Betting Glossary: Key Terms You Should Know

In this article, we will go through some of the most commonly used terms in the world of betting that you should know. We will kind of create our betting glossary. We highly recommend skimming through the whole article to avoid any unlucky circumstances when you place bets. Did you know for instance that a “dime bet” is the same as a $500 bet! It would be a shame to place a wrong bet, just because you didn’t know the slang or the terms most commonly used. If you want to blend in with the other betters, then we recommend that you study up a bit and get to know all of the different terms we have listed below!

Betting Glossary: From A to U, All the Key Terms You Should Know

Action: Having skin in the game, having placed a bet on a match.

Arbitrage: This is a type of betting that usually involves a large amount of money to be successful. If all possible outcomes of one event add up to less than 100% then it is possible to make money if you place a bet on all of the potential winners.

Backdoor cover: When a spread is covered unexpectedly because of team scores at the end of the game.

Bad beat: Whenever players lose a bet they statically should have won. This is often typical in Poker during the river.

Beard: Just like a beard can be used to conceal the identity of some, a bear is a slang for someone who bets on the behalf of someone else. This could be to get around a betting limit.

Book:  Short term bookmaker or sports book – in general, anyone who accepts bets.

Cash Out: Cash out is opportunities for players to be able to cash out their stake if they feel like the tides are turning and they might lose their bet.

Chalk: The favorite player of the game and the person with the best odds.

Circle game: Games where the betting limits are lowered due to weather conditions or injuries.

Dime: Slang for a $1,000 bet. Betters should be mindful of the language they use with bookies. Five dimes would be a $5000 bet!

Dog: Slang for the underdog in a race or a match.

Dollar: Slang for $100. Should be used carefully as betting 5 dollars is equivalent to $500 in bookie-slang.

Doubles: Double betting is when a bet is placed on to possible outcomes. In order to be able to win this bet, both outcomes have to come true. Combining what players consider to be sure-wins can be a great way to increase profits.

Double Chance: This is usually only used in football and it is a way for betters to bet on a draw or a team to win. These usually carry lower odds.

Double Result: A double result is a type of result that occurs when players bet on both the half-time result and the full-time result in a match. This means you can bet twice on the same match!

Dutching: Dutching is a bet where players bet on the favorite and the second-favorite to win. This is done to minimize losses and can make steady progress towards accumulating a bigger bankroll. 

Edge: To have an advantage. Some betters might feel like they have an edge over the bookmaker if the odds are in their favor.

Even money: Odds that pay out what you put in. 50/50 so if you bet $1 you can only win $1. A very important word for a betting glossary. 

Form: Usually used in horse racing, referring to how well the selection has been performing over the last period. It is usually split between past-form and future-form, which is speculation on how the selection will perform in the future.

Handicapper: A better who tries to predict winners of a match or a race.

High roller: Someone who is considered a whale and a high-stakes gambler.

Lay: A lay is when players bet on other players’ bets. You are directly cutting the odds of the bookmaker. Only some betting exchanges offer this feature.

Limit: The maximum beta bookmaker will accept. If a bookmaker has a $5000 limit, then this is the maximum bet that can be placed.

Lock: A bet that is guaranteed a sure win by the person who made it.

Longshot: A long-shot is also known as the underdog, but usually carries with it much greater odds.

Match Betting: A match bet is another term for the welcome packages that betting platform offers to new players. There can be a lot of extra money to grab as you place your usual bets.

Mush: A better who is going through a bad streak and has bad luck.

Nickel: Slang for $500 bet. Be careful what language you use around bookies!

Parlay: A parlay bet is a bet that consists of multiple bets on multiple teams. For this type of bet to be won, all of the bets placed have to be won.

Pick 'em: A race or match where there is no clear favorite or the clear underdog. The point spread is zero and the winner will also be the spread winner.

Point spread: The number of points that the favorite is favored over the underdog.

Proposition bet:  A bet that is not found on the betting board. This can be which team scores first or how many yards a player gains throughout a game. Some players prefer this to a game within a game and they are becoming very popular. Of course, this world could not be missing from our betting glossary. 

Runner: Someone who places a bet on behalf of someone else.

Sharp:  Someone who is considered to be a professional sport better.

Square:  Someone who is a casual gambler and doesn’t necessarily use statistics to place bets.

Straight up:  The expected winner of an event or game, not based on the point spread.

Underdog: The team or player expected to lose. These often have a much higher payoff.

Did you know all of the terms in this betting glossary? We hope you learned something and recommend you to come back at a later stage to be kept in the loop with everything that is betting-related. The more you know, the better decisions you can make!