This glossary covers the most common betting terms you will see across sportsbooks and inside LVLup. Understanding these concepts will help you read the data more confidently and make smarter betting decisions.
Betting Lines and Types
Action
When a bet is considered live or active. If you have “action” on a game, it means your wager is valid and will have a result.
Moneyline
A simple bet on which team will win the game. The odds determine how much you win based on the amount wagered.
Same Game Parlay
A bet that combines multiple outcomes within a single game, such as “Player A over 20 points” and “Player B over 5 rebounds.”
Point Spread
A line that adjusts the margin between teams.
-6.5 favourite: must win by 7+
+6.5 underdog: can lose by up to 6 or win outright
Over/Under (Total)
A bet on whether the combined score or stat total will be higher or lower than the line set by the sportsbook.
Parlay
A bet that links multiple wagers together. All must win for the parlay to pay out. Parlays offer higher potential returns but also higher risk.
Player Prop Bet
A wager on specific events tied to player stats within a game, such as a player’s number of assists or total touchdowns.
Future Bet
A long-term wager on an outcome that will be decided in the future, such as a team winning the championship.
Live Betting
Placing bets during a game while it is still in progress. The odds adjust in real time based on what is happening in the match.
Market
The stat or category you’re betting on (e.g., points, assists, rebounds).
Line
The number set by the sportsbook for a bet. It represents the threshold you are betting over or under (for player props or totals) or the margin a team must cover (for point spreads).
Examples: O/U 23.5 points, -6.5 spread, Over 7.5 rebounds.
Line Movement
When sportsbooks adjust a line or odds based on betting volume or new info.
Odds and Payouts
Odds
Odds show how much you win based on your stake and how likely the sportsbook thinks an outcome is.
American odds:
Negative (e.g., -110): Risk that amount to win $100.
Positive (e.g., +150): Win that amount on a $100 stake.
Decimal odds (e.g., 1.80, 2.50): Multiply your stake by the decimal number to get your total payout (including your stake).
Odds are used to calculate implied probability and payouts.
Implied Probability
The sportsbook’s estimated chance of an outcome based on the odds.
Juice/Vigorish/Vig
The built-in sportsbook fee that ensures the house has an edge (often seen in the 1.9 or -110 standard lines).
Push
When a bet ends in a tie. The original wager is refunded.
Hedging
Placing a second bet that offsets risk on your first wager. Often used to secure some profit or limit losses.
Betting Strategy
Unit
A standard measurement of bet size. For example, if one unit equals $10, a “2-unit” bet means you are wagering $20. Units help track results consistently without disclosing exact amounts.
Confidence
A measure of how strong a bet is. In LVLup, this is built into the LVLup Score, which factors in EV, sample size, matchup context, and more.
Hit Rate
The percentage of times a specific type of bet or player prop has won over a given period. A high hit rate can show reliability, but does not always mean profitability.
Example: 12 hits in 20 games = 60% hit rate.
Expected Value (EV)
The mathematical expectation of a bet’s long-term return. A positive EV means that over time, similar bets should yield profit. A negative EV suggests the opposite.
Bankroll Management
A betting strategy that involves managing how much you stake on each wager to avoid large losses. Effective bankroll management protects against variance and emotional betting.
Kelly Criterion
A formula used to determine the optimal bet size based on edge and bankroll. It helps maximize long-term growth while minimizing the risk of ruin.