When you bet on a sports event, you’re placing money on a specific outcome and getting paid if that outcome happens. This can be done on individual games, over/under bets, or multiple outcomes in a single parlay. Betting is an excellent way to enjoy your favourite sports and can be extremely profitable if done correctly.

Understanding betting terminology is key to betting success. There are many terms and acronyms used in the sportsbook industry that can be unfamiliar to newcomers. These include:

Units – A non-monetary measure of a bet’s size, used for accuracy and transparency. Unlike the amount of actual money won or lost, units make it easy to compare the success of one bettor to another without factoring in their betting bankroll.

Odds/Pointspread – The number of points that are added or subtracted from the actual team’s winning score to determine the odds for a game. The higher the number, the closer the spread is to a “lock.” The lower the number, the more difficult it is to win.

Sharp money – A phrase that refers to a bet receiving action from high-stakes or professional bettors, which often results in the lines being adjusted ahead of an event. A shift in momentum or last-minute/last-second scoring change can cause a sharp bet to lose money.

The public pays far more attention to teams at the top of their league and this inevitably drives the betting market. This creates an opportunity for bettors to find +EV value by fading high-profile favorites.