Every industry has its own language, and sports betting is no different. If you’re new, hearing terms like “juice,” “parlay,” or “closing line value” can feel overwhelming. Even seasoned bettors sometimes need a refresher when diving into niche markets or new bet types.
That’s why we’ve created this sports betting glossary — a complete list of terms every bettor should know. From basic vocabulary to advanced strategy lingo, this guide is your one-stop reference. Bookmark it, because if you want to talk (and think) like a pro, you’ll come back to these definitions again and again.
Sports Betting Glossary: Key Terms A–Z
A
Action — Any bet or wager placed. “I’ve got action on tonight’s game.”
Against the Spread (ATS) — A way to track performance vs. the point spread instead of straight-up wins and losses.
B
Bankroll — The total money you’ve set aside for betting. Smart bankroll management ensures you don’t go broke chasing losses.
Book / Sportsbook — The operator offering odds and accepting bets.
C
Chalk — The favorite in a betting market.
Closing Line — The final odds offered before the event starts.
Closing Line Value (CLV) — The edge you have compared to the closing line (a key sharp bettor metric).
D
Dog (Underdog) — The team/player not favored to win.
Dime — Slang for a $1,000 bet.
Draw (Push) — A tie; your stake is returned.
E
Edge — The advantage you have over the sportsbook line.
Even Money (+100) — A bet that doubles your stake (risk $100 to win $100).
F
Favorite — The team expected to win, with negative odds (e.g., -150).
Futures Bet — A long-term wager on events like the Super Bowl, MVP, or season win totals.
G
Grand Salami — A bet on the total combined goals/runs scored in all games of a given day (common in NHL/MLB).
Handle — Total amount wagered on a game or market.
H
Hedge — Betting the opposite side of your original bet to secure profit or reduce risk.
Hook — The half point in a spread or total (e.g., +7.5).
I
Implied Probability — The win chance converted from odds. Example: -150 odds = 60% implied probability.
In-Game / Live Betting — Placing bets after the game has started, with constantly shifting odds.
J
Juice (Vig) — The sportsbook’s commission built into odds (standard is -110).
K
Key Numbers — Most common margins of victory in football (3, 7, 10). Teasers and spreads often revolve around these.
L
Line — The odds or spread for a bet.
Line Movement — Shifts in the odds or spread due to action, injuries, or sharp money.
Live Odds — Real-time betting prices during a game.
M
Moneyline — A straight bet on who will win the game, no spread involved.
Middle — Betting both sides of a line at different numbers, aiming to win both.
N
Nickel — Slang for a $500 bet.
No Action — A voided bet, often due to cancellations.
O
Odds — The price assigned to a bet (moneyline, spread, or total).
Over/Under (Total) — Betting on whether combined points go over or under a set number.
P
Parlay — Combining multiple bets into one ticket. All must win to cash.
Prop Bet (Proposition Bet) — A wager on specific outcomes (player stats, first score, etc.).
Push — When the result lands exactly on the line; stake refunded.
Q
Quarter Bet — A wager on just one quarter of a game (common in NBA/NFL).
R
ROI (Return on Investment) — Profitability metric: (Profit ÷ Total Risk) × 100.
Run Line — Baseball’s version of a point spread (usually -1.5/+1.5).
S
Sharp — A professional bettor who consistently beats the market.
Spread (Point Spread) — Handicap added to level the playing field.
Steam Move — Rapid line shift caused by heavy sharp action.
T
Teaser — A type of parlay where you adjust the line in your favor (usually in NFL/NBA).
TPC Score™ — The Pick Club’s proprietary rating system, ranking bets 1–10 based on value vs. probability.
U
Underdog (Dog) — The team expected to lose, with plus-money odds.
V
Value Bet — A wager where the true odds are better than the sportsbook’s price.
Vigorish (Vig/Juice) — Another term for the house commission.
W
Wager — A bet.
Wong Teaser — A specific NFL teaser strategy moving lines through 3 and 7.
Y
Yield — Similar to ROI, measuring profitability relative to turnover.
Why a Sports Betting Glossary Matters
Understanding terminology isn’t just about talking the talk — it’s about betting smarter. If you don’t know what vig is, you might overlook the true cost of your bets. If you don’t know what CLV is, you won’t track whether you’re really finding value.
By learning the language of betting, you give yourself the foundation to think like a pro — and to recognize when sportsbooks are stacking the odds against you.
Conclusion
This sports betting glossary covers every major term you’ll encounter, from beginner basics to advanced strategies. Whether you’re making your first bet or tracking CLV and ROI like a sharp, knowing the lingo helps you bet with confidence.
👉 Want more than just definitions? Join The Pick Club Today and use The Club Assistant™ to put these terms into action with real-time insights, projections, and bet recommendations.