Online Sports Betting Terminologies And Concepts That You Need To Know

March 29, 2024

Betting on the most dramatic sports online is a fun and worthwhile activity you can find yourself drawn into. For instance, US sports betting alone is a vast industry. According to statistics, the market size of online sports betting is anticipated to reach $16 billion by 2032. This also goes to show that Internet sports betting is here to stay with no signs of fading.

Indeed, online sports betting is fun, but it is also true that it takes time for anybody to get a good grasp of this activity – even those who have been betting on sports traditionally. So, to help you navigate its waters, we’re presenting here the most important terminologies and concepts you need to know about sports betting.

Action

“Action” on a sporting event means you have just placed your bet on that game.

Against The Spread

First, “spread” is a term referring to the margin by which a team or player is favored in a particular sporting event. To bet “against the spread” means you are betting against that margin.

American Odds

Basically, “American odds” in sports betting are displayed either as plus or minus odds. The plus odds represent the amount you will win on a bet, say a $100 bet. Meanwhile, the minus odds represent the amount you must wager to win that $100.

Bad Beat

A “bad beat” epitomizes the unexpected misfortune when a bet does not materialize. But, you have to note here that not all losses are considered bad beats, yet bad beats are those that will be remembered for a long time.

Bankroll

You are familiar with this term as you’ve read about it in several articles around. Your “bankroll” refers to the amount of money you set aside when betting on sports online.

Bet Slip

The “bet slip” is the digital ticket that tells about the bets you’ve placed.

Bonuses

Existing around are several types of bonuses in online betting, from welcome bonuses to promotional bonuses.

Cash Out

Occasionally, you can choose to “cash out” a bet and take a portion or the entire stake and winnings before the event concludes. If you decide to cash out, the bet is settled, and you can no longer have a stake in the game.

Chalk

Betting the “chalk” means you are betting on a heavy favorite.

Dime

A “dime” is a wager amounting to exactly $1,000.

Double Chance

“Double chance” is a term used for sporting events with exactly three possible outcomes: Team A winning, Team B winning, or a draw. Whenever you make a double-chance bet, you are practically betting on two possible outcomes.

Even Money

To call a wager “even money” means it has odds of +100 or -100. In other words, your profile is equivalent to your stake. For example, winning $200 when you bet $100.

First Half Bet

Very understandable. A “first-half bet” is a bet you place for the first half of the game.

Fixed Odds

“Fixed odds” means the odds are locked during the time you bet.

Fractional Odds

“Fractional odds,” as the term suggests, are given in fractional form, such as 7/2 or 5/1. They stand for the amount won over the wagered amount, but the stake is excluded.

Futures Bet

“Futures bet” is for all you guys out there who are forward-thinking. It is a bet placed for an event happening in the future, not in real-time or at the present.

Grand Salami

You might be salivating right now upon hearing “salami,” but the term is different in online sports betting. “Grand salami” is a wordplay for “grand slam” and refers to the total number of runs or goals scored across an entire day in baseball or hockey.

Handicap

“Handicap” is another term for spread betting.

Hedge

If you are looking to mitigate betting risks, you should practice “hedge betting.” This is basically a risk management tactic involving placing a wager on an earlier wager’s opposite side.

In-Play

Live online sports bettors are very familiar with “in-play,” a bet placed as soon as the game starts.

Juice

Lizzo’s song may be playing in your head right now. “Juice” is another term for odds and is the price you pay when you place a bet.

Live Sports Betting

In “live sports betting,” pre-game odds are locked as the game starts, signaling the opening of this type of sports betting.

Moneyline

“Moneyline” is the simplest type of sports betting online. It is all about betting on the winner.

Nickel

A “nickel” is a wager amounting to exactly $500.

Off The Board

When the sportsbook stops taking wagers placed on odds – usually after trade rumors or injuries – those odds are considered “off the board.”

Parlay

A “parlay” is a wager with multiple wagers.

Parlay Insurance

“Parlay insurance” protects the parlay you made. It minimizes risks and may also refund your betting stake.

Promotions

“Sportsbook promotions” commence upon your first deposit and never end.

Prop Bet

“Prop bets,” or proposition bets, are placed on a specific occurrence within a sporting event. For instance, Super Bowl coin flip odds are a pop bet.

Puppy

A “puppy” is an underdog, which many believe is unlikely to win – a dark horse – but offers surprises in the end.

ROI

Believe it or not, “ROI” or Return on Investment is also used in online sports betting. Here, the ROI could be used as a measure of performance to evaluate a bet’s efficiency. Of course, the higher it is, the better.

Round Robin

“Round robin” is a term frequently used in sports as much as it is for sports betting. It is a kind of parlay betting that lets one make several parlay bets at the same time.

Sharp Money

“Sharp money” is a term used to refer to highly successful bettors who really win huge amounts of money.

Two Way

If a bet only has two outcomes, it is called a “two way bet.”

Win Totals

“Win totals” are a popular type of futures bet. The sportsbook sets them as an over or under number of total wins from a single team in a season.

Be guided by those terminologies and concepts, and for sure, you are on your way to winning big.


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