We are sure that you are seeing many different gambling terms when playing at online casinos and sports betting sites. Whether you are playing in a casino like VulkanVegas or placing a bet on your favorite team, you need to learn the meaning of these terms. While the meanings of some terms are clear, some of them are not. It is very difficult to predict what they are used for, and if you have no idea what they mean, you are more likely to make a mistake. That’s why we created this glossary: below, you can see the weirdest gambling terms and their meanings.
Bad Beat: This term is used in both sports betting and poker. Simply put, it means losing in a situation where you are expected to win (where you have a very high probability to win). For example, when playing poker, the last card can lower the value of your whole hand or you lose a bet due to a goal scored in the last minute of the match – both cases are a “bad beat.” We don’t know why it’s called bad beat instead of “bad luck.”
Beard: People who bet on someone else’s behalf are called a beard, and this term is also known as “runners.” If you are banned from a particular bookmaker, you can use someone else to bet on your behalf. As you can imagine, this is a term used only in land-based gambling: in online gambling, you can simply open a new account at a new casino.
Bookmaker: You probably know that this term refers to the person who offers and accepts your bets. But do you know why they’re called “bookmakers”? The reason for this is a practice that started in the 18th century: in those years, people who offered bets would record the odds they set for each match in a large notebook and put it on their stalls. The bettors could see the offered odds by examining this book. In time, they started to be called “bookmakers,” and this practice still continues in physical betting shops.
Chalk: The term used for the favorite team/player in a match. In addition, bets placed in favor of the favorite team/player are called “chalking.”
Dime: A single bet worth 1,000 EUR/USD.
Dog: Short for“underdog.” The team or player that is not expected to win the match is called an underdog.
Dollar: A single bet worth 100 USD. It is often one of the most misused terms. For example, a “3 dollars bet” means a $300 bet in the gambling industry.
Even Money: Bets that pay 1:1. So if you bet 10 EUR/USD, the payout will also be 10 EUR/USD, which means the odds are equal.
Fixed Game: Fraudulent game where the result is predetermined.
Handle: The total bet amount wagered for a specific match. It shows the total amount of money the bookmaker has collected for that game.
Handicap: Bookmakers give “plus” and “minus” points to teams that are expected to win and lose a match. The underdog gets plus and the favorite gets minus points. For example, if a bet with -2.00 handicap points is offered for Team A, it means that Team A is supposed to win the match by at least two points difference – it just isn’t enough to win the match. Likewise, a handicap with +2.00 points means that the bet can still be won as long as the underdog team does not lose the match by more than 2 points.
Juice: Also known as “vig.” It is the commission of bookmakers and determines how much they earn from the bets. It is the equivalent of the term “house edge” in casinos in sports betting. It is usually 10% for land-based bets and less for online bets (usually between 5% -7%). Whatever the outcome of the match, the bookmaker will make this amount of profit.
Money Line: The most basic type of bet on which team will win a match.
Nickel: A single bet worth 500 EUR/USD.
Oddsmaker: The person who determines the odds offered by the bookmaker. Until the end of the ’90s, this work was done by experts. Computer programs are used today.
Parlay: Also known as “accumulator.” It means placing multiple bets on a single betting slip. All selections in the slip must win to win this bet. It can also be shortened to “Accu.”
Sharp: The term used for professional sports bettors. These people earn their living by betting, so that’s their only job. They are also known as “wiseguys.”
Square: The term used for casual gamblers.