Decimal odds
The default odds format on most Canadian platforms, showing total return per dollar staked including the original stake (e.g., 2.50 odds return $25 total on a $10 bet). See Sports Betting Explained.
Betting Glossary
Every term used across this site, defined in plain language, organized by category with links to the full guide where a term deserves deeper coverage.
Plain English
Definitions first, jargon second.
Odds & markets
Sportsbook language explained in context.
Casino terms
RTP, house edge, RNG and game language.
Canada-focused
Account, regulation and safer-play terms.
This glossary covers every term you'll encounter across our guides, strategy pages, and reviews - organized by category rather than strict alphabetical order, since related terms make more sense understood together. Where a term has a full dedicated guide elsewhere on the site, it's linked here.
- Use the category links to jump straight to the term you need.
- Follow the linked guide when a definition needs a worked example.
- Check operator-specific rules when wording differs between platforms.
- Treat betting terms as reference material, not a promise of profit.
Quick reference: common betting terms
A fast lookup table for the language that appears most often across sports and casino guides.
| Term | Plain-language meaning | Where it appears |
|---|---|---|
| Decimal odds | Total return per dollar staked, including the original stake. | Sports betting |
| Moneyline | A bet on which side wins outright. | Sports betting |
| Point spread | A handicap applied to the expected margin of victory. | Sports betting |
| Parlay | Multiple selections combined into one bet; every leg must win. | Sports betting |
| RTP | Theoretical long-run percentage returned to players. | Casino games |
| House edge | The casino's mathematical advantage over the long run. | Casino games |
| Bankroll | Money set aside specifically for betting. | Strategy |
| Wagering requirement | How much qualifying play is required before bonus-related funds can be withdrawn. | Bonuses |
| KYC | Identity and age verification required by licensed operators. | Accounts |
| Self-exclusion | A voluntary block from gambling for a chosen period. | Responsible gambling |
Odds and probability
American odds
A plus/minus odds format - a negative number shows the stake needed to win $100 profit; a positive number shows the profit on a $100 stake. Favorites carry negative odds, underdogs carry positive odds.
Implied probability
The probability of an outcome as reflected by its odds, calculated as 1 ÷ decimal odds. Central to evaluating whether a bet represents genuine value - see Sports Betting Strategy.
Vig (vigorish) / juice / margin
The built-in profit margin a sportsbook bakes into its odds, meaning the implied probabilities on both sides of a market always add up to more than 100%.
Closing line value (CLV)
A comparison between the odds you bet at and the odds available right before the event started. Consistently beating the closing line is considered a strong indicator of genuine betting skill, independent of individual bet outcomes.
Bet types
Full explanations and worked examples for every term in this section are in Sports Betting Explained.
Moneyline
A bet on which side wins outright, with no point spread involved.
Point spread
A bet on the margin of victory relative to a set handicap applied to the favorite.
Totals (over/under)
A bet on whether the combined score of both sides will land over or under a set number.
Parlay (accumulator)
Multiple selections combined into a single bet, all of which must win for the bet to pay out, in exchange for higher combined odds.
Teaser
A specific parlay format, mostly in football and basketball, that lets the bettor shift the spread or total on each leg in their favor in exchange for lower payout odds.
Prop (proposition bet)
A bet on a specific in-game occurrence not tied directly to the final score, such as a player's individual statistics.
Same-game parlay
A parlay combining multiple selections from within a single game.
Futures
A bet on a longer-term outcome, such as a championship winner, settled well after the bet is placed.
Live betting / in-play betting
Betting placed on an event that's already underway, with odds updating continuously.
Cash out
A feature allowing a bettor to settle an already-placed bet early, before the event concludes, for a value set by the operator.
Quick reference: casino maths
These terms describe how casino games behave over the long run; none predicts the result of a single session.
| Term | What it tells you | What it does not tell you |
|---|---|---|
| RTP | Designed long-run return across a very large number of plays. | What you will win or lose tonight. |
| House edge | Average mathematical advantage held by the casino. | The exact result of the next hand or spin. |
| Volatility | How unevenly wins tend to be distributed. | Whether a win is "due." |
| RNG | The mechanism used to generate independent digital outcomes. | A pattern a player can reliably predict. |
Casino and game terms
RTP (Return to Player)
The theoretical percentage of wagered money a game returns to players over a very large number of rounds, expressed as a long-run statistical average. See Slots: RTP & Volatility.
House edge
The mathematical advantage built into a casino game, expressed as a percentage of each wager the house expects to keep over the long run - effectively the inverse of RTP for RNG games.
Volatility (variance)
How a game's payouts are distributed over time - low volatility means frequent small wins, high volatility means rarer but larger wins.
RNG (Random Number Generator)
The certified algorithm that determines outcomes in digital casino games, independently tested by accredited labs before a licensed operator can offer a game using it.
Live dealer
A casino game format streaming a real human dealer and physical cards or a wheel in real time, rather than relying on an RNG. See Live Dealer Guide.
Basic strategy
In blackjack, the mathematically optimal play for every possible hand against every dealer up card, which minimizes the house edge when followed correctly. See Blackjack Strategy.
Paytable
The posted table showing the payout for each winning combination or hand in a slot, video poker, or table game.
Progressive jackpot
A jackpot that grows as a portion of every wager across a linked network of games contributes to it, resetting to a base amount once won.
Bankroll and strategy terms
Bankroll
The total amount of money set aside specifically for betting, separate from other funds. See Bankroll Management.
Unit
A standard, fixed percentage of a bettor's total bankroll (commonly 1-3%) used as the base sizing measure for individual bets, rather than betting arbitrary dollar amounts.
Line shopping
Comparing odds for the same bet across multiple licensed operators before placing a wager, in order to consistently secure the best available price.
Value bet
A bet where a bettor's own estimated probability of an outcome is meaningfully higher than the probability implied by the posted odds.
Arbitrage
Placing bets on all possible outcomes of an event across different operators at odds that guarantee a profit regardless of the result, due to pricing differences between books. See Matched Betting & Arbitrage.
Chasing losses
Increasing bet size specifically to try to recover a previous loss, rather than because of a genuinely identified opportunity - a well-documented warning sign covered in our Responsible Gambling Guide.
Bonus and promotion terms
Welcome bonus / matched deposit bonus
A bonus, often a percentage match of an initial deposit, offered to new customers. See Welcome Bonus Guide.
Bonus bet / free bet
A sportsbook promotion issuing bet credits rather than cash, typically requiring the credit to be wagered before any resulting winnings become withdrawable. See Free Bets Explained.
No-deposit bonus
A small bonus credited for account creation alone, with no deposit required. See No-Deposit Bonuses Explained.
Wagering requirement (playthrough / rollover)
The number of times a bonus amount (or combined deposit-plus-bonus) must be wagered before resulting winnings become withdrawable. See Wagering Requirements Explained.
Game weighting
The percentage a specific game contributes toward clearing a wagering requirement - slots are often weighted at 100%, table games frequently much lower.
Regulation and account terms
AGCO / iGaming Ontario
Ontario's provincial gaming regulator and its dedicated subsidiary overseeing the province's open, multi-operator betting market. See iGaming Ontario & AGCO.
Kahnawake Gaming Commission
A long-established licensing authority based on Mohawk Territory within Quebec, operating under a distinct jurisdictional framework. See Kahnawake Gaming Commission.
KYC (Know Your Customer)
The identity verification process every licensed operator is legally required to complete, typically involving government ID, before allowing withdrawals.
Self-exclusion
A voluntary, operator- or province-administered program that blocks a person from gambling at one or more platforms for a set or indefinite period. See Self-Exclusion & Player Protection Programs.
Offshore operator
A gambling operator licensed outside Canada (commonly in Malta or Curaçao) that accepts Canadian customers without holding a Canadian provincial or Kahnawake license. See Is Online Betting Legal in Canada?.
More odds and market terms
Push
A bet that ties exactly against a spread or total, resulting in the original stake being returned rather than a win or loss.
Cover (the spread)
When the favorite wins by more than the point spread, or the underdog loses by less than the spread (or wins outright), resulting in a winning spread bet.
Handle
The total amount of money wagered on a specific market or event across a sportsbook, used as an industry measure of betting volume rather than a term that affects individual bettors directly.
Sharp / square
Informal terms distinguishing more analytically-driven, often higher-volume bettors ("sharps") from more casual, recreational bettors ("squares") - used in discussing how betting markets and line movement behave, not a formal classification any operator applies to individual accounts.
Steam move
A rapid, significant shift in a betting line, often associated with a wave of well-informed or high-volume betting activity hitting a market at once. See Sports Betting Explained.
Buying points
Paying worse odds in exchange for shifting a point spread in your favor by a set amount, available at some operators as a configurable option when placing a spread bet.
Hedging
Placing a subsequent bet on the opposite outcome of an earlier bet, typically to lock in a guaranteed profit or limit a loss regardless of the final result - most relevant for futures bets or multi-leg parlays partway through resolution.
Dutching
Spreading a stake across multiple selections in the same market (for example, several horses in a race) sized so that the payout is similar regardless of which selection wins, generally used to reduce variance on a bet with several plausible outcomes.
More casino and game terms
Wild symbol
A slot symbol that substitutes for most other symbols in forming a winning combination, functioning similarly to a wild card.
Scatter symbol
A slot symbol that typically triggers a bonus feature (often free spins) when a set number appear anywhere on the reels, regardless of whether they land on an active payline.
Multiplier
A feature that multiplies a win by a set factor, either as a fixed part of the base game or as part of a triggered bonus round.
Autoplay
A feature that automatically repeats a bet at a set size for a chosen number of rounds without requiring manual confirmation each time. See Casino Games Explained.
Hot/cold streak (as a myth)
The mistaken belief that a game "owes" a win after a losing streak, or is "due" for a cold stretch after paying out - each round of an RNG-based game is statistically independent of previous rounds, and no streak affects future probability.
More strategy terms
Flat betting
Wagering the same amount on every bet regardless of previous outcomes, as opposed to a progressive betting system that changes bet size based on wins or losses. See Bankroll Management.
Kelly criterion
A mathematical formula for sizing a bet as a proportion of bankroll based on the estimated edge and odds of the bet, used by more advanced bettors as an alternative to fixed unit sizing.
Drawdown
The decline in a bankroll from a previous peak during a losing stretch, used as a way to measure and plan for the normal variance every betting strategy experiences over time.
More regulation terms
Grey market
An informal term for the space occupied by offshore-licensed operators accepting customers from a jurisdiction where they hold no local license - not clearly illegal for the individual bettor, but outside domestic regulatory protection.
White-label operator
A betting platform built and licensed by one company but branded and marketed under a different, separate brand name - worth being aware of since a white-label platform's actual licensing and operational standards may differ from what its branding alone suggests.
General terms worth knowing
Demo mode / practice play
A free version of a game played with virtual credits rather than real money, using the same certified RNG and rules as the real-money version. See Casino Games Explained.
Session limit
A tool restricting or flagging continuous play duration, available as a responsible gambling control at every licensed Canadian operator.
Cash out (casino context distinct from sports)
In a sportsbook context, settling an already-placed bet early for a value calculated before the event concludes; distinct from simply withdrawing funds from your account balance, which is a separate, unrelated action.
More payment and account terms
KYC verification
See "KYC (Know Your Customer)" above - the identity check every licensed operator must complete before allowing withdrawals, typically requiring government photo ID.
Cooling-off period
A temporary, player-selected account freeze blocking deposits and betting for a set period, without requiring full account closure. See Responsible Gambling Guide.
Merchant descriptor
The label that appears on a bank or card statement for a specific transaction, which may or may not directly name the gambling operator involved.
Interac e-Transfer
A direct bank-to-bank payment method widely used by Canadian bettors for both deposits and withdrawals, typically processing within minutes for deposits. See Payment Methods in Canada.
Where to go from here
This glossary is a reference point, not a substitute for the full guides linked throughout - each term here is covered in much greater depth on its dedicated page. If you're just getting started, How to Bet Online in Canada is the best starting point for putting these terms into practice.