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General

Juice

Also known as: Vig

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.

Related General Terms

Square
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.
Wager
Another term for a bet. A wager is an agreement to risk money on the outcome of an event at agreed-upon odds. The term is commonly used in the United States and in formal or legal contexts related to sports betting.
Liability
The maximum amount a bookmaker or a lay bettor stands to lose on a single bet. For bookmakers, liability is managed across thousands of bets. On a betting exchange, when you lay a bet, your liability is the amount you must pay the backer if they win. Understanding liability is essential for exchange betting.
Lock
A bet that is considered a sure winner, though no bet is ever truly guaranteed. The term is commonly used by tipsters and recreational bettors to express high confidence. Sharp bettors are skeptical of 'locks' because they understand that uncertainty is inherent in all sports outcomes.
Opening Line
The first odds offered by a bookmaker for a specific event or market. Opening lines are typically released several days before an event and move based on betting action, news, and other factors. Sharp bettors often look for value in opening lines before the market corrects.
Punter
A common British and Australian term for a person who places bets, particularly on horse racing and sports. In the US, the equivalent term is typically 'bettor' or 'gambler'. The term is used casually and does not imply any particular skill level.
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