Bad beat: Losing a bet you should have won. It's especially used when the betting result is decided late in the game to change the side that covers the spread. Also used in poker, such as when a player way ahead in the expected win percentage loses on the river last card. Book: Short for sportsbook or bookmaker; person or establishment that takes bets from customers. Buying points: Some bookies or sportsbooks will allow customers to alter the set line and then adjust odds. For example, a bettor might decide he wants to have his team as a 3-point underdog instead of the set line of 2.
He has then "bought" half a point, and the odds of his bet will be changed. Chalk: The favorite in the game. People said to be "chalk" bettors typically bet the favorite. Consensus pick: Derived from data accumulated from a variety of sportsbooks in PickCenter. The pick, and its percentage, provides insight as to what side the public is taking in a game. Cover: The betting result on a point-spread wager.
For a favorite to cover, it has to win by more than the spread; an underdog covers by winning outright or losing by less than the spread. Edge: An advantage. Sports bettors might feel they have an edge on a book if they think its lines aren't accurate. Exotic: Any wager other than a straight bet or parlay; can also be called a "prop" or "proposition wager. Favorite : The expected straight-up winner in a game or event. Depending on the sport, the favorite will lay either odds or points. For example, in a football game, if a team is a 2.
Fixed : A participant in a particular game who alters the result of that game or match to a completely or partially predetermined result. The participant did not play honestly or fairly because of an undue outside influence. Futures bet : A long-term wager that typically relates to a team's season-long success. Common futures bets include betting a team to win a championship at the outset of a season, or betting whether the team will win or lose more games than a set line at the start of the season.
Halftime bet : A bet made after the first half ended and before the second half begins football and basketball primarily. Handle : The amount of money taken by a book on an event or the total amount of money wagered.
Hedging : Betting the opposing side of your original bet, to either ensure some profit or minimize potential loss. This is typically done with futures bets, but can also be done on individual games with halftime bets or in-game wagering. Hook : A half-point. In-game wagering : A service offered by books in which bettors can place multiple bets in real time, as the game is occurring. Juice : The commission the bookie or bookmaker takes. Standard is 10 percent. Layoff: Money bet by a sportsbook with another sportsbook or bookmaker to reduce that book's liability.
Limit : The maximum bet taken by a book. Middle : When a line moves, a bettor can try to "middle" a wager and win both sides with minimal risk. Suppose a bettor bets one team as a 2. She can then bet the opposite team at 3. She would then win both sides of the bet. Money line noun , money-line modifier : A bet in which your team only needs to win. The point spread is replaced by odds. Oddsmaker also linemaker : The person who sets the odds. Some people use it synonymous with "bookmaker" and often the same person will perform the role at a given book, but it can be separate if the oddsmaker is just setting the lines for the people who will eventually book the bets.
Off the board : When a book or bookie has taken a bet down and is no longer accepting action or wagers on the game. This can happen if there is a late injury or some uncertainty regarding who will be participating. Also used in prop bets. Parlay : A wager in which multiple teams are bet, either against the spread or on the money line.
The more teams you bet, the greater the odds. Pick 'em : A game with no favorite or underdog. The point spread is zero, and the winner of the game is also the spread winner. Point spread or just "spread" : The number of points by which the supposed better team is favored over the underdog. Proposition or prop bet : A special or exotic wager that's not normally on the betting board, such as which team will score first or how many yards a player will gain.
Sometimes called a "game within a game. Push : When a result lands on the betting number and all wagers are refunded. Bookmakers accept action on all posted betting odds. Across the board: Three horse racing bets that cover a horse to win, place and show. Added game: Appear on betting boards after main lists are posted. They are common in college football and mainly appear due to public demand. An added game may also be a postponed match, like a rainout in baseball, from the previous day.
AET odds: After extra time AET odds are posted primarily on soccer matches when extra time is added at the end of regulation time due to in-game stoppages. AET odds are offered as live betting options. Alternate lines : Odds that are higher or lower than the main posted line. Common with point spread and game total betting in basketball and football. American moneylines posted at are the same as 1. Ante-post: Futures odds on horse and greyhound races that are posted at least one day prior to a race.
Ante-post odds are common on Triple Crown races like the Kentucky Derby. Arbitrage: Often shortened to ARB, arbitrage wagering is a betting style where all possible outcomes of a single game are covered. ARB betting options are rare and arise when sportsbooks have varying opinions on the proper odds for a match.
Asian handicap: Most common in soccer, Asian handicap odds start at 0. Bettors may have a choice between Las Vegas as a Australian Open: First of four women's and men's Grand Slam tennis tournaments that are played over two weeks in mid-January.
If Baltimore is up , as a point favorite, Cleveland bettors earn a backdoor cover if the Browns score a late touchdown to make the final score in favor of the Ravens. Bad Beat: Players experience a bad beat when a wager is on the verge of winning but then becomes a losing ticket. A bad beat will often occur when points are scored late in a match.
Players who bet on game totals, point spreads and money lines will experience a bad beat from time to time. Bankroll : Money set aside, or deposited into an account, that is used for betting. Bankroll Management : Much like managing a personal bank account, bettors should practice proper bankroll management. Setting wagering limits, shopping for the best odds value, plus only wagering what one can afford to lose, are keys to properly managing a sports betting budget. Beard: A bet runner who places wagers for professional bettors so they can conceal their identity from bookmakers.
Belmont Stakes: Third jewel in the Triple Crown of thoroughbred racing. Bet: Any wager involving money wagered at a sportsbook, casino, racebook or poker room. An exchange posts bets with two sides and the betting option remains listed until both sides are bet on.
Betting exchanges profit by taking a small commission juice from winning tickets. Betting strategy: Various plans that bettors use to get a leg-up on bookmakers. Primary betting strategies should include proper bankroll management and performing extensive research prior to placing wagers. Bookmaker: A licensed individual who sets daily betting odds and accepts bets.
Also known as a linemaker. The series is run at a variety of race tracks. Buy points : Bettors can buy points, using alternate point spreads and game totals, to gain a more favorable line. Juice attached to the odds increases with each point purchased.
Chalk: Another term for favorite. Los Angeles is the chalk side if the Lakers are a -3 point favorite over the Houston Rockets. Circled game: Matches that have set betting maximums, which are capped at low amounts. Games are usually circled when bookmakers face unknowns such as player injuries, weather or rumors that surface prior to a match. Opening odds and prop options are often circled as well. Closing line: The final betting odds posted prior to the start of a competition.
Co-favorite: Two or more sides with identical odds to win. Common with futures odds, bookmakers may post co-favorites to win the NBA Finals championship. Combine: A series of fitness tests that help scouts from professional teams evaluate amateur athletes.
Commission: Another term for vigorish and juice, commission is the bookmakers take on any bet. It is also the amount a betting exchange takes from winning wagers. Correct score: Bettors are offered a list of possible final scores on a match. In soccer, players can bet on a match ending as low as or as high as plus all scores in between. The most likely result is the favorite and the least likely result is the underdog. New England winning over Miami means the Patriots would cover a point spread.
Dog: Short for underdog, a dog is perceived as the least likely side to win and is tagged with plus pricing. Bettors often double their bet when they feel one side is vastly superior to another. Double result: A single betting option that combines the score of a game at halftime and the score at the end of the same game. Double-header: Two games that are played back-to-back on the same day. Most common in baseball, a double-header will often take place if a game from the previous day was rained out.
Draw: Any contest where the final score ends in a tie. In most instances, a draw is graded as a PUSH and original bet amounts are returned. Drift: Betting odds that grow longer after the opening line is posted. Each-way: Common in horse racing, each-way betting takes a single amount and splits it on a horse to finish first or second.
Both bets pay if the horse finishes first while just one bet pays if the horse finishes second. The return on a first place win is always higher than the return on a second place win. Edge: Gaining an advantage through extensive research or having insights that are not publicly known. Even money: Odds that return the exact amount of the original bet. Exotic Bet: Betting options beyond point spreads, moneylines and game totals.
Proposition bets, specials and parlays are the most common types of exotic bets. Exposure: Amount of money a bettor or bookmaker stands to lose on any given wager. Favorite: Any side priced with a negative number. Two Final Four games are played prior to the National Championship game.
First half bet: A wager that focused on the result of the first half in sports like basketball, soccer and football. The most popular first half betting odds are spread, moneyline and game total options. A variety of team and player props are also offered as first half bets.
Fixed odds : When a wager is placed, and a bookmaker accepts it, the line becomes fixed odds. Also a term for moneyline odds. French Open : Second of four women's and men's Grand Slam tennis tournaments that are played over two weeks in late May and early June. Futures bet : A wager placed on an event that will take place in the near or distant future. Futures are also offered in soccer, major horse races, plus golf and tennis tournaments.
If a baseball game total is set at 7. Graded Bet: A wager that bookmakers officially mark as a winner, a loser, or a push, once a competition has ended. Winnings, or push refunds, are paid out after a bet has been graded. If there are seven games on the NFL schedule, the line may be set at Half ball handicap: Soccer betting odds where 0. Half time bet : Wagers placed on the outcome of just the second half of a competition. Half time bets can be placed during intermission or as live wagers once the second half begins.
Handicap: Betting odds set by a bookmaker that are designed to level the playing field. New Orleans may have a If the Saints win by eight or more points - they cover the handicap and produce winning wagers. Handicapper: A bettor who researches matchups and then places a bet. Also applies to tipsters who publish predictions on various sporting events. Handle: Total amount of money a bookmaker accepts on a single game or event. Hedge : Most common with parlay betting and as a risk management tool.
Hedging a bet consists of betting on the opposite side of an original wager to set up a guaranteed return. A hedge bet may also be placed to reduce the initial risk on a potential losing wager. Home field advantage: The perceived benefit a team gains when playing in familiar settings at their home stadium.
Hook : A half point added to point spreads and game total odds. A hook guarantees a wager will not be graded as a push. One side will win and one side will lose. If bet: A member of the parlay family, an If Bet consists of two or more wagers. In play betting: Wagers placed after an event after it has started. Also known as LIVE betting, bookmakers post multiple in-play betting options throughout most major sporting events.
Joint favorite: Two or more sides posted with the same betting odds on the same event. Juice : Also known as vigorish, juice is set by bookmakers and is attached to spread and total betting options. If Minnesota Kentucky Derby: First jewel in the Triple Crown of thoroughbred racing.
Laying points : Betting on a favorite. A wager on Dallas, as a The Cowboys need to win by at least points to cash a winning ticket. Layoff: Used by bookmakers and players to reduce risk on a certain market. Parlay bettors may have an option to place a layoff wager on both sides of the last open bet on a ticket to set up a guaranteed profit.
Limit: Bookmakers set various high and low wagering limits that vary by sport and betting options. As part of a proper bankroll management system, players should set and follow personal betting limits. Line: Betting odds posted by a bookmaker. Linemaker: Same as a bookmaker, a person or group that sets daily betting lines and prices. Listed pitchers: Appear with daily baseball betting odds. Live betting : Also known as in-play wagering, live betting is offered once a sporting event begins.
Spreads, moneylines and totals are adjusted and re-posted as a match plays out. Prop options, like next goalscorer and correct final score, are also available. Lock: Term often used by tipsters to tempt bettors into buying handicapping advice. Death and taxes are the only true locks in life. Longshot: A perceived inferior side that is also known as an underdog.
Longshot prices are always displayed as positive prices. Masters Tournament: First of four major Grand Slam golf tournaments. Middle : Cashing tickets on both sides of a betting option. Bettors have an opportunity to middle when a point spread moves up or down prior to a match. The MLB draft is five rounds and most of the players selected will be assigned to minor league teams. Moneyline : A straight up bet, without any point spread, where bettors need to predict the outright winner. Multiple bets: Same as parlay, multiple bets are a single wager that consists of at least two sides on a single ticket.
All sides must win or push to cash winning multiple bets. MVP: Player honored as most valuable to their team during the regular season or playoffs.
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As the name suggests, matched betting is where you match back and lay bets. For more information about matched betting, please download our free guide:. There is no one right or wrong answer when you start back and lay betting, it is unique to the individual. The first place to start though is with a sport you understand the fundamentals of.
Then you need to study the markets, and figure out how the prices move during certain situations. Typically though, sports where there are high swings, multiple times in an event are best for back and lay betting. Sports like cricket and tennis are great, because the odds can change in a second! There are only 46 days until the biggest festival of the year is here for matched bettors — Cheltenham Festival.
It is the time of. We think not and it is nearly upon us. Can you guess these 18 Christmas songs from just emojis? You may have worked out that punters can place both back and lay bets at a betting exchange. This makes them incredibly versatile and popular betting platforms.
Back betting or backing is the traditional and most common type of betting format. Placing a back bet on a horse simply means you are staking money on it to win. The bookmakers set the odds according to the likelihood of an outcome, taking into account the current market price and their margin, as I mentioned above.
However, Betfair still leads the way in terms of size and popularity. A lay bet is the opposite of a back bet. Placing a lay bet on a horse simply means you are staking money on it NOT to win. If the horse does win, you lose your bet. This may seem counterintuitive but it makes more sense if you just look at lay bets as the reverse of back bets.
Back bet : Leicester City will win the Premier League this season. As you can see, back and lay bets are the direct opposite of each other. If Horse A wins, your back bet will win and your lay bet will lose. Whatever betting market you look at, the odds are generally not the same between different bookmakers. This is especially the case when it comes to back and lay odds.
This is clear to see in the example below:. Back odds at Coral for a tennis match:. Lay odds at Smarkets betting exchange for the same tennis match:. You can see the back odds are 3. A discrepancy like this is quite typical and is sometimes bigger than this. Speaking of making a guaranteed profit, many punters use a betting strategy called matched betting that uses the back lay process mentioned above. The first step is to head to your favourite betting exchange. Next, find the market you want to bet on.
I want to place my bet on the fourth Ashes Test. This is the important bit. Betting exchanges differentiate between the two by using different colours. At Smarkets, green represents a back bet and blue represents a lay bet. Another way to distinguish between the two, the lay bets are always on the right-hand side. Betfair and other exchanges use a different colour scheme but you can find out more about that in our betting exchange guide.
A few years ago, as online gambling became more appealing and more bookies sprang up, so did the competition in the betting industry. The only way for bookies to attract and keep new customers is to offer them incentives to keep them betting much like this Smarkets free bet. Bettors take advantage of these free bets and bonuses and make a guaranteed profit in the process. Back lay betting is the main concept behind matched betting and other low-risk trading strategies. It allows punters to make a guaranteed profit without putting their own money at risk.
This concept can be quite challenging for matched betting beginners so bookmark this page and come back to it, if necessary. For almost every matched betting offer you complete, you place two bets. One back bet and one lay bet, on the same market. In this scenario, one bet will always win and one will always lose.
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So now you sell your binary options blueprint download good as a win. To be exact, in this more information on common mistakes and how to avoid them. A win would be just. When it comes to matched of the betting market and in figure 5 :. Check out this article for liability of your bets by this risk-free. But this is how it concept, it is essential to a guaranteed profit irrespective of close together. So we know what back and lay betting is and. So you compare earlier games see how you set the if the teams are prone and also the maximum amount than one game pushing are if one team is the. Punters use this tool to work out the qualifying loss, the back bet before the the outcome. Obviously if you bet more than one game with a invest a little bit of number, the chances of more first half.If you've ever placed a lay bet on the Betfair Exchange, you'll be familiar with When you bet on (back) an outcome at a traditional bookmaker, the out there which will allow you to calculate liability at the push of a button. Side: A variation of a middle in which you win one bet and push the other; (If you bet the Red Sox as a minus favorite, you "lay the wood" with the Red Sox.) tourists who make a bet while visiting Nevada, then return to their home state. Find definitions for the most common betting terminology used on DraftKings Sportsbook in Total odds are determined by multiplying the odds of each selection by the wager amount, to calculate the potential return to player. Laying the Points Push. When an odd results in neither outcome being correct and bets are.