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Terms

Action
A bettor who has placed a bet is said to have "action". Slang term for bet.
American Odds
The price is given in the form +600, +800, etc.
Bet
A pledge of money that a certain event will occur.
Bettor
One who bets.
Book
The record of all bets wagered on a particular event.
Chalk
Slang for Favourite.
Decimal Odds
The price is given in the form 6.00, 8.00, etc.
Dime
One-thousand dollars.
Event
Any happening, either in sports or in reality, on which people can bet.
Favorite
The team or person more likely to win a particular event.
Foots
football.
Fractional Odds
The price is given in the form 6/1, 8/1, etc.
Futures Bet
A futures bet is a bet in an event where there are many competitors, such as a golf tournament or horse race, and is often made considerably before the event takes place - a bet placed on who'll win the Super Bowl in January that's placed in September, for instance.
Futures Betting
Betting on who will win a particular event, be it the Super Bowl, the US Masters or the Daytona 500.
Grand Salami
A Hockey totals bet where players bet on the number of goals scored on a particular day.
Hedge
To buy back action you took on an original play by betting on the opposing outcome.
Hoops
Basketball
Line
See Pointspread.
Lock
perceived guaranteed win against the spread or moneyline.
Nickel
Five-hundred dollars.
Odds
The price a sportsbook offers on the occurrence of a particular event.
Online Sports book
A licensed and regulated operator that offers prices on given events occurring and other betting related services online
Online Sports betting
Sports betting which is facilitated in an online sportsbook.
Outright Betting
See Futures Betting.
Outsider
See Underdog.
Placing a Bet
The act of pledging money that a certain event will occur.
Player Bettor
one who bets.
Pointspread/spread
The amount of points an underdog team is given at the start of a game to even the betting and make it more interesting. The underdog must win or not lose by more than the spread for a bet on the underdog to win. The favorite must win by more than the spread for bets on the favourite to win.
Price
Often meaning moneyline on a team. If someone asked you the price of the Chicago Bulls they would be asking how much they would lay to win 1 dollar. See moneyline.The price can also be referring to cost of other odds. “What is the price on the 1.5 runline?”
Puckline
Hockey's version of the pointspread.
Pucks hockey
Punter British slang for bettor.
Push
A push occurs when an event finishes on the spread. All wagers are voided and the stakes are returned.
Return
The bettor's stake, multiplied by the offered price, gives the return. A $10 bet on an event priced at 4.00 returns $40.
Runline
Baseball's version of the pointspread.
Scalp
A bet on both sides of the same event where the underdog payout is above the cost to bet on the favorite. This is a guaranteed profit if one is able to find these odds.
Soft Line
A betting line that is about to be moved, or when the book desires to change the line/odds but the player has the opportunity to grab it before it is changed. It could also be a line a book overlooked but should have moved. Definitions by the house vary from book to book. A player can be shown the door for betting many of these lines if the house does not welcome wiseguys.
Sportsbook
A licensed and regulated operator that offers prices on given events occurring.
Stake
The amount of the bet.
Teaser Bet
A pointspread bet where the pointspread has been adjusted or "teased" to give the bettor a greater chance of winning.
Totals Bet
A bet placed on the total points scored by both teams in a particular game.
Underdog
The team or person less likely to win a particular event.
Vig, Vigorish
A sportsbook's commission, or profit margin, for making a book.
Wager
See Bet.