Newcomers to sports betting might be intimidated by some of the unusual terms used in the industry but having a glossary of these concepts close at hand can help you on your journey to winning bets.
This list tackles some of the simpler concepts used in sports and football betting and before you know it, you'll be ready to tackle the most complicated side of things.
Sports Betting Glossary 📚
- Action – A wager of any kind
- Bankroll – The available funds you have to bet with. These funds should be kept separate from your other funds at all times.
- Bookmaker – A person or institution that offers the betting odds and takes wagers.
- Contrarian Betting – Also known as betting against the public. Contrarian betting finds value by betting on games with lopsided betting percentages.
- Favourite – For betting purposes, this is the team bookmakers have established as the likely winner of the contest.
- Handicapping – The process utilized by experienced bettors to evaluate the line or total set by the oddsmaker. This is the exact opposite of guessing.
- Handle – The total amount of money wagered on a specific contest. The term can also describe the total amount of money wagered in a given week, month or year.
- Hedging – Placing bets on the opposite side after you have already placed a wager on one side. This can be used to either cut your losses or guarantee a profit.
- Leg – A single bet within a bet that contains two or more wagers, such as a multiple. If you bet a three-event multiple, it is often referred to as a three-leg multiple.
- Limit – The largest wager amount a sportsbook will take on a single event.
- Lines – Another term for the odds.
- Over/Under – Also known as the Fulltime (FT inside 90 minutes) Total. This refers to the total amount of points/goals/runs that will be scored in a contest. If both teams combine to score more than the total, the over wins. If they combine to score fewer, the under wins. In football betting, the totals are within 90 minutes.
- Proposition Bet – A bet on something other than the outcome of a game. Common proposition bets include total number of corners, goalscorers etc.
- Return on Investment (ROI) – A performance measure used to evaluate the efficiency of an investment.
- Unit – The percentage of your bankroll used to make one (1) bet. Depending on the amount of your bankroll and your betting skill, you should risk no more than 1% to 5% of your bankroll on any single bet. For example, if your bankroll is Ksh1,000, one unit is between Ksh10 and Ksh50.
- Wager – Any type of bet.
In our next educational article on sports betting terms, we will expand on more sports betting jargon and these simpler ones and go into the more advanced side.
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