If you are new to sports betting, you might be confused by some of the terminology used in this industry. Don’t get discouraged – betting on sports is really not all that complicated and once you get used to the jargon you will be able to enjoy this fun activity and potentially cash in on your predictions. To help you get to that point faster, we prepared a basic glossary of terms that you might encounter at woom bet sports site or a similar platform in your respective country.
“Odds” – Estimated chances that a particular outcome will occur, corresponding directly to the amount paid out for every dollar wagered on that income. For example, a bet with 2/1 odds pays out $2 for every $1 risked by the bettor. Odds can be expressed in a decimal format, as a fraction, etc.
“Parlay” – A complex bet that includes multiple predictions that all have to come true in order for the player to win. Each of the individual bets comprising the parlay is called a ‘leg’. Parlay bets are sometimes referred to as multiple bets or accumulator bets.
“Over/Under” – A specific type of bet related to the total number of points scored by both teams cumulatively rather than the winner of the match. An ‘over’ bet means the player predicts the combined score to be higher than the offered threshold, while an ‘under’ bet means exactly the opposite.
“Handicap” – Type of bet where the house adds a certain number of points to the underdog to make betting on him more palatable to the players. For example, if the weaker team has a +3 handicap, it can lose the match by three points by the bets on them would still win.
“In-Play Betting” – Betting mode that allows players to place wagers while the match is in progress. Such bets are typically made online, and can include a variety of outcomes, including the winner, over/under, individual player’s statistics, etc. Odds for in-play bets are adjusted dynamically based on the current developments in the match.
“Drift” – Rapid changing of the odds in advance of the match. The odds could be drifting in either direction, potentially benefiting some players. This occurs primarily due to betting volume on one of the contenders – the odds tend to go down for very popular bets and to rise for ones that draw little action.
“Closing Line” – Final odds given by the sportsbook on a particular bet. The odds are locked in at a predetermined time and can’t drift in either direction after it. This typically occurs a short time before the match for normal bets and a short time before the match ends for in-play bets.
“Futures Bet” – A bet on the outcome that won’t be resolved immediately. Sportsbooks generally allow players to make their picks on events that could be several months in the future at the time when the bet is made. Futures bets are common for picking the eventual winner in season-wide formats, i.e. predicting the NFL champion during the regular season.
“Proposition (Prop) Bet” – A type of bet related to a minor event or statistic in a match. Some prop bets could be tied to team or player performance, achievement of certain feats, or any other detail. It’s not unusual for bookmakers to offer dozens if not hundreds of such bets per event.
“Stake” – Total amount of money the player is putting at risk on a particular bet. The size of the stake in combination with the odds determines how much the player will earn if the bet wins. Some betting shops and websites have lower and upper limits for stakes on specific events.
“Hedging” – Common betting strategy designed to limit exposure to risk. Hedging usually involves placing a smaller counter-bet to cover the possibility that the main bet doesn’t yield a favourable result. It is especially useful in high stakes betting, where savings due to skillful hedging can be quite significant.
“Handle” – Monetary value of all bets that a particular sportsbook has accepted on a certain sport event. This parameter indicates the attractiveness of the event to the bettors, sometimes due to well-balanced odds. It also translates into exposure to risk for the betting operator, as well as his potential profits.
