Sports betting legalization has exploded over the last few years. When I jumped into sports betting in 2015, there was no resources. Fortunately I stubbled into a group of famous handicappers and they gave me guidance. Taking it upon myself, I feel the need to give back to the next generation of handicappers. These are terms you must know to have any level of success in this industry.
Moneyline - taking a team to win the game outright. Very simple team A just needs to beat team B. Example Line -125 Dodgers
Spread/Runline/Puckline - taking a team to win by or be within a certain amount of points set by Vegas. Runline (baseball and Puckline (hockey) will be set at -1.5 for all matches. Example Line -4.5 Broncos +4.5 Cardinals
Total - total combined score of both teams. Example Clemson vs. Oregon 62.5
Hook - the half point at the end of a line. When a line has a hook, bettors can not push. Example -7.5 Grizzlies
Alternate Lines - odds that are lower or higher than the common line. The price adjusts according to the direction of the line change.
Action - odds that are higher or lower than the posted main lines
Laying the Points - this term is used in conjunction with the spread. This is used when you are taking the favorite to cover the spread. Example "I'm laying points with the Broncos."
Taking the Points - this term is used in conjunction with the spread. This is used when you are taking the dog to cover the spread. Example "I'm taking the points with the Cardinals."
Chalk - refers to the favorite. This team will be listed with - sign.
Underdog(Dog) - refers to the not favored. This team will be listed with a + sign.
Pick'em - neither side is favored. Odds are identical on either side.
Over - this term is used in conjunction with the total. Referring to the total points in a game above the line given.
Under - this term is used in conjunction with the total. Referring to the total points in a game going below the given line.
Parlay - a single bet that combines multiple bets inside. (All bets must win or push for parlay to cash)
Teaser - taking multiple games in a parlay and moving the line in a more favorable direction. Giving each team or total extra points. This does lower the odds.
ATS - Against the Spread, when a team covers or does not cover a spread.
Three-way Odds - odds that have three wagering options, including ties.
Bankroll - the amount of funds that a person is willing dedicate to gambling.
VIG - Vigorish/Tax/Juice This is the "fee" you pay to place the wager. -110 the -010 on the end is the fee you are paying the book to place that wager. Vegas isn't a charity. This is how they hold an edge over the bettor. (BettorEdge does not have this)
Unit - percent of your bankroll that a bettor uses to place on a bet. Traditionally a unit is 1% of the bankroll. Some will use between 2-5%
Implied Probability - Converting betting odds to a percentage. To calculate: (1/ decimal odds) * 100 = implied probability
Book - place that gives lines and accepts wagers.
Line - the odds given for each game.
Linemaker - Also known as an oddsmaker. These are the people who "set/decide" the line.
Handle/Purse - total amount of money accepted on a single game/event.
Push - also a tie. If a wager is on a whole -7 Packers or UGA vs BAMA Total 64, when the final score lands on that number, that wager is returned.
Sharp - A professional bettor who has resources and larger bankrolls than the common bettor.
SOS - Strength of Schedule
EPA - Expected points added is an advanced metric used to determine the true strength of a position group in football. It values play by play success more than yards or points.
EV - Expected Value, what a bettor can expect to win/lose with the same odds over time per each wager +EV means long term positive value, -EV means long term negative value. (Amount won per bet * probability of winning) – (Amount lost per bet * probability of losing)
Closing Line - final line before the game starts. After the closing line is given, you will only be able to bet live odds.
CLV - Closing Line Value, when a wager moves in the bettors favor. Example Wager placed -120 Chargers, the line grows and closes at -170. The implied probability for 62.96% – 54.55% = 8.41%
Edge - having an advantage not publicly known, statistical or early news.
HFA - Home Field Advantage handicappers have to decide how much HFA is considered in the spread. NFL traditionally is worth -2 in the toughest stadiums. Not all HFA is equal.
Exotic Bets - any wager that is out of the 3 major lines, money line,spread, total. Parlays, player props or game props are common exotic wagers.
Live Betting - wagers placed once the game/event has started.
Middle - having a bet on both sides of the line that cash.
OFB - Off the Board, when a game is no longer able to take on money because of injuries, weather or other factors.
Rotation Number - number given to each wager on the board. When at a book, bettors need to use the rotation number to rather than the team name/s to place a wager.
Steam - odds that have rapid change based on large money from sharps coming in.
Arbitrage - having odds on two sides of the line to cover the wager or a positive outcome. These often are hard to find because the books typically move together.
YPP - Yards per play
YPPT - Yards per point