01
vig
Vig is the sportsbook's built-in commission, also called the house edge, embedded in the odds it posts. It makes the implied probabilities across all outcomes add up to more than 100% so the book can earn a margin.
GLOSSARY
The sharp bettor's field guide.
Twelve terms for reading sportsbook prices, spotting an edge, and thinking clearly about expected value.
02
juice
Juice is another name for the vig charged by a sportsbook on a market. In common usage, bettors may also use it to describe the extra price or fee attached to a wager.
03
hold
Hold is the percentage of total money wagered that a sportsbook expects to keep after paying winning bets. It measures sportsbook revenue relative to handle and differs from the price charged on any single market.
04
+EV
+EV means a wager or promotion has positive expected value based on the probability and payout available. Over many similar bets, a positive expected value suggests the bettor should profit before variance and execution costs.
05
-EV
-EV means a wager or promotion has negative expected value because the available price is worse than the true probability implies. A bettor can still win an individual result, but repeating that position would be expected to lose money over time.
06
CLV
Closing line value, or CLV, measures whether your wager beat the market's final widely available price. Positive CLV means you captured a better number than the closing line, which is a useful long-run indicator of pricing skill.
07
Kelly criterion
The Kelly criterion is a bankroll-sizing formula that sets stake size from your edge and the odds available. Bettors often use a fractional Kelly percentage to reduce volatility and protect against estimation error.
08
decimal vs American odds
Decimal odds show the total return per one unit staked, while American odds show profit or risk relative to a 100-unit reference. Converting between them gives the same underlying price in different formats, so the choice is about display rather than value.
09
sharp vs square
A sharp bettor is generally modeled as informed, price-sensitive, and focused on long-term expected value rather than entertainment. A square bettor is a recreational participant whose wagers may be less sensitive to true probability, market price, or closing value.
10
steam move
A steam move is a rapid market-wide odds change that appears across multiple sportsbooks in a short period. It often signals coordinated or influential betting information, although a move alone does not prove that the new price is still valuable.
11
middle
A middle is a strategy that takes opposing positions at different lines so both bets can win if the final result lands between them. The bettor accepts the cost of both wagers in exchange for a chance to profit from a favorable line gap.
12
arbitrage
Arbitrage is a set of opposing wagers whose combined prices guarantee a small profit or eliminate risk if every bet is accepted as planned. Limits, line movement, void rules, and account restrictions can remove the theoretical edge before all sides are placed.
For educational and informational purposes only. Not a sportsbook. Not a betting service. Always bet responsibly. 21+ in eligible states.