The world of online sports betting is massive nowadays. Due to its size, it’s also complex, and there are many different terms and abbreviations. As a result, it’s easy to lose track of them. Especially if you are still learning the ropes of online sportsbooks. In this piece, we list the terms and abbreviations that are important. So, if you have some trouble finding your way around, make sure to give the following lines a read!
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Betting Limits – Betting limits are the minimum and maximum amount of money a sportsbook allows you to wager on a single bet. Sportsbooks allow repeat beats. It’s likely that the odds will drop. Betting limits change over time, and they are at their lowest when the markets first open.
Betting Exchange – A place that allows bettors and punters to bet against each other. It’s usually a synonym for Betfair, although there are now more betting exchanges than ever before.
Bookie – The place taking bets, either online or in real life. Often, betting exchanges count as bookies, even though their underlying concept is somewhat different.
Chalk – The favorite in a given match, i.e., the side with lower moneyline odds and with a negative handicap. Newcomers and recreational bettors favor Chalk bets because they think that the favorites always win. Which is not the cast because even the favorites lose from time to time.
Cover – Whenever a team wins by more points than the line suggests. Bookmakers say that the team “covered” the line.
Edge – The mathematical advantage that either a bookie or a player has equals value. Then again there are minor differences between the two. In online casino games, an edge is easy to quantify. As you have all the puzzle pieces. You only need to put them together in the right way to determine the edge. It’s much harder to do that in sports betting. The exact odds are the possibility of drawing a specific card. Or, a set of cards in a randomized deck.
Handicap – The amount of points or runs a team has to win by or not lose.
Handicapper – Is a semi-professional or professional bettor that does a lot of research posts his or her views or picks. Either for free or for a specific subscription fee.
Hedge – Betting on both sides of a match to reduce the losses or secure a profit. But it also depends on where the odds move.
Juice – The commission that the bookies get from a bet is how they make their money.
Line – The number of runs or points set by the bookies for handicap bets and totals bets.
Moneyline – A straight bet is on the side who will win a match. In a sense, this is the most popular type of bet. That said, its usefulness is a bit skewed if the teams are not evenly matched. That’s where handicap bets come in and where they shine.
Over – Choosing to go over a given line. When the bettor wagers that a team will score more runs than the line says.
Parlay – A bet that consists of two or more separate bets. The bet must-win for the overall bet to be successful.
Push – A voided bet. It can happen due to unforeseen circumstances that affect a match. Or, the result hits the line accurately.
ROI – ROI means the return on investment and a key performance stat. It measures how well someone is doing with his or her tips over time. You can calculate it by dividing your total returns with your total stakes. Moreover, you can put that number into a percentage. ROIs of 102%+ are good, ROIs of 105%+ are high, and ROIs of 110%+ is fantastic.
Smart Money – Smart money is when smart and experienced punters place their bets.
Spread – Another word for a handicap/line. It is by how many runs, goals, or points a particular side will win a match.
Totals – Bets on the number of runs, goals, or points scored in a match.
Under – Choosing to go under a given line. For example, you are betting on there being fewer runs or points scored than the line says.
Underdog – The outsider in a given match, i.e., the side with higher moneyline odds and with a positive handicap. Most recreational punters and bettors don’t fancy backing underdogs. Sharp bettors know that they offer value. In particular when it comes to substantial moneyline odds that aren’t an accurate reflection of the actual chances.
Value – Value is whenever a bet is mathematically good for the bettor. The implied odds of it don’t reflect the real chances of it occurring. Unfortunately, it’s difficult to tell if the value is present or not. Even after the match or event in question took place.
Vig – Also called vigorish, it is the cut that bookies take from each bet, i.e., their commission.