Betting can be exciting, but for newcomers, the language can feel overwhelming. From “accumulators” to “value bets,” the industry has its own vocabulary that every bettor should know. To make things easier, here is a glossary of betting terms with definitions of betting terms in alphabetical order your quick guide to speaking the language of online and offline wagering.
A
Accumulator (Acca): A single bet that links multiple selections together. All must win for the bettor to receive a payout.
Against the Spread (ATS): A wager on a team to win or lose within a specific point margin set by the bookmaker.
Ante-Post: A bet placed well before an event, often weeks or months in advance.
Arbitrage: A strategy where a bettor places wagers on all possible outcomes across different bookmakers to guarantee profit regardless of the result.
B
Bankroll: The total amount of money set aside specifically for betting.
Bet Slip: The digital or physical record of a bet containing details like stake, odds, and potential return.
Bookmaker (Bookie): The company or individual that accepts and pays out bets based on agreed odds.
Both Teams to Score (BTTS): A popular football market where you bet on whether both sides will score in a match.
C
Cash Out: The option to settle a bet before the event ends, allowing bettors to secure profits or cut losses.
Chalk: The favorite in a betting event.
Correct Score: A wager predicting the exact final score of a match.
Cover: When a team beats the point spread, either by winning outright or by losing within the margin.
D
Dead Heat: A tie between competitors where bets are usually divided proportionally.
Decimal Odds: A common odds format, especially in Europe. It shows the total payout for every 1 unit wagered, including the stake.
Double Chance: A bet covering two outcomes in one selection, such as win or draw.
E
Each Way (E/W): A bet split into two parts — one for a win and one for a place finish.
Edge: The advantage a bettor or bookmaker has over the other.
Evens: Odds of 2.00, meaning your winnings equal your stake.
F
Favorite: The team or player expected to win, usually with lower odds.
Fixed Odds: The odds agreed upon when the bet is placed, which do not change regardless of later fluctuations.
Futures Bet: A long-term wager on an outcome that will be decided in the future, such as who will win a championship.
G
Gamblers Fallacy: The mistaken belief that past results affect future outcomes in random events.
Gross Win: The total amount won before subtracting the original stake.
H
Handicap Betting: A system where the stronger team starts with a disadvantage to balance the competition.
Hedging: Placing bets on different outcomes to reduce potential losses.
Half-Time/Full-Time: A bet predicting the result at both half-time and full-time in the same match.
I
In-Play Betting: Also called live betting, it allows bets to be placed while the event is ongoing.
Implied Probability: The likelihood of an outcome based on the odds given by a bookmaker.
J
Juice: Also known as “vig” or “vigorish,” it is the commission charged by bookmakers on a bet.
K
Key Numbers: Specific point margins in sports like football that often determine the outcome of bets, such as 3 or 7 in NFL games.
L
Lay Bet: Betting against an outcome, commonly used on betting exchanges.
Limit: The maximum stake allowed on a specific market.
Lock: A bet considered almost certain to win, though there are never true guarantees in betting.
M
Margin: The built-in profit a bookmaker makes from setting odds.
Moneyline: A bet on the outright winner of an event, without any point spread.
Multi Bet: Another term for an accumulator, combining several bets into one.
N
No Action: When a bet is canceled and the stake is refunded, often due to a postponed or voided event.
O
Odds: Numbers that represent the likelihood of an event occurring and determine the payout.
Over/Under: A bet on whether the total score or number of goals will be above or below a set figure.
P
Parlay: A combination of multiple bets that all need to win for a payout.
Pick’em: A betting line where both sides are evenly matched with no clear favorite.
Push: When the result lands exactly on the spread, causing the bet to be refunded.
Q
Qualifying Bet: A wager required to activate a bonus or promotion, such as a free bet offer.
R
ROI (Return on Investment): The percentage of profit made from total bets placed.
Round Robin: A series of smaller parlay bets created from a larger selection of teams or outcomes.
S
Single Bet: A straightforward wager on one outcome only.
Spread: The point margin set to even the odds between two teams.
Stake: The amount of money wagered on a bet.
T
Teaser: A parlay bet where you can adjust the point spread in your favor for lower potential returns.
Total Bet: A wager based on the combined score of both teams.
U
Underdog: The team or player less likely to win, usually offering higher odds.
Unit: A standardized measure of bet size, used to manage bankrolls.
V
Value Bet: A wager where the odds offered are higher than the true probability of the outcome.
Void Bet: A canceled bet where the stake is refunded.
W
Wager: Another term for a bet.
Winning Margin: A bet predicting by how many points or runs a team will win.
Conclusion
This glossary of betting terms gives you clear definitions of betting terms in alphabetical order, helping you understand the structure, strategy, and terminology used across online and offline sportsbooks. Learning these terms is essential before placing any wager because in betting, knowing the language is half the game.