Key Sports Betting Terms For Dummies
The betting world has many different terms that may seem confusing, especially when you are a new bettor. But don’t let that stop you from diving into the wonderful world of wagering.
To help you out, we’ve created a simple betting glossary that can benefit new and old bettors alike.
Take a look and see if you add some more knowledge to your betting encyclopedia.
1. Backdoor Cover
Backdoor cover is when an underdog team will cover the spread in the last few moments of the game. This usually happens when the actual decision of who won and who lost has been made, but the spread is still in play.
This can be a confusing betting term as bettors don’t control whether or not this happens. Although this doesn’t make many changes to the game itself, it can make a world of difference for bettors.
2. Bad Beat
A bad beat is exactly what it sounds like—losing. In this scenario, your wager may be on the verge of winning but before you begin your celebrations, some last-minute scoring results in the loss of the bet. This mainly occurs in in-game totals, point spreads, and money lines.
Dog is short for the underdog, which means the player, team, or side that is predicted to lose. The favorite will have a minus symbol noting they are the favorite, whereas the dog will have a plus symbol to note their underdog status.
4. Double Action
Double action refers to a bet that only comes into play when the first bet wins, ties, or is canceled. It is also known as an “if bet” since it is conditional on the first wager.
5. Double Bet
A double bet is a wager where the betting amount is double what a bettor would usually wager. This strategy is used when bettors feel one side is much more superior than the other.
6. Double Header
A doubleheader is where two games are played back-to-back within one day. This most often happens in baseball, especially if an earlier game was rained out.
7. Double Result
A double result is a betting option that combines the halftime score with the final score at the end of the game. So, instead of simply betting on who will win the game (which can be a bet with shorter odds), you can bet on the mid-way score as well as the final.
There is a higher risk with a double result bet, but the odds are also much better.
When referring to an “edge” within the world of betting, we refer to someone’s perceived advantage when it comes to wagers. Bettors might feel like they have an edge or advantage over a sportsbook if offered lines aren’t accurate.
9. Fixed Odds
Fixed odds are the set line of a wager. So, for example, a wager is placed, and a bookmaker accepts it. Thus, the line becomes fixed odds. Even if the line moves before the game, players who initially set their wager will retain the fixed odds. This is also a term for money line odds.
10. Grand Salami
A Grand Salami bet is an over/under bet on the total amount of points scored in all games on any given day for a particular league. This type of bet is especially common in hockey. Let’s take a look at an example! Say there are seven NFL games all on Tuesday.
The line is then set at 36.5 total goals for all seven games with -110 odds on each side.
A handicap refers to odds set by a book and created to even out the playing field. So, for example, if New Orleans had a -7.5 handicap and then later won by eight or more points, the handicap is covered, and the wager won.
A middle is when a bettor bets on both sides of a game and has the chance to win both bets. For example, if Team A is set at +10.5 and Team B is set at -7.5, you can win both ends of this bet if Team B wins by 8-10 points.
13. Off The Board
Off the board refers to when a bookie has taken down a bet. This means they will no longer accept any wagers for this game. This happens if there is an injury or uncertainty on whether or not certain players will be participating.
14. Steam Move
This refers to a very sudden and drastic but still uniform change in line movements that is displayed throughout the sports betting market as a whole.
15. Vigorish (Vig); Juice
Vigorish or “vig” refers to the commission taken by a bookmaker when you place a bet with their sportsbook. Another name for the vig is “juice.” The standard amount is 10%.
And that’s all we have for you today! Did we miss any terms that you think should be on our list? Let us know!