Gambling Glossary: Everything you may not know, but need to

The two essential terms:

Underdog: A player who is expected to lose according to the betting odds. In almost every scenario, an underdog will have a plus sign in front of their odds. If you bet $100 on a +150 underdog, and the underdog wins, you will net $150 in profit.

Favorite: A player who is favored to win according to the betting odds. Their odds will have a minus sign, and picking a favorite will result in a lower ROI than picking an underdog. If you bet $150 on a -150 favorite, and the favorite wins, you will net $100 in total profit.

The most common types of bets:

Moneyline: The most straightforward wager in all of sports betting. When you place a moneyline bet on a player, that player must win the actual game/match in order for you to win the bet.

Spread: You can also wager on a game spread. A -3.5 game spread means the player needs to win by at least 3.5 total games (so, in reality, at least four total games) for you to win your bet. The same goes for the underdog—you can bet on a player to cover a +4.5 game spread; if that player loses 6-4, 6-4, you still win your bet, because the player lost by less than 4.5 total games.

In tennis, be careful when betting game spreads. Players typically don’t care how much they win by, as long as they win. (You can also bet on set spreads.)

Over/Under: A bet on whether there will be greater or fewer games played based on the number created by the oddsmakers. For example: If you bet the over on a 22.5 game total, and the match ends 6-1, 2-6, 6-0, you lose the bet, because there were on 21 total games played. A good rule of thumb: If you think a match will be close, take the over. If you think a match will be a blowout, take the under. (Most over/unders are set around 21.5.)

Parlay: When you combine two or more bets into one bet. To win a parlay, you must win all of the bets. (If you place a six-match parlay and five bets win but one bet loses, you still lose your parlay bet.) They a great way to increase your payout, as the odds increase, but an even greater way to increase your risk. Parlays serve their purpose in tennis betting when you have several heavy favorites you believe will win easily, but are too heavily favored to bet individually, via moneyline. Widely considered to be unwise in the sports-betting world, parlays are nonetheless a fun—and potentially lucrative—way to play.

Future: When you bet on a player, either pre-tournament or mid-tournament, to win the title. Future bets have greater odds because the player needs to win multiple times for it to pay off—it’s all or nothing. Because of this, future bets that look promising offer strong opportunities to hedge your initial bet and ensure a payday.

Other helpful gambling lingo:

Even Money: A term for when a player is +100. If you win an even money bet, you earn a profit of exactly the amount you put in.

Pick-em- When two players have nearly identical odds to win a match.

Push: Sport betting’s version of a tie, where you neither win or lose your best, and get your money back. If you bet a -4 game spread and the player you picked wins 6-4, 6-4, the player won by exactly four games, so the bet will result in a push. (There are no “pushes” when betting the moneyline unless a player withdraws.)

Bankroll: Money set aside specifically for betting. This should be a number you are comfortable with potentially losing, but you should you never bet all of your bankroll on any given match. A good rule of thumb for sports betting is, “if you get angry when you lose, you are probably betting too much.” Only bet what you can afford to lose.

Betting Unit: The amount of your typical wager. Bettors have different-sized bankrolls; a betting unit is a way to share how much was bet without giving away a specific dollar amount. For example, a high roller might have a unit size of $10,000 per wager, while a newcomer has a unit size of $20 wager per wager.

Hedge: A way to secure some level of return in a given match. If you bet an underdog to win, and that player is leading by a considerable amount, you could place a small live bet on the other player—whose live odds will have changed dramatically—in order to guarantee a payday. (Just remember, sportsbooks want you to hedge, because for them, more transactions are better, and it reduces their exposure.)

Live Betting: A relatively new feature offered by many online sportsbooks which allows you to wager in different ways after every point of the match (including, in many cases, on the point itself). Live betting is a great way to hedge your initial wager.