10 Betting Terms You Need to Know
When we dip our toes into betting for the sheer excitement, it's like entering a new world with its language. No need to stress—getting a handle on the betting terminology isn't just for the pros. Understanding the jargon can add a new layer of thrill. So let's ensure we're not just playing but fully understanding and enjoying the game with these ten must-know betting terms.
Perhaps you’ve been playing with the idea of trying your hand at betting for a while but just didn’t know where to start. Worry not, this article covers basic betting terms that you should know; whether you are a seasoned pro or novice trying your luck at 10bet.
Odds
The Odds are the numbers that show you the likelihood of an event happening and how much money you could win. The smaller the odds, the higher the chance of that event happening. We must know how to interpret these odds for a fulfilling betting experience. They come in different formats—fractional, decimal, and sometimes American—and serve as the basis for calculating potential returns on a wager.
Stake
Stake refers to the specific amount of money placed on a bet. It represents the financial commitment made by the bettor for a given outcome in an event. The stake is the basis for calculating potential returns that the bookmaker collects upon bet placement. Considering the stake amount carefully is essential, as it directly influences the risk and potential reward.
Wager
A Wager is another word for a bet, signifying the amount of money we risk on the outcome of a specific event. It establishes a formal agreement between us and the bookmaker. We'll receive a return based on the odds provided if our chosen outcome prevails. However, if our selection fails, the bookmaker recovers the wagered amount.
Bookmaker
A Bookmaker is an organisation or individual responsible for setting the odds and accepting bets on various events. They're the ones who manage the entire betting process, from providing options to bettors to calculating winnings. We rely on bookmakers to give us a structured and regulated environment to place our wagers.
Favourite
When we talk about the Favorite in betting, we're referring to the competitor or team most likely to win an event, according to the bookmaker's odds. Being labelled the favourite usually means this outcome is more probable than others. Therefore, betting on the favourite generally comes with lower odds, which translates to smaller returns if the bet is successful. The term helps bettors gauge which option is more likely to win by market standards.
Underdog
Underdog describes the competitor or team less likely to win an event, as indicated by the bookmaker's odds. Being an underdog means we view this option as having a lower probability of winning than others. When we place bets on the underdog, we're usually offered higher odds, meaning the potential returns are more significant if the bet is successful. It is a valuable marker for bettors to understand which outcome the bookmaker considers less likely.
Point Spread
Point Spread is a betting term used to level the playing field between the favourite and the underdog. It involves allocating points to one of the teams or competitors to even out the odds. Let's say Team A is expected to win. They could have a point spread of -5, meaning they have to win by at least 6 points for you to win your bet. Conversely, the less favoured underdog team might get a point spread of +5. It means they could lose by as many as 5 points, and you'd still win your bet if you chose them.
Moneyline
Moneyline in betting refers to a wager on which competitor or team will win an event outright, without a point spread to balance the odds. We choose who we think will win. If our pick turns out to be the winner, we collect our earnings based on the given odds. It's a straightforward way to bet, so it appeals to us whether we're just starting or have been placing bets for years.
Handicap
We use the term Handicap to even out competitors' perceived disparities in skill or performance. A handicap is a numerical value given to each competitor, either adding to or subtracting from their final score, to provide a more balanced betting environment. For instance, if Team A is significantly stronger than Team B, a handicap might be set to level the odds. It allows us to place bets in a way that accounts for these differences.
Over/Under
Over/Under is a type of bet that bypasses who will win the game and focuses instead on the combined score of both teams or the performance metrics of a competitor. Bookmakers will set a total number for a statistic in a game, and we can bet if the number will be lower or higher than that set figure. For example, if the over/under on a basketball game is set at 210.5 points, betting 'over' would require the teams to score 211 or more total points to win the bet.
