Stake

A recreational or casual bettor who tends to bet based on gut feelings, popular opinion, or fan loyalty rather than statistical analysis. Squares typically bet favorites and overs, and their action is welcomed by bookmakers. The opposite of a sharp bettor.

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 percentage above 100% that the implied probabilities of all outcomes in a market add up to. A market with odds that imply 103% total probability has a 3% margin. Lower margins mean fairer odds for bettors. Also called the overround or book percentage.

A single bet that combines multiple selections into one wager. All selections must win for the bet to pay out. The odds multiply together, creating potentially large returns from small stakes, but the risk increases with each added selection.

A slang term for the favorite in a betting market. 'Playing the chalk' means betting on favorites. The term originated from the days when odds were written in chalk on blackboards. Heavy chalk refers to a strong favorite with very low odds.

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.