Sports Betting 101

Demystifying Sports Betting: Your Guide to 19 Key Terms Every Bettor Should Know to Boost Their Betting IQ.

Placing a bet on a game or event.

The amount of money placed on a particular outcome.

A person that accepts bets and sets odds (aka a Bookie); more prevalent prior to sports betting being legalized.

The favored team or player in a game or match.

When a team wins by more points than the point spread, or when a bettor’s selection wins the game outright.

The underdog team or player in a game or match.

The team or player expected to win a game or match.

A point spread that is applied to even out the odds between two teams.

The commission or fee charged by a bookmaker for accepting a bet (aka the Vig).

A type of bet where you only need to pick the winner of a game, regardless of the point spread.

A bet on whether the total combined score of a game will be over or under a certain number.

A bet that combines multiple selections into one wager, with all selections needing to be correct for the bet to win.

Point Spread
The predicted margin of victory for a game, with the favorite having to win by more than the spread and the underdog having to lose by less than the spread for bets to win.

Prop Bet
A bet on a specific outcome or event within a game or match.

When a bet ends in a tie, and the original bet amount is returned to the bettor.

A place or website where bets can be placed on sporting events.

An amateur bettor who places bets based on intuition, personal biases, or popular opinion rather than making informed and calculated decisions.

A type of bet that allows the bettor to adjust the point spread in their favor, but with reduced odds.

Wise guy
A professional sports bettor who is known for their expertise and success in betting.

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