The complete sports betting glossary — from vig and moneyline to closing line value and account profiling. Clear definitions written for hedgers and bonus farmers.
Every sport has jargon. Sports betting has a lot of it. This glossary covers the terms that matter most for understanding how sportsbooks work, how hedging works, and how to extract value from the system.
Moneyline — A straight-up bet on which team wins. Positive odds = underdog; negative odds = favorite.
Point Spread — A handicap applied to the favorite. You bet whether the favorite wins by more than the spread or the underdog beats it.
Total (Over/Under) — A bet on the combined score. Over bets win if the total exceeds the set number; under bets win if it falls short.
Parlay — Multiple bets chained together. All legs must win. Higher payout than single bets, but the house edge is also higher.
Same Game Parlay (SGP) — A parlay where all legs come from the same game. Legs are correlated, which changes the odds and the hedge strategy.
Vig (Juice) — The built-in margin on every bet. Standard vig is around 4.8% at -110 odds. The sportsbook collects it regardless of the outcome.
Market Maker Sportsbook — A book that sets its own odds and welcomes sharp bettors. Profits from volume, not customer losses. Examples: Pinnacle, Circa.
Betting Exchange — A platform where bettors trade against each other, not the house. You can back or lay outcomes. No account restrictions for winning players.
Sharp — A skilled, professional bettor who beats the market consistently. Sharps move lines and get restricted at recreational sportsbooks.
Square — A recreational bettor who bets on instinct, loves favorites and parlays, and loses money over time. The profit base of every recreational sportsbook.
Whale — A high-volume bettor. Recreational whales are the most valuable customers at any sportsbook. Sharp whales get restricted.
Bonus Bet — A sportsbook credit where only the profit returns on a win (not the stake). The foundation of the bonus farming strategy.
Bonus Cash (Site Credit) — A credit where the stake returns with a win, like real money. More valuable per dollar than a bonus bet.
No Sweat Bet — A promotional offer that refunds your stake as a bonus bet if your qualifying bet loses. Formerly called a "risk-free bet."
Hedging — Betting on opposing outcomes to guarantee profit or limit loss. Most powerful when one side is a bonus bet.
Arbitrage Betting — Placing bets on all outcomes at combined odds below 100% implied probability. Guarantees profit using cash bets at different sportsbooks.
Churning — Repeatedly wagering funds to meet the rollover requirement on a deposit bonus. Hedged correctly, it extracts 70–80% of the bonus value.
Expected Value (EV) — The average outcome of a repeated decision. +EV bets profit over time; -EV bets lose. Properly hedged bonus bets are always +EV.
Closing Line Value (CLV) — Whether your bet price was better than the final odds at game time. Consistently positive CLV indicates skill — and triggers account restrictions at recreational books.
Account Profiling — How sportsbooks classify bettors as sharp, square, or whale based on betting patterns. Profiling determines your bet limits and promotion eligibility.
For the complete hedging framework, start with the Ungambled beginner's guide to sports bet hedging.
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