Betting Terminology Explained

What is betting?

Sports betting is the activity of forecasting sports results and making bets on the result. The frequency of sports betting differs by culture, with the extended majority of bets being made on American football, football, basketball, cricket, baseball, cycling, hockey, auto racing, boxing mixed martial arts, etc. Sports betting can also spread to non-sporting events such as reality shows, political elections, and TV contests, as well as horse racing, dog racing, etc. 


One of the most widespread forms of betting is sports betting, which arouses the passion of sports fans. A bet set on a race or game lets fans demonstrate their understanding of the sport or show their devotion to a particular team or athlete. In addition to fostering camaraderie among friends, sports betting can spice up boring or one-sided competitions where handicap systems offering odds and point spreads increase player share in the competition. Most sports betting is done through bookmakers and through online gambling operations.


Understanding betting is as easy as understanding simulated reality league big bash league srl by Parimatch. Parimatch is a licensed international company with a 28-year history. With Parimatch you are offered a great variety of sports to bet on. You should just put up a small deposit and you will be guaranteed a convenient and quick payout. Also, a mobile app and 24/7 customer support are available for you.

Types of betting

1. Odds betting

Today, one of the most ordinary forms of sports betting is odds betting, when a casino or bookmaker considers the players in the competition and estimates the probability of winning: 2 to 1, 5 to 1, 1 to 4, and so on. For example, with a $1 bet on a 2-for-1 underdog, the player could get $2 if the underdog wins. A winning bet on the favorite offers a smaller payout - for example, a $5 bet on a 2-to-5 favorite gives a payout of $2. 

2. Pari-mutuel system

Most racing (eg horses, dogs, camels) and some games (eg jai alai) use the pari-mutuel system. In this system, introduced in 1865 after the invention of the "tote" by the Frenchman Pierre Oller, a calculating machine records the bet amount for each participant before the start of the competition. For example, in horse racing, the "sweepstakes" calculate odds based on a share of the total bet on each horse and determine how much those who pick the winner should be paid. The bookmaker or course owner gets their share by taking a percentage of the total bet.

3. Point spread

Most football games (soccer, net football, rugby, etc.) and basketball games employ a system known as a point spread. Bookmakers select the number of points that will function as a spread for a particular competition. A favored team bet requires the player to concede (or give) the difference in points. A bet on the underdog team gives the player the difference in points. For example, the bet on the underdog team could be +4, meaning that four points are added to its final score for the purposes of determining the winner. A bet of -4 on the favored team only wins if that team wins by more than four points.

Betting Terminology Explained

Sports betting terminology can be confusing, and the more you bet, the more terms you’ll need to know. Sports betting terminology can be confusing, and the more you bet, the more terms you’ll need to know.  


The act of putting a bet or an active bet on a sporting event.


An acronym meaning "Against the Spread". Betting on the result of a sporting event involving the spread of points, as opposed to "straight-up" bets.

Backdoor cover

Winning despite apparently impossible odds against a bet, often with a late score in a sporting event that has already been decided.

Bad beat

Losing despite apparently impossible odds in your favor, often with a late score in a sporting event that has already been decided.


$100 bet. Also comprehended as the "dollar" pace.


Likely a favorite to win the sporting event.


To correctly choose the winning side of a bet with a point spread.


$1,000 bet.


Popular slang for an "underdog" or side that is not expected to win over a "favorite".

Even money

A 50/50 bet where neither side has a chance or a clear advantage.


The side that is hoped to win the sporting event, with odds mirroring perceived trust in the select team/person.


The legal entity, individual, or organization that determines the given odds or betting line for a sporting event.


The half-point on spread bets.

Live bets

Betting on an ongoing sporting event with changing odds in real-time.

Off the board

A sporting event on which bets are no longer taken, usually due to dispute, injury, or other unusual circumstances.


A sequence of bets in which the initial bet plus winnings are divided into consecutive bets. In most cases, all bets must win in order to be paid out. 


A professional player who is often erroneously referred to as a "shark".


Money or collateral that is wagered on the result of a sporting event.


Numerous bets where the player can manipulate the odds or points extended by combining games. All bets must be winning in order to be paid out.


Receipt of a confirmed bet, either in the physical form of a "ticket" or online confirmation.


Bettor with advantageous insider information.


If you want to try your hand at betting, then first you should learn the basic terms in order to immediately understand what it is about and join this process. Everything is not as difficult as it seems. Everything you need is a little time and desire. And if you are looking for a company where you can reliably place a bet, then we recommend Parimatch. With us, you can be sure of fast and reliable payouts.