Glossary
Betting terms explained: odds, probability and market vocabulary
Plain-language definitions with worked arithmetic for the words that decide how a bet is priced and researched. Each page answers the question first, then shows how the idea works and where it is easy to get wrong.
By DeepChamp research team · Updated · Methods and limitations
All terms
Alternate line
An alternate line is a version of a spread, total or player prop posted at a different number than the main line, with a price adjusted to match.
Read the definitionAmerican odds
American odds, also called moneyline odds, state a price as a number built around 100.
Read the definitionArbitrage betting
Arbitrage betting means placing bets on every outcome of an event, usually at different operators, when the best prices are generous enough that the implied probabilities add up to less than 100 percent.
Read the definitionBankroll management
Bankroll management is the practice of setting aside a fixed amount of money for betting, deciding in advance how much can be staked at once and tracking results.
Read the definitionBetting edge
A betting edge is the gap between the probability you estimate for an outcome and the break-even probability of the price offered, usually stated in percentage points.
Read the definitionBreak-even probability
Break-even probability is the win chance at which a bet at a given price neither gains nor loses money over many repetitions.
Read the definitionClosing line value
Closing line value, or CLV, compares the price or number you took with the market's final price just before the event starts.
Read the definitionDecimal odds
Decimal odds state a price as the total return for each 1 unit staked, with the stake already included.
Read the definitionExpected value
Expected value is the average profit or loss per bet if the same wager at the same price were repeated many times, found by weighting each outcome's result by its probability.
Read the definitionFractional odds
Fractional odds express a price as profit over stake, written like 5/2 and read 'five to two'.
Read the definitionFutures bet
A futures bet is a wager on an outcome that will not be decided for days, weeks or months, such as a championship winner, a season win total or an individual award.
Read the definitionHedge bet
A hedge bet is a wager placed on the opposite side of an existing bet, usually after circumstances or prices have changed, to narrow the range of possible results.
Read the definitionHold
Hold is the share of the money wagered on a market that the operator expects to keep after paying winners.
Read the definitionImplied probability
Implied probability is the chance of an outcome that a betting price represents, found by dividing 1 by the decimal odds.
Read the definitionKey numbers
Key numbers are final margins that occur more often than nearby margins, so a spread that crosses one matters more than a half point elsewhere.
Read the definitionLine movement
Line movement is any change in a market's posted number or price between the time it opens and the time the game starts.
Read the definitionLive betting
Live betting, also called in-play betting, is wagering on a game after it has started, with prices that update continuously as the score, clock and situation change.
Read the definitionMiddle bet
A middle is a pair of opposing bets on the same game placed at different numbers, so that both can win if the final result lands between the two lines.
Read the definitionMoneyline
A moneyline is a wager on which side wins a game outright, with no point spread involved.
Read the definitionNo-vig odds
No-vig odds are the prices of a market after the operator's margin has been stripped out, so the implied probabilities of all outcomes add to exactly 100 percent.
Read the definitionOver/under (totals)
An over/under, or total, is a wager on whether a combined number, usually the two teams' final scores added together, finishes above or below a posted line.
Read the definitionParlay
A parlay is a single wager that combines two or more individual bets, called legs, and pays only if every leg wins.
Read the definitionPlayer prop
A player prop is a wager on one athlete's statistical output in a single game, such as passing yards, points, strikeouts or whether a player scores a touchdown, rather than on the result of the game itself.
Read the definitionPoint spread
A point spread is a handicap applied to the final margin of a game to even out a mismatch.
Read the definitionPositive expected value
Positive expected value means that, under a given probability estimate, a bet's average result over many repetitions would be a gain, which happens when the estimated chance of winning exceeds the price's break-even probability.
Read the definitionPuck line
The puck line is hockey's standard point spread, set at 1.5 goals.
Read the definitionPush
A push is a bet that lands exactly on the line, so neither side wins or loses and the stake is normally returned.
Read the definitionReverse line movement
Reverse line movement is a line moving against the direction the majority of reported tickets would push it, such as a favorite's spread shrinking from -6.5 to -5.5 while most tickets are on the favorite.
Read the definitionRun line
The run line is MLB's usual spread: a fixed handicap of 1.5 runs.
Read the definitionSame-game parlay
A same-game parlay combines two or more bets from a single game, such as a side, a total and a player prop, into one ticket that pays only if every leg wins.
Read the definitionSharp money
Sharp money is a label for wagers attributed to professional or highly informed bettors, as opposed to recreational or public money.
Read the definitionSteam move
A steam move is a sudden, fast line change that spreads across several operators within minutes, such as a spread or total jumping a full point or more.
Read the definitionTeaser
A teaser is a parlay in which every point spread or total is moved a fixed number of points toward the side picked, in exchange for a lower payout than a standard parlay.
Read the definitionUnit size
A unit is a standard stake used to describe and track bets, so results can be compared without reference to dollar amounts.
Read the definitionVig (vigorish)
Vig, short for vigorish and also called juice, is the margin an operator builds into its prices so that the two sides of a market together cost more than their fair value.
Read the definitionVoid bet
A void bet is a wager that the operator cancels and settles as no action, returning the stake instead of paying a win or a loss.
Read the definition
This is educational research content. Examples use hypothetical numbers and are not live odds, picks, or claims about performance.
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