6 Sports Betting Terms You Need to Know
The Professional and Amateur Sports Protection Act (PASPA), introduced in 1992, effectively banned regulated sports betting in all states with the exception of Nevada. However, thanks to a case brought to the Supreme Court by the State of New Jersey in 2018, the PASPA was ruled unconstitutional. This opened the door for other states to legalize sports betting.
Since then, 17 other states have legalized sports betting and numerous others have passed legislation or have active sports betting bills. Only three states — Wisconsin, Idaho, and Utah — have yet to make any push to implement regulated sports betting markets.
In excess of $20 billion worth of bets have been placed with US sportsbooks since PASPA was ruled unconstitutional. Moreover, media companies like the Score, Barstool Sports, and Fox have already or intend to launch their own branded sportsbooks. Given the ubiquity of sports betting, sports fans should familiarize themselves with these six terms.
1. Moneyline
The moneyline is a straight-up bet that simply allows the bettor to select the outright winner in a game. Outcomes receive odds based on how likely the sportsbook feels they are to occur, and there’s both a favorite and an underdog.
For example, odds can be listed as (-175) for one selection and (+155) for the other. Signified by the minus sign, the former is considered the favorite and the bettor must bet $175 to win $100 for a total payout of $275.
However, when betting on the underdog, bettors earn the value after the plus sign on a $100 wager, i.e., $155 on a $100 bet in the aforementioned scenario. Betting on the underdog, then, can be more profitable if successful.
2. Point Spread
In addition to the moneyline, sportsbooks often set a point spread in individual games to determine the favorite and underdog. The idea of a point spread is to level the playing field between two teams wherein one might be superior to the other.
In this instance, the team that is favored to win might have a (-6.5) point spread. The underdog, meanwhile, would have a (+6.5) point spread. Individuals bet against the spread depending on what they think is the most likely outcome.
Consider the Cincinnati Bengals (+6.5) are playing the Baltimore Ravens (-6.5) in the NFL. If an individual places a bet against the spread (ATS) on the Bengals, they would be successful as long as the Bengals were within six points of the Ravens, i.e., a 20–14 victory by the Ravens would actually be an ATS win for the Bengals. Naturally, a Bengals victory would also be an ATS win. Conversely, the Ravens would need to win by at least 7 points to cover the spread.
3. Backdoor Cover
In simplest terms, a backdoor cover occurs when a team, whether a favorite or underdog, covers the spread via a late score without affecting the outcome of the game itself. Considering the aforementioned example of a 20–14 win by the Ravens over the Bengals, it would be a backdoor cover for the Bengals if they trailed 20–7 but scored a touchdown with a minute left to make the final score 20–14.
One of the most significant backdoor covers in the 2020 NFL season was a 23–17 loss by the Philadelphia Eagles to the Seattle Seahawks, who were (-6.5) favorites. The Eagles trailed 23–9 and scored a touchdown with 20 seconds left to make it 23–15.
If they would have kicked an extra point to make it 23–16, they still would have had an opportunity to tie the game on a score if they recovered the onside kick. Instead, they successfully completed a two-point conversion to make it 23–17. They still lost the game, but covered the spread. This decision, which had no impact on the outcome of the game, cost one bettor $500,000.
4. Push
Sometimes sportsbooks set spreads at an even number, i.e., 6 as opposed to 6.5. It is considered a push when the outcome of a particular game matches the line offered by a sportsbook.
For instance, if a basketball team is favored by 10 points and wins by exactly that margin then a push occurs and the bettor receives their wager back. Some sportsbooks, however, consider a push a victory for the house.
5. Over/Under
Sometimes referred to as game total odds, the over/under is a betting line for the total number of runs, goals, or points scored between both teams in a particular game. If a sportsbook sets the over/under of a baseball game at 12.5 runs, the bettor can select whether he or she thinks the total amount of runs will be over or under that figure.
6. Parlay
Bettors can often multiply their potential winnings by betting on two or more games with a single bet. The resulting payout is determined by multiplying the original wager by the odds associated with each selection. All bets must be correct for a payout. Bets that result in a push are voided.
