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.
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.