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.
