Glossary

A

Action - A bet
American odds - American odds are displayed in hundreds or thousands with a + or - to identify the Favorite /underdog and the expected return.
Arbitrage / Arb - Also known as a Surebet. Involves betting on both sides of a wager att diffrent odds in order to guarantee a profit regardless of the result.

B

Bankroll - A determined amount of money used for betting
Bankroll management - A strategy around the size of bets & how to place them.
Betting exchange - A place where bettors wager against each other rather than against the book.
Bitcoin - The worlds most populat cryptocurrency. It is accepted by many online sportsbooks.
Bookmaker/Bookie - A company or person that takes bets

C

Cash out - Withdraw you winnings from the book.

D

Dime – English slang term for a $ 1000 odds game
Double pop – When a player bets twice as much as normal, due to a ”good feeling”.

E

Edge – Advantage in betting that is achieved by exploiting the bookmaker´s margins or by having greater knowledge.
Exposure – What a player or a gaming company risks losing in a bet.
Even – To neither make a profit nor loss.

F

Favorite – The option that a market considers to be the most likely winner in an event.

H

Handicap – A number determined by a bookmaker that gives more balanced odds.
High odds - A game with high odds (low probability) that will probably not hit, but that gives a high return on winning.

J

Jolly – British slang for favorite.
Juice - The cost of playing that is determined by a bookmaker. The bookmakers drive up the expectations that something will happen - which the odds reflect - and make us misjudge the actual probability.

K

Kellys criterium - Popular staking method that is based on the bet being in proportion to the presumed advantage.

L

Laying the points - To play on the favorite according to the points spread and thereby approve the points handicap
Limit – The most you can bet on an event.
Linemaker - The person who is responsible for determining the lines / odds for a bookmaker.
Live – An ongoing event/match.
Liveodds - Bets on an ongoing event.

M

Margin - The cost of playing is determined by a bookmaker
Moneyline – A bet on the outcome of a match

N

Non-runner - A participant who does not start in an event.

O

Odds - A number on the probability of a certain event occurring. This is the basic prerequisite for all betting.
Off the board - A match that the bookmakers does not offer any odds on
Over - A bet that a certain variable must be above the limit set by the bookmaker

P

Points spread - The handicap / spread market provides an indication of the difference in power relations between participants in an event. Next to the favorite, a minus sign appears (for example -2.5) and next to the underdog, a plus sign appears (for example +2.5)
Public money - Ordinary hobby players' influence on the odds line

Q

R

Rag – British slang word for a favorite or an underdog
Rune line - The spread / handicap that applies to baseball and refers to the number of runs in the match.

S

Spread - The expected goal difference between two opponents specified by the bookmakers

T

Taking the points - playing on the underdog and take advantage of the positive spread.
Total - Both teams' total number of runs, points or goals scored in a match. Bets can be placed on whether the total will be higher or lower than the betting company's figure.
Tout – Someone who sells betting tips

U

Under - A bet that the total of a certain variable must be below the limit set by the bookmakers
Underdog - The team / participant who is considered to have the lowest probability of winning.