Betting glossary
Every term a sharp bettor should know — with examples, not jargon.
Basics
Terminology every bettor should know.
American odds
The default US format. Positive numbers show profit on a $100 bet; negative numbers show how much you have to risk to win $100.
Bankroll management
Sizing bets as a fixed percentage of your total wagering capital — the #1 discipline for long-term survival.
Decimal odds
The European format. Multiply your stake by the decimal to get total return (stake + profit).
Push
A tie — the bet lands exactly on the number. Stake is returned, no win or loss.
Vig (juice)
The sportsbook's built-in margin — the reason implied probabilities add up to more than 100%.
Math & probability
How odds, probability, and expected value connect.
Expected value (EV)
The average profit per bet if you could replay the same situation thousands of times.
Implied probability
The win probability baked into a given odds line, as a percentage.
Kelly criterion
The mathematically optimal stake size given your edge. Most sharp bettors use a fractional version.
No-vig price
The "fair" line after stripping out the book's margin. Best used to sanity-check your edge.
Variance
The natural swing in outcomes. Even +EV bettors lose over sample sizes of hundreds of bets.
Markets & bet types
The different ways to bet on a game.
Moneyline
A straight bet on who wins, no point spread involved.
Parlay
A single bet combining multiple legs. All legs must hit or the bet loses.
Point spread
A handicap added to the underdog (or subtracted from the favorite) to even out the market.
Prop bet
A bet on something other than the final outcome — player stats, game events, etc.
Same-game parlay (SGP)
A parlay of legs within one game, priced by the book to account for correlation.
Teaser
A parlay where you shift the spread or total in your favor — at worse odds.
Total (over/under)
A bet on the combined score of both teams.
Advanced concepts
Tools used by serious bettors and analysts.
Arbitrage
Betting both sides of a market across different books at prices that guarantee profit.
Bet limit
The maximum amount a book will accept on a given bet — can be reduced for winning bettors.
Closing line value (CLV)
The difference between the line you bet and the line at game time. The single best measure of long-term skill.
Correlated parlay
A parlay where the outcomes are statistically linked — books usually block or reprice these.
Hedge
Placing a second bet on the opposite side to lock in profit or reduce exposure.
Key numbers
The most common margins of victory in a sport. Landing on or through a key number shifts EV significantly.
Sharp money
Bets from professional or winning bettors. Moves lines quickly and reliably.
Steam move
A rapid, coordinated line move across multiple books, usually driven by sharp action.