Action
Action means bets. Having action means having a bet.
Action has a special meaning for baseball bets: Its means the bet counts even
even if there is a change in starting pitchers. If there is a pitcher change
accompanied by an odds change, the action bettor will receive the new odds.
The default is that the listed pitchers must start; to have action no matter
who pitches, you must specify action when you make your bet.
Advantage Player
An advantage player is a bettor who is willing to make a bet only if the bet
is perceived as yielding a positive EV.
Against the Spread
There are two common ways of betting sides: the moneyline and against the spread.
To bet against the spread is to make a wager that will be decided by adding
points to one team or the other after the game is played.
Air Move
When a sportsbook changes the line on a game in response to other books’ changing
the line, that line change is described as an air move. The opposite of an
air move is changing the line in response to bets received.
Angle
An angle is a decision rule for making bets, Unfortunately, most published
angles are the result of data mining, and fail to predict results of future
games.
Arbitrage
To arbitrage is to make a combination of bets such that if one bet loses another
wins. There is an implication of having an edge, at no or low risk. Arbitrage
can also be used as a noun. Hedge has a similar meaning, but does not carry
the implication of having an edge.
ATS
ATS is the acronym for against the spread.
Bar
To be barred from betting at a sportsbook is to be told that no more bets will
be accepted from you.
Bases
Bases means baseball. An alternative to saying you are betting on baseball
games is to say you are betting bases.
Baskets
Baskets means basketball. An alternative to saying you are betting on basketball
games is to say you are betting baskets. An alternate expression is hoops.
Beard
A beard is a person who makes sports bets for someone else; that someone else
is usually a skillful handicapper.
Betting Exchange
A betting exchange is a form of betting available on the internet. You and
another person can bet on anything you wish at whatever odds you agree upon.
The winner will pay a commission to the internet sportsbook.
Bettor
A bettor is an individual who makes bets. This text assumes that bettors will
be making a sports bets against a book.
Board
A board is the list of bets available in a sportsbook. In the old days, all
books had actual boards on which clerks would write the latest odds. Nowadays
most suck boards have been replaced by electronic displays that are updated
by computer, but they are still called “boards.”
Bonus Hustler
To offshore sportsbooks, a bonus hustler is someone who has opened an account
for the express purpose of obtaining bonuses, and who does no intend to gamble.
Book, Bookmaker
A book or bookmaker is a person or company that accepts bets against the lines
created by linesmakers.
Bookie
The dictionary says bookie is the same thing as bookmaker, but Nevado’s
legal sportsbooks don’t call themselves bookies. Bookies carries the
implication of illegality.
Buck
To a sports bettor, a buck is a bet size. For a bet on a dog, a buck is $100.
for a bet on a favorite, a buck is whatever amount of money must be risked
to win $100.
Chalk
To bet chalk is to bet the favorite
Cherrypick
To cherrypick is to bet only those games on which you think you have an edge.
Circled
When a game is circled, the maximum bet on that game is lower than normal.
The circling generally is due to uncertainty of some sort, perhaps the weather
or an injury to a key player.
Correlated, Correlation
Correlation is the degree to which the results of two bets are related. Zero
correlation means the results are not related at all. Correlated is the adjective
form, and correlation is a noun. An example of two bets that are correlated
is the Giants to lead at the half and the Giants to win the game. Sportsbooks
do not like to write correlated parlays.
Cover
To cover is to beat the spread. For example, if Detroit is favored by 7 and
wins the game by more than 7, Detroit is said to have “covered.” If
Detroit losed that game or wins by less than 7, it failed to cover.If the
underdog wins, or loses the game but by less than the spread, the dog is
said to have covered.
CTR
CTR is the acronym for Currency Transaction Report. This is a form the US government
requires be filled out whenever a financial institution (which includes casionos
and sportsbooks) has a transaction (or series of transactions with one individual
within a 24-hour period of time) involving over $10,000 in cash.
Data Mining
Data mining is derogatory. It means sorting through a huge volume of data,
extracting decision rules that seem to favor one team over another, but without
regard to whether or not there is any cause-and-effect relationship. Data
mining is the sports-betting equivalent of sitting a huge number of monkeys
down at keyboards, and then reporting on the monkeys who happened to type
actual words.
Dime
A dime is a bet to win $1000.
Dog
Dog is short for “underdog.” If the better team wins the game,
the dog is the team that loses. The opposite of the dog is the favorite.
Dollar
A dollar is a bet to win $100.
Early line
The early line is the first line posted for a game.
Edge
Having an edge means having the best of it. If you make only bets on which
you have an edge, you will win and you will lose but in the long haul your
winnings will overwhelm your losses.
Even money
Even money means you risk a dollar to win a dollar. Even money is also expressed
as EV or as PK. It could be, but is not, expressed as -100 or +100.
Exotic
Exotic bets are the same thing as prop bets.
Fade
To fade a bet is to accept it, as in the sportsbook fades your action.
Fan
A fan is somebody who bets on a team because he likes the team. To a fan, the
spread is an umimportant detail.
Favorite
The favorite is the team that is more likely to win. If there are a large number
of contestants, suck as in a golf tournament, the top few contestants can
all be referred to as favorites. The opposite of the favorite is dog.
Field
Betting on golf tournaments and other sports events that have a large number
of entrants often allows for a bet on the field. The field is the group of
all the entrants not listed with their own odds. The field can contain a
large number of entrants, but typically each entrant has only a tiny chance
of actually winning the event. If an entrant had a good chance of winning,
he or she would not be lumped into the field.
Final Margin
The final margin is the final score of the favorite and the the final score
of the dog. If the dog won, the final margin is negative. The final margin
can be compared to the line to see which team won for betting purposes.
Final Score
The final score of the game is the actual results as determined on the field,
court, diamond, etc.
Final Total
The final total is the sum of the two final scores in a game. If San Francisco
wins 35-14, then the final total is 49.
Foots
Foots means football. An alternative to saying you are betting on football
games is to say you are betting foots.
Front running
Front running is watching betting lines via computer, and betting in the direction
of line moves at a sportsbook that shows the old number
Futures
Futures are bets that will be decided by multiple contests, or by a contest
that is more than about a week away. An example of a futures bet is a wager
on wether the Yankees will win more than 92 games in the upcoming season.
Good Bet
To an advantage player, a good bet is a bet theat offers a positive EV.
Handicap
To handicap is to assign a probability to the likelihood of winning a contest
or series of contests. A person who handicaps is a handicapper.
Handle
Handle is a word used by bookmakers to describe the total amount of money wagered.
Handle usually refers to total bets over multiple games, whereas action usually
refers to total bets on one game.
Hang
When managers of sportsbooks speak of hanging a line, they mean posting it
for all to see and bet into.
Hedge
To hedge is to make a combination of bets such that if one bet loses another
wins. Hedging is usually done fore defensive purposes, such as betting to
lock in a profit after winning the first eleven games on a twelve-team parlay.
Hedge can be used as a noun or a verb. Hedge does not carry the implication
of having and edge.
Hook
When a line on a football or basketball game includes a half point, the half
point is called a hook.
Hoops
Hoops means basketball. An alternative to saying you are betting on basketball
games is to say you are betting hoops. An alternate expression is baskets.
House Edge
The house edge is another name for the vig.
Juice
Juice is another word for vig.
Laying
You are said to be laying odds if the amount of money you are risking is more
than what you will win if the game goes your way. You are said to be laying
points if the spread takes points away from your team. If you are laying
points or laying odds, you are betting the favorite. The opposite of laying
is taking.
Leach
A leach is someone who watches a computer for line moves, and when he sees
one he quickly bets the appropriate team at an offshore sportsbook that has
not yet moved the line. That activity is called front running.
Line
The line is the spread and terms of a bet. If the terms are standard, e.g.
-110, then the line is the spread.
Linesmaker
A linesmaker is a person who creates lines and totals for bookmakers.
Maverick line
When a sportsbook creates its own line on a game and that line is different
from the line carried by other sportsbooks, that independent line is called
a maverick line.
Middle
To have a middle is to have bets on competing teams and for there to be at
least one possible outcome that results in winning both bets, Middle applies
to bets on totals as well bets on sides.
Money line
When you bet the money line, the winner of the game is the winner of th bet.
Betting the money line is one of two common ways of betting on a side to
win; the other common method of betting a side is against the spread.
Nickel
A nickel is a bet to win $500. A big nickel is a bet to win $5000.
Off
If a game if off, the sportsbook is no longer writing bets on it. Perhaps the
game has already started, or perhaps there is major uncertainty as to the
weather conditions or an injury to a key player.
Off the board
To make parlay or teaser bets on games listed on the board is called betting
off the board. Sometimes you have two ways to bet the same combination of
teams: off the board and on parlay cards. Before betting one of them, check
to see if the other offers better odds or a better spread.
Opening line
The opening line is the earliest line posted for a given sports event.
Originator
When a syndicate bets so much money on one game that the line moves, the originator
is the first person to bet that game for that syndicate.
Over
To bet over is to bet that the final total will exceed the total posted for
betting purposes.
Parlay
A parlay is a bet involving two or more events. You can also use the word as
a verb; to parlay is to use the proceeds from one bet as the wager on another
bet. You can parlay sides and totals. You can mix sports in a single parlay.
All you teams must win for your parlay to win. One loser and the parlay is
lost. A push on one game generally causes your parlay to convert to a parlay
with one fewer game; for example a three-team parlay with two wins and a
push would be paid as a two-team parlay.
Parlay card
A parlay card is a set of sides, totals, and prop bets printed on a special
card. The numbers on the parlay card apply only to bets on the card, and
might be different from bets listed on the board. Typically you must select
at least three items if you want to make a bet on a parlay card.
Pick
A pick is a bet recommended by a handicapper.
Pick ‘em
Pick ‘em can mean two things. It can mean the same thing as even money.
It also can mean the spread is zero, as in “Giants is pick ‘em
against the Ravens this weekend.”
PK
PK is an abbreviation for pick ‘em.
Player
If an employee of a sportsbooks calls you a player, the implication is that
you are a big bettor. Being called a player is not a compliment, but its
not as derogatory as being called a sucker.
Points, point spread
Points and point spread are alternate terms for spread.
Power ratings
Power ratings are numbers that handicappers assign to teams to estimate how
likely one team is to beat the other or by how many points.
Prop bet
When a major sporting events come along, some linesmakers let their imaginations
run wild as they offer an interesting menu of bets, such as which player
will score first.
Public
A public means unsophisticated bettors. Their bets are call public money. The
public includes fans and squares and people who make a bet just to make a
game more exciting.
Puck line
The ice hockey version of betting against the spread is the puck line. On games
in which one team is a big favorite, the puck line typically adds 1.5 goals
to one or subtracts 1.5 goals from the other team.
Punter
A punter is a bettor, specifically a bettor who takes on sportsbooks or racebooks.
The term can be but is rarely used to refer to participants in casino games.
Push
A push is a tie against the spread. Generally you get your money back on pushes.
Reverse teaser
A reverse teaser is a parlay in which each team gives up points compared to
the normal spread.
ROI
ROI is the acronym for return on investment.
Run line
The baseball version of betting against the spread is the run line. On games
in which one team is a big favorite, the run line typically adds 1.5 runs
to one team or subtracts 1.5 runs from the other team.
Scalp
This word has several meanings. One use is to bet both sides on the money line
in such a way as to guarantee profit. For example, if New York is playing
Chicago and you bet New York -140 and Chicago +155, you have a 15 cent scalp.
Another use of scalp is to describe what a bookie might do if he thinks a
line is going to move. Suppose a bookie takes a bet on Dallas -6 from a sharp,
and predicts that other bookie soon will be calling to also place bets on
Dallas. If the bookie immediately bets Dallas -6 with other bookies and simultaneously
changes the line at which he accepts bets to Dallas -7, he is said to be
scalping.
Sharp, sharpie
A sharp is what sportsbooks call an advantage player. Sharp can also be used
as an adjective. If someone calls you a sharp bettor, smile; you have received
a compliment.
Side
To bet a side is to bet on one team against the spread. Another meaning of
side is to have bets on both opposing teams such that there is at least one
score that will give you a win on one bet and a push on the other.
Smart money
Smart money is money wagered by shaprs.
Soft
When a line is called soft, the implication is that not many sharp bettors
have looked at it. Sharp bettors making big bets tend to move lines to the
point where it is difficult for other bettors to make a bet with an advantage.
Sportsbook
Sportsbook is another word for book.
Spread
A spread is a number set by a sportsbook to allow betting at 10:11 on each
of two teams. The spread is also called the line or the points.
Square
A square is a sucker who has read the sports sectin of the local newspaper.
The implication is of being informed, but using the same information in the
same way as everybody else does.
Straight up
Since bets against the spread are common, you need two ways to describe which
team won a game. You need to distinguish between which team actually won
the game and which team won against the spread. Sometimes they are the same
team and sometimes they are not. Winning straight up means winning without
regards to the spread.
Sucker
A sucker is a bettor who will make bad-EV bets without realizing how bad the
bets are.
Syndicate
A syndicate is a group of people making a joint effort to win money betting
sports.
Total
The total is a number set by a sportsbook for total points to be scored by
both teams during a game. You can bet that the final total will exceed the
total 9called the “over”) or that the final total will be less
than the total (called the “under”). Betting overs or unders
is referred to as betting totals.
Tout
A tout is someone who sells picks. The connotation is of someone who has no
ability to pick winners but sells that ability anyway.
Under
To bet the under is to bet that the final total will fall short of the total.
Vig or vigorish
Sportsbook generally don’t give suckers a positive expectation bet, or
even a break-even bet. The vig or vigorish is the sportsbook built-in edge
over bettors. The vig is what you must overcome if you are going to win money
betting on sports.
Wiseguy
A wiseguy is a successful and well established sports bettor.
