60 terms
Sports Betting Glossary
Every betting term you'll see at an Iowa sportsbook, explained in plain English. Jump to a letter with the navigation below, or search the page (Ctrl+F).
A
- Action
- Any bet that has been placed. "I have action on the Hawkeyes" means you have a live wager on that game.
- American Odds
- The default odds format at US sportsbooks. Negative numbers (-150) mark the favorite; positive numbers (+130) mark the underdog. -150 means risk $150 to win $100; +130 means a $100 bet wins $130.
- Arbitrage (Arb)
- Placing bets on every possible outcome at different sportsbooks where the combined odds guarantee a profit. Rare in practice and limit-busting at most operators.
- ATS (Against the Spread)
- Performance measured by point spread, not by win-loss. A team that is 8-2 ATS has covered the spread eight times in ten games regardless of how many they won outright.
B
- Bad Beat
- A bet that should have won but lost due to a late, unusual or improbable outcome. The classic example: a meaningless score in the final seconds that flips the cover.
- Bankroll
- The total amount of money you have set aside for sports betting. Smart bettors never wager more than 1-2% of bankroll on a single bet.
- Beard
- A person who places bets on behalf of another to disguise the true source of the money; usually because the original bettor is limited or banned at that book. Illegal under most operator terms.
- Bonus Bet
- A staked bet credited by the sportsbook (typically from a welcome offer) where you keep the winnings but not the stake. Replaced the older term "free bet" at most US operators.
- Book (Sportsbook)
- The operator that accepts bets. Iowa has 17 licensed online sportsbooks plus 19 retail locations.
C
- Cash Out
- Settling a bet before the event ends, accepting a payout below the original possible win in exchange for locking in some profit (or limiting a loss).
- Chalk
- The favorite. "Betting chalk" means backing favorites. "Chalk eaters" are bettors who only bet heavy favorites.
- Closing Line Value (CLV)
- The difference between the line you bet and the line at game time. Beating the closing line consistently is the strongest single predictor of long-term profitability.
- Cover
- A favorite "covers" by winning by more than the spread; an underdog "covers" by losing by less than the spread or winning outright. A Hawkeyes -7 favorite covers by winning by 8+ points.
- Cy-Hawk Trophy
- The annual football game between the Iowa Hawkeyes and Iowa State Cyclones; Iowa's biggest local betting event. See our full Cy-Hawk Trophy betting guide.
D
- Decimal Odds
- Alternative odds format showing the total payout per $1 staked, including the stake. 2.50 decimal = +150 American. Most Iowa sportsbooks let you switch to decimal in settings.
- Dog (Underdog)
- The team or side not expected to win. Underdogs are listed with positive odds (e.g. +180) and either positive point spreads (+7) or both.
E
- Edge
- A bettor's advantage over the sportsbook on a specific wager, expressed as a percentage. A +5% edge means you expect to win 5 cents for every dollar wagered over a long sample.
- Even Money
- Odds of +100 (or -100). A $100 winning bet returns $100 profit.
F
- Favorite
- The team or side expected to win. Listed with negative moneyline odds and a negative point spread (e.g. Chiefs -7 at -110).
- First-Bet Refund
- A welcome bonus structure where your first wager is refunded as bonus credit if it loses. Common at Iowa books like BetMGM and Caesars.
- Futures
- A long-term bet on a season-long outcome; Super Bowl winner, NBA MVP, Big Ten Champion. Money is tied up until the market resolves. See our futures guide.
G
- Geolocation
- The technology Iowa sportsbooks use to verify that a bettor is physically inside Iowa at the moment of each wager. Required by IRGC regulation.
- Grand Salami
- A wager on the total combined goals or runs scored across all of a day's NHL or MLB games. Most common in hockey.
- GGR (Gross Gaming Revenue)
- The amount sportsbooks keep after paying out winners. Iowa taxes operators at 6.75% of GGR; tied with Nevada for the lowest rate in the US.
H
- Handle
- Total amount wagered. Iowa monthly handle hit a record $321.0M in November 2025.
- Hedge
- Placing a second bet on the opposite outcome of an active wager to lock in profit or limit loss. Common with live futures tickets going into a final game.
- Hook
- The half-point on a spread (e.g. -7.5 vs -7). It eliminates the possibility of a push and forces a winner. "Buying off the hook" means moving the line for a worse price.
I
- Implied Probability
- The win probability that the odds suggest. -150 implies a 60% chance; +150 implies a 40% chance. Total across both sides exceeds 100% due to the sportsbook's vig.
- IRGC
- The Iowa Racing and Gaming Commission; the state regulator that licenses operators, audits finances and handles consumer complaints. See Iowa betting laws.
J
- Juice (Vig, Vigorish)
- The sportsbook's built-in margin on a wager. -110 on both sides of a spread means you risk $110 to win $100; the extra 10% is the juice.
K
- Key Numbers
- Common winning margins in a sport. NFL key numbers are 3, 7, 6, 10 and 14; many games land on these. Buying through a key number is rarely worth the worse price.
L
- Limit
- The maximum amount you can bet on a single market. Sharp shops post higher limits; recreational books post lower ones and may limit profitable bettors aggressively.
- Line
- The point spread, total or moneyline posted by the sportsbook. Lines move based on action and news; "line shopping" means comparing across operators.
- Line Movement
- A change in the posted line between opening and closing. Sharp money typically moves a line earlier; public money moves it later. Track movement to spot the smart side.
- Live Betting (In-Play)
- Wagers placed after the event has started. Odds update play by play. Best Iowa books for live betting: bet365 and Sporttrade.
- Longshot
- A heavy underdog with very long odds. A +1500 longshot pays $1,500 profit on a $100 bet but has a low implied win rate (~6%).
M
- Middle
- A bet structure where you wager on both sides of a market at different prices, hoping the final outcome falls in the middle and both bets cash. Rare but huge when it hits.
- Moneyline
- A wager on who wins the game outright, no spread involved. See our moneyline betting guide.
N
- No Action
- A bet voided by the sportsbook; usually due to a game postponement, rule on player participation (e.g. starting pitcher), or rain-out. Your stake is returned.
O
- Off the Board (OTB)
- When a sportsbook removes a market because of major news (injury, weather) and refuses to take new bets until the line stabilizes.
- Over/Under (Total)
- A wager on whether the combined score will be over or under a posted number. See our totals betting guide.
P
- Parlay
- A single ticket combining 2+ independent bets where all legs must win. See our parlay guide.
- Pick'em (Pick)
- A game with no favorite; both teams are listed at the same price, usually -110 each side. The spread is "pick", and the bet wins on the moneyline.
- Play+
- A sportsbook-issued prepaid Mastercard accepted at every Iowa operator. Fast both ways. See our Play+ guide.
- Point Spread
- The number of points the favorite must win by, or the underdog can lose by while still covering. See our point spread guide.
- Props (Proposition Bets)
- Wagers on specific events inside a game; a player's stat line, first team to score, anytime touchdown. See our props guide. Iowa allows full college props.
- Push
- A tie between the bet and the spread or total. The stake is returned, no winnings paid. A bet on Hawkeyes -7 pushes if Iowa wins by exactly 7.
R
- Round Robin
- A betting structure that automatically creates every possible combination of smaller parlays from a list of picks. Lower variance than a single big parlay.
- Run Line
- MLB's point spread, almost always set at -1.5/+1.5 runs. The favorite must win by 2 or more.
S
- Same-Game Parlay (SGP)
- A parlay combining multiple markets from a single game (e.g. Chiefs -7, total over 50, Mahomes over 285 yards). Sportsbooks price SGPs lower than true parlays because legs are correlated.
- SF 605
- Iowa Senate File 605 (2025), effective January 1, 2026; requires sportsbooks to withhold 3.8% Iowa state income tax on winnings that trigger federal withholding. Use our tax calculator.
- SF 617
- Iowa Senate File 617 (2019); the bill that legalized sports betting in Iowa, signed by Governor Kim Reynolds. Mobile and retail launched the same day on August 15, 2019.
- Sharp
- A professional or highly skilled bettor whose action moves lines. Sharp money is what sportsbooks watch most closely. Opposite of "public" or "recreational" bettors.
- Spread
- Short for "point spread". The handicap the favorite must overcome and the underdog gets to spot. See our spread guide.
- Steam
- A rapid line move across multiple sportsbooks at once, typically caused by syndicates placing simultaneous large bets. "Chasing steam" means betting in the same direction immediately after.
T
- Tout
- Someone who sells betting picks to others, usually with inflated win-rate claims. Most touts are scams; verified track records are rare. Treat with skepticism.
U
W
- W-2G
- The IRS tax form a sportsbook issues when a single win triggers federal withholding (profit of $5,000+ at 300:1 odds or greater). Iowa now also issues W-2G withholding under SF 605.