Sports Betting Glossary
Essential terminology used by sharps, professional bettors, and prediction market traders.
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Bad Beat
Losing a bet due to an improbable late event that doesn't affect the actual game outcome. The sports betting equivalent of a statistical anomaly destroying your position.
Bankroll
The total amount of money set aside specifically for betting. Proper bankroll management is essential for surviving variance and long-term profitability.
Beard
A person who places bets on behalf of a sharp bettor to avoid detection and account limits. Beards allow winning bettors to continue operating.
Cardiac
A team, player, or bet that is extremely stressful to watch because outcomes often stay undecided until the final moments.
Chalk
The heavily favored side in a betting market. 'Betting the chalk' means taking the obvious favorite, typically at unfavorable odds.
CLV (Closing Line Value)
The difference between the odds you bet at and the final odds when a game starts. CLV is the gold standard metric for measuring betting skill.
Cover
Winning a bet against the point spread. A favorite covers by winning by more than the spread; an underdog covers by losing by less than the spread or winning outright.
Dog (Underdog)
The team or outcome expected to lose. Underdogs receive points on the spread and pay plus-money on the moneyline.
Edge
The mathematical advantage a bettor has over the market price. Positive edge means positive expected value; without edge, you lose to the vig.
Expected Value (EV)
The average amount you expect to win or lose per bet over the long run. Positive EV bets are profitable; negative EV bets lose money over time.
Fading
Betting against a particular team, trend, or public consensus. 'Fading the public' is a common contrarian strategy based on the assumption that crowds are wrong.
Fraud
A team or player that looks good on paper or in basic stats but is unlikely to be genuinely strong against better competition.
Futures
Bets on outcomes that will be decided in the future, like championship winners or season win totals. Futures offer big payouts but carry significant vig and capital lockup.
Handle
The total dollar amount of bets taken by a sportsbook on an event or over a time period. Handle is the sports betting equivalent of notional trading volume.
Hedging
Placing a bet on the opposite side of an existing position to reduce risk or lock in profit. Hedging trades potential upside for guaranteed outcomes.
Hold
The percentage of total bets that a sportsbook keeps as profit after paying winners. Hold is the realized margin on betting handle.
Hook
The 0.5 in point spreads (like -3.5 or +7.5) that prevents pushes by forcing a binary win/lose outcome. The hook is crucial in NFL betting around key numbers.
Key Numbers
Final margins that occur most frequently in NFL games due to scoring structure. The numbers 3 and 7 are particularly important for spread betting.
Limit
Restrictions placed on winning bettors by sportsbooks, reducing maximum bet sizes from thousands to dollars. Limits are how books protect themselves from sharps.
Line Shopping
Comparing odds across multiple sportsbooks to find the best price for your bet. Line shopping is one of the simplest ways to improve long-term results.
Longshot Bias
The tendency for bettors to overvalue unlikely outcomes, causing longshots to be overpriced and favorites to be underpriced relative to their true probabilities.
Middling
An arbitrage strategy where you bet both sides of a game at different point spreads, winning both bets if the final margin lands between your numbers.
Moneyline
A bet on which team will win outright, without any point spread. Favorites pay less than even money; underdogs pay more.
Opening Line
The first line posted by a sportsbook for an event. Opening lines are often less efficient than closing lines, creating potential value for early bettors.
Originator
The primary source of sharp betting information—the person or group that actually builds the models and determines what lines should be. Everyone else is tailing.
Parlay
A single bet combining multiple selections where all legs must win for the bet to pay. Parlays offer big payouts but terrible expected value due to compounding vig.
Props
Bets on specific events within a game rather than the final outcome. Props include player stats, first scorer, and countless other micro-markets.
Public Money
The aggregate betting volume from recreational bettors. Public money typically concentrates on favorites, overs, and popular teams, often creating value on the other side.
Push
When a bet results in a tie—the final margin lands exactly on the spread number. On a push, stakes are refunded and no money changes hands.
Reverse Line Movement
When betting lines move opposite to where the majority of public money is wagered. RLM signals that sharp money is on the unpopular side.
ROI
The percentage profit relative to total amount wagered. ROI is the standard metric for comparing betting performance across different bankroll sizes and volumes.
Sharp
A professional sports bettor who consistently beats the market through superior information, models, or timing. Sharps move lines and are the benchmark for betting skill.
Sleeper
A team or player that flies under the radar but has the potential to outperform expectations, often offering favorable betting value.
Spread
A handicap applied to level the playing field between teams of different abilities. Favorites give points; underdogs receive them.
Square
A recreational bettor who bets casually based on gut feel, favorite teams, or popular narratives. Squares typically lose to the vig over time.
Stale Line
A betting line that hasn't been updated to reflect new information. Stale lines create profitable opportunities for fast-acting bettors.
Steam
A sudden, rapid movement in betting lines across multiple sportsbooks simultaneously. Steam typically indicates coordinated sharp action or syndicate betting.
Syndicate
An organized group of professional bettors who pool resources, share information, and coordinate bet placement to maximize edge and overcome individual limits.
Tailing
Copying someone else's betting picks, typically a sharp or public handicapper. Tailing can capture value but depends entirely on the source's edge.
Total
A bet on the combined points scored by both teams. You bet 'over' if you expect more scoring or 'under' if you expect less than the posted number.
Tout
Someone who sells betting picks or predictions, often with exaggerated claims of success. Most touts lack genuine edge and profit from selling, not betting.
Unit
A standardized bet size representing a fixed percentage of your bankroll. Using units allows comparison across different bankroll sizes.
Variance
The natural statistical fluctuation in betting results. Even with edge, bettors experience winning and losing streaks that can deviate significantly from expected outcomes.
Vig (Juice)
The commission or house edge built into betting odds. Also called juice, the vig is how sportsbooks profit regardless of game outcomes.
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