Understanding the Different Terms Used in Sports Betting
By Space Coast Daily // August 29, 2019
The state of Nevada has had legal sports betting for decades, but most recently new laws are being passed in several other states across the United States that legalize sports betting.
But if you are new to the world of gambling and sports betting then you might not know how it works, what the essentials are of it, and what terminology you need to know.
Luckily, we are on hand to assist you with your sports betting terminology and to help you understand the world of betting in sport, because the more you understand about sports betting the more likely you are to win money. Another great resource about this topic is bestbettingsites.co.uk’s glossary.
What States Allow Sports Betting?
Since 2018, after New Jersey’s Supreme Court ruling, any state can legalize sports betting. Previously, it was only available in Nevada, but now more state lawmakers are legalizing or thinking about legalizing sports betting.
Nevada, Delaware, New Jersey, Mississippi, West Virginia, New Mexico, Pennsylvania, Rhode Island, Arkansas, New York, and Iowa, all have legalized sports betting (for instance betting on football). With several other states who are beginning to accept it as new laws or thinking about legalizing it.
Sports Betting Terminology That You Need to Know
These common terms might be able to shed some light on the confusing gambling world of sports betting, especially if you are a newbie.
Action – This means any money bet on a race or contest.
Against the Spread – This means that you are betting on one side of the point spread. You might say The Vikings are 8-3 this year against the spread, which is in reference to how that team are doing against the spread.
Bookmaker – A bookmaker (or a bookie) is someone who accepts your wagers (or bets) on games. For example, if you live in New Jersey you might choose the online betting company DraftKings Sportsbook.
Buying Points – If a bet that you have placed doesn’t look like it will pay off then you can choose this option. Buying points gives you a chance to move the point spread for a better chance of winning a bet, however, the more you move it the less payoff you will receive for your bet.
Cover – If a team covers the spread then it means that they have won versus the spread. For example, if the Bears are a 2.5 point favorite (-2.5), and win by 3 points, then they have covered the spread.
In-Play – This means betting on sporting events while the event is still in action. It is also known as live betting. Bettors are able to place bets on point spreads, moneylines, and totals while the odds are changing during the game.
Laying the Points – If you take the favorite then you are laying the points.
Moneyline – If you pick the right team to win then this bet is known as the moneyline. This bet is one of the most simple ones you can make, however, the payouts can be less depending on the odds.
Odds – This is the general term for betting lines or spread points. Odds are presented in an easy way for books to display the odds. For example, if you placed a moneyline bet the odds might be:
Falcons -160 – which means if you have a bet of $160 on the Falcons to win then you would receive $100.
Falcons +160 – which means if you have a bet of $100, you would win $160 if the Falcons win.
Parlay – This type of bet is where the bettor must choose more than one outcome that must happen. Payouts are higher depending on how many events you predict but if one part of the bet doesn’t come through then you lose the entire bet.
Point Spread – The point spread refers to the margin of victory for a game and is determined by the bookmaker. The goal is to create interest for the favorite team and the underdog. If one team is expected to win then this will show in the odds, however, if either team could win then the odds may be higher.
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