Terms and Definitions

What is a Sports Betting Model?

A sports betting model is used to predict the probability of an outcome of a certain game or event. The goal of a model is to take certain data about teams and players and uses a formula or algorithm to predict an accurate outcome. The use of a model takes out the human bias of picking outcomes. Sports are unpredictable due to the randomness that can occur in a game, and while the model can't totally avoid randomness, it can filter out natural biases that humans have. The model strictly uses accurate and up-to-date statistics to determine the outcome.



Terminology Used Commonly in Sports Betting

If you are a new sports bettor or experienced, there are terms commonly used that one must understand in order to help themselves understand the gambling scene.

  • Against the Spread (ATS): When you bet on the point spread outcome, either for or against a team, rather than picking a straight winner. A person bets Philadelphia 76ers -5.5. This means 76ers need to win by 5.5 or more points for bet to win.

  • Cover: Covering means a team beat the point spread by winning/losing by less points than the spread.

  • Favorite: The team or player favored to win the game based on the betting odds.

  • Juice (also known as Vig): Commission or fee taken by bookmaker/sportsbook on a bet.

  • Moneyline: A bet where you pick which team will win. Team chosen must win the game for bet to win.

  • Odds: The probability of the outcome of the game. There are different formats for displaying odds like American (+/-), Decimal, or Fraction.

  • Over/Under (Total Points): Is a bet where bettor chooses if total points between 2 teams is over or under the set line.

  • Point Spread: Number of points a team is favored to win/lose by.

  • Push: A tied bet where the bookmaker/sportsbook refunds the wager. There is no winner or loser for the bet.

  • Underdog: A team or player who is not expected to win. This is indicated by higher odds in a matchup.