Canadian Betting Glossary – Betting Terms Explained (Slang)

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Find here a Canadian Betting Glossary where most betting terms are explained and even some slang is clarified for those who are new to sports betting.

Sports Betting Terminology

Odds:

  • Definition: The numerical representation of the likelihood or probability of a particular outcome occurring.
  • Example: The Toronto Maple Leafs may be odds of 2.0 to win their game

Outcome:

  • Definition: This refers to the final result or conclusion of a sporting event or competition on which bets are placed.
  • Example: The outcome of the game may be The Toronto Maple Leafs losing

Each Way:

  • Definition: This refers to a type of bet that combines both a winning bet and a place bet on the same selection. You place double your wager with half going onto the winning side of the bet and half going on the selection to place.
  • Example: In golf, an each-way bet combines a bet on a player to win the tournament with a bet on the player to finish within a specified range of places determined by the sportsbook. For instance, if you bet $20 on Golfer A to win at 11.0 odds (+1000) and place in the top 5 at 3.0 odds (+200), you would receive a payout if Golfer A either wins or finishes in the top 5.

Dead Heat

  • Definition: It’s when two or more competitors finish a race or event with an identical result, making it impossible to determine a clear winner between them. When a dead heat occurs, specific rules and procedures are followed to determine how the bets on those competitors are settled. The exact settlement procedure will differ depending on the sportsbook you have used and what sport the bet was placed on.
  • Example: generally dead heat rules are that you get half your stake on your bet or alternatively you get half the odds with the original stake. Both will result in the same payout

Rule 4

  • Definition: This refers to a deduction made from winning bets when there is a non-runner in a horse race. When a horse is withdrawn from a race after betting has already begun, Rule 4 is applied to adjust the odds and payouts for the remaining horses.
  • Example: you place a bet on Horse A to win at odds of 4/1. However, just before the race begins, one of the horses is withdrawn due to injury. The bookmaker then applies Rule 4 to adjust the odds and payouts. The revised odds for Horse A would be calculated by subtracting the Rule 4 deduction from the original odds. The size pof the rule 4 would differ depending on the odds of the withdrawn horse. For example, instead of 4/1, the revised odds might be 7/2.

Action

  • Definition: The act of placing a bet on a sports event.
  • Example: “I have some action on tonight’s hockey game.”

Bankroll

  • Definition: The total amount of money a bettor has set aside for betting.
  • Example: “It’s important to manage your bankroll wisely to avoid excessive losses.”

Bookmaker

  • Definition: A person or company that accepts and pays out bets on sports events.
  • Example: “I placed my bet with a reputable online bookmaker.”

Underdog (Dog)

  • Definition: The team or individual expected to lose a sports event according to oddsmakers.
  • Example: “The underdog in the match surprised everyone with a stunning victory.”

Book (Bookmaker)

  • Definition: The sports betting site where bets are placed.
  • Example: “I chose Bet365 as my bookie for these tournaments bets”

Bonus

  • Definition: Makes reference to the different sportsbook bonuses that you can get at betting sites. They are normally given when you sign up for the first time to a sports betting site and are normally represented with a percentage and the maximum amount of money you can get in extra bonus.
  • Example: “100% up to C$500 bonus”.

Bet Calculators and Betting Tools Terminology

Parlay Calculator

  • Explanation: A tool used to calculate the potential payout of a parlay bet, which involves combining multiple wagers into a single bet.
  • Example: “I used the parlay calculator to determine my potential winnings for a combination of three different bets.”

See more on Parlay Calculator.

Moneyline Converter

  • Explanation: A tool that converts moneyline odds into different formats, such as decimal or fractional odds.
  • Example: “The moneyline converter helped me understand the implied probability of my chosen team winning.”

Types of Bets Terminology

Point Spread

  • Definition: A bet where the favorite team must win by a certain number of points to cover the spread, and the underdog team can lose by that same number of points and still cover the spread.
  • Example: “I placed a point spread bet on the Toronto Maple Leafs, who needed to win by at least three goals to cover.”

Over/Under (Total)

  • Definition: A bet on whether the total combined score of both teams in a game will be over or under a specific number set by oddsmakers.
  • Example: “The over/under for the hockey game was set at 5.5 goals, and I bet on the over.”

Moneyline

  • Definition: A bet where you simply pick the team or individual you think will win the game or match.
  • Example: “I placed a moneyline bet on the Montreal Canadiens to win the hockey game.”

Check out the straight bet calculator.

Futures Bet

  • Definition: A long-term bet on the outcome of an event that will be determined in the future, such as the winner of a tournament or league.
  • Example: “I placed a futures bet on the Toronto Blue Jays to win the World Series.”

Prop Bet (Proposition Bet)

  • Definition: A bet on a specific aspect of a game or match, is not necessarily related to the final outcome.
  • Example: “I made a prop bet on the number of goals scored by a specific player in the hockey game.”

Live Betting (In-Play Betting)

  • Definition: Placing bets on a game or match while it is in progress.
  • Example: “I enjoy live betting because I can react to the game’s developments and make informed wagers.”

Other Relevant Betting Terminology

Vigorish (Vig or Juice)

  • Definition: The commission or fee charged by the bookmaker on losing bets.
  • Example: “The vig on that particular bet was quite high, so I decided to look for better odds.”

Push

  • Definition: A bet where the final result is a tie, and the bettor receives their original stake back.
  • Example: “The game ended in a tie, so my bet was a push, and I got my money back.”

Teaser

  • Definition: A type of bet where the bettor can adjust the point spread or total in their favor but must combine two or more selections.
  • Example: “I played a teaser bet on the football games, moving the point spread in my favor for both teams.”

Canadian Line (Puck Line)

  • Definition: A type of point-spread bet specific to hockey, where the favorite team must win by more than one goal, and the underdog team can lose by one goal and still cover the spread.
  • Example: “I bet on the Toronto Maple Leafs on the Canadian Line at -1.5, expecting them to win by at least two goals.”

Handle

  • Definition: The total amount of money wagered on a particular sports event or in a specific betting market.
  • Example: “The handle for the Super Bowl reached record-breaking numbers this year.”

Odds

  • Definition: The numerical representation of the likelihood of a particular outcome in a sports event.
  • Example: “The odds for the Toronto Blue Jays winning the game were 2.50.”

Unit

  • Definition: A standardized measurement of the size of a bet.
  • Example: “I usually bet one unit on each game, which represents 1% of my total bankroll.”

Line Shopping

  • Definition: The act of comparing odds and lines from different bookmakers to find the most favorable one.
  • Example: “I spent some time line shopping to ensure I got the best possible odds for my bet.”

Public Betting

  • Definition: The bets placed by the general public or recreational bettors.
  • Example: “The public betting heavily favored the home team, causing the odds to shift.”

Chalk

  • Definition: Slang term for the favorite in a sports event.
  • Example: “I decided to bet on the chalk, as they have been performing exceptionally well lately.”

Handicapper

  • Definition: An individual or service that analyzes sports events and provides predictions and recommendations for betting purposes.
  • Example: “I follow the advice of a professional handicapper before placing my bets.”

Steam Move

  • Definition: A sudden and significant shift in betting line or odds caused by heavy and influential betting action.
  • Example: “I noticed a steam move on the basketball game, which led me to adjust my bet accordingly.”