MLB Betting – Glossary Of Terms
It’s fairly easy to be confused when you encounter unfamiliar sports betting terminologies in MLB betting. To avoid that, take a moment to familiarize yourself with BetMLB’s glossary of terms and phrases. This could instantly help you learn the ropes around the entire betting industry and in return, turn you into a seasoned player.
5 fold – A fold (depending on the number given) that indicates the totals selections in multiple bet a bettor must win.
50:50 – A ratio where the underdog and the favored team are in equal terms, an even odds for a specific market.
ATS (“against the [point] spread”) – The most commonly used betting phrase in our glossary of terms for MLB betting is ATS or Against the Spread. This means that a bettor is wagering against the betting line where the stake will be decided by adding points to one team or the other after the game.
Accumulator – A bet consists of 2 or more selections (similar to parlay and all up betting), where the payout from the first winning bet is placed on the next bet and the succeeding ones after that.
All in – An absolute bet in a selection which can surpass cases of scratching, withdrawal, and other circumstances.
American odds – Most commonly used type of odds by American sportsbook. These are either expressed as a negative (-) number or a positive (+) number to represent the favored team and the underdog.
Anchor – The bet dominating a single selection of multiple bets.
Ante post – Futures betting on a result without a completely accurate prediction.
Arbitrage – Betting on multiple outcomes by taking advantage of different odds provided by different sportsbooks.
Back – A bet that an outcome is going to happen, opposite of “Lay”.
Beard – A person betting on someone’s behalf due to personal and situational reasons.
Best of it – Having an edge against other bettors in a sports betting market.
Bet back – A form of hedging used by sportsbook to reduce risk when many bets are placed on one outcome.
Bet the field – Betting or backing on all the possible results and teams except the favored team.
Betting exchange – Websites or companies that act as middlemen to give bettors the opportunity to bet against each other as “backers” or “layers”.
Bookie – The shorter term form bookmakers or sportsbook.
Buy points – A strategy used in point spread or handicap betting where a bettor bet on non-competitive odds to get points.
Chalk – An American betting term for the favored team, opposite of the underdog.
Circled game – A game is considered Circled when the maximum bet is lower than the usual. This situation is often due to uncertainty involving weather conditions and players’ injuries.
Closing price/closing line – Opposite of opening price, these are the presented odds on a selection when the market close due to the event starting.
Correct score – Betting on the final score of the game.
Cover – Cover is an action that needs to be done to beat the spread. Related to ATS, covering the spread means winning by a certain margin or losing by less than a specific number over the bets placed on the favored team or the underdog.
Dead heat – When two or more teams got exactly the same score but a tie or draw is not an option, sportsbook features dead heat.
Decimal odds – Most commonly used type of odds which expressed the amount the bettor can win every unit staked.
Double – 2 bets in a single stake.
Double result – Betting on the halftime/fulltime result of the event.
Drift – When odds increase as the game progresses.
Dutch book – Similar to Arbitrage betting, Dutch Book guarantees profits by betting on multiple selections.
Edge – A betting advantage gained by superior knowledge in particular sport.
Even money – A bet equal to the profit you make if you win, or the loss you make if you lose.
Exotic bet – All other types of bets aside from straight win or moneyline.
Exposure – The highest possible money a bettor or sportsbook can lose.
Field – The possible bets a bettor can place in a single market.
Fixed odds – A fixed odds occur when a bet in your betting odds is fixed and unchanging at the time it was placed. Consequently, fixed odds pay your potential return based on your ticket.
Fractional odds – Odds expressed in a fractional form, showing the possible payout and the amount the bettor needed to wager.
Futures – Betting markets available in advance before the event starts.
Get on – Another phrase for “place your bet”.
Goliath – Multiple wagers involving 8 selections in different events over 247 bets.
Good oil – Available information about an outcome before the event begins
Good thing – A sure winner.
Half-time/full-time – Betting on the result of a game with outcomes on either half-time and full-time.
Halftime result – Betting on who will be leading the game (or the draw) at halftime.
Handicap – A type of wagering system or point spreading where a sportsbook gives one condition, virtual deficit, or a handicap to be followed at the start of an event or bet.
Hedging – A type of bet where bettors can place bets against the initial bet placed. Bettors can place bets on a different outcome at the same time, creating a result with a guaranteed profit.
Hook – The half point or 0.5 margin added to points spread or total lines.
Index betting – Type of betting where the amount wagered is multiplied by the number of points a team wins or loses.
Juice – The edge in favor of the sportsbook in a specific market.
Layer – Someone who “lay” against a bet on betting exchange sites, playing the role of a traditional bookmaker.
Lay off – A bet which reduces the liability of an outcome after “backing”.
Listed pitcher – A condition requiring both scheduled pitchers to start the game before the bets stand.
Margin – A word that measures how likely a team or player can defeat the competitors.
Market – A selection of results available for betting on a specific event.
Moneyline – The amount of bet needed to earn a $100 profit (depending on the currency and sportsbook used).
Odds against – Odds greater than the even money. A bet where your wager is less than the amount you are likely to win.
Odds on – Odds less than even money. Occurs when bet staked is higher the amount the bettor is likely to win.
Oddsmaker – A person, group of person, or a company that sets the betting line or odds for the event outcome.
Over/Under – Two types of wager in which tells whether the outcome of an event can go above or below the number provided by the bookmaker.
Parlay – Multiple types of bets for different types of markets and events.
Plunge – A large volume of bets made on a single selection.
Point Spread – A strategy used by bookmakers to level the playing field. It is a handicap towards the underdog and the favored team to anticipate if either of the two can win by the margin given.
Price – Other term for odds.
Push – Refunded bets from tie, draws, or other circumstances.
Roughie – Similar to underdogs, this is a selection where the bettor has a small chance of winning despite having high odds..
Round robin – In sports betting, round robin isn’t considered as a type of system. It is a selection where all possible combinations of multiple bets are present.
Rundown – Updates of all odds, lines, point spreads and scores before and after the game.
Scalper – A bettor who practice Arbitrage betting and take advantage of the difference in Sportsbooks’ odds.
Settling – When the bettor wins and sportsbook pays out the winning customer.
Sharp – A seasoned and knowledgeable sports bettor.
Shorten – When bookmakers decrease the odds because a lot of bettors have been wagering on a single selection.
Single – A single bet for a single market.
Stake – The wager placed by the bettor.
Starting price – The odds shown on a bet selection before the match begins.
Straight bet – A simple bet on placed on one team or outcome.
Stop loss – Reducing the amount that the bettor could possibly lose in index betting and trading.
Teaser (US) – This type of bet is commonly seen in US’ sports betting glossary of terms. It is a combination of 2 or more wagers. Unlike parlays, bettors can adjust the point spreads for the games in Teasers.
Toss up – An equal betting market with no favored team or underdog. The odds are the same for all selections.
Totals – Short for total goals/runs. A type of wagering where the bettor determines if the total points scored in a game will be over or under a predetermined amount.
Treble – 3-way multiple bets placed under a single wager.
Turnover – The total amount of bets placed on a sportsbook.
Unbackable – A bet selection with a sure winner.
Underdog – Opposite of the favored team, the underdog is the group which the crowd, fans, and bettors expect to lose.
Value – The value of a betting selection which represent the true probability.
Vig/Vigorish – The commission the sportsbook get for every market.
Worst of it – A bettor having a disadvantage in a scenario.