Digital is both the present and the future and a silver lining to the pandemic is how it expedited the use of all forms of digital properties like digital sportsbooks.
More people are now turning to digital sports betting as both a hobby and a secondary source of income. Indeed, there is no shortage of legitimate online betting sites with the best digital features.
The continued legalization of sports betting in hot markets like the USA has pushed the top digital sportsbooks to promote across many platforms.
Now is a great time for even casual sports fans or hobbyists to get into digital sports betting. But first, review the basic information.
The must-know digital sports betting terms and concepts
Before getting into digital sports betting, familiarize yourself with the key terms, concepts, and the lingo that you will come across often in this online world.
An app, short for “application”, is a software program used on any kind of device from computers to smartphones. The popular connotation for app applies to mobile device apps.
Some digital sportsbooks have mobile betting apps.
The bankroll is the total amount of money a bettor has in their sportsbook account.
Most digital sportsbooks reward players with a “bonus”. This is usually a deposit or a sign-up bonus where they will give extra cash based on how much the player deposits.
Betting lingo that indicates the favourite in an event. It can be used as both a noun and a verb. It originates from the older era when odds were written on chalkboards and bettors usually took the favourites.
“Betting the chalk” means betting the favourite.
The odds when the betting line closes.
Also known as “European odds”, decimal odds are odds that show as decimals. This is simpler to calculate for bettors as they can simple do: bet x odds to determine their potential winnings.
Early cash out
Bettors can cash out early before the event is over. This is usually done to lock in winnings at a smaller value than to wait it out and receive the bigger pay.
A term that signifies a 1:1 bet ratio meaning the bettor wins exactly the amount they wager. If $100 is wagered, $100 is won. This can also manifest as +100 on the moneyline.
Betting odds that are popularly in the UK and Ireland, these odds are listed as a fraction like “1/5″ or “4/1”.
Futures are a type of prop bet that predicts the outcome of an event that has yet to happen – usually far away like several months or years. A futures bet includes predicting the next World Cup winner or even the next US President.
A hedge is when a bettor bets against the original bet they made to either reduce their risk or guarantee a profit.
Also known as “In Play” betting, live betting is done by placing a bet on a game or event that is taking place.
This is the mobile version of a sportsbook or betting site and applies on devices such as smartphones and tablets. Most of the best sportsbooks have a mobile site that is seamless and easy to use.
Also known as “American odds”, these are odds displayed with a “+” or “-”. A “-” indicates a favourite and how much needs to be wagered to win $100. So if Wings Gaming is a “-200”, it means a $200 bet will return $100.
Conversely, a “+” indicates the underdog and shows how much is when wagering $100. If TNC Predator is “+150”, it means $150 is won when wagering $100.
The opening line is the first odds to be posted.
Also known as an “Accumulator”, this is a single bet that combines two or more bets into one. Each bet in an accumulator must win for this to cash. The purpose of accumulators is to increase your payout.
An event where both competitors are lined the same or are “50/50”.
A famous pick’em event is whether the Super Bowl coin toss will be heads or tails.
Also known as “props” or “exotic wagers”, prop bets are bets on individual players or outcomes within the game. These include bets like “how many homeruns will an MLB player score” or “how many touchdowns will a quarterback throw”.
A push is when the bettor receivers their money back because their wager landed exactly on the line the sportsbook offered. This usually happens during point spreads.
If the point spread is “-10” for the Los Angeles Lakers to win and they won by exactly ten points, this is a push.
Short for “return on investment”, this is a finance term to indicate the probability of an investor gaining a return on an investment. It thus applies to sports betting.
To calculate ROI: (Investment gain – Investment cost) / cost of investment
Also abbreviated as “SU” sometimes, straight up means to bet a competitor to win the event without any point spreads or extra conditions.
Often shortened to “dog” in betting lingo, this is the team or player that is not expected to win. Underdogs return a bigger payout than favourites.
A betting unit is the term for a typical wager and does not denote the specific amount of cash. Each bettor has different-sized units similar to how they have different-sized bankrolls.
Betting units are usually, but not always, a percentage of the bankroll.