Bookmaker

The advantage a bettor has over the bookmaker on a particular bet. An edge exists when the bettor's estimated probability of an outcome is higher than the implied probability of the odds offered. Finding and exploiting edges is the foundation of profitable betting.

A virtual advantage or disadvantage applied to a team or player to level the playing field in a sporting event. For example, a -1.5 goal handicap means the team must win by 2 or more goals for the bet to win. Handicaps are used to create more balanced betting markets.

The commission or fee built into the odds by the bookmaker. Also known as vigorish (vig), it represents the bookmaker's profit margin. For example, if both sides of a coin flip are priced at 1.91 instead of 2.00, the difference is the juice. Lower juice means better value for bettors.

The total amount of money a bettor has set aside specifically for placing bets. Effective bankroll management is considered one of the most important aspects of long-term betting success, as it helps bettors survive losing streaks and avoid going broke.

The final odds offered by a bookmaker just before an event starts. The closing line is widely considered the most efficient line because it reflects all available information and market activity. Consistently beating the closing line is a strong indicator of long-term profitability.

The total amount returned to a bettor when a bet wins, including the original stake plus the profit. For example, a $10 bet at odds of 3.00 returns a payout of $30 ($10 stake + $20 profit). Payout is calculated as Stake x Odds in decimal format.