Important terms to know when betting on sports
Sports betting has become pretty prevalent since it was legalized in Canada. However, most avid sports bettors have been using off-shore accounts prior to it becoming legal. Once it became legal, there was an influx of new bettors who were curious to test the market. The problem is, gambling can be addictive and can lead to losses if you don't take the time to learn. Similar to stock options, you can lose a lot of money quickly without proper research.
The aim of this section is to focus on learning about betting, terminology, strategies, risk management, unit betting and other important factors to become a profitable bettor. The first thing to know is terminology. Know what you're betting, how you're betting and what the outcome needs to be for to win. Here are some key terms to know in the world of betting.
Moneyline (ML): team to win the game, including overtime and shootout.
Regulation ML (60-min ML): team must win in regulation time (60 mins) – no OT or shootout.
Puckline (PL): If -1.5, team must win by 2 or more goals. If +1.5, team must not lose by more than 1.
Over (O): Team or player must accrue more than the number specified in the bet (used for goals, points, shots, saves).
Under (U): Team or player must accrue less than the number specified in the bet (used for goals, points, shots, saves).
Straight Bet: A bet placed on any singular outcome. Not a parlay.
Parlay: Picking multiple outcomes in one bet. ALL outcomes must be correct to win. These are enticing to play as the odds are increased, but are more likely to lose. The way to build a betting account is with straight bets.
Negative Odds: Team is the favourite. Example: -250
Positive Odds: Team is the underdog. Example: +175
Bankroll: The amount of money in your betting account.
Unit (U): the amount of money used to bet based on your bankroll – this is your position size. Most bets will be 1U. A unit shouldn't be more than 5% of your account. Based on the confidence in the bet, you can scale up to 2U or down to 0.5U on any bet.
This term list is just the beginning. The most important terms to know. Familiarizing yourself with betting terms is a good starting point. This will make learning strategies and risk management easier.