Betting Lingo

I assume some of you already know the terms, but here's a thumbnail description of the key words that get bantered around each day:

VIG: The edge we give to the house for the right to make a bet. Usually in even or pick 'em events you lay $5.50 to win $5, or $6 to win $5, etc.

HOUSE: The bookie or Sportsbook.

VEGAS LINE: The official line from Vegas that sets the spread on each game.

DOG: The underdog in a betting event.

FAVORITE: The line maker’s opinion of the best team. You lay points in football and hoops. In the case of baseball you lay extra money.

PICK 'EM: Teams that are considered evenly matched. You pick either team or lay $5.50 to win $5.00.

YANKEES 6 7: Yankees are playing Boston. Favorite is always listed first. fn this case, if you like the Yanks, you lay $7 to win $5. If you like Boston, you bet $5 to win $6.

DODGERS 7 8: Dodgers vs. Mets. If you bet Dodgers, you lay $8 to win $5. If you like the Mets, bet $5 to win $7.

ATLANTA 8 1/2 2: Atlanta vs. Cubs: If you bet Dodgers, lay $10 to win $5, which is 2 to 1. If you like Cubs, bet $5 to win $8.50.

NOTE: The line lists favorites first. Base every bet as a time or a $5 bet. The lay amount is listed last. Suppose you saw Mets (E 6) vs. Giants. Mets are the favorite and if you bet them, you lay $6 to win $5, or $60 to win $50, etc. If you like the dog (Giants), it is E (even). You bet $5 to win $5, or $100 to win $100 or whatever.

PARLAY: A bet containing 2, 3, 4 teams. You must win all games. Your initial bet is parlayed over the number of teams in your parlay.

ROUND ROBIN: Three teams in a single bet. Let's suppose you bet a $20 Round Robin with teams A, B, C. You have a $20 Parlay on A & B, $20 Parlay on A & C, $20 Parlay on B & C. (These type bets will be explained shortly.)

TEASER: A two, three, or four team bet where you get 6 points per game, but must win all games.

LOCK: Sports touts term for a game that CAN'T lose. Usually loses 60% of the time.

MIDDLE: In football or basketball: you could have one team laying 3 points, its opponent getting 6 and you hope the score ends in the middle and you collect both wagers.

BEARD: A person, usually in Vegas, who'll put a bet down for you.    

KEY NUMBERS: In football, a high percentage of games end up with a point difference on several key numbers: 3, 4, 6, 7, 10, 13, and 14. With 2 point conversion rule, this has somewhat lessened.

OVER/UNDER: My favorite way of betting sports. The bookie puts a number on a game, for example 37 in football or 196 in hoops or 7 1/2 in baseball. You bet over or under that number.

FUTURES: In the beginning of each major sports season, Las Vegas takes every team and applies a number. For example in football, San Diego gets an 8. You bet $5.50 to win $5 that San Diego will win more that 8 games or less. Ties push!

These are just a handful of terms. In upcoming chapters I'll expand on the explanations but I think you catch the basic idea.