Sports betting glossary: Betting terms explained from A to Z

You may know how to bet on sports, but there are so many specific words and phrases in the sports betting world that you might still get lost. That’s why we have this article for you: you can use it as a practical “cheat sheet” for all the betting terms that you will encounter when you’re trying to win sports bets on Goldenpalacesports.be!

Why it’s important to understand sports betting jargon

Every hobby scene has its own jargon. Like-minded individuals use this jargon to communicate quickly in a way that outsiders won’t immediately understand. This communication boost strengthens the community spirit. People who speak the same language will naturally be more supportive of each other.

The world of online sports betting, too, has many words, terms and phrases that are unique to it. Imagine yourself among a group of veteran sports bettors. If you’re not experienced enough, the conversation could be hard to follow. As a result, you may find yourself uncertain to place a bet. Indeed, knowing all there is to know about your favourite sports isn’t enough here.

So simply put: if you can talk the talk, you can walk the walk. That’s why it’s important to have at least some basic knowledge of sports betting jargon. The more knowledgeable you are, the more confident you are, and this confidence is what you need. Not only to communicate with other people in the Goldenpalacesports.be community, but to win more and bigger bets, too.

Betting terms explained A-Z

• 1X2: A market where the option of a draw is included: 1 is the home side, X is the draw, 2 is the away side.
• Action: The total amount of money wagered on an event.
• Bankroll: The total amount of money a bettor has available for betting.
• BetBuilder: a system with which you can combine selections on the same event, as long as these are not in conflict with each other.
• Closing Line: The final point spread or odds before an event begins.
• Cover: When a team beats the point spread.
• Decimal Odds: A betting odds format representing the potential return on a bet, including the original stake.
• Deposit: Transferring funds into an online sportsbook account to place bets.
• Double Chance: A market that turns events that have more than 2 results into just 2 results (e.g. 1X2 becomes 1X and 2X).
• Draw No Bet: A market that turns events that have more than 2 results into just 2 results by ignoring the draw result and refunding it at even money.
• Early Cashout: This option gives you the possibility to receive part of your potential winnings early.
• Even Money: A bet with odds of 1.00, meaning the potential payout equals the original stake.
• Favorite: The side expected to win an event, typically indicated by a minus (-) sign.
• Handicap: The number of points added to or subtracted from a team's actual score for betting purposes.
• Hedging: Placing bets on the opposite side of an original bet to reduce potential losses or assure some return.
• Live Betting: Placing bets on an event while it is already in progress.
• Market: The type of bet available for an event.
• Multi Bet: A bet that contains multiple selections, on the same of different markets of the same event (when allowed) or on different events.
• Multiplier: A percentage that is added to the potential winnings as a reward for having additional selections in a multibet.
• Odds: The probability of a particular outcome happening, expressed decimally as a possible return at Goldenpalacesports.be.
• Over/Under (O/U): A bet on whether the total points scored in an event will be over or under a specified number.
• Outright Bet: The option to bet on the final winner of a larger event like a tournament.
• Partial Cashout: The option to cash out part of your ongoing bet when not all events on which you have selections have started.
• Point Spread: The number of points by which the favored team is expected to win.
• Pre-Match Betting: Placing bets on a game or event before it has started.
• Proposition Bet: Often abbreviated to “prop bet” or simply “prop”, this is a bet on specific outcomes within an event regardless of the final result.
• Selection: A betting option proposed to you at certain odds.
• Single Bet: A bet on a single selection.
• Steam: When a betting line moves rapidly due to heavy betting activity.
• System Bet: A bet that allows you to cover multiple combinations of bets within one single wager.
• Teaser: A type of bet that allows the bettor to adjust the point spread in their favor for reduced odds.
• Underdog: The side not expected to win an event, typically indicated by a plus (+) sign.
• Value Bet: A bet that is perceived to have better odds than the actual probability of winning.
• Wager: The money that you bet on a particular outcome of a game or event.
• Withdrawal: Removing funds from an online sportsbook account.

Feel free to come back to this page if you ever need to look up the meaning of a betting term that you’re not sure about. Knowledge is power...

Want to know more? Be sure to read these articles:

• Unlock quick wins in sports betting with Early Payouts
• How to bet live vs pre-match
• How to bet on sports responsibly
• Offline sports betting in Belgium: Where and how to bet
• The keys to successful sports betting