Whether you’re placing bets on the Super Bowl, March Madness, or an MLB game, bettors need to know some basics about how sports betting works and what options are available. This means learning the basics and understanding some of the languages and terms used by the bettors. Let’s look at some of the key terms in the sports betting glossary.
Favorites against outsiders
Regardless of the sport, the odds makers must first decide for each game which team is the favorite and which team is the underdog. Many factors flow into the process. It’s not as easy as the team with the better record. Things like home advantage and injuries can help the odds of deciding that one team is more likely to beat the other on a given day. The favorite is considered the one expected to win the game. The outsider, also known simply as a dog, is likely to lose. However, since favorites are the better team and win most of their games, odds makers need to make bets fair by offering pros and cons to betting favorites and underdogs. Otherwise everyone would always bet on favorites and the sports betting would go bankrupt. As a result, odds of winning level the playing field by creating risks for betting favorites and providing advantages for betting underdogs.