Whether you are a rookie or a pro who just wants to brush up on the basic betting terms, Campeonbet’s glossary is all you need. Here you may find straightforward definitions for common betting terms from A to Z.
A
Accumulator:
The Accumulator or also known as “acca”, refers to a bet slip which is made up of multiple selections, for example, “double accumulator bet”, “triple accumulator bet”, and so on. To consider the bet successful, all selections must win.
Against the Spread (ATS):
ATS indicates whether a team covers the point spread in a game. Bettors can wager on a favorite to win by more than the spread or on an underdog to lose by fewer points than the spread (or win outright). If a team fails to meet these conditions, they do not cover the spread.
American Odds
This type of odds is the standard format that is favoured by American bookmakers and is often seen on American sports. The key thing to remember here is that the odds for the underdog are represented by the positive sign, while the odds for the favourite are indicated by the minus sign.
Asian Handicap
In Asian Handicap betting, the possibility of a match ending in a draw is eliminated. This type of betting levels the odds by giving one team a head start (positive handicap) or a disadvantage (negative handicap). Bettors wager on whether a team will overcome its handicap (e.g., 1.5) or if the underdog will perform better than expected (e.g., +2.0). Asian Handicap bets can result in partial wins, losses, or stake refunds, depending on the exact handicap and the match’s result.
B
Bet Builder
This feature is considered one of the most popular tools provided by all top operators. Bet Builder offers players the ability to build multiple bets for the same sports event using a variety of market combinations.
Bookmaker
Refers to gambling operators that set odds, provide betting markets, and pay out winnings on sports events. Also called “bookie”.
Both Teams to Score (BTTS)
This market refers to a bet on whether or not both teams in a game will score at least one goal each by the end of 90 minutes. This type of bet is accessible on a few sports, such as ice hockey and football, and players can only wager “Yes” or “No” on whether both teams will score a goal.
C
Cash Out:
Cash Out is a feature that allows bettors to settle wagers before the final outcome of the selections on their bet slip. This enables bettors to secure a part of their winnings or minimize losses based on live odds. Partial Cash Out allows bettors to cash out a percentage of the bet, while Automatic Cash Out triggers the cash-out once the offer reaches a predetermined amount.
Closing Line
Also known as “CLV” in short, the “Closing Line Value” essentially measures the accuracy of predictions by comparing initial odds to the final odds just before a match begins. This is proven to be the best predictor of the outcome of a match, with an accuracy that comes close to 100%.
Cover
Cover is the result of a point-spread wager. To cover, a favorite has to win by a margin greater than the spread. An underdog can cover by either winning outright or losing by fewer points than the spread.
Correct Score
This market is one of the easiest betting terms to grasp, since players are called to accurately predict the final score of a match. That means that there is no margin for error, because the prediction for the final score has to be exact.
Chalk (Heavy Favourite):
Chalk is used in sports betting to describe a favored team or player with low odds due to their high likelihood of winning.
D
Decimal Odds
This format is written in decimal form, and it shows the total amount received on a winning bet, including both the original stake and the profit.
Draw No Bet
Draw No Bet popular betting market that allows players to bet on the outcome of a game while excluding the option of a draw. If the match ends in a draw, the stake is refunded. DNB is especially popular for its reduced risk.
Double Chance
Double Chance covers two out of three outcomes in a single bet, winning if either prediction comes true. For example, 1X stands for a win or a draw for the home team, while X2 refers to a win or a draw for the away team. The final option, “12” indicates that the home or away team will either win.
E
Early Payout
A feature that allows bettors to settle their bets before the final outcome of the match or game. Usually when a team leads by a certain number of points or goals. It guarantees winnings regardless of the final result, offering extra flexibility to bettors.
Edge
Edge essentially refers to an advantage or a winning strategy a bettor might have. This makes them believe that they have an ace up their sleeve that will lead to a victory over the bookie.
Even Money
It refers to the bet where the potential payout equals the original bet when the bet is successful.
F
Favourite
This is what the expected winner in a game or event is called, which also comes with the lowest odds.
Fixed Odds
Fixed odds are the odds provided by the bookmaker at a given time of the event.
G
GG/NG (Goal, No goal)
This market applies to a wide range of football matches, making it a popular choice among bettors. In GG/NG betting, players predict whether both teams participating in a match will score at least one goal (GG) or if one or both teams fail to score any goals at all (NG).
H
Half-Time/Full-time
In this type of bet, bettors wager to predict the outcome at both half-time and full-time of a match. Τhe following example will offer a clearer view on this betting market: For example, when a bettor wagers on an Away/Home match and the Away team leads at half-time but Home team wins at full-time, then the bet is successful.
Handicap Betting
In many sports, the distinction between a favourite and an underdog is often very clear. In such cases, one of the two sides is given an advantage and the other a disadvantage with the intention of leveling the odds of both teams. Handicap betting is a very popular market, especially in US sports.
Hedging
Hedging refers to placing a second or even multiple bets to reduce potential losses or secure a profit. It is often used by bettors as a risk management strategy.
I
In-Play Betting
This feature is also known as live betting. This way bettors can place their bets in real time, as the game unfolds. In-play betting odds often change as the relevant sports event is happening.
Implied Probability
The implied probability indicates the likelihood of a specific outcome occurring, as determined by the bookmaker.
L
Lay Bet
A lay bet is the act of betting that something will not happen. When placing this type of bet, bettors set the odds of the bet, allowing them to play the role of a traditional bookmaker. Lay bets are most commonly used on betting exchanges.
Line
The betting line represents the betting options and refers to the odds or point spread for a specific match, determined by the bookmakers.
Live Betting
This is another term for placing a bet while a sports event is live.
M
Market
A betting market refers to a wide range of betting options on specific sports events. It refers to all types of bets available.
Moneyline
This is another term for the American odds, which refers to full-time result betting. It is named as such based on the plus and minus lines of this format betting odds.
Multi-Goal Betting
Multi-goal betting refers to the type of wager in which bettors try to successfully predict the range of total number of goals scored in a match or a game. This type of bet allows bettors to enjoy more flexibility compared to betting on exact scores.
Margin
Betting margins are the amount of profit as a % that bookmakers should make on average on each game. They are essentially the difference between the odds (an implied probability) that the player is offered to bet at, and the true probability of the outcome. The size of the margin directly affects the value of the odds bookmakers offer, and the lower it is, the more profitable the odds are for bettors.
O
Odds
Betting odds represent the probability that a prediction on a specific outcome in a sports event comes true, as determined by bookmakers. They also indicate the potential return on a successful bet. Bookmakers are responsible for setting the odds, calculating a variety of factors. Possible factors that can influence the odds can be team/player performance, historical data, public betting trends, and even weather conditions. Odds can be expressed in different formats, like fractional, decimal, or moneyline.
Odds-On / Odds-Against
When players come across the term “odds-on” it means that the odds of a selection are less than even money. “Odds-against”, on the other hand, are when the odds are greater than even money, so that means that a successful bet will have a payout which is higher than the original stake.
Outright Bet
This bet focuses on the overall winner of a sports event or competition, such as a Championship and a sports league. Bettors wager on the winner of an entire tournament or season rather than individual matches.
Over/Under
This bet type determines the number of times a specific activity will occur. That means that bettors do not bet on the final result of an event. Instead, they wager on whether the total number of goals, corners, or cards will be over or under a specific threshold set by the bookmaker.
P
Point Spread
This is a special type of bet, also known as “spread”. It represents the margin of victory by which the favorite team is expected to win, as determined by the bookmaker. Bettors can wager on whether the favorite will win by more than the spread or if the underdog will lose by less than the spread (or win outright). It’s designed to make betting more balanced between mismatched teams. For example, if the point spread is -6.5 for the favorite, then it means that the favorite must win by at least 7 points for the bet to be successful.
Payout
This is the amount of money a bettor receives when the bet is successful, and it includes both the stake and the winnings. In other words, the payout is the profit collected by the punter, or depending on how you look at things, the amount that the bookmaker had to part with.
Prop Bet
Short for “proposition bet”. It is a type of wager that is placed on specific sports events that don’t really affect the final outcome. For instance, a prop bet could include betting on the number of touchdowns a player will score and so on. It is also referred to as a “game within a game”.
Promotions
These are the offers that are provided by the betting operator for players who have registered on their site. There is usually a great variety of offers, like welcome bonuses, that come with specific terms and conditions, such as wagering requirements or eligible markets. Bettors need to be aware of these to be eligible for the promotion.
Q
Qualifying Bet
Bookmakers set the odds and the criteria a bet needs to meet to be considered successful. A qualifying bet is a bet that meets the specific conditions and therefore unlocks promotional offers, bonuses, or other rewards.
Quarter Bet
This is a type of bet that can be placed before or during any quarter of a match, more commonly in basketball games. For instance, the bet is usually placed on who wins the quarter.
R
Return
This term typically refers to the total amount a bettor receives when the bet is successful. This amount includes the profit but also the original stake. It is also known as “payout”.
Risk-Free Bet
A risk-free bet is an offer where the initial stake is credited back to a player’s account in the form of a freebet if the original bet loses. To be eligible for this kind of offer, a qualifying bet will need to be placed.
S
Single Bet
This is a type of bet in which bettors wager on a single outcome of a specific sports event. The bet is only successful when the selected outcome turns out to be correct.
Spread
The spread, short for point spread, is essentially a margin set by bookmakers to level the odds between two teams of different skill levels. That means that instead of simply choosing the winning side, players are called to decide whether a team will win or lose by a certain number of points.
Stake
The amount of money that a bettor places as a wager on particular outcomes. Higher stakes usually come with higher potential payouts but also greater risk.
T
Totals
This term is also referred to as “over/under”. That means that players can place their bets over or under on that perceived total.
U
Underdog:
A team or a player that is highly expected to lose the game or the match, according to the bookmakers. Underdogs usually have higher odds and therefore offer larger payouts in case they win outright or even “cover” the spread.
V
Void Bet
Even though they are considered a rare occurrence, void bets can still happen. When a bet is voided, the stake placed is returned to the bettor, and the bet is effectively cancelled. This way, the bettor neither wins nor loses the bet, and therefore, there is no profit or loss. A void bet can occur due to an event cancellation, incorrect odds, or technical issues.
W
Wager
Refers to the act of placing a bet on a specific outcome in sports events. Synonymous with “bet”. The potential winnings are based on and shaped by the odds and the stake that the bettor placed.
Win Bet
This is considered the easiest and most straightforward betting type, where the bettor selects a single team or individual to win a game or match. The amount of the potential payout depends on the odds assigned to the team or individual. That means that a high chance of winning equals lower odds and lower payouts, while lower chances of winning bring higher odds and payouts.
Winning Margin
This is a betting market in which bettors wager on the exact margin by which a team or a player will win a match.
X
1×2 Betting
“1×2” is the most common market because it involves placing a winning bet on the result of an event with three possible outcomes. These results are a home win, a draw, and an away win. This is the reason why this market is also known as Full Time Result. However, in sports like basketball or tennis, there is no possibility for the game to end in a draw, so it is either 1 for a home win or 2 for an away win.
Commonly Confused Betting Terms
In the world of sports betting, there are times when bettors find it difficult to come to grips with some key terms. That is why we have gathered below some of the most often-confused sports betting terms.
Handicap vs Asian Handicap
The standard handicap is a very popular method in sports betting that balances the odds, regardless of the dynamic between the participants. In other words, instead of betting on a win, loss, or draw, a handicap is used on one of the two opponents to offer better value odds and can be utilized at any point during the game. This option allows betting to be more competitive and appealing to all bettors.
On the other hand, the Asian handicap is similar to a no-draw handicap, as it eliminates the possibility of a draw. That leads to two possible outcomes because teams have a half-handicap advantage like +2.5. As it happens with any handicap, one team gets an advantage (positive) or disadvantage(negative).
Decimal vs American Odds
Another point of confusion is the difference between Decimal and American odds. While both formats essentially serve the same purpose, understanding their differences can help bettors improve their betting strategy. Here are the key points you need to consider:
Decimal odds: This format shows the total return, including the original stake. That means that if a team has 2.50 odds and the bet is ₦1,000, then the total return would be ₦2,500, that is ₦1,500 profit plus the original ₦1,500 stake.
American odds: These odds are expressed as either positive or negative numbers. For example, with -200 odds for a ₦1,000 bet, the total return would be ₦1,500 with a profit of ₦500 (100 / 200) x 1,000.
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