Terminologies Associated with sportsbook
Various terminologies are associated with sportsbook and if you wish to become a gambler, you should be knowledgeable about gambling terminologies to understand the betting and betting strategies.
Bankroll refers to the amount of money you have in your gambling account. To start gambling, you should deposit money in your account. Also, all your winnings shall be deposited to this account. All the money you have in your gambling account are collectively called bankroll and this is the maximum amount that you can bet.
Favorite refers to the team that is expected to win the game.
Underdog refers to the team that is expected to lose the game.
Odd is the number that is specified by the bookmaker indicating the likelihood of the occurrence of the outcome.
Point spread is the predicted difference in scores by the sportsbook and a very reliable guide when you are betting. If you bet on the favorite, to win the bet, the favorite should win over the underdog by more than spread points. On the other hand, if you bet on underdog, then underdog should either win or lose to the favorite by less than the spread points.
While point spread is determined by the sportsbook, you can buy points so that you can move the point spread to increase the chances of winning. You have to pay extra 10% for each half point that you will buy.
Money line is the term used to refer to the amount of money you can make with your bet. To illustrate, two numbers are determined, each associated to the favorite and the underdog respectively. The number associated to the favorite comes with a minus (-) sign indicating the amount of money you have to wager to win $100 while the number associated with the underdog comes with a plus (+) sign indicating the amount of money you can win when you wager $100.
Cover means a winning bet by the point spread. If you win, you are said to have covered the spread.
Push is referred to as a condition where the favorite wins exactly by the spread points. This is also called a tie condition and the sportsbook will not declare a winner. You will get back the money that you have wagered.
Hedging in sports gambling is a condition where you place bets on opposite sides with the aim of minimizing the loss or obtaining minimum winnings.
Middling refers to the strategy used by wise gamblers who bet on both favorite as well as underdog with different point spreads.
You are said to place a Straight bet if you wager on only one team in a game.
Parley bets are multiple bets where the outcome of one team is passed on to another. You win the bet if all your bets on two or more teams win.
Teaser bets are special types of parlay bets where you can alter the odds to your favorable numbers. Just like parlay, you have to win all the bets on all teams to win the teaser bets.
Future bets are specialized bets where odds are posted in advance. This is very common with popular tournaments such as world's series, super bowls, Stanley Cups, NBA championships etc.
Proposition bet or prop allows you to place bets on special aspects of the game on various events. Sometimes, this type of bet is employed during political events.
In certain games, there may be no favorite or underdog and in such cases, you can bet $110 on either team to win $100. This situation is called a pick.
Juice refers to the commission made by the sportsbook for a losing bet. You have to choose the sportsbook that takes lesser commissions so that you can reduce your losses over a period of time.
There are many more terminologies used in sportsbook and you have to familiarize yourself with these basic terms to start gambling.
