Sports Betting Terms Starting From O-P
Odds On Favorite - A horse, team, or individual so favored by the public that the odds are less than even.
Off the board - a game on which the bookmaker will not accept action.
Official Line - The line that the bookmaker uses for wagering purposes. The line which comes from Las Vegas is quite often referred to as the official line; however, the line that your bookie offers you is actually your "official line."
One dollar - $100
Outlaw Line - term for the earliest line in sports betting. This is an overnight line which only a handful of players are allowed to bet into.
Over - the "over" is a sports bet in which the bettor guesses that the combined point total of two teams will be above a specified total.
Overplay - An advantage for the bettor in which the price on a given wager is greater than the real probability of its success.
Odds Against - The opposite to odds on. An outcome is paying more than the initial stake. I.e. A runner paying greater then even money. (Decimal odds of 2.0)
Outcome - A betting result; the winner may be a player, horse, car, rider, driver, team, etc.
Over/Under Bets - Also known as totals. With this bet type, the bookmaker nominates a total of both teams' scores. Over/under bets can be offered on any sporting event and could be the total of sets, runs, points, goals etc. If the punter believes that the game will be a high scoring event, he may choose to bet the 'over'. For example, in an N.F.L. game, the posted total may be 38 ½ points. The punter will strike a bet with the bookmaker that the combined total of the two teams' scores will be greater than 38 ½ points. Conversely, another punter may believe that because of recent rain, the teams are going to find it very hard to score and as such may choose to bet the "under". I.e. He is betting that the total of the two teams' scores will be less than 38 ½ points.
These bets are also generally set at $1.90 for each of the outcomes.
Overlay - Otherwise know as an 'over'. A betting price, which is more than the price we believe it should be; a price representing a good value bet; for example, to obtain decimal odds of 3.0 on a horse, sporting event or special event, which one believes should be 2.0; to lay a bet also may constitute an overlay; to lay a horse or event at a price less than the price we believe it should be; such as, to lay a bet of 2.0, when the true price is believed to be 3.0. A subjective term.
Overround - Otherwise known as juice, edge, house edge or margin; the bookmaker's profit margin; converting the odds into probabilities (1/odds), and summing the probabilities, anything greater then one is the 'bookmaker's margin'. The greater the figure above 1, the greater the punter is disadvantaged.
Point Spread - Otherwise known as the betting line. With a point spread, the favourite is effectively given a total that for the bet to be successful, the team has to win by more than the allocated margin. In effect the underdog is given a number of point's head start. Let's look at an example.
The spread for a basketball game between two teams may look like the following.
The Boston Celtics +15 ½ $1.90
The LA Lakers -15 ½ $1.90
So the line in the above example is set at 15 ½ points. This means that the favourite has to win the game by 16 points and more for your bet to be successful, and the underdog can either win or lose the game as long as they don't lose by 16 points or more the bet will be successful. For example if the LA Lakers win by 15 points, you will have a losing wager.
In the extreme case of the reigning premier playing the bottom ranked team that posted their last win 2 years ago, the reigning premiers would indeed start at a very short price. This certainly has the effect of stifling the betting as there wouldn't be many punters which would be happy to risk $100.00 to make a profit of $5.00. Punters will invest their funds elsewhere which mean that if the bookmaker doesn't attract any turnover, they aren't making any money.
Usually the price will float around the $1.90 for each of the outcomes. Betting on the American sports has become so competitive that a number of large reputable bookmakers now offer prices of $1.93 for both outcomes. These odds can certainly move if the bookmaker doesn't take equal action on the two teams.
Note a draw is not possible if the point spread ends in half a point. One side will win the bet even if the game results in a draw if the point spread is not an integer.
The point spread evens the game up and induces more betting action on the event.
Parlay - a bet with two or more teams in which all teams must win or cover for the bettor to win and receive higher payouts.
Pick 'em - When neither team is favored. Also called a "pick" in sports betting terms.
Post Time - The Schedule starting time.
Press - to wager a larger amount than usual.
Price - Sports betting term for the odds or point spread.
Prop (Proposition) Bet - a special wager offered by the sports book on unique and various topics. These wagers can be on sporting events, politics, and even trial outcomes. The wagers use the money line format of pay off odds and might included who scores the first touchdown in the super bowl, who will win the next presidential election, or whether or not O. J. will be found guilty.
Puckline - giving odds of a goal spread instead of using a Canadian Line in hockey, where both a goal spread and money line are played.
Puppy - The underdog
Push - When the contest ends with no winner or loser for wagering purposes.
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