News: A simple guide

Sports betting has never been more popular in the USA, following the Supreme Court’s decision to strike down the 1992 Professional and Amateur Sports Protection Act, which largely outlawed sports betting outside of Nevada. The May 2018 ruling opens the door for states to legalize sports betting and profit from an industry that had previously taken an estimated $150 billion illegal bets annually. Many states have already gone on to legalize the activity and are seeing revenues in the hundreds of millions of dollars as confirmed by gambleindiana.com. However, this expansion also means that there are many new sports bettors out there, and you must therefore make sure you know and understand football odds and those for other sports before beginning to wager your money. Thus, here is a guide to understanding some of the most common sports betting terms that you will see on sportsbooks.

Action
The act of placing a bet or having an active wager on a sporting event. (e.g. “I have action on this game.” Or “Do you want to get in on this sweet action?”)

American Odds
An international phrase for what is more commonly known as “money line” in America. Odds expressed in terms of money, with $100 being the standard. If the odds are minus (–), then that amount of money must be wagered to win $100. (e.g. –150 means you must bet $150 to win $100.) If the odds are plus (+), that amount of money would be earned on a successful $100 wager. (e.g. +150 means you make $150 on a $100 wager.)

ATS
Acronym meaning “Against the Spread.” Betting on the outcome of a sporting event as it relates to the point spread, as opposed to betting “straight up.”

Backdoor Cover
Winning despite seemingly insurmountable odds against the bet, often with a late score in a sporting event whose outcome had already been decided. (e.g. “I won my bet on a backdoor cover because Basketball ace Stephen Curry hit a 3-pointer at the buzzer, even though the game was already out of reach.”)

Bad Beat
Losing despite seemingly insurmountable odds in your favor, often with a late score in a sporting event whose outcome had already been decided. (e.g. “I lost my bet on a bad beat because Stephen Curry hit a 3-pointer at the buzzer, even though the game was already out of reach.”)

Bet
To gamble or wager on the outcome of a sporting event, most often within the parameters of agreed upon odds.

Book
The entity or establishment accepting wagers on sporting events. Also known as the “sports book” in a casino setting.

Buck
A $100 bet. Also known as a “dollar” bet.

Buy Points
To take a less favored return on investment in order to increase the odds of winning, usually by improving the point-spread advantage or money line.

Chalk
The odds-on favorite to win a sporting event. (e.g. “John’s NCAA Tournament bracket is all chalk; he has all No. 1 seeds making it to the Final Four.”)

Closing Line
The final odds on a sporting event before pregame bets stop being accepted. As a general rule, the line will move up or down, depending on which side is receiving the most money wagered or an unforeseen change in the matchup (injury, suspension, etc.). The closing line often differs from the opening line, as a result.

Cover
To correctly pick the winning side of a point-spread bet. (e.g. “Alabama was favored by 10 points and won by 11, I covered.”)

Dime
A $1,000 bet.

Dog
Popular slang for “underdog” or the side not expected to win against the “favorite.”

Even Money
A 50-50 wager, where neither side lays odds or has a perceived advantage.

Spread
Betting line or odds used to determine the gambling margin between the favorite and underdog.

Over-Under
The betting line on the total number of points or goals scored in a sporting event, with action taken on whether there will be more (the over) or fewer (the under) points or goals scored.