Betting Terminology

In betting terms, ‘Arbitrage’ is a process in which you bet to cover every possible outcome of an event but doing so in a way that locks in profit regardless of the eventual outcome. Betting across multiple betting providers is crucial to this concept. In other terms, a $100 bet on the Vikings to cover the spread would net a return of $90.90, while that same bet on the Vikings just to win (moneyline) would net a return of $66.70.

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 are many unique terms associated with sports wagering. Bookmark our glossary of betting terms and use it as a reference if you come across an unfamiliar word or phrase while placing bets. Term for the amount of bets placed on a game or sporting event. It can also refer to how bets are settled. For example, 'all action' means every bet will be settled, regardless of outcome.

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

A B C D E F G H J L M O P R S T U W

A

Action: This refers to any wager of any kind.

Betting Terminology

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.

B

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.

C

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.

D

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.

E

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.

F

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.

G

Terminology

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.

H

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.

J

Juice: A small commission attached to the odds set by bookmakers. Another term for vigorish.

Betting Terminology Dimes

L

Laying Points: The act of placing your bet on a favorite.

Lines: Another way to refer to betting odds.

M

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.

Betting Terminology In Horse Racing

O

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.

Betting Terminology Football

P

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 ‘Em: A bet that takes place when the teams are so close, no individual one is favored. This just means the line is zero.

Point Spread: Odds posted on a game to help indicate favorites indicated with – odds, and underdogs indicated with + odds.

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.

R

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.

S

Sharp: Professional sports bettor who uses vast resources to determine wagers.

Stake: The amount of money a gambler risks when placing a bet.

T

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.

U

Underdog: Sometimes referred to as the “dog,” this is who bookmakers think will lose.

W

Explained

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.

Betting doesn’t have to be rocket science. Keep it simple by choosing a horse with a cool name. Or one that’s wearing your favorite color. But if you’re the analytical type who wants to consider a horse’s racing history, learn how to read a Racing Form and try your hand at handicapping.

Placing Your Bet

The easiest way to place your bet or wager is at the counter. Let the teller know the following information:

  • The racetrack (remember, you can bet on races at other tracks)
  • The race number
  • The dollar amount you want to bet
  • The type of bet
  • Your horse’s number

Ex. “At Santa Anita, third race, five dollars to win on number two.”

Types of Bets

There are many kinds of bets. But let’s start with the basic ones:

Betting Terminology Explained

Win, Place and Show.

Betting Terminology Over Under

Win — If your horse finishes 1st, you win $$$.

Place — If your horse finishes 1st or 2nd, you win $$.

Show — If your horse finishes 1st, 2nd or 3rd, you win $.

Exotic Bets or Combination Wagers

Across the board — Three equal Win, Place and Show bets.

  • If your horse finishes 1st, you win all three bets.
  • If your horse finishes 2nd, you win on the Place and Show bets.
  • If your horse finishes 3rd, you win on the Show bet.

Exacta — Pick two horses in one race. If they finish 1st and 2nd, in exact order, you win.

Quinella — Pick two horses. If they finish 1st or 2nd, in either order, you win. Also known as an Exacta Box.

Trifecta — Pick three horses. If they finish 1st, 2nd and 3rd, in exact order, you win.

Superfecta — Pick four horses. If they finish 1st, 2nd, 3rd and 4th, in exact order, you win.

Daily Double — Two specific races make up the Daily Double. Pick one horse in each race. If they finish 1st in both races, you win. You have to make your bet before the first race.

Betting Terminology

Pick 3 — Similar to the Daily Double, but for three consecutive races.

Pick 4 — Similar to the Daily Double, but for four consecutive races.

Pick 6 — The biggest bet you can make. Pick the winning horse in six consecutive races. If you win, you win big.

If no one picks all six winners, those picking 5 out of 6 will split 30% of the Pick Six pool. The remaining 70% “carries over” to the next racing day, and will continue to do so each day until someone correctly chooses 6 winners out of 6 races.

Watch and Win

After placing your bet, watch your horse run. If your horse comes in the money, sweet! But don’t plan on buying a private jet just yet. Wait until the race has been declared “official”. Then collect your winnings at any window.

Automated Betting Machines

Once you’re familiar with placing bets, you can try using one of the self-service, automated machines. These easy-to-use machines are available at every track and offer simple directions on how to bet or collect money from a winning ticket. Easy peasy.