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The sports betting glossary
Every term in one clear sentence, an example, and the tool that goes with it.
- American odds
A price written with a + or a -: +150 is the profit on a $100 bet, -110 is what you must bet to make $100 profit.
Example+150 pays $150 profit on $100; -110 pays $100 profit on $110.
Odds converter ›- Best price
The highest price available for an outcome among the licensed sportsbooks of your province. On OufBet, it is highlighted on every game.
Odds comparison ›- Betting budget
The amount you decide to spend on betting before you start, like the cost of an outing, and stop at when it is gone. Betting is entertainment, never a way to make money.
Responsible gambling ›- Cash out
An offer from the sportsbook to settle your bet before the end of the event. Compare the amount with the hedge from our calculator and keep whichever leaves you more.
The guide ›- Closing line
The last price available before the game starts.
Odds on the move ›- Decimal odds
The total a bet returns for each dollar staked, stake included.
ExampleAt 2.50, a $10 bet returns $25: $15 profit plus your $10.
Odds converter ›- Favourite and underdog
The favourite is the side the market expects to win, with the lower price; the underdog has the higher price. In American odds, the favourite usually has a minus sign and the underdog a plus.
The guide ›- Fractional odds
The British way of writing a price: the profit compared with the stake.
Example10/11 is the same price as -110 and 1.91.
Odds converter ›- Futures
A long-term bet, such as the Stanley Cup winner or a season award. Your stake stays tied up until the market is settled, and the margin is much bigger than on a single game.
Futures ›- Hedge
A bet on the other side of a bet you already hold, to lock in a profit or get your stake back.
Example$100 at +400, other side at -200: hedging $333.33 wins $66.67 whatever happens.
Hedge calculator ›- Implied chance
The chance a price implies, margin included: 1 divided by the decimal price.
ExampleAt 1.91, the implied chance is 52.4%.
Odds converter ›- Licensed sportsbook
A sportsbook allowed to take bets in your province: listed in iGaming Ontario's directory in Ontario, on the Alberta iGaming Corporation's list in Alberta.
The guide ›- Live betting
Betting while the game is being played, at prices that change with the score and the clock.
The guide ›- Margin (vig, juice)
What the sportsbook keeps: the amount by which the implied chances of every outcome of a market add up to more than 100%.
Example-110 on both sides: the two chances add up to 104.8%, a 4.8% margin.
Odds converter ›- Moneyline
A bet on the winner of the game. In the NHL regular season, the standard moneyline includes overtime and the shootout.
Odds comparison ›- Odds movement
How a price changes before the game: a dropping price means the market sees that outcome as more likely than before, a rising price as less likely.
Odds on the move ›- Parlay
Several bets on one ticket: it only wins if every leg wins, and its decimal price is the product of the legs' prices.
ExampleThree legs at 1.91 make a price of 6.97.
Parlay calculator ›- Payout
The share of stakes a sportsbook returns to bettors on average on a market: 1 divided by the sum of the inverse prices. Higher is better for you.
Example-110 on both sides: a 95.5% payout.
Payout barometer ›- Player prop
A bet on one player's numbers in a game, such as a goal, points, shots on goal or a goalie's saves, whatever the final score.
The guide ›- Point spread
A handicap given to the favourite and the underdog to balance the bet: the favourite must win by more than the spread.
Example-3.5: the favourite must win by 4 points or more.
Odds comparison ›- Puck line
The NHL spread, usually -1.5 / +1.5 goals: the underdog at +1.5 wins the bet even if it loses by one goal.
The guide ›- Push
A result that lands exactly on a whole-number line: the bet is neither won nor lost. The sportsbook's house rules say how it is settled, including inside a parlay.
The guide ›- Same-game parlay
A parlay of several bets on one game. The legs are linked, so the price of the ticket can differ from the simple product of the legs.
The guide ›- Self-exclusion
Closing yourself off from betting for a set time. In Ontario, BetGuard covers every regulated site at once; in Alberta, the AGLC's Self-Exclusion Program covers every registered online gaming site.
The guide ›- Three-way market (1X2)
A soccer bet with three outcomes: home win, draw or away win. The draw is an outcome of its own.
Odds comparison ›- Total (over/under)
A bet on whether the combined score ends above or below a line. A line ending in .5 means a tie with the line is impossible.
ExampleOver 5.5 goals needs 6 goals or more.
Odds comparison ›
Betting is entertainment for adults only (19 and over in Ontario, 18 and over in Alberta).