Have you ever walked around in a casino and heard a lot of terms that players used which you just couldn’t understand. They were probably using gambling lingo which is pretty much universal. Here are some of the most important terms you should know if you want to become a regular at casinos.
Action: Bets which are still live, meaning that the outcome of the game is not yet revealed.
Arbitrage: When a players bets on the same sporting event at different sports bookies in an effort to lock in a profit by taking advantage of different betting lines.
Bad beat: A very heartbreaking betting loss which is usually characterized by very bad luck. This is a term which is especially used in poker when a player loses a hand which he should have statistically won.
Board: A visual representation of all the games and events which are available for betting in a sports book. If you can place wagers on a game it is on the board, if not it is off the board.
Circled Game: A game in which the sports betting firm has reduced its betting limit. This is usually due to weather or the uncertain status of injured players.
Fade: When a player takes the other side of another bettor’s wager.
Freeroll: A bet that can be won or pushed but never lost.
Futures: This is a type of wager that involves the outcome of a season or how a particular player or team will perform over the course of that particular season.
Handicap: When you try to study and research sports in an effort to make predictions on the results of upcoming games and events.
Hedge: When a player makes a bet that is the opposite side of his original position, usually in an effort to reduce risk of losing.
House: The casino, sports book or bookmaker.
Limit: This is the maximum wager that a sports book will accept on a single bet.
Lock: This refers to a bet which cannot be lost. Most often than not this term is misused and abused by some players.
Money Management: A strategy used by veteran gamblers for making the most of their bankroll.
Overlay: A certain situation in which the odds are favorable to a very smart bettor.
Parlay: A bet in which two or more events have to happen in order to win; if one of them does not happen the bet will be lost.
Power rating: A number which tries to represent a team’s strength in order to help bettors.
Square: A newcomer or casual bettor who still has a lot to learn.
Underdog: A team or a player that according to the odds is clearly the weaker one in the match. This means that any bets placed on an underdog will have huge odds in case of a win.
Vigorish: The commission that will usually go to the bookmaker.