The Buddies
Your complete guide to sports betting. Learn the lingo, master bankroll management, and understand how to find value in the betting markets.
Learn the language of sports betting
A bet on which team will win the game outright, regardless of the point spread.
The predicted margin of victory. The favorite "gives" points, the underdog "gets" points.
A bet on whether the combined score of both teams will be over or under a set number.
The commission the sportsbook takes on bets. Standard is -110, meaning bet $110 to win $100.
A single bet that links multiple wagers. All selections must win for the parlay to pay out. Higher risk, higher reward.
A parlay where all legs come from the same game. Popular for combining player props with game outcomes.
Bets on individual player performances rather than game outcomes.
Placing a bet on the opposite side of an existing bet to guarantee profit or minimize loss.
When a bet lands exactly on the line, resulting in a tie. Your original stake is returned.
The favorite in a matchup. "Eating chalk" means betting on heavy favorites.
The team or player expected to lose. Indicated by a + in front of the odds.
A bet someone believes is guaranteed to win. Spoiler: there are no true locks in betting.
A professional bettor who uses sophisticated methods and data analysis. Books respect sharp action.
A recreational or casual bettor who bets based on emotions or popular opinion rather than analysis.
Rapid line movement caused by heavy betting action, often from sharp bettors.
The total amount of money wagered on a particular event or market.
Having a bet in play. Also refers to the total amount wagered.
Losing a bet that appeared to be a sure winner until a late or unlikely event.
When a team covers the spread late in the game through meaningless points.
To bet against something or someone. Often used when betting against public favorites.
A half-point in a spread. Having the "hook" means your spread includes .5
Winning both sides of a bet when the line moves. You bet both the original and new line.
A parlay that allows you to adjust point spreads in your favor in exchange for lower payouts.
A bet that a player will score a touchdown at any point during the game.
A bet on which player will score the first points in a basketball game.
Placing bets while a game is in progress. Odds change in real-time based on the action.
The difference between the odds you got and the final odds before game start. Beating the close is key.
How to read and convert betting odds
Odds represent the probability of an outcome and determine your potential payout. There are three main formats:
| Format | Example | Bet $100, Win... | Implied Probability |
|---|---|---|---|
| American (Favorite) | -150 | $66.67 | 60% |
| American (Underdog) | +200 | $200 | 33.3% |
| Decimal | 2.50 | $150 (total return $250) | 40% |
| Fractional | 3/1 | $300 | 25% |
Example: -150 = 150/(150+100) = 60% | +200 = 100/(200+100) = 33.3%
The foundation of successful betting
Your bankroll is the total amount of money you've set aside specifically for betting. Proper management is what separates successful bettors from those who go broke.
The standard way to measure bet sizes
A "unit" is a standardized measure of bet size based on your bankroll. Using units allows bettors to compare results regardless of bankroll size.
Adjust your bet size based on your confidence level:
Strong edge identified, multiple factors align
Good value, solid analysis supports the pick
Slight edge, worth a small play
Calculate your optimal bet sizes
The key to long-term profitability
"Edge" is the advantage you have over the sportsbook. A bet has positive expected value (+EV) when your estimated probability of winning is higher than the implied probability of the odds.
You believe a team has a 55% chance to win, but the odds are +110 (implied 47.6%)
Calculation: (0.55 Ã $110) - (0.45 Ã $100) = $60.50 - $45 = +$12.50 EV
Standard -110 odds with 50/50 coin flip probability
This is how sportsbooks make money - the juice creates negative EV on true 50/50 bets
We use AI-powered analysis and Monte Carlo simulations to estimate true probabilities, then compare them to market odds to find +EV opportunities. Our models analyze historical data, matchups, and situational factors to identify where the books may have set incorrect lines.
Advice from experienced handicappers
Begin with small bets while you learn. The tuition you pay learning is worth more than any single bet.
Have accounts at multiple sportsbooks. Even a half-point difference can significantly impact your long-term results.
Keep detailed records of every bet. You can't improve what you don't measure. Track sport, bet type, odds, stake, and result.
Parlays are fun but have high juice. The books love when you bet parlays. Stick to straight bets for better long-term results.
Never bet on your favorite team just because you want them to win. Emotional betting is losing betting.
The closing line is the most accurate line. If you consistently beat the close, you're likely a winning bettor.
Even +EV bettors have losing weeks and months. Trust the process and don't overreact to short-term results.
If you're on a losing streak or feeling frustrated, step away. There will always be more games to bet tomorrow.
Sports betting should be entertainment, not a source of income. Never bet more than you can afford to lose. If gambling stops being fun or starts causing problems, seek help. National Problem Gambling Helpline: 1-800-522-4700
Now that you know the basics, check out our AI-powered picks and analysis.