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Edge
The process of finding an advantage over the market in sports betting e.g. “I believe I have an edge betting on college basketball totals”
Drift
When a team or players’ odds are getting bigger, they are generally described as drifting in the market e.g. if a player is priced at +2000 to win a golf tournament but ends up moving to +3000
Double
A bet which consists of two selections, both of which must win
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Cover
A bet where a team is able to beat the spread that has been assigned to them before the game. E.g. A NFL favourite winning by 10 when the spread was -7 or an underdog losing by 3 when they were +7
Consensus
A judgement or opinion that appears widely held, often used to describe a team or pick that experts agree on in the sports betting community
Co-favorite
A situation where three or more players or teams are all the same price as favourites, usually the case in larger field sports such as horse racing or golf.
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Closing Line Value
The practice of betting on an event at a number that proves more advantageous than where the closing line settles. E.g. Backing a team at +10 when the line closes at +7. Generally this is seen as a positive indicator for bettors if they can do it consistently, regardless of the short term results
Closing Line
Where the consensus spread or total line settles when the game gets underway, despite any movements up until that point. This will be used to define a team's record against the spread