Rookie punters often decide to give sports betting a chance without even learning the basic terms of sports betting. That is a huge mistake as being able to understand what a word means can help you better understand the concept in general. Therefore, we have created a useful sports betting glossary for inexperienced bettors.
In sports betting, it seems that everything is about the odds. There are so many types of odds to choose from that it’s really easy to confuse you. Well, not anymore.
Odds – Odds are numbers used to express the probability of something happening. In sports betting, they are also used to express the expected profit from a certain bet. There are several types of odds;
Decimal Odds – Decimal odds are popular across Europe and are expressed in full or decimal numbers. For example, decimal odds look like this: 2.50, 3, 1.25 and so on;
Fractional Odds – Fractional odds are mostly used in the UK and are represented by fractions i.e. 1/2, 1/4, 3/1 etc. You can calculate profit from fractional odds by multiplying the stake by the odds;
Moneyline/American Odds – Moneyline odds are popular in America and therefore are widely known as American odds as well. They are represented by positive and negative numbers (for example, +200, -150 etc.) that show how much money you need to stake in order to win a certain amount of cash.
Once you are familiar with odds and various types of odds, it’s time for you to learn more about the types of bets you can place.
Handicap – A bet that gives kickstart advantage to one of the teams/players.
Asian Handicap – A type of handicap bet that gives an advantage to one of the teams. Unlike standard handicaps, Asian handicaps allow void bets and enable punters to place full goal, half goal and quarter goal bets;
Long-term/Outright Bet – A bet placed on a long-term event such as guessing the winner of the Champions League or the winner of Wimbledon;
Single Bet – A bet placed on a single event and involving a single forecast. For example, betting that a certain team or player will win;
Multiple Bet – A bet that features more than one forecast. In order for such a bet to be a winning one, the punter must guess all the featured forecasts. Multiple bets can be doubles, trixies etc.
Complex Multiple Bet – A bet that features more than one forecasts, but which is won only if you guess some forecasts correctly. Complex multiple bets include trixies, patents, Yankees, Heinz bets and so on;
Odd/Even Goals – A bet trying to guess whether the total number of scored goals during a football match will be an odd or an even number;
Half-Time/Full-time – A bet that forecasts the score of a game at half-time and full-time. The bet is considered a winning one only if both forecasts are correctly guessed;
Over/Under Bets – Bets trying to guess whether the total number of points or goals in a game will be over or under a certain number;
Correct Score – Guessing the exact final score of a match. For example, betting that Chelsea vs. Arsenal will end 3:2;
Next Goal – Guessing which team will score the next goal;
Value Bet – A bet that has a great Expected Value and therefore high winning potential;
Void Bet – This is a returned bet i.e. a bet that is neither winning nor losing. Such bet is received in case of a draw when placing Asian handicaps.
In addition to the odds and bets, here are several additional terms that every punter must be familiar with.
Bettor/Punter – Person that places sport betting bets i.e. someone who bets on sports;
Bookmaker/Bookie – A registered and licensed company that can accept sports bets from punters;
Stake – The amount of cash the punter risks when placing a bet. For example, when placing a £10 bet the stake is £10 as well;
Favourite – A team or player with high probability to win and hence offering short betting odds;
Underdog – Outsider. A team or player with low probability to win and hence offering high betting odds;
Lay – Bet against something happening. Opposite of back bet;
Back – Support a bet. Opposite of lay bet;
Live/In-play Betting – Process of placing live/in-play bets i.e. placing bets on an event that is in progress. Betting on a game/match after it has started;
Trader – Someone that takes part in sports betting trading;
Trading – Increasingly popular activity that involves buying and selling bets, while trying to profit from the difference in their value;
Exchange – A platform where sports betting traders can buy and sell sports betting bets.