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Sports gambling lingo that you’ll need to know

So you've decided to gamble—legally, of course—on sporting events. Good for you. But do you know what a "push" is? A "parlay"? A "dime"? Well, if you don't, it's time you learn the lingo of sports betting.

Chris Matcovich is senior director of data and communications for TiqIQ, a ticket price aggregator that draws data from such sellers as StubHub, Ticket Network and eBay. He provided CNBC.com with a list of terms that every prospective sports bettor should know.

We also spoke with Robert Carter, a sports gambling consultant whose clients refer to him as Incarcerated Bob, even though he is not actually incarcerated. He got his moniker as a frequent caller to the "Boomer & Carton" radio show on WFAN 660 AM in New York, and this omnipresent Twitter personality is in the know when it comes to all things sports betting. He provided insight into these terms, which any self-respecting sports bettor should know.


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Dime

A "dime" is a wager of $1,000. According to Bob, typical bets on regular-season NFL or NBA games can be in any amount, but some illegal bookies might require a minimum bet in this quantity.

"I've rarely heard anyone say you need it to get action, unless it's a private place," he said. Bob also said that in the case of certain offshore betting accounts, there are often maximum totals that are not to be exceeded by gamblers, such as $5,000.

Future

A "future" is a bet on an event that will take place later on, ideally before the season starts. The advantage of this type of bet is that if you win, you'll win much more money than you would with a regular-season bet.

"If you bet in June and the season is already taking place, you're not going to get as much," he said. "Right now, in Vegas, after all the free agents have been chosen, people are making future bets like the Patriots, or the Broncos again."

Hedging

"Hedging" means making an additional wager to reduce risk on a prior bet. Bob said it's usually made by someone betting a large amount on a "parlay," which is a bet on two or more teams in which all the teams have to win.

"Let's say we take the NBA, with a three-team parlay, for the Knicks to win, the Bulls to win and the Lakers to win," he said. "You see that the Knicks and Bulls, those two teams have won already, so you only have the Lakers in the parlay. You hedge your bet and take the Clippers, let's say, so you're guaranteed to make some money, because if the Lakers win, you win $2,500, but if they lose, you get nothing."

Moneyline

A "moneyline" is a bet where a gambler only has to pick the winner. The odds fluctuate based on whether the team is favored to win, or is the underdog.

"If a team is a favorite you might see the odds for the moneyline be minus 135," Matcovich said. "What that means is you have to bet $135 to win $100. The inverse is the case for underdogs."

Over/Under

An "over/under" is a bet on whether the amount of points in a game will go over or under a set amount. In order to win any money, the total number of points between the two teams must exceed that amount.

"Tonight the Knicks are playing the Pacers at home, and the over/under is 194," Bob said. But if the final score is under, or only meets the amount, then this is known as a "push," a dreaded scenario. "If it lands on 194, it's a push and nobody wins."

Spread

According to Matcovich, a "spread" is a bet that is won or lost based on an amount of points assigned to a team. That amount can be plus or minus.

"If the spread is 8 points, one team will be favored by that number and must win by more than that to cover the spread," he said. "The other team will underdog by that number and must lose by less than that to cover the spread."

Teaser

A "teaser" is a bet that combines at least two wagers. According to Bob, teasers have good odds, which is both a good thing and a bad thing, depending on your perspective.

"It's like a casino wants you to keep playing blackjack, because eventually you're going to lose," he said. "But you win a few times, and those few times will keep you coming back."

Disclaimer:
Please be advised that sports gambling is illegal in many states.

"Money Talks" takes viewers inside the world of Steve Stevens, a sports handicapper who runs VIP Sports out of Las Vegas. Wednesdays at 10 p.m. ET/PT.

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