If you've never bet before, there are likely a lot of words and phrases you've never heard before and even if you have bet before, you may not know the meaning of every saying.

Arbitrage betting or 'arbing' is a process through which gamblers aim to make a profit by betting on all possible outcomes of an event, at different odds.

1. Whether you’ve been into sports betting for years or you’re just getting started, you need to know how to talk the talk. Check out this glossary of some of the most common sports betting terms so you won’t be left guessing. Sports betting has been around for centuries, and its global popularity has meant that it has collected a lot of terminology around its every aspect.
2. Betting on the pass line bet or betting “with the dice” is the most common bet in craps and you will see many players or shooters choosing it. A pass line bet requires you to place chips on the “Pass Line” section of the table.
3. You must learn how to read the odds, appreciate the different type of sports wagers available and understand the jargon used in the sports betting industry. You also need to identify the best.
4. Horse Racing Terms and Jargon Buster. The world of horse racing contains plenty of confusing words, some of which may mean very little to the unseasoned horse racing fan. This handy jargon-buster can help you understand some of the common horse racing terms, so you can join in with the horse-talk next time you’re at the races.

Horse Racing Betting Jargon Explained

Sports Betting Terms

Betting Card Game Jargon

Action – Any wager or having a bet on a game.
Bonus – Funds often acquired through various promotions given by a sportsbook.
Book(sportsbook) – The establishment that accepts wagers (bets) on the outcome of sports events.
Chalk – Favorite
Cover – When the favorite wins by more than the required number of points or when the underdog loses by less than the required number of points (or wins outright).
Dog – Underdog
Futures – Wagers placed in advance on the outcome of an event. For example, a bet on a team to win a championship.
Handicapper – A person who studies and wagers on sporting events.
Handle – Total amount of wagers taken
Hold – The percentage amount the sportsbook makes.
Hedging – Betting the opposite team or side of your original wager in order to either try to middle the game, or to reduce the downside exposure of the original wager.
Hook – A half point
Juice – A commission which is built into the line offerings, also known as 'vig' or 'vigorish.'
Laying Points – To bet the favorite by giving up points.
Laying the Price – To bet the favorite by laying moneyline odds.
Limit – The maximum wager accepted by the sportsbook on a particular line offering.
Line – The current odds or point spread offered on a particular game.
Linesmaker (Oddsmaker) – A person who subjectively establishes the probability of one team defeating another and by how many points. A person who creates the line or point spread.
Long shot – A team that is unlikely to win.
Moneyline bet – A bet on the straight-up winner of a game, underdog or favorite.
Off the board – A game in which the sportsbook is not accepting any wagers.
Overlay – The odds of a particular wagering proposition are higher than they should be. Over/Under (total) bet – A type of wager that applies to the score/points in a given contest.
Parlay – When you combine straight bets to increase payout. All selections must win for the bet to win.
Pick 'em – Neither team is favored, meaning the game is considered a toss-up for betting purposes.
Price – Line or odds
Prop bet – A wager on a specific event happening or not happening in a game. Eg: Will Player X record a touchdown? Yes +130 / No -150
Rollover – The required amount of real money wagers a player has to accumulate after they have accepted a bonus from a sportsbook in order to qualify for a withdrawal.
Round-Robin – A method of parlaying two or more teams in all possible team parlay combinations. For example, a three-team round robin of ABC can produce three separate two-team parlays: AB, AC and BC.
Spread bet – A bet on the forecasted point differential between two teams. A minus (-) indicates the favorite and a plus (+) is the underdog.
Teaser – When you alter the spreads or totals in a parlay for a better chance of winning your combined bet.