Sports betting legalization has exploded over the last few years. When I jumped into sports betting in 2015, there was no resources. Fortunately I stubbled into a group of famous handicappers and they gave me guidance. Taking it upon myself, I feel the need to give back to the next generation of handicappers. These are terms you must know to have any level of success in this industry.
Moneyline – taking a team to win the game outright. Very simple team A just needs to beat team B. Â Â Example Line -125 Dodgers
Spread/Runline/Puckline – taking a team to win by or be within a certain amount of points set by Vegas. Runline (baseball and Puckline (hockey) will be set at -1.5 for all matches.
Example Line -4.5 Broncos +4.5 Cardinals
Total – total combined score of both teams. Â Â Example Clemson vs. Oregon 62.5
Hook – the half point at the end of a line. When a line has a hook, bettors can not push. Â Example -7.5 Grizzlies
Alternate Lines – odds that are lower or higher than the common line. The price adjusts according to the direction of the line change.
Action – odds that are higher or lower than the posted main lines
Laying the Points – this term is used in conjunction with the spread. This is used when you are taking the favorite to cover the spread. Â Example “I’m laying points with the Broncos.”
Taking the Points – this term is used in conjunction with the spread. This is used when you are taking the dog to cover the spread. Â Example “I’m taking the points with the Cardinals.”
Chalk – refers to the favorite. This team will be listed with – sign.
Underdog(Dog) – refers to the not favored. This team will be listed with a + sign.
Pick’em – neither side is favored. Odds are identical on either side.
Over – this term is used in conjunction with the total. Referring to the total points in a game above the line given.
Under – this term is used in conjunction with the total. Referring to the total points in a game going below the given line.
Parlay – a single bet that combines multiple bets inside. (All bets must win or push for parlay to cash)
Teaser – taking multiple games in a parlay and moving the line in a more favorable direction. Giving each team or total extra points. This does lower the odds.
ATS – Against the Spread, when a team covers or does not cover a spread.
Three-way Odds – odds that have three wagering options, including ties.
Bankroll – Â the amount of funds that a person is willing dedicate to gambling.
VIG – Vigorish/Tax/Juice This is the “fee” you pay to place the wager. -110 the -010 on the end is the fee you are paying the book to place that wager. Vegas isn’t a charity. This is how they hold an edge over the bettor. The bigger the favorite the more VIG.
Unit – percent of your bankroll that a bettor uses to place on a bet. Traditionally a unit is 1% of the bankroll. Some will use between 2-5%
Implied Probability – Converting betting odds to a percentage. To calculate:Â (1/ decimal odds) * 100 = implied probability
Book – place that gives lines and accepts wagers.
Line – the odds given for each game.
Linemaker – Also known as an oddsmaker. These are the people who “set/decide” the line.
Handle – total amount of money accepted on a single game/event.
Push – also a tie. If a wager is on a whole -7 Packers or UGA vs BAMA Total 64, when the final score lands on that number, that wager is returned.
Sharp – A professional bettor who has resources and larger bankrolls than the common bettor.
SOS – Strength of Schedule
EPA – Expected points added is an advanced metric used to determine the true strength of a position group in football.  It values play by play success more than yards or points.
EV – Expected Value, what a bettor can expect to win/lose with the same odds over time per each wager +EV means long term positive value, -EV means long term negative value.   (Amount won per bet * probability of winning) – (Amount lost per bet * probability of losing)
Closing Line – final line before the game starts. After the closing line is given, you will only be able to bet live odds.
CLV – Closing Line Value, when a wager moves in the bettors favor.  Example Wager placed -120 Chargers, the line grows and closes at -170. The implied probability for 62.96% – 54.55% = 8.41%
Edge – having an advantage not publicly known, statistical or early news.
HFA – Home Field Advantage handicappers have to decide how much HFA is considered in the spread. NFL traditionally is worth -2 in the toughest stadiums. Not all HFA is equal.
Exotic Bets – any wager that is out of the 3 major lines, money line,spread, total. Parlays, player props or game props are common exotic wagers.
Live Betting – wagers placed once the game/event has started.
Middle – having a bet on both sides of the line that cash.
OFB – Off the Board, when a game is no longer able to take on money because of injuries, weather or other factors.
Rotation Number – number given to each wager on the board. When at a book, bettors need to use the rotation number to rather than the team name/s to place a wager.
Steam – odds that have rapid change based on large money from sharps coming in.
Arbitrage – having odds on two sides of the line to cover the wager or a positive outcome. These often are hard to find because the books typically move together.
YPP – Yards per play
YPPT – Yards per point
