Matched BettingGuide
Sports betting terms: a US glossary for matched betting
37 sports betting and matched betting terms in plain English, from American odds to the welcome offer
A plain-English glossary of the US sports betting terms you meet in matched betting: odds and hold, promo types such as bonus bets and profit boosts, and the hedging vocabulary behind the NinjaBet tools.
By NinjaBet Editorial Team 8 min read
Sports betting in the US has its own vocabulary, and matched betting adds a few words of its own. This glossary explains 37 terms in plain English, in alphabetical order: how American odds and the hold work, the promo types sportsbooks offer (bonus bets, profit boosts, second chance bets, deposit matches), and the hedging terms behind the NinjaBet tools. Each entry links to a full guide or tool where one exists.
How do you read American odds?
Most entries below build on the odds, so here they are in numbers. A negative line (-110) is what you stake to win $100; a positive line (+150) is what you win on a $100 stake. Decimal odds are 1 + 100 ÷ 110 for -110 and 1 + 150 ÷ 100 for +150, and the implied probability is 1 ÷ decimal. For example, in October 2026:
| American odds | Decimal odds | Implied probability | Profit on a $100 stake |
|---|---|---|---|
| -200 | 1.50 | 66.67% | $50.00 |
| -150 | 1.67 | 60.00% | $66.67 |
| -110 | 1.91 | 52.38% | $90.91 |
| +100 | 2.00 | 50.00% | $100.00 |
| +150 | 2.50 | 40.00% | $150.00 |
| +300 | 4.00 | 25.00% | $300.00 |
A market priced -110 on both sides has implied probabilities of 52.38% + 52.38% = 104.76%: the extra 4.76% is the sportsbook's hold. The free odds converter and no-vig calculator do these conversions for any price.
The terms
American odds
The US odds format: -110 means you stake $110 to win $100, +150 means a $100 stake wins $150. Convert them with the odds converter.
Arbitrage (arb)
Betting every outcome of a market at different sportsbooks when the best prices add up to a hold below zero, so the result is the same small profit whoever wins. No promo is needed; the SureBet tool finds these pairs. See Arbitrage betting vs matched betting.
Back-back
Hedging by betting the opposite outcome at a second sportsbook or on a prediction market. Lay bets are not offered in the US, so every US hedge is back-back.
Bankroll
The money you set aside for betting, spread across your sportsbook accounts. In matched betting it has to cover both legs of each hedge at once.
Bet & get
A promo that gives you bonus bets after you place a qualifying bet, often whether that bet wins or loses. See Bet & get offers explained.
Bonus bet
A bet credited by the sportsbook (sometimes called a free bet) that returns only the winnings, never the stake. Hedge it with the bonus bet converter; the full method is in How to convert bonus bets into cash.
Conversion rate
The share of a bonus bet you keep as cash after hedging it. A $100 bonus bet at +400 hedged with $327.27 at -450 keeps $72.73 whoever wins, a rate of about 73%. In the Bet Finder's Bonus Bet mode the rating is this rate.
Decimal odds
The total return per $1 staked, stake included: +150 is 2.50 and -110 is 1.91. Hedge math is easiest in decimal.
Deposit match
A promo that matches a share of your deposit with bonus funds or site credit, usually with a playthrough attached. See Playthrough requirements and deposit match bonuses.
Expected value (+EV)
What a bet returns on average over many repetitions. A +EV bet is priced better than the true chance of the outcome; the ValueBet tool and the EV calculator look for them.
Favorite and underdog
The favorite is the side more likely to win and carries negative odds; the underdog carries positive odds.
Geolocation
The location check every licensed US sportsbook runs before accepting a bet: you must be physically inside a state where it is licensed.
Hedge
A second bet on the other outcome that locks in the result of the first. The Bet Finder finds the best pair of prices and the hedge calculator computes the stake.
Hold (vig, juice)
The sportsbook's margin: how far the implied probabilities of all outcomes add up above 100%. A -110 / -110 market has a hold of 4.76%; check any pair with the no-vig calculator.
Implied probability
The chance of an outcome that a price implies: 1 ÷ decimal odds. -110 implies 52.38%, +300 implies 25%.
Limits
Restrictions a sportsbook places on one account, such as a lower maximum stake or no more promos. See How to avoid getting limited by sportsbooks.
Line shopping
Comparing the same bet across sportsbooks to take the best price. Every tool in NinjaBet does this across the sportsbooks in your state.
Low hold
A pair of prices whose combined hold is close to zero, so hedging it costs very little. See Low hold betting.
Middle
Betting both sides of a spread or total at different lines, so a result landing between them wins both bets. The Middles tool finds them.
Moneyline
A bet on who wins the game, with no point spread.
No sweat bet
A promo that refunds a losing bet, usually as a bonus bet; it works like a second chance bet. See Second chance bets and no sweat bets explained.
Odds boost
A promo that raises the odds on a selection. It is hedged like a profit boost; see How to hedge a profit boost.
Parlay
One bet combining several selections, all of which must win. The parlay calculator multiplies the odds, and the Parlay Finder builds hedged parlays for parlay promos.
Playthrough (rollover)
The amount you must wager before bonus funds become withdrawable, also called rollover. Track it with the playthrough calculator, or the Bet Finder's Playthrough mode and its Left to Wager field.
Point spread
A handicap that evens out two teams: the favorite at -6.5 must win by 7 or more; the underdog at +6.5 can lose by up to 6 and still win the bet.
Prediction market
A platform where users buy contracts that pay $1 if an outcome happens, priced in cents. ProphetX, a prediction market, is in the NinjaBet tools; see Prediction markets for matched betting.
Profit boost
A promo that increases the winnings of one bet by a percentage, for example 50%. Value it with the profit boost calculator and read How to hedge a profit boost.
Prop bet
A bet on something other than the final result, such as a player's points or yards.
Push
A result exactly on the line, such as a 7-point win against -7. The stake is returned; check how a promo treats a push before you rely on it.
Qualifying bet
The bet a promo requires before it pays out. Hedged at close prices it usually costs a little: $100 at -110 hedged with $95.45 at +100 costs about $4.55.
Same game parlay
A parlay whose selections all come from one game. Sportsbooks price the correlation between legs themselves, so the odds are not a simple product.
Second chance bet
A promo that refunds your first bet as a bonus bet if it loses, also called first bet insurance. Plan it with the second chance bet calculator; see Second chance bets and no sweat bets explained.
Sharp
A bettor who consistently beats the closing price. Sportsbooks tend to limit sharps quickly.
Site credit
Funds credited by a sportsbook that you can bet but not withdraw until you have wagered them; unlike a bonus bet, the stake is usually returned with a win. Value it with the site credit calculator.
Sportsbook
A licensed operator that takes bets at prices it sets. Licenses are issued state by state; the list for your state is on Sportsbooks.
Total (over/under)
A bet on whether the combined score is above or below a number set by the sportsbook, such as 47.5 points.
Welcome offer
The promo a sportsbook gives new customers, often a bet & get, a second chance bet or a deposit match. The current ones for your state, with step-by-step guides, are on welcome offers.
Frequently asked questions
What is the difference between a bonus bet and site credit?
A bonus bet returns only its winnings. Site credit usually returns the stake as well when it wins, but you must wager it before you can withdraw it.
Is the hold the same at every sportsbook?
No. Each sportsbook sets its own prices, so the hold varies by sportsbook, sport and market. Matched betting looks for low hold pairs across sportsbooks.
Are a second chance bet and a no sweat bet the same thing?
They work the same way: a losing bet comes back as a bonus bet. The terms of each promo decide the details.
Why does matched betting not use lay bets in the US?
US sportsbooks do not offer them, so each hedge is a second bet on the other outcome at another sportsbook or on ProphetX.
Where do I start?
Read Matched betting in the US, then try the free path at free matched betting.
Sources
- NinjaBet free calculators: all calculators.
- NinjaBet tools: Bet Finder, Parlay Finder, SureBet, ValueBet, Middles.
- NinjaBet.com help center: Which US states does NinjaBet support?
You must be 21 or older (18 in a few states) to bet in the United States, and bet only with operators licensed in your state. Gambling can be addictive: if you or someone you know has a gambling problem, call or text 1-800-GAMBLER, or the National Problem Gambling Helpline at 1-800-MY-RESET (ncpgambling.org), free and confidential, 24/7. Results vary and require time and capital; this article is information, not financial or legal advice. Last updated: October 12, 2026.
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