Sports Betting Glossary

Odds #

The ratio between the stake and the potential payout, reflecting the estimated probability of an outcome.

Decimal odds #

The most common format outside the US: the total payout (stake included) per dollar wagered.

American odds #

Format shown as + or -: profit on a $100 stake (positive) or the stake needed to win $100 (negative).

Implied probability #

The probability suggested by a price, calculated as 100 divided by the decimal odds.

Value bet #

A bet whose implied probability is lower than your own genuine estimate of the chance it wins.

Vig (juice) #

The bookmaker's built-in margin, which makes the sum of implied probabilities exceed 100%.

Single bet #

A bet on one selection only.

Parlay (accumulator) #

A bet combining several selections that must all win; the odds multiply together.

Single-game betting #

Betting on the outcome of one match alone, legal in Canada since 2021.

Moneyline #

A bet on a match's straight-up winner, regardless of the point margin.

Spread (handicap) #

A point margin applied to one team to balance the two sides of a bet.

Total (over/under) #

A bet on whether the combined total from both teams will be above or below a set line.

Live (in-play) betting #

Betting placed while the event is underway, at odds that update in real time.

Cash out #

Locking in a profit or limiting a loss before a match or bet finishes.

Free bet #

A betting credit offered by the operator; net winnings usually exclude the stake itself.

Wagering requirement #

The number of times an amount must be wagered before bonus-linked winnings can be withdrawn.

Bet contribution #

The share of each stake that counts toward the wagering requirement, depending on bet type.

KYC #

Identity verification ("know your customer") required by the operator, usually before the first withdrawal.

Offshore licence #

Authorization issued by an authority outside Canada, under which non-provincial operators run.

Deposit limit #

A cap on deposits you set yourself, per day, week or month.

Self-exclusion #

A tool that blocks your access to an operator for a period you choose.

Market #

The type of bet offered on an event — winner, total, handicap, goal scorer, and so on.

Esports #

Professional video game competitions (CS2, Dota 2, League of Legends, etc.) that can be bet on like a traditional sport.

Prediction market #

A two-outcome (Yes/No) bet on a real-world event — crypto, culture, economy, geopolitics — with odds that move as money comes in on either side.

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