Betting Terms

There are different betting and gambling terms when it comes to sports betting, that all vary in risk versus reward.

  • Straight bet – This is one of the¬†betting terms that is the most popular form of sports betting. In the general the “Vig” or “Juice” is 10% or -110. -110 means you must bet $110 to win $100. At times “Juice” may be altered, depending on the game. For example, if you see -120,then the must lay $120 in order to win $100 or if you have -105 that means betting 105 to win a hundred. You only pay the juice if your bet loses. So when you lay $110 to win $100, if you lose, you will pay the Bookmaker $110. However, if you win, you collect $100.
  • Sides – Points can be added or subtracted from each side in order to make the game a more 50-50 proposition. For example, if Chicago is listed as Chicago -3 over Miami, then 3 points are subtracted from Chicago’s final score and 3 are added to Miami’s in order to determine a winner. So if you took Chicago -3, they must win by more than 3 points in order for you to be a winner. On the other hand, if you wagered on Miami, then Miami must lose by less than 3 for you to be a winner. If the game lands on 3 then it’s a “push” and your money is refunded. This is also known as spread betting.
  • Totals – The total points scored by each team are added together in order to determine a winner. For instance, if Chicago and Miami are listed as Total 46, then you add the final score of both teams and a bet is placed on whether you think the total points scored will be over or under 46.If it lands on 46, it is considered a “Push”or Tie and there is no action. You can also bet on the “Total” of each individual team if you prefer.
  • Parlays – A betting term in which you must pick the winner of more then 1 game, if any of your picks lose then you lose. The advantage in parlay betting is that you risk less money for a higher payout. The disadvantage of a parlay bet is that you must be right on every game chosen.
  • Money lines – A type of bet in which you must only pick the winner of a game straight up, not dependent on what the “Sides” of the game are. If your team is listed at -265, you must bet $265 to win $100. On the reverse,if your team is +245, you must risk $100 to win $245.
  • Teasers – A betting term in which you can add points(6,6.5,7,10,13) to your favorite team. The advantage of teaser betting is obvious, you can get more points on your favorite team. The disadvantage of a teaser bet is that you must pick more games,and get worse odds. In “Big Teasers”(10 or more points), ties generally lose.
  • If Bets – A betting term in which one bets activates another bet. For example, you bet Chicago -3 if then Houston -7. You are saying that you only want to bet the 2nd game if you win the first game. If Chicago doesn’t cover then there is no action on Houston.
  • Action reverse– This is a wager where a $1,000 bet could win or lose up to $10,000. If Dallas is listed as pick against New Orleans and a gambler wants an “action reverse for $1,000 on Dallas, then for every point Dallas covers the spread by, up to 10, the gambler wins the bet amount times that number.Dallas wins 21-20? The player wins $1,000. Dallas wins 17-9? The bettor wins $8,000. The problem comes in the losing, as Dallas could fall 24-14 and now, instead of losing the $1,000 bet plus $100 juice on a straight play, the customer is now on the hook for $10,000. No juice is attached to an Action Reverse bet
  • First half and Second half wagers – A wager in which only the score of either half counts toward to final score. (on Second half wagers, overtime is included in the final score).
  • Open Bets – If you like, you may at times pick a few teams in a parlay or teaser and leave one play “Open”. This means you will pick another team at a future date in order to complete the bet.
  • Buying points – You may buy a half a point to 3 points in order to help your team. This obviously will negatively affect the odds against you. For instance if your team is listed at Chicago -8 and the odds are -110, you may “buy a point” and make it Chicago -7 -130.
  • Futures bets – A bet that is placed now in order to win at a later date. For example, you may place a bet on the Giants to win the SuperBowl next year, or Roger Federer to win Wimbledon, and receive better odds the further out you place your bet, depending on the likelihood of winning that bet.
  • Proposition Bets – Exotic bets in which you can place wagers on numerous different things. For example, who will be the next President of the United States, will Larry Fitzgerald catch over 10 passes in the Superbowl, who will go further in “The World Series of Poker”, Gus Hanson or Phil Ivey, etc.