 6 or less
Something to Note:
If Chiefs win by exactly 7: The bet will push and will be refunded
Team Totals
Bet on one team's score only.
Example:
Chiefs Team Total Over 27.5
Totals (Over/Under)
This is a bet on total points scored.
Example:
Over/Under 48.5
Second Half Bets
Only second-half performance counts.
First Half Bets
Only first-half results count.
Examples:
First-half moneyline
First-half spread
First-half total
Quarter Betting
Examples:
1st Quarter Winner
2nd Quarter Total
3rd Quarter Spread
Popular in NFL and NBA.
Same Game Parlay (SGP)
Multiple bets from the same game.
Example:
Chiefs ML
Mahomes 2+ TDs
Over 47.5
All must hit.
Parlays
Combining multiple bets where all selections must win.
Example:
Chiefs ML
Lakers ML
Yankees ML
Benefits:
Larger payout
Drawback:
One loss kills the entire ticket
Round Robin
A collection of smaller parlays.
Example:
3 picks:
A
B
C
Round robin creates:
A+B
A+C
B+C
Less risk than a full parlay.
Pleasers
Opposite of teasers.
Example:
Chiefs -7 becomes:
Chiefs -13
Harder to win.
Much bigger payout.
Teasers
Popular in football and basketball.
You move the spread in your favor.
Example:
Original:
Chiefs -7
6-point teaser:
Chiefs -1
Easier to win, but lower payout.
Prop Bets
Proposition bets.
Not directly tied to game winner.
Examples:
Mahomes over 2.5 TDs
LeBron over 25.5 points
First touchdown scorer
Futures
Bet on events occurring later.
Examples:
Super Bowl winner
NBA champion
MVP winner
Paid after season concludes.
Live Betting (In-Play Betting)
This is a bet during the game. The odds continuously change.
Examples:
Next touchdown
Updated spread
Updated total
Sportsbook Margin Terms
Vig (Vigorish)
Also called:
Juice
Margin
Hold
The sportsbook's built-in commission.
Example:
Both sides listed:
Team A -110
Team B -110
True fair odds would be approximately even money, but the sportsbook charges extra through the pricing.
Juice
Same thing as vig.
Example:
-110 odds contain juice.
Hold Percentage
The sportsbook's expected profit margin.
Example:
A market might have:
4% hold
6% hold
10% hold
Lower hold is generally better for bettors.
Betting Exchange Terms
Back Bet
Bet something will happen.
Example:
Chiefs to win.
Lay Bet
Bet something will NOT happen.
Example:
Lay Chiefs.
You win if Chiefs fail to win.
This is the key concept used in matched betting.
Promotion Terms
Free Bet
Bonus bet provided by sportsbook.
Often:
Stake not returned.
Example:
$100 free bet at +200 odds:
Profit = $200
You do not receive the original $100 stake.
Bonus Bet
Same concept as free bet.
Risk-Free Bet
Common marketing term.
Usually:
If first bet loses, sportsbook refunds as bonus credits.
Not truly risk-free. Always read terms.
Rollover Requirement
Also called:
Wagering requirement
Playthrough requirement
How much you must bet before withdrawing bonus funds.
Example:
A 10X rollover on a $100 bonus means a player must wager $1,000 before withdrawal.
Turnover
Another term for wagering requirement.
Bankroll Terms
Bankroll
Money dedicated to betting.
Example:
$2,000 betting bankroll.
Unit
Standardized bet size.
Example:
Bankroll = $2,000
1 Unit = $20
Then:
Small bet = 1 unit
Big bet = 3 units
Using units makes results easier to compare.
Stake
Amount wagered.
Example:
$50 stake.
Value Betting Terms
Expected Value (EV)
Average profit expected over time.
Positive EV means a bet is theoretically profitable.
Negative EV means it loses money long-term.
Professional bettors focus heavily on positive EV.
Closing Line Value (CLV)
Compares your odds to the final odds before the event starts.
Example:
You bet:
Chiefs -3
Closing line:
Chiefs -5
You got a better number than the market.
Generally considered a sign of good betting decisions.
Sharp
Professional or highly skilled bettor.
Square
Casual recreational bettor.
Steam Move
Large market-wide odds movement caused by significant betting action.
Settlement Terms
Win
Bet wins.
Loss
Bet loses.
Push
Tie against the betting line.
Stake refunded.
Void
Bet cancelled by sportsbook.
Stake refunded.
Cash Out
Sportsbook allows early settlement before event ends.
Usually comes with a built-in cost to the bettor.
