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п»їSportsbook Glossary: Sports Betting Terms & Definitions.
The time has come. Circa is soon opening the largest sportsbook in Vegas history, a sportsbook so big that the casino is built around it. And with the upcoming opening, it’s time to get back to basics and make sure you know everything there is to know about sports betting. Whether you’re a beginner who needs sports betting explained or a veteran who just wants to brush up on sports betting terms and sports betting terminology, this is the ultimate guide to bringing in the big bucks from betting on sports.
There is a lot of sports betting terminology to go through, but below are 40 of the basic definitions you should know.
Sports Betting Terms and Definitions.
Action : This refers to any wager of any kind.
Against the Spread : Betting on the point spread in a particular matchup as opposed to the moneyline. Instead of focusing on who wins, this bet focuses on how teams play against a given spread.
Alternate Lines : Odds that are either higher or lower than the main posted line.
Bankroll : This is simply the number of available funds you have to bet with.
Bookmaker : The person or organization who is properly licensed to create the lines you bet on, as well as take bets.
Chalk : Betting on the favorite.
Closing Line : Where the point spread is at the start of the game.
Cover : A term related to betting against the spread. You win when you “cover” the point spread. If you bet on a three-point favorite and they win by seven, the spread has been covered.
Draw : This is when a game falls exactly on the spread, not over or under. No one wins in this scenario.
Drift : Moneylines that grow longer after the opening line is posted.
Edge : A betting advantage gained through research or having insights that are not known publicly.
Even Money : A wager that returns the same amount as was risked. For example, wagering $100 would win $100.
Favorite : The expected winner in a game or event.
Field : In many prop bets, you can bet on something that isn’t listed. This means you can pick a team or player to win that’s not specifically listed on the betting form.
Fixed Odds : Set odds in which once a wager is placed, the odds don’t change.
Future : You don’t necessarily have to bet on a game or event right before it starts. Many betters place a wager on a team to win the Super Bowl before the season even starts.
Grand Salami : Over/Under odds that are placed on the total goals/runs/points scored in all of the games, from a specific league, on any given day.
Handicapper : An analyst who observes sports events to predict the winning team or player.
Hedging : A tactic that allows you to bet on the opposite side of the wager you already place. This can help stem your losses a bit.
Juice : A small commission attached to the odds set by bookmakers. Another term for vigorish.
Laying Points : The act of placing your bet on a favorite.
Lines : Another way to refer to betting odds.
Middle : Cashing tickets on both sides of a betting option when a point spread moves up or down prior to a match.
Moneyline : A term mostly for sports like baseball and hockey. Because there’s so few runs or goals scored, this allows you to bet on whether a team is going to win or not.
Off the Board : An event you can’t bet on. Sometimes, sportsbooks will take an event out of the betting possibility because there’s something affecting the game, like the weather.
Opening Line : The first point spread available for a game.
Over/Under : The total amount of points or runs scored in the game. A number will be given. Let’s say it’s a baseball game and the over/under is six. If you bet the under, you’re banking on the two teams scoring a combined total of fewer than six runs.
Parlay : A bet where bettors aren’t necessarily restricted to just one bet. You can tie at least two together and all the events need to happen to get the payoff. It’s hard to pull off, but it comes with a potentially massive payday.
Pick вЂEm : A bet that takes place when the teams are so close, no individual one is favored. This just means the line is zero.
Proposition Bet : Better known as a prop bet , this is a wager on something other than the outcome. It can be something related to the game, like the over/under on rushing yards, or something silly, like how long the national anthem will take to be sung.
Proxy : An individual or group who places bets for non-local bettors who may be unable to place bets in person.
Push : This is when there’s no winner at the end of a contest, usually when the favorite wins by the exact spread.
Real-Time Odds : Odds aren’t stagnant. They move back and forth based on new information. These are the live lines that reflect that movement.
Sharp : Professional sports bettor who uses vast resources to determine wagers.
Stake : The amount of money a gambler risks when placing a bet.
Tip : Betting advice offered by tipsters and handicappers to predict the most likely outcome of an event.
Tipster : A person or group who offers sports betting advice .
Underdog : Sometimes referred to as the “dog,” this is who bookmakers think will lose.
Wager : This refers to any type of bet.
Applying the Sports Betting Terminology.
Now you’ve got the basics down, you’re ready to start wagering. Circa | Sports is the ultimate sportsbook in Las Vegas for sports betting. It’s the largest of its kind and the best place to be if you’re a sports fan. Stop by Golden Gate , the D , or soon at Circa Resort in Downtown Las Vegas to place your bets in person. Can’t make it into the sportsbook? Download the Circa | Sports app on iOS or Android to have your bookie right in your pocket and bet wherever you are in Nevada.
Whether in person or on the app, join Circa | Sports for your premier place to bet on all sports in Vegas.
A Simple Explanation: How to Read Sports Betting Odds.
Understanding the world of online betting can be a daunting task for the sports betting novice. You’re met with a wall of numbers, dots and dashes before you even get started.
The key to enjoyable betting is in knowing how to read the odds. We’ll break it all down into manageable chunks, covering the different bets and odds, and how to read them.
What Are Odds?
Before we get started, let’s take a look at what odds actually are. Odds are a set of numbers which indicate the likelihood of an event taking place. In gambling terms, the odds aren’t a true representation of probability, but show the ratio between the amount bet and the payout based on the probability calculated by the bookmakers.
Now that we have that out of the way, let’s get down to business.
The Different Types of Odds.
The first thing you’ll need to be aware of is the three most common types of odds in sports wagering:
Moneyline Point spreads Over/under betting.
What do these terms mean, exactly?
The Moneyline.
The moneyline wager is perhaps the simplest bet to understand. It’s a straightforward bet on who you think is going to win the game, no matter the final points or score margins.
What Do the Numbers Mean?
Essentially, these odds show how much your profit will be based on the amount you wager. Moneyline wagers have odds attached to both the favorite and the underdog.
Note: the odds are given in the American format. We’ll explain that in more detail later.
Point Spreads.
Usually in any game, one team is better than the other, giving us the terms favorite and underdogs in the first place.
If you were to just bet on the favorite each time, you could take your money and go, but this doesn’t make for a very exciting betting experience, nor would it be very profitable for the online bookmakers. The point spread makes things more interesting for bettors, as well as making a profit for the bookies.
Essentially, the point spread is a handicap given by the bookmakers to bring teams to an equal footing, in that it generates interest in both teams from bettors. With the point spread odds, you’ll bet on the score difference between the two teams.
WHAT DO These NUMBERS MEAN?
Betting on Team B would win you your bet if the team wins the game, OR if it loses by less than six points.
If you would like to learn more, be sure to read our article explaining point spread betting.
Over/ Under.
If you are having trouble deciding who is likely to win a game, then an over/under bet might be the way to go. Sometimes referred to as вЂtotals’ betting, over/under odds are a bet on the total combined score in a game.
It doesn’t matter who wins or loses. Instead, the bet depends on whether the combined amount is over or under a predetermined number set by the bookmaker.
If you see a bet written as 45.5 o/u , for example, this means that the bookmakers have calculated the possibility of the combined scores of the two teams as being around 45.5. The odds will often be with half points, in order to prevent what is called a вЂpush’ or tie.
All you have to do is decide whether the combined scores will total over that mark, or under it. How much you are set to win from each of these bets will be decided by the bookmaker’s odds, and how much money you want to wager (more on this later).
How to Read Odds.
Now that you know the basic betting forms, you will notice that the odds given aren’t all written in the same way. Again, there are three main formats:
This is where your head may start to hurt, but let’s try to keep it simple.
American Odds.
American odds are also used with the point spread bets, for example:
So while the point spread doesn’t change the odds given for each result, it allows the bookmakers to protect their margin or вЂjuice’.
In another article, we explain how you can find out more about how bookmakers operate and how they calculate their odds.
Decimal Odds.
Decimal odds are sometimes referred to as “European odds” and are used throughout Europe, Australia and Canada. If you’re interested in betting on international sports, it’s a good idea to know how they work.
Luckily, they’re very straightforward and easy to calculate. All you have to do is multiply your wager by the odds to find out your potential winnings.
For example, if you bet $100 on a team winning, with odds at 1.82, then your potential total amount received is $182. Simple.
Fractional Odds.
Fractional odds are one of the oldest forms of odds in sports gambling and are more popular in the UK market. Basically fractional odds show you how much you are set to win relative to how much you put in. Again, we’ll keep this simple with an easy example. Say you make a bet of $5 on Team A to win with the odds of 2/1.
This translates as:
So your bet of $5 at 2/1 odds gives you a return of $15 ($5 wagered x 2 plus the original stake of $5).
Need a Calculator Yet?
It’s a good idea to have a basic understanding of how to recognize and read each of the odds formulas, but fortunately, there are also a number of online odds converters and calculators that will do the hard work for you quickly and easily.
This comes in very handy especially when you have to recalculate when the odds change.
Why Do Odds Change?
Between the time when the betting lines open and the game starts, you’re likely to see some change in the betting odds, especially in the last few minutes. Why? There are a few reasons.
Protecting Profit.
Firstly, the bookmakers may change the odds to protect their profit. Since they’ve calculated the odds carefully to give both teams equal interest, making sure they are set to gain a profit either way, if one team is getting a clear majority of the bets, then they will change the odds to make the less favored team’s odds more favorable.
Insider Info.
Betting websites may change their odds as information comes to light. For example, when a team line-up is published before a game and the star players aren’t making an appearance, or perhaps news of injuries or training issues come out. These will all have an effect on the betting odds offered.
Sharp Bettors.
Another reason for movement on the betting line will be the sharp bettors, those professional players who may hold off to the last minute and bet against the public opinion. They are usually big-money players and their wager can be enough to move the lines.
Knowing how to use line movement to your advantage takes time and experience, but you can get a head start with our handy guide to understanding line movement.
Ready to Play.
Now that you have the basic building blocks required to understand sports betting odds, you’re ready to go. All that’s left for you to do is find the right sportsbook for you.
This can be another learning curve, but don’t worry, we’re here to help you. Just follow the link to get some great tips on how to choose the best online bookmaker.
Sportsbook Glossary: Sports Betting Terms & Definitions.
The time has come. Circa is soon opening the largest sportsbook in Vegas history, a sportsbook so big that the casino is built around it. And with the upcoming opening, it’s time to get back to basics and make sure you know everything there is to know about sports betting. Whether you’re a beginner who needs sports betting explained or a veteran who just wants to brush up on sports betting terms and sports betting terminology, this is the ultimate guide to bringing in the big bucks from betting on sports.
There is a lot of sports betting terminology to go through, but below are 40 of the basic definitions you should know.
Sports Betting Terms and Definitions.
Action : This refers to any wager of any kind.
Against the Spread : Betting on the point spread in a particular matchup as opposed to the moneyline. Instead of focusing on who wins, this bet focuses on how teams play against a given spread.
Alternate Lines : Odds that are either higher or lower than the main posted line.
Bankroll : This is simply the number of available funds you have to bet with.
Bookmaker : The person or organization who is properly licensed to create the lines you bet on, as well as take bets.
Chalk : Betting on the favorite.
Closing Line : Where the point spread is at the start of the game.
Cover : A term related to betting against the spread. You win when you “cover” the point spread. If you bet on a three-point favorite and they win by seven, the spread has been covered.
Draw : This is when a game falls exactly on the spread, not over or under. No one wins in this scenario.
Drift : Moneylines that grow longer after the opening line is posted.
Edge : A betting advantage gained through research or having insights that are not known publicly.
Even Money : A wager that returns the same amount as was risked. For example, wagering $100 would win $100.
Favorite : The expected winner in a game or event.
Field : In many prop bets, you can bet on something that isn’t listed. This means you can pick a team or player to win that’s not specifically listed on the betting form.
Fixed Odds : Set odds in which once a wager is placed, the odds don’t change.
Future : You don’t necessarily have to bet on a game or event right before it starts. Many betters place a wager on a team to win the Super Bowl before the season even starts.
Grand Salami : Over/Under odds that are placed on the total goals/runs/points scored in all of the games, from a specific league, on any given day.
Handicapper : An analyst who observes sports events to predict the winning team or player.
Hedging : A tactic that allows you to bet on the opposite side of the wager you already place. This can help stem your losses a bit.
Juice : A small commission attached to the odds set by bookmakers. Another term for vigorish.
Laying Points : The act of placing your bet on a favorite.
Lines : Another way to refer to betting odds.
Middle : Cashing tickets on both sides of a betting option when a point spread moves up or down prior to a match.
Moneyline : A term mostly for sports like baseball and hockey. Because there’s so few runs or goals scored, this allows you to bet on whether a team is going to win or not.
Off the Board : An event you can’t bet on. Sometimes, sportsbooks will take an event out of the betting possibility because there’s something affecting the game, like the weather.
Opening Line : The first point spread available for a game.
Over/Under : The total amount of points or runs scored in the game. A number will be given. Let’s say it’s a baseball game and the over/under is six. If you bet the under, you’re banking on the two teams scoring a combined total of fewer than six runs.
Parlay : A bet where bettors aren’t necessarily restricted to just one bet. You can tie at least two together and all the events need to happen to get the payoff. It’s hard to pull off, but it comes with a potentially massive payday.
Pick вЂEm : A bet that takes place when the teams are so close, no individual one is favored. This just means the line is zero.
Proposition Bet : Better known as a prop bet , this is a wager on something other than the outcome. It can be something related to the game, like the over/under on rushing yards, or something silly, like how long the national anthem will take to be sung.
Proxy : An individual or group who places bets for non-local bettors who may be unable to place bets in person.
Push : This is when there’s no winner at the end of a contest, usually when the favorite wins by the exact spread.
Real-Time Odds : Odds aren’t stagnant. They move back and forth based on new information. These are the live lines that reflect that movement.
Sharp : Professional sports bettor who uses vast resources to determine wagers.
Stake : The amount of money a gambler risks when placing a bet.
Tip : Betting advice offered by tipsters and handicappers to predict the most likely outcome of an event.
Tipster : A person or group who offers sports betting advice .
Underdog : Sometimes referred to as the “dog,” this is who bookmakers think will lose.
Wager : This refers to any type of bet.
Applying the Sports Betting Terminology.
Now you’ve got the basics down, you’re ready to start wagering. Circa | Sports is the ultimate sportsbook in Las Vegas for sports betting. It’s the largest of its kind and the best place to be if you’re a sports fan. Stop by Golden Gate , the D , or soon at Circa Resort in Downtown Las Vegas to place your bets in person. Can’t make it into the sportsbook? Download the Circa | Sports app on iOS or Android to have your bookie right in your pocket and bet wherever you are in Nevada.
Whether in person or on the app, join Circa | Sports for your premier place to bet on all sports in Vegas.
How Do Odds Work in Betting?
If you are planning to start betting, be it casino gambling, sports betting, or any other type, it's important to understand the odds. It would be preposterous and absurd to think about placing bets without having a good grip on the main types of betting odds and the ability to read and interpret the various associated formats.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance (percentage probability) of an event occurring can be converted and presented in any of the aforementioned types of odds.
How Fractional Odds Work.
Fractional odds (aka British odds, UK odds, or traditional odds) are popular among British and Irish bookies. These are typically written with a “slash (/)” or a “hyphen (-),” e.g. 6/1 or 6-1 and announced as “six-to-one.” Fractional odds are used by some of the world’s largest bookmakers, making them the most preferred odds across the globe.
Therefore, the total (potential) return on a stake can be stated as:
For instance, one of the major sports betting websites listed the following fractional odds for futures betting on the team to win the 2017-18 NBA Championship. Below is a selection of the three teams that had the lowest odds of winning.
Golden State Warriors: 10/11 Houston Rockets: 9/4 Cleveland Cavaliers: 7/1.
It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer. That is, one wins only $10 against every $11 wagered on Golden State to be the champions. Meanwhile, one wins $9 against each $4 (i.e. 3.25 times) put at stake for Houston to win, which is a bit less probable. For Cleveland, one wins $7 against each $1 bet.
In the above example, if you bet $100 on Golden State to win, you could make a $90.91 profit [$100 x (10/11)], and could get back your initial stake of $100, resulting in a total payout of $190.91. However, if you wager $100 on Houston to win, you could receive a profit of $225 [$100 x (9/4)], in addition to the $100 initial stake leading to a total payout of $325. The potential profit for a Cleveland win would be even higher, as you could make a profit of $700 [$100 x (7/1)]. With the initial stake of $100 being returned, it would make for a total payout of $800.
How Decimal Odds Work.
Decimal odds (aka European odds, digital odds, or continental odds) are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The favorites and underdogs can be spotted instantaneously by looking at the numbers.
The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier.
The total (potential) return on a stake can be calculated as:
For instance, one of the renowned betting websites priced the candidates to win the 2020 U.S. Presidential Election. Here, we list the decimal odds for the candidates and the biggest long shot among the candidates listed by the bookmaker.
Donald Trump: 4.00 Joe Biden: 1.3.
These numbers merely represent the amount one could win against each $1 put at stake. Therefore, if one bets $100 on Donald Trump to be re-elected as president, this person could make a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, giving a net profit of $300.
Similarly, a bettor could make a total payout of $130 ($100 x 1.3) if they successfully bet $100 on Joe Biden. Deducting $100 from this return gives the bettor the net profit earned.
Reviewing the prices that the bookmaker has set for each candidate, it can be determined that according to the bookmaker, the probability of Biden (favorite) winning the election is higher than that for Trump. The higher the total payout (i.e. the higher the decimal odd), the less probable (and riskier) it is for the listed candidate to win.
How American (Moneyline) Odds Work.
Let’s understand this with the help of an example:
One of the popular betting websites priced the NCAA "Sweet 16" men's basketball game between Duke and Syracuse on March 23, 2018, with the following moneyline odds.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament.
Key Takeaways.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing, and hold no difference in terms of payouts. Fractional odds are the ratio of the amount (profit) won to the stake; Decimal odds represent the amount one wins for every $1 wagered; and American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win $100 or the amount one would win for every $100 staked.
The Bottom Line.
If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well. Once you have mastered the three popular types of odds (fractional, decimal, and American), you can move towards a more detailed read on this topic and find out how the house always wins. Please refer to Understanding the Math Behind Betting Odds & Gambling for the conversion between the different formats of odds, the conversion of odds into implied probabilities, and the differences between the true chances of an outcome as well as the odds on display.
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