EVKINGS ACADEMY
Betting Terminology
Master the language of the markets. Understand the math and terminology behind every professional +EV wager.
A-E
- American Odds: Odds format starting with a (+) or (-). (+) shows potential profit on a $100 stake; (-) shows how much you must wager to win $100.
- Arbitrage (Arb): Placing bets on all possible outcomes of an event across different sportsbooks to guarantee a profit regardless of the result.
- Bankroll: The total amount of money a bettor has set aside specifically for wagering.
- Decimal Odds: Common in Europe and used by EV Kings; represents the total payout (Stake x Odds). For example, a $100 bet at odds of 2.50 returns $250. → Use Odds Converter
- Expected Value (EV): The mathematical calculation of the potential profit or loss of a bet over the long term. → Calculate your EV
F-L
- Fractional Odds: Traditional UK odds format shown as a ratio (e.g., 5/1), representing the profit relative to the stake.
- Hedging: Placing a bet on the opposite side of an original wager to reduce risk or lock in a guaranteed profit.
- Implied Probability: The percentage chance of an outcome occurring as suggested by the bookmaker's odds. → Convert to Probability
- Kelly Criterion: A mathematical formula used to determine the optimal size of a series of bets to maximize bankroll growth. → Open Kelly Calculator
- Leg: A single individual bet that forms part of a parlay (combo bet).
M-R
- No-Vig Odds: The "fair" odds of an event after the bookmaker's profit margin (the "vig") has been removed. → Find True Odds
- Parlay: A single bet that links together two or more individual wagers; all "legs" must win for the parlay to pay out. → Build a Parlay
- ROI (Return on Investment): The percentage of profit or loss relative to the total amount wagered.
S - Z
- Stake: The amount of money placed on a single bet.
- Turnover: The total volume of money wagered over a specific period of time, regardless of the outcome. → Predict your Turnover
- Value Bet: A situation where the probability of an outcome is higher than the probability suggested by the bookmaker's odds.
- Variance: The natural "swings" in betting results; the difference between expected results and actual short-term outcomes.
- Vig (Vigorish): Also known as the "juice" or "hold"—the fee or commission a bookmaker charges for taking a bet.
Advanced Betting Abbreviations
- CLV (Closing Line Value): A measure of how your bet compares to the final odds offered by the bookmaker before an event starts. Consistently beating the closing line is a primary indicator of a long-term winning strategy.
- PnL (Profit and Loss): The total net return of your betting activity over a specific period, calculated by subtracting total stakes from total payouts.
- ATS (Against the Spread): A term used when betting on a team to cover the point spread rather than just winning the game outright.
- ML (Moneyline): A straightforward bet on which team or athlete will win the event, without any point spreads involved.
- Units: A standardized measurement of bet size relative to a bankroll allowing bettors to track performance regardless of their total capital.
- Juice: Another term for the Vigorish or "Vig"—the commission charged by the sportsbook on every wager.
- Flat Betting: A strategy where a bettor wagers the exact same amount on every game, regardless of the perceived edge or confidence level.
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