If you are looking to become a successful bookie you need to know that there is much to learn, but one thing that will immediately make you sound far more experienced when talking to anyone who either bets or takes action is to know the terms bookies use. Below are a few pay per head vocabulary basics you’ll want to know right away.
Action – A wager of any kind made by a sports bettor with a bookie.
ATS – Bets made against the point spread rather than with the point spread, which would involve you taking points when placing your bet.
Beard – Any person who places bets for someone else and who is specifically trying to conceal the identity of the person who is actually betting the money.
Chalk/Chalk Player – A chalk refers to the favored team in any match-up, and a chalk player is someone who is known for always taking the favored team, no matter what.
Circled Game – When a game is expected to have reduced action as a result of injuries, bad weather, or anything else that causes bettors to shy away from gambling on it. These games usually cannot be included in parlays or teasers.
Cover – When a team is able to win and beat the point spread.
Data Mining – When a large amount of data is used to find a profitable bet.
Dime – The slang term for a $1,000 wager.
Even Money – A bet where the odds are 1/1; also a bet where there is no vig or juice added.
Exotic – A bet that doesn’t fit in with the commonly laid bets. Basically anything other than a straight bet or a parlay qualifies as an exotic.
Exposure – The maximum amount of money that a sports book will be able to lose on a game, usually the sum of the action if all bets pay off (even if they offset each other).
Hedging – When you (or your clients) use offsetting bets to reduce their exposure.
Hot Game – A game that has a lot of action on it or that is being closely followed.
Juice – The commission for the bookmaker on a bet, also known as the vig.
Layoff – A bet made by the house with another bookmaker to reduce the overall liability of their book. This is often used if you are taking lopsided action that you can’t offset otherwise.
Long Shot – A bet that has a very low probability of paying off, but that will pay off in a big way if it is hit.
Move the Line – When a bookie gives points to a bettor in order to give them slightly better odds on a game. Often used for new bettors or particularly profitable ones.
Nickel Line – A bet that only takes 5% juice.
No Action – A sports bet where no money changes hands.
Outlaw Line – Lines that are available earlier and often reserved for a special class of bettors.
Pick’em – When neither team is especially favored in a game.
Sharp – A sophisticated gambler.
Square – A gambler who is new to betting.
Vig – The amount of money taken by the bookie, often a percentage of the bet amount, as payment for taking action.
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