If you are a sports enthusiast, monetizing your passion has likely run into your mind once or more. Sports betting allows you to apply your sports knowledge and earn significant money. Now, the question of where to do the betting arises.
Businesses have emerged to fill the market demand and facilitate the whole betting process. It is called the bookmaking business, and many terminologies have popped up as a result. We will explore some of the most common terms in this article, but visit nikmood.com for more in-depth descriptions.
Sportsbook: refers to a place or platform that accepts bets on various sporting events. It is also called a bookmaker or bookie if an individual or a small group operates it. Punters can bet on numerous sports like football, basketball, tennis, boxing, etc.
Odds: represents the likelihood of an event happening. It should not be mistaken for probability, the two are slightly different concepts. It specifies the payout in a bet and can be expressed in three ways, fractional, decimal, and American.
Oddsmaker: An individual or group of people with expertise in a specific field that sets the odds for a game. They take into account many different factors when setting a line to encourage action on both sides of the bet, all to make a profit regardless of the outcome of the game.
Favorite: There is always a discrepancy of any reasons between the matching individuals or teams that results in one side having the upper hand. The favorite is expected to win and is determined by the oddsmaker. Sportsbooks offer a lower payout for favorites to balance betting on both sides.
Underdog: is the opposite of the favorite and is expected to lose the game. Sportsbooks offer a higher payout for underdog bets to balance betting on both sides. If everyone went for an obvious winner, the bookmaker would go bankrupt.
Moneyline: Everyone has probably made a moneyline bet once in their lifetime. It is betting on the outright winner of a game or a match, regardless of the points scored. It offers different payouts depending on favorite and underdog.
Spread point: Sportsbooks assign different point values to favorites and underdogs to make betting on the underdog more attractive. The favorite must win by the spread point value or higher, and the underdog could win the game outright or lose up to the spread point value for either bet to be considered a success.
Cover: refers to a situation where the player or the team has performed better than expected by the odds maker. Covering the spread means the team or the player wins by the spread point (meets or exceeds) or loses by up to the spread point. For example, if the spread point is set to +3 for the underdog team, and it loses 16 – 14, the bet still succeeds.
Over/Under (Total): The Sportsbooks set a number as possible total points, scores, or goals in a game. Punters bet on whether the actual total will be over or under the possible total number set by the sportsbook.
Push: happens if both teams score equal points in a moneyline bet, or the favorite wins and the underdog loses by exact spread point value, and the actual total equals the possible total. In case of a push, bets neither win nor lose.
Parlay: Combining two or more bets of the same or different games as one bet. Each bet is called a leg, and all bets must win for the Parlay to win. It offers a higher payout since the winning odds are low.
Juice: refers to the commission fee charged by the sportsbook on each bet. It is incorporated into the odds and not explicitly stated. The slight difference in true probability and sportsbook probability is due to the juice set by the sportsbook.
Consensus: refers to the wisdom of the public or what the majority of people think of the outcome of a game.
Proposition bets: also known as prop bets which refers to placing bets on a specific event within the game. It may not necessarily be related to the outcome of the game. For example, who will score the first goal?
Limit: refers to the maximum bet amount a sportsbook allows for a specific game. It varies from sportsbook to sportsbook and may have different reasons, such as managing the punter’s risk of losing or winning too much money.
Edge: refers to the advantage a punter may have over the sportsbook, such as knowledge of the sport or access to insider information.
In-play wager: It is also known as live betting and refers to placing bets while the game is in progress. Bets can be placed on a wide range of outcomes.
Buck & Dime: are slang terms that refer to the amount of money being wagered. Buck and Dime refer to 100$ and 1000$ bets, respectively.
In a nutshell:
Sportsbooks try their best to balance action on both sides of the bets to finance the budget needed to pay the winning bets. Understanding the terminologies will help you make informed decisions while placing your bets. Visit nikmood.com if you want to know more about sports betting terminologies.