Essential Sports Betting Definitions You Must Know
The good news is that although there is plenty of information to get familiar with, it isn’t all that hard to learn once you put some effort into learning the jargon. In this article, I’ll lay out some of the more commonly used terms and phrases and explain what they mean, what they look like in action, and how you can apply them when looking to make wagers.
The “juice,” or the “vig,” is the main way that sportsbooks make their money. When you look at the betting information on a game, you might notice that the spread is accompanied by a money line that is (-110) or (-105).
This slight margin that stands between you and an even return on the money you bet is how sportsbooks can turn a profit in the long run. It’s the strategy that sportsbooks and oddsmakers use. They profit by getting 50% of the public’s money on each side of the wager.
One of the most popular forms of sports betting in Kenya among those who are looking to win big is the “parlay.” Before I explain how it works, I feel a personal responsibility to provide some anecdotal advice: Don’t get carried away. It’s hard to win one bet, let alone two or more.
Recognize that there is a reason why the payoffs are so enticing. They’re hard to win. Now that I got that out of the way, I’ll explain what a parlay bet means. In a parlay, you take two or more bets and make a wager that they’ll all hit.
This might sound like a bad proposition for the person placing the bet. But if you see the potential payouts, you’ll understand why they’re so seductive. For example, we are going to use odds and potential bets for the upcoming Super Bowl.
Sportsbooks typically like when bettors use parlays because of their low success rate, but occasionally stories will pop up that will have you considering if you should be utilizing the play more often.
This one is pretty straightforward. Along with the money line and the spread, there’s usually a third number listed when you look at betting odds. That is the over/under.
It’s as easy as it gets – looks at the number, and decide if you think the total combined points, runs, goals, etc., between the two teams, will exceed that number or not.
Your bankroll is arguably the most important piece of information you need to keep tabs on at all times. It’s what keeps you from spiralling downward and what helps you stick around long enough to make money.
Essentially, a bankroll is like an account you use specifically for the purpose of gambling. The idea behind the bankroll is that it helps you keep track of the money coming in and going out, and provides an overall picture of your success. It also prevents you from wagering more money than you can afford.
I can think of two general rules that everyone should apply when it comes to your bankroll.
- First, set aside an amount of money you can afford to lose. Chalk it up in your mind as money you’ve already spent and won’t see again.
- Second, only bet a specific percentage (ora small range of percentages) on any single game.
For example, a good rule-of-thumb is to bet only between 3% and 5% of your bankroll on a single play.