Betting 101Betting terminology
Sports-betting carries with it a lot of jargon, so below I will define some common terms that you are likely to encounter.
• Sportsbook: Bettors refer to what's called a "sportsbook" to provide a baseline on the spreads and moneylines for various sporting games. http://www.vegasinsider.com/
tends to be the most-referenced website around here for spreads and lines, since their information is an aggregate of many different sportsbooks.
• Spread: Sometimes abbreviated "ATS" for "against the spread," this is the amount of points that are added or subtracted to the final score. After the spread is applied to the final score of a game, the adjusted total determines the winner. This is best illustrated with an example. Let's say the official spread on a game is Cleveland +14 vs. Baltimore: if I were to bet on Cleveland, I would add 14 points to Cleveland's final score and if that total is greater than Baltimore's score, I would win the bet. If I were to bet on Baltimore, the spread would be Baltimore -14; thus, I would subtract 14 points from Baltimore's final score, and if this total is greater than Cleveland's score, I would win the bet. In either case, if Baltimore wins by exactly 14, then the bet is considered a "push" with no winner (both sides are refunded their wager). A lot of times, you will see spreads with .5 points: this is to eliminate the possibility of a push. Overtime always counts toward the final score unless stated otherwise.
• Moneyline: A bet without a spread often uses what's called a moneyline. The moneyline represents the adjusted payout for a wager based on their odds to win. Moneylines are represented in one of two ways: American odds format and decimal odds format.
• American odds format: Uses lines like -110 to represent how much you need to wager in order to win 100. If a line is -110, then you need to risk 110 to win 100. If a line is +120, then you risk 100 to win 120. To calculate your winnings using this format, divide your wager by the absolute value of the odds. So a wager of 548 on the Ravens @ -160 gets you 342.50 units because 548/1.6 = 342.5
• Decimal odds format: Uses decimals to represent the odds for payout. If the odds are 1.35 to 1, then 135 is being risked to win 100. If you are betting the low side of a decimal bet, then you simply multiple by the odds, 1.35, to determine your winnings. If you are betting the high side of a bet, then you divide by the odds, 1.35, to determine your winnings.
• Juice: When using a sportsbook, this is the amount the book/bookie takes from your winnings. On a straight bet, the line is usually -110 for each side. That extra -10 is the juice, or the little extra amount you give up in order to bet with the bookie. When making bets with most users on this forum, no juice is involved.
• Runline: In baseball, the score will be adjusted by 1.5 runs in order to compensate for a steep moneyline. Operates like a spread.
• Hedging: Taking the other side of a bet to guarantee a profit. Usually done in response to a futures bet possibly hitting or in response to a parlay possibly hitting.
• Hook: the extra .5 point to break a tie (very important in football)
• Off the Board or OTB: A game that has been removed for the purposes of betting with a sportsbook.
• No-action or push: A bet with no winner, or a bet in which no money is lost or won.Types of Bets
• ML: Bets that are made using the moneyline odds for that game.
• ATS: Bets that are made against a point spread.
• Over/Under or O/U: A bet that is made against the total score for a game being Over or Under a certain amount.
• Prop bet: A bet that set a proposition that a certain outcome will or will not be met. Examples: Tom Brady will throw O/U 289.5 yards; Ezekiel Elliott O/U .5 rushing TDs; O/U 1.5 made field goals in a game; etc.
• Futures: A bet that predicts a future outcome, such as a player award (MVP winner) or a conference champion.
• Parlay: A bet that has multiple legs as part of one bet. Unless stated otherwise, all legs of the parlay must hit in order for the bet to cash.
• Teaser: A bet that is similar to a parlay, but the betting lines are inflated, and the payout odds are lower.
• In-game or live-action: Bets that are placed while a game is in-progress.
• Halftime bets: A sportsbook will set a line strictly for the amount of scoring that takes place in the second half. Example: Let's say that the Chicago Bears are playing the Detroit Lions and beating them 14-7 at halftime. Oddsmakers then set the second half spread at -3.5 for the Bears. Now let's assume that you bet on Chicago to cover the spread and the final score is 28-18. The Bears outscored the Lions 14-11 in this game's second half. Unfortunately, Chicago missed covering the -3.5 second half spread and you would lose your wager in this instance.
Snake bets: Going head to head, two users trade-off on selecting games to win. Whoever gets the most correct wins the bet. Picks are usually done in a serpentine order (ABBAABBAAB...)
Blind Odds: A single game is chosen, and unless stated otherwise, no spread is applied. Users submit secret amounts of forum gold to the blind odds host. After the game starts, the amount wagered on each side is revealed. The winning side receives an amount of winnings dependent on how much was wagered on the other side. Example.This post was edited by Terps on Nov 7 2018 02:44am