Betting Concepts

Essential terminology and concepts every sports bettor needs to understand.

Vig (Juice/Hold)

The sportsbook's built-in commission on bets.

The probability of an outcome as implied by betting odds.

The win rate needed to break even at given odds.

The average profit or loss per bet over the long run.

The total money set aside specifically for betting.

A standardized bet size based on your bankroll.

A formula for optimal bet sizing based on edge and odds.

Short-term results deviating from expected outcomes.

When outcomes of different bets are statistically related.

How your bet compares to the final line before the game starts.