Talk the Talk
Like all industries, g****ers have their own special way of communicating. If you’re new to it, it can be more incomprehensible than listening to those Bayou swamp people cook up crawfish. Before we start getting into the slang and sayings used in frat houses and sports-books alike, let’s take a journey through some of the industry standard vernacular.
Money Line:
In money line bets, you're wagering on the team that will win the game outright, regardless of the score. For example, if the Patriots are at -150 odds and the Falcons at +130, a $150 bet on the Patriots would yield $100 in winnings, while a $100 bet on the Falcons would net you $130.
Odds:
Odds denote the potential payout of a wager. If the odds are positive (e.g., +200), it means you win $200 for a $100 bet. If the odds are negative (e.g., -150), it means you must wager $150 to win $100.
Even Money:
Even money bets are wagers that double your money. If the odds are +100 or -100, you're looking at an even money situation.
Pick 'em:
In a pick 'em game, no team is favored, and the winner of the game wins the bet. The margin of victory is irrelevant in this type of bet.
Spread:
Spread betting involves wagering not just on who'll win, but by how much. If the Patriots are favored by -7.5 points against the Jets, they must win by 8 or more points for a bet on them to pay out.
Over/Unders or Totals:
This bet involves predicting the total combined score of a game. If an NFL game has a total set at 42.5, an "over" bet wins if the two teams' combined score is 43 or more, while an "under" bet wins if the combined score is 42 or less.
The Vig or Juice:
The Vig (Vigorish) or juice is the bookmaker's commission. If the Vig is -110, you'd need to bet $110 to win $100. This extra $10 is the bookmaker's fee for taking the bet. That Vig is only paid if you LOSE your wager. So, if you put $110 on the Cowboys at -110, and the Cowboys are in the playoffs, you would lose that $110, if by some miracle they actual win in the post season you would get your $110 bet back along with $100 profit.
Bankroll Management:
Responsible betting involves deciding a set amount to wager per bet, typically 1-2% of your total bankroll. So, if your bankroll is $1000, you'd wager $10-$20 per bet.
Units:
Units standardize the bet size, usually equal to the bettor's typical wager. If you typically wager $20, then "betting two units" would mean wagering $40.
Parlays:
Parlays are popular forms of sports betting where multiple individual bets (legs) are combined into a single wager. To calculate the potential payout of a parlay, even when each bet has different odds, you can use the following formula:
Payout = Stake × (Odds1 × Odds2 × ... × OddsN)
In this formula, "Stake" refers to the amount of money you are betting, and "Odds1" through "OddsN" represent the odds of each individual bet within the parlay.
Let's illustrate this formula with an example. Suppose you want to calculate the potential payout of a 2-team parlay (two legs) where each team has odds of -110 (-110 is equivalent to 1.91 in decimal odds). The stake for the bet is $100.
Payout = $100 × (-110 × -110) = $100 × 1.91 × 1.91 = $364.81
Therefore, a successful $100 2-team parlay at -110 odds on each team would pay out approximately $364.81.
Now, let's consider the standard payouts for parlays with increasing numbers of teams, assuming each team has odds of -110:
- A 3-team parlay pays out $100 × (-110 × -110 × -110) = $100 × 1.91 × 1.91 × 1.91 = $727.28.
- A 4-team parlay pays out $100 × (-110 × -110 × -110 × -110) = $100 × 1.91 × 1.91 × 1.91 × 1.91 = $1,456.17.
As the number of teams in the parlay increases, the potential payout grows exponentially due to multiplying the individual odds together.
It's important to note that parlays are inherently riskier than single bets because if any of the teams in the parlay lose, the entire wager is lost. However, successful parlays offer higher payouts compared to individual bets, making them an attractive option for bettors looking for bigger potential rewards.
Round Robins:
A Round Robin (RR) is a type of bet that combines multiple parlays of different sizes. It allows you to choose how many "legs" or parlay sizes you want to include in your wager. Unlike a standard parlay where all teams must win for a payout, a Round Robin offers more flexibility as not every team needs to win for you to earn a payout.
To illustrate how many wagers would come from a 3, 4, and 5-team Round Robin, let's break it down:
1. Three-Team Round Robin (3-team RR):
In a 3-team RR, you have the option to play a 2-team RR and a 3-team RR. This results in a total of four wagers:
- 2-team RR: This consists of three 2-team parlays (Team A + Team B, Team A + Team C, Team B + Team C).
- 3-team RR: This is a single 3-team parlay (Team A + Team B + Team C).
2. Four-Team Round Robin (4-team RR):
In a 4-team RR, you have the option to play 2-team, 3-team, and 4-team parlays. This results in a total of eleven wagers:
- 2-team RR: This consists of six 2-team parlays (Team A + Team B, Team A + Team C, Team A + Team D, Team B + Team C, Team B + Team D, Team C + Team D).
- 3-team RR: This consists of four 3-team parlays (Team A + Team B + Team C, Team A + Team B + Team D, Team A + Team C + Team D, Team B + Team C + Team D).
- 4-team RR: This is a single 4-team parlay (Team A + Team B + Team C + Team D).
3. Five-Team Round Robin (5-team RR):
In a 5-team RR, you have the option to play 2-team, 3-team, 4-team, and 5-team parlays. This results in a total of twenty-six wagers:
- 2-team RR: This consists of ten 2-team parlays.
- 3-team RR: This consists of ten 3-team parlays.
- 4-team RR: This consists of five 4-team parlays.
- 5-team RR: This is a single 5-team parlay.
As you can see, the number of wagers increases significantly as you include more teams and parlays in the Round Robin. Round Robins allow you to diversify your bets and potentially earn payouts even if not all of your teams win. However, keep in mind that the more parlays you include, the higher the cost of the wager and the potential risk involved.
Teasers:
Teasers in sports betting, specifically in basketball and football, are wagers that allow you to adjust the point spread or total points in exchange for lower odds. Teasers can be a popular option for bettors who want to increase their chances of winning by manipulating the point spread or total in their favor. However, it's important to note that different sports have varying rules and options when it comes to teasers.
In basketball, teasers typically involve adjusting the point spread. The most common basketball teaser is the 4, 4.5, or 5-point teaser. This means you can add 4, 4.5, or 5 points to the underdog's final score or subtract the same amount from the favorite's score. For example, if the original point spread was -7, a 5-point teaser would change it to -2. In a teaser, you can combine multiple games and adjust the point spread for each one. However, the more games you include in a teaser, the lower the potential payout or odds.
In football, teasers also allow you to adjust the point spread, but they can also involve adjusting the total points. The most common football teasers are 6, 6.5, and 7-point teasers. Similar to basketball teasers, these points can be added to the underdog's score or subtracted from the favorite's score. When it comes to the total points, you can add or subtract these points to the original total to create a higher or lower total. For example, if the original total was set at 45 points, a 7-point teaser could change it to 52 points for an "over" bet or 38 points for an "under" bet.
The odds for teasers are generally lower than standard straight bets or parlays because you are receiving a more favorable point spread or total. The exact odds for teasers can vary depending on the sportsbook, but they are typically predetermined and follow a standard payout chart. For example, a 2-team 6-point football teaser might have odds of -120, meaning you would need to bet $120 to win $100. The odds increase as you add more teams or adjust the teaser points.
It's important to carefully consider the potential advantages and disadvantages of teasers. While they can increase your chances of winning by adjusting the point spread or total, the lower odds mean that the potential payout will be reduced compared to a straight bet or parlay. It's crucial to evaluate the odds, the specific rules of the teaser, and the teams involved before deciding to place a teaser bet.
Prop Bets:
These involve wagers on game or player specifics, like whether a player will score a certain number of points. The No Run First Inning (NRFI) bet is a popular baseball prop that lets you wager on whether either team will score, or won’t score, a run in the first inning of the game. There are a plethora of prop bets to be played for each game, keep in mind the more popular events will have more prop options due to the sheer volume of people tuning in and bookmakers trying to take advantage of this, the Super Bowl is a great example of how in depth bookmakers can get with their props.
Futures:
Futures involve betting on long-term outcomes. For instance, wagering at the start of the season on who will win the Super Bowl or World Series. A bet on the total of number of games a team will win or lose during a season would also be considered a futures bet. Basically wagering on anything that takes time to come to fruition.
Live Betting:
Live betting lets you place bets as the game unfolds, with odds that change dynamically based on the game's progress. For example, you might bet on whether the next play will be a run or a pass in a football game. Golf is one of the more electric sports to live bet, there’s something about sitting around watching the Masters with your buddy’s and screaming for Bryson to rip his next shot into the drink.
Point Buying:
Some sportsbooks let you buy points, which means you can adjust the spread in your favor, albeit at more expensive odds. For example, if the Cowboys are -7.5 favorites, you could buy a point to make them -6.5 favorites, but this might move the odds from -110 to -120.
The Hook:
In spread betting, a hook refers to a half-point. It's used to avoid pushes (where no one wins or loses). So, you might see a team favored by 7.5 points, the 0.5 is the hook.
Push:
A push occurs when the result of a game exactly matches the spread or total, meaning the bet is effectively a draw, and your stake is returned. For example, you take the Over 225 in some NBA game, if the total number of points reaches exactly 225 you will be returned your bet and any Vig or juice you had to pay.
Hedge:
Hedging involves placing a new bet that opposes your initial wager to reduce risk or guarantee a profit. For example, if you bet $100 on Team A to win a tournament at +200 odds, you might bet $50 on Team B in the final match to ensure you'll win something regardless of the outcome. This can be a very effective tool when dealing with Futures or Parlays you have placed, make sure to run the numbers and never take a hedge where you can lose both the original and the hedge wagers unless you are trying to hit the Middle.
Middling:
Middling, also known as hitting the middle, is a strategy used in sports betting that involves placing two wagers on the same game with the intention of potentially winning both bets or minimizing losses. It is a method often employed when there is a significant line movement or when bettors anticipate a potential outcome that falls between the two betting lines.
Here's how middling works: Let's say you initially place a bet on a football game with Team A as the favorite, and the point spread is -3. However, as the game approaches, the line shifts, and Team A is now favored by -6. Recognizing this opportunity, you decide to place another bet on the underdog, Team B, at +6. By doing this, you create a middle range between the two point spreads, which in this case is between -3 and +6.
If Team A wins the game by a margin of 4 or 5 points, you would win both of your bets. Your original bet on Team A with a -3 point spread would be a push, resulting in a refund of your stake, while your bet on Team B with a +6 point spread would be a win. This outcome allows you to "hit the middle" and profit from both bets.
Middling can also be utilized with totals or over/under bets. For example, if the initial total for a basketball game is set at 200 points, but due to various factors, the line moves to 205 points, you may consider placing a bet on the under at 205 and the over at 200. If the final score falls within the range of 201 to 204 points, both of your bets would be successful.
It's important to note that middling is not a guaranteed winning strategy, as it relies on line movements and the specific outcome falling within a particular range. Additionally, it requires closely monitoring the betting lines and being quick to place the second bet before the line moves further. Middling can be seen as a form of hedging, where you create multiple positions to minimize potential losses or increase your chances of winning.
If Bets and Reverse Bets:
"If" Bets:
"If" bets are conditional wagers that consist of a series of individual bets linked together. The outcome of each bet determines whether the subsequent bet will be placed. The primary purpose of "if" bets is to minimize risk and potential losses.
Here's how "if" bets work: You start with an initial bet, often referred to as the "action" or "trigger" bet. If your "action" bet is successful, the winnings from that bet are automatically rolled over to the next bet in the sequence. However, if your "action" bet loses, the subsequent bets in the sequence are canceled.
"If" bets are commonly used in scenarios where you want to link multiple bets together but don't want to risk losing the entire sequence if an early bet loses. They provide some flexibility and control over your wagers.
Reverse Bets:
Reverse bets, also known as "if/reverse" or "action reverse" bets, are a combination of "if" bets and regular parlays. They involve creating multiple "if" bet sequences and then combining them into a parlay. Reverse bets are designed to provide additional betting opportunities and potentially increase your chances of winning.
Here's how reverse bets work: You select two or more "if" bet sequences, each consisting of a series of individual bets. The outcomes of each sequence determine whether subsequent sequences will be placed. Once all the "if" bet sequences are determined, they are combined into a parlay.
The advantage of reverse bets is that they offer increased flexibility and allow you to win even if some of your "if" bets lose. If any of the "if" bet sequences win, the parlay portion of the reverse bet will have a chance to win as well. This makes reverse bets appealing to bettors who want to hedge their bets or have multiple opportunities for a payout.
In summary, "if" bets are conditional wagers where the outcome of one bet determines the placement of subsequent bets, while reverse bets combine multiple "if" bet sequences into a parlay. "If" bets aim to minimize risk, while reverse bets provide additional betting opportunities and potential payouts even if some of the "if" bets lose.
The Field:
In some bets, you can wager against a single competitor by betting on "the field," which includes every other competitor. For example in Golf, usually only the top X amount of players are given specific betting odds to win the tournament, if you’d like to bet on a certain player that doesn’t have his or her own odds then you would bet on the Field to win. Depending on the situation those Field bets could be heavily favored or disregarded as extreme long shots.
Key Numbers:
Key numbers are most commonly used in betting on football where the score increment happens in 3's (field goals) and 7's (touchdowns). These are important to consider when dealing with spread bets and totals as they often dictate the decision to buy points.
Closing Line:
The closing line refers to the odds at the time a game starts. Sharp bettors often aim to beat the closing line, meaning they've bet at odds that are better than what the market settled on at game time.
Steam Move:
This term refers to a sudden, rapid, and uniform line movement across the market caused by heavy betting action from professional bettors. Following "where the steam is moving" is a common strategy among some bettors.
Chasing:
Chasing refers to a risky strategy where you try to recover losses by increasing the size of your bets. It's a dangerous path and can quickly lead to significant financial trouble. DON’T CHASE!
Sharp & Square:
Sharp bettors are the professionals who wager on sports for a living. They typically have a long-term winning record. Square bettors, also known as the "public," are less experienced and often bet based on gut feeling or favoritism.
Bad Beat:
A bad beat is when a bet that looks like it's going to win ends up losing, often in a heartbreaking, last-minute fashion. Moosed, gaped, bent…not much else to say, it’s on of the most heartbreaking ways to lose. For every bad beat, there are those on the other side that just hit a miracle, just have to hope you’re on the winning side.
Pleaser:
A pleaser bet is a type of parlay bet where the bettor agrees to give up points on multiple games to increase the payout. It's the opposite of a teaser and is a higher-risk bet.
That concludes today’s class, if you have any questions or need explanation on anything covered, or want me to cover any other topics just go ahead and leave a comment or drop ThreePeatGoat a dm on Instagram and we will get you sorted out. Until next time, GL!
PLEASE REMEMBER: If you or another family member has a g******* problem, help is available at National Council on Problem Gam***** or 1-800-522-4700.