Navigating the NFL betting landscape requires a firm grasp of the key terms and concepts. Below is a comprehensive list of terms and definitions that every bettor should understand, including the ever-popular “Las Vegas betting odds.”
Point Spread
The point spread is a figure set by sportsbooks to level the playing field between two teams with differing abilities, ensuring a more balanced betting experience. It represents the number of points by which the favored team is expected to win. For example, if a team is favored by -7, they need to win by more than 7 points for a bet on them to pay out. Conversely, the underdog team, designated as +7, would need to either win outright or lose by fewer than 7 points for a bet on them to be successful. This system allows bettors to wager on either team regardless of the perceived gap in skill or performance, adding excitement and fairness to the betting process.
Moneyline
The moneyline is a bet on which team wins the game, without any point spread involved. The odds are expressed as positive (+) or negative (-) numbers. A positive number indicates the potential profit on a $100 bet, while a negative number represents the amount you need to wager to win $100.
Over/Under (Total)
Commonly referred to as the “total,” this type of bet focuses on the combined final score of both teams. Sportsbooks determine a set number, and bettors predict whether the actual total will exceed or fall below that number.
Las Vegas Betting Odds
“Las Vegas betting odds” refers to the odds created by the sportsbooks based in Las Vegas, which are widely regarded as the industry standard for sports betting. Known for their accuracy and reliability, these odds are crafted by expert oddsmakers who analyze a wide array of data, including team performance, player statistics, injuries, and even public betting trends.
Las Vegas odds not only reflect the perceived likelihood of various outcomes but also aim to balance the betting action, ensuring equal appeal for both sides of a wager. This helps sportsbooks minimize risk and maintain profitability. These odds serve as a benchmark for sportsbooks nationwide and even globally, often influencing betting lines across different platforms. As a result, they play a critical role in shaping the sports betting landscape, guiding both casual bettors and professionals in making informed decisions.
Parlays
A parlay combines multiple bets into one, offering higher payouts but increasing the risk. All bets, or “legs,” within the parlay must win for the ticket to cash. For example, a three-leg parlay might include a point spread bet, a moneyline wager, and an over/under pick.
Futures
Futures are bets placed on events that will be decided in the longer term, such as which team will win the Super Bowl or which player will be named MVP. These bets typically offer high payouts but come with increased uncertainty.
Teasers
A teaser allows bettors to modify the point spread or total in their favor by a set number of points, typically 6, 6.5, or 7, making it easier for their chosen outcomes to win. For example, you can “tease” a spread from -7 to -1, significantly increasing the chances of covering the spread, though this adjustment comes with reduced payouts compared to standard bets. Teasers often include multiple games, similar to parlays, and all selections within the teaser must win for the bet to pay out. While they offer more favorable odds for each leg, the lower payouts and the all-or-nothing nature of teasers make them a strategic choice for seasoned bettors.
Push
A push occurs when the result of a bet lands exactly on the point spread or total. In this case, no one wins or loses, and the wager is refunded. For example, if the point spread is -3 and the favorite wins by exactly 3 points, the bet pushes.
Juice (Vigorish)
The juice, also known as the vigorish or “vig,” is the commission sportsbooks charge for accepting bets. It’s typically built into the odds, such as betting $110 to win $100 on a standard spread.
Live Betting (In-Game Betting)
Live betting allows you to place wagers during the game itself. Odds and lines adjust in real-time based on the current state of the game, providing dynamic opportunities for bettors.
Public Betting Trends
Public betting trends show the percentage of bets placed on each side of a wager. While not always indicative of the outcome, understanding these trends can help identify “sharp money” (bets placed by professional bettors) versus “square money” (bets from casual bettors).
ATS (Against the Spread)
A team’s ATS record refers to how often they cover the point spread.
For example, if a team is 8-4 ATS, it means they have covered the spread in 8 of their 12 games.
Chalk
“Chalk” is a term for a heavy favorite in a game. Betting on the chalk means wagering on the team that is expected to win.
Hedging
Hedging is a strategy used to minimize potential losses by placing a new bet against your original wager.
For example, if you bet on a team to win a futures bet, you might hedge by placing a smaller bet on the opposing team in the final game.
Closing Line
The closing line is the final set of odds or point spread available before the game begins. Sharp bettors often compare the opening line to the closing line to gauge market movement and identify value.
By understanding these terms, you can make more informed decisions and enjoy a more rewarding NFL betting experience.
