2025-06-02

Betting Terminology Guide: Understanding Key Terms and Their Meanings

When you’re betting on sports, it can sometimes feel like you need to learn an entirely new language thanks to the seemingly endless list of betting jargon. It needn’t be this way though as picking up these words and phrases is easy.

To help you learn the lingo, we’ve created this guide of common betting terms. It covers everything from the basic terms you’re likely to come across frequently to the more advanced words and phrases used by those with more experience.

Basic Betting Terms

You may have already come across this jargon, but here is a selection of the most common sports betting terms explained.

Accumulator

Accumulator bets, or “accas” for short, are a special type of bet that combines multiple wagers together. Referred to as “parlays” in the US, they are used to offer bigger potential payouts but this comes with reduced chances of winning.

Against the Spread / Spread Betting

Betting against the spread is a type of wager used in some sports where you can get the same odds on the favourite as the underdog. Instead of picking which team will win, you bet on whether your chosen team will win or lose by a set number of points.

Each-Way Bet

In horse racing betting, each-way bets combine a bet on a horse to win and that same horse to “place” (finish in one of the top positions), increasing your chances of a return but for a slightly lower payout. You can learn more in our each way betting guide.

Favourite

The favourite is the team that is believed to be most likely to win and will have odds that reflect this. Remember that this isn’t a guarantee they will win, there are plenty of stories of underdogs triumphing over a favourite.

Live / In-Play Betting

In contrast to traditional bets that had to be placed before a match or game started and wouldn’t be determined until it was over, live bets can be placed at any point and may also be cashed out early to lock in a win or limit a loss.

Underdog

The team that is believed to be less likely to win is called the underdog.

Advanced Betting Terminology

There are also many more betting terms that you will find used by more experienced bettors, here are some of the most common.

BTTS / Both Teams to Score

A popular prop bet is the BTTS. This is a wager that pays out if both teams score in the match, regardless of who wins. It’s most common in football betting.

FPTS / First Player to Score

Another prop bet, this one pays out if you correctly predict the player who will get the first points on the board.

Going

A technical term used to describe the state of the ground for a horse race. This is important as some horses are more suited to a particular going over another.

Bad Beat

A bet that looks like it’s going to win and then becomes a losing one, usually at the last minute due to a late goal.

Chalk

Slang for a favourite.

Dog

Slang for an underdog.

Edge

An advantage (or perceived advantage) that a bettor may have due to undertaking extensive research.

Drift

Odds that are drifting are becoming longer, meaning they are less likely but offer a bigger payout.

Shortening

The opposite of drifting, odds that are becoming more likely but will return a smaller payout.

Types of Bets

Some of the most common betting terms are words that refer to the types of bets. The exact combination of options available varies from sport to sport, but here are the ones you will come across most frequently.

Moneyline Bets

Moneyline bets are the simplest type of wager you can make. You bet on which team will win (or if there will be a draw) and if you predict correctly, your bet wins and you’ll receive a payout. Moneyline bets can also be called “lines” and “outright” wagers.

Prop Bets

Prop (propositional) bets are a special type of wager that is not on the outcome of the game itself but on events that may or may not happen during it. The types of prop can vary from sport to sport but they typically include wagers like:

First team or player to score
Both teams to score
Number of yellow or red cards in a game
Whether a particular player will score
The number of penalties in a game

Over-under Bets

Over-under bets are different to most other types of wager in that they don’t concern themselves with the outcome of the game itself. Instead, your challenge is to predict whether both teams will score a combined total of more or less than a predetermined number of points.

Totals Bets

Similar to over-under bets, totals are not concerned with which team won. Instead, they pay out if the total combined number of goals or points is above the number set by the bookmaker before the wager is placed.

Accumulator Bets

Accumulators, which are more commonly known as “parlays” outside the UK, are a special type of bet that combines two or more wagers together on the same betting slip. They can offer significantly higher payouts but this is achieved by combining the odds of all the bets together.

For example, on a three-bet parlay with odds of 5/1, 3/1, and 7/2, you would have to multiply the odds together, resulting in approximate odds of 105/2. However, to get this payout all wagers in the bet must win. If they don’t, you get nothing.

How Betting Jargon Impacts Payouts

Betting jargon itself doesn’t impact your payout but some of the things that the terms describe can.

Payouts are inversely correlated to the odds, so shorter odds means a lower payout and vice versa. The odds of a bet can be influenced by a whole host of factors that are described by betting jargon, such as:

Teaser - A point spread bet that has had the spread shifted by a point to improve the likelihood of winning
Live Betting - Odds shift constantly during live bets, reflecting what’s happening on the pitch
Hedge - Making two opposing bets to reduce the impact of a loss but reducing the size of a payout
Each-Way - Betting each-way means you combine a “win” and a “place” bet together, reducing the size of your potential payout but increasing the likelihood of receiving a return

What Does It Mean to “Cover the Spread”?

Covering the spread is a phrase used by people who make point spread bets. The spread is the number of goals, set by the bookmaker when the bet is placed, that a team must win or lose by for the bet to pay out. Therefore, “covering” the spread simply means beating the spread and winning the bet.

For example, if you bet on a favourite with a -6.5 spread, that team must win the game by 7 points or more for your wager to successfully cover the spread.

Understanding Vegas Betting Jargon

Most common betting terms can be traced back to Las Vegas in some way or another. So, we can consider all jargon about wagering to be Vegas betting jargon. Some common words and phrases that you’ll find used frequently in the city include: