Sports Betting FAQ: 50 Questions Answered Clearly (Beginner → Advanced)
From "what does -110 mean" to "how do I calculate expected value"—every question you've been afraid to ask, answered without jargon or judgment.
Everyone starts somewhere. Maybe you just placed your first bet and have no idea what half the terms mean. Maybe you've been betting for years but never fully understood the math. There's no shame in either—betting terminology is confusing by design, and most resources assume knowledge you don't have yet. This FAQ exists because we've collected the real questions people ask, organized them from basic to advanced, and answered each one like we're explaining to a friend. No gatekeeping, no condescension, just clarity.
Quick summary: This comprehensive FAQ covers 50 essential sports betting questions organized by difficulty level. From basic terminology to advanced probability concepts, find clear answers to everything you need to know.
Reading time: 25 minutes (or jump to your question)
Updated: January 2026
🎯 How to Use This FAQ
Navigate by your experience level:
Brand new: Start with Beginner Questions (1-15). Master these before moving forward—they're the foundation everything else builds on.
Some experience: Jump to Odds & Payouts (16-25) or Parlays (26-35) based on what confuses you most.
Looking to level up: Strategy (36-45) and Advanced Concepts (46-50) cover what separates informed bettors from casual ones.
Beginner Questions (1-15)
These fundamentals form the foundation of all sports betting knowledge. If any of these are unclear, the rest won't make sense.
1. What is sports betting?
Sports betting is wagering money on the outcome of sporting events. You place a bet (stake) on a specific outcome, and if that outcome occurs, you receive a payout based on the odds. If it doesn't occur, you lose your stake. Legal sportsbooks facilitate these bets and set the odds.
2. What does "the spread" mean?
The spread (or point spread) is a handicap applied to the favorite to create a more even betting market. If Team A is -7.5, they must win by 8 or more points for spread bets on them to win. If Team B is +7.5, they can lose by up to 7 points and spread bets on them still win. The spread creates roughly 50-50 betting interest on both sides.
3. What is a moneyline bet?
A moneyline bet is simply picking who wins the game—no spread involved. The odds reflect each team's likelihood of winning. Favorites have negative odds (risk more to win less); underdogs have positive odds (risk less to win more). A -200 favorite requires betting $200 to win $100; a +200 underdog pays $200 on a $100 bet.
4. What does "over/under" mean?
Over/under (also called "totals") is betting on whether the combined score of both teams will be over or under a number set by the sportsbook. If the total is 48.5 and you bet over, both teams' final scores combined must equal 49 or more for you to win. The half-point ensures no ties (pushes).
5. What does -110 mean?
Odds of -110 mean you must risk $110 to win $100 profit. This is the standard line for spreads and totals at most American sportsbooks. The extra $10 (the "vig" or "juice") is the sportsbook's commission. If you bet $55 at -110 and win, you profit $50 plus get your $55 stake back.
6. What's the difference between American and decimal odds?
American odds use +/- numbers centered around $100 (common in the US). Decimal odds show your total return per dollar bet (common in Europe/Australia). They express the same information differently. -150 American equals 1.67 decimal. +200 American equals 3.00 decimal. Decimal is simpler mathematically—just multiply by your stake for total return.
7. What is a "push"?
A push occurs when the final result lands exactly on the spread or total number. If you bet Team A -7 and they win by exactly 7 points, it's a push—your original stake is returned with no profit or loss. That's why many lines use half-points (like -7.5)—to eliminate push possibilities.
8. What is "juice" or "vig"?
Juice (or vigorish/vig) is the commission sportsbooks charge on bets. At -110 odds on both sides of a spread, the book pays winners less than it collects from losers—the difference is the juice. Over time, this built-in margin ensures sportsbooks profit regardless of outcomes. Lower juice means better value for bettors.
9. What is a "unit" in betting?
A unit is a standardized bet size based on your bankroll—typically 1-2% of your total betting funds. If your bankroll is $1,000 and you use 1% units, one unit equals $10. Units help track performance independent of stake size and encourage consistent, disciplined betting rather than varying amounts based on confidence or emotion.
10. What's a "favorite" vs an "underdog"?
The favorite is the team/player expected to win, indicated by negative odds (-150) or being "giving" points on the spread (-3.5). The underdog is expected to lose, shown by positive odds (+130) or "receiving" points (+3.5). Favorites offer lower payouts because they win more often; underdogs pay more because they win less often.
11. What is live betting (in-play)?
Live betting allows wagering on games already in progress with odds that update in real-time based on the action. You might bet on who scores next, the next quarter's winner, or adjusted spreads and totals. Live betting requires quick decisions and offers different opportunities than pre-game betting.
12. What are props (proposition bets)?
Props are bets on specific events within a game rather than the final outcome. Examples: "Will Player X score over 25.5 points?" or "Which team scores first?" or "Total passing yards for the quarterback." Props add variety but often carry higher juice than main markets.
13. What is a futures bet?
Futures are bets on outcomes determined in the distant future—like who wins the championship before the season starts, or which player wins MVP. They offer large potential payouts but tie up your money for extended periods and carry significant uncertainty. Odds change as the season progresses.
14. What does "action" mean?
"Action" simply means a bet is live and valid. "Having action on a game" means you've bet on it. "All action" means your bet stands regardless of circumstances like player injuries or scratches. Some bet types void (no action) under certain conditions; others have "action" regardless.
15. Is sports betting legal?
Legality varies by location. In the US, sports betting is legal and regulated in 30+ states as of 2026, each with its own rules. Many countries allow it with various regulations. Always use licensed, legal sportsbooks in your jurisdiction. Illegal betting offers no consumer protections and may have legal consequences.
Odds & Payouts (16-25)
Understanding odds deeply—not just reading them—separates informed bettors from casual ones. These questions cover the math that matters.
16. How do I calculate my potential payout?
For decimal odds: multiply your stake by the odds. A $50 bet at 2.40 returns $120 ($70 profit + $50 stake). For American odds: if positive, multiply stake by (odds/100); if negative, multiply stake by (100/|odds|). For complete formulas and examples, see our guide to calculating betting winnings.
17. What is "implied probability"?
Implied probability is the win chance suggested by the odds. Calculate it: (1 ÷ decimal odds) × 100. Odds of 2.00 imply 50% probability. Odds of 1.50 imply 66.7% probability. Sportsbooks build their margin into these numbers, so implied probabilities across all outcomes sum to more than 100%.
18. How do I convert American odds to decimal?
For positive American odds: (odds ÷ 100) + 1. So +150 becomes (150÷100)+1 = 2.50. For negative American odds: (100 ÷ |odds|) + 1. So -150 becomes (100÷150)+1 = 1.67. Our sports betting calculator converts instantly between all formats.
19. Why do odds change before a game?
Odds move based on betting action and new information. If heavy money comes in on one side, books adjust odds to balance their risk. News like injuries, weather, or lineup changes also triggers movement. "Steam moves" happen when sharp bettors (professionals) bet heavily, causing rapid adjustment across multiple books.
20. What does "getting the best number" mean?
It means betting at the most favorable odds available. If Book A offers Chiefs -3 (-110) and Book B offers Chiefs -2.5 (-115), Book B has "the best number" for Chiefs bettors despite worse juice—that half-point matters. Line shopping across multiple books to find best numbers significantly impacts long-term results.
21. What are "key numbers" in football betting?
Key numbers are common final score margins in football, especially 3 and 7 (field goal and touchdown). Roughly 15% of NFL games are decided by exactly 3 points, and 9% by exactly 7. Getting -2.5 instead of -3 or +3.5 instead of +3 can significantly impact win rate over time.
22. How much does the "vig" actually cost me?
At standard -110 odds on a 50/50 proposition, you need to win 52.4% of bets to break even (not 50%). Over 1,000 bets at $100 each, winning exactly 50% means losing about $4,500 to the vig. This is why beating the vig long-term requires genuine edge—luck eventually converges to mathematics.
23. What is "reduced juice" or "reduced vig"?
Some sportsbooks offer odds better than -110, like -105 or -108 on spreads and totals. This "reduced juice" lowers the breakeven win rate (51.2% at -105 vs 52.4% at -110). Over time, reduced juice books save bettors meaningful money. The difference compounds across hundreds of bets.
24. How do sportsbooks make money?
Primarily through the vig—the margin built into odds. Ideally, books get equal action on both sides and profit the vig regardless of outcome. They also profit from parlay margins (where vig compounds), promotional costs built into odds, and bettors' tendency to make -EV bets. It's a math business.
25. Why are parlay odds sometimes different than calculated?
Same-game parlays (SGPs) have adjusted odds because outcomes within one game can be correlated. If you parlay a team winning with the game going over, those events aren't independent—winning teams often score more. Books reduce payouts to account for this correlation. Standard parlays across different games usually calculate as expected.
Parlays & Combinations (26-35)
Parlays are among the most popular and most misunderstood bet types. These questions address the realities most bettors don't consider.
26. What is a parlay?
A parlay combines multiple bets (legs) into one wager where all selections must win for the bet to pay out. The odds multiply together, creating larger potential payouts than betting each separately. Hit three of four legs? You lose everything. This all-or-nothing structure creates both excitement and mathematical disadvantage.
27. How do I calculate parlay odds?
Convert all legs to decimal odds and multiply them together. Three legs at 1.91 × 1.87 × 2.10 = 7.50 combined odds. A $10 bet returns $75. For detailed calculation methods and tools, see our total odds calculator guide.
28. What are the actual odds of hitting a parlay?
Win probability equals 1 divided by combined decimal odds. A 3-leg parlay at standard -110 odds per leg has about 14% win probability (wins 1 in 7). A 5-leg parlay: roughly 4% (wins 1 in 25). A 10-leg parlay: about 0.1% (wins 1 in 1000). Use our parlay simulator to see these probabilities in action.
29. Are parlays a good bet?
Mathematically, parlays compound the house edge with each leg, making them worse expected value than straight bets. However, they're not "bad" if used as entertainment with appropriate stakes. Treat parlay money as entertainment budget—money you're comfortable losing for the excitement of potential big payouts.
30. What is a same-game parlay (SGP)?
An SGP combines multiple bets from a single game. You might parlay a team winning, a player hitting a stat threshold, and the game going over. Sportsbooks adjust SGP odds for correlation—outcomes within one game aren't independent. SGP payouts are often lower than multiplying individual odds would suggest.
31. What happens if one leg of my parlay pushes?
A pushed leg is removed from the parlay, and odds recalculate with remaining legs. A 4-leg parlay with one push becomes a 3-leg parlay. Your stake remains the same; only potential payout decreases. If a 2-leg parlay has one push, it becomes a straight bet on the remaining leg.
32. Should I add heavy favorites to my parlay?
Generally no. Heavy favorites (-300 or more) barely increase your payout while adding genuine loss risk. That -400 favorite has roughly 20% chance of losing—adding it to your parlay adds ways to lose without proportional payout increase. Each leg should justify its inclusion mathematically.
33. What is a round robin?
Round robins create multiple smaller parlays from your selections. Four picks can become six 2-leg parlays, four 3-leg parlays, and one 4-leg parlay. This costs more total but provides partial protection—you can profit if some combinations hit even when others miss. It's a middle ground between straight bets and one large parlay.
34. What is a teaser?
A teaser is a parlay where you get additional points on spreads/totals in exchange for reduced odds. A 6-point NFL teaser moves all your spreads 6 points in your favor, but all legs must still win and the payout is much lower than a standard parlay. Teasers work best with key number considerations in football.
35. Why do sportsbooks promote parlays heavily?
Because they're the most profitable product sportsbooks offer. The house edge compounds with each leg—a 5% edge on single bets becomes 25%+ effective edge on large parlays. Books actively encourage parlay betting through promotions, boosts, and prominent placement. This isn't evil; it's business. Just understand the math.
For a complete deep-dive into parlay strategy, math, and smart building techniques, see our Parlay Betting Masterclass.
Strategy & Bankroll (36-45)
Beyond understanding bets, managing your money and approach determines long-term outcomes more than picking winners.
36. What is bankroll management?
Bankroll management means betting consistent, appropriate amounts relative to your total betting funds. Most strategies suggest risking 1-5% of bankroll per bet. This prevents devastating losses during inevitable cold streaks and allows sustainable betting over time. Without it, even skilled bettors eventually go broke.
37. How much of my bankroll should I bet per game?
Conservative: 1% (very low risk of ruin). Standard: 2-3% (balanced approach). Aggressive: 5% (higher variance, higher risk). Never bet more than you can afford to lose. Your unit size should allow surviving a 20-bet losing streak without depleting your bankroll—because such streaks happen.
38. What is "chasing losses"?
Chasing is increasing bet sizes or taking riskier bets to recover previous losses quickly. It's the fastest path to busting a bankroll. After losing, the mathematically and emotionally correct response is continuing your normal strategy—not doubling down. Losses are inevitable; how you respond determines sustainability.
39. Should I bet more when I'm confident?
Probably not. Studies show bettors overestimate their confidence accuracy. Varying bet sizes based on confidence often means betting more on losses (overconfidence) and less on wins. Consistent unit sizing typically outperforms confidence-based sizing unless you have proven, tracked evidence your confidence correlates with outcomes.
40. What is "line shopping"?
Line shopping means comparing odds across multiple sportsbooks before betting to find the best number. If Book A offers -110 and Book B offers -105 on the same bet, Book B saves you money. Over hundreds of bets, consistently finding best lines significantly impacts results. It's free edge—use it.
41. How do I track my betting performance?
Record every bet: date, event, bet type, odds, stake, and result. Calculate your ROI (return on investment) periodically. Track by sport, bet type, and other categories to identify strengths and weaknesses. Honest tracking reveals patterns—both good and bad—that memory alone misses.
42. What's the difference between recreational and professional betting?
Recreational bettors bet for entertainment, accept the house edge, and budget losses like other entertainment. Professionals treat betting as investment, seek genuine edge over the market, manage risk rigorously, and measure success over thousands of bets. Most people should bet recreationally—profitable professional betting is extremely difficult.
43. Can I make a living from sports betting?
Very few people do. It requires genuine predictive edge, large bankroll, emotional discipline, and accepting high income variance. Most "professional bettors" either have other income or eventually return to regular employment. If considering it, prove your edge over 1000+ tracked bets first. The market is efficient; edges are small and hard to find.
44. What is a betting system?
A system is a defined approach to selecting and sizing bets. Some are mathematical (like Kelly Criterion for bet sizing), some are situational (betting against public favorites). No system overcomes the house edge without genuine predictive skill. Be skeptical of anyone selling "guaranteed winning systems"—they don't exist.
45. How do I know when to stop betting?
Set session limits (time and money) before starting. Stop when you reach them—win or lose. If betting causes stress, financial problems, or relationship issues, stop entirely and seek help. If you're losing more than budgeted entertainment money, stop and reassess. Gambling should be fun; when it's not, something's wrong.
Advanced Concepts (46-50)
These concepts separate casual understanding from deeper knowledge. They're not required for recreational betting but essential for anyone wanting to think seriously about sports betting mathematics.
46. What is expected value (EV)?
EV measures the average outcome of a bet over infinite repetitions. Positive EV (+EV) means long-term profit; negative EV (-EV) means long-term loss. Calculate: EV = (Win Probability × Profit) − (Loss Probability × Stake). Most bets are -EV because of the vig. Finding +EV requires your probability estimate to be more accurate than the market's implied probability.
47. What is the Kelly Criterion?
Kelly Criterion is a formula for optimal bet sizing based on your edge and odds: Kelly % = (bp − q) / b, where b = decimal odds − 1, p = your win probability, q = 1 − p. It maximizes long-term bankroll growth. Most practitioners use "fractional Kelly" (25-50% of calculated amount) because overestimating edge is common and full Kelly is aggressive.
48. What is closing line value (CLV)?
CLV measures whether you bet at better odds than the closing line (final odds when betting closes). If you bet Team A -3 and the line closes at -4.5, you got positive CLV—you beat the market's final assessment. CLV is the best long-term predictor of profitable betting. Consistently beating the closing line suggests genuine skill, not luck.
49. What does "sharp" vs "square" mean?
"Sharps" are professional or highly-skilled bettors whose action moves lines. "Squares" are recreational bettors whose action books typically welcome. Sharps bet early, exploit opening lines, and cause steam moves. Squares bet closer to game time, take popular sides, and often bet parlays. Books limit or ban sharps; they advertise to attract squares.
50. How do sportsbooks identify and limit winning bettors?
Books track: CLV history, bet timing (sharp bettors bet early), ROI over time, which lines you bet (sharp lines vs square-heavy markets), and betting patterns. Consistent CLV and profitability trigger limits—reduced maximum bets or account closure. This is legal and standard practice. Winning long-term in legal markets is difficult partly because sustained success gets you limited.
Quick Tools Reference
The right tools make complex calculations instant. Here's when to use each:
🛠️ Interactive Tool Finder
Select what you need help with:
📊 Payout Calculator
Calculate potential profit and returns from any odds format. Enter your stake and odds, see instant results.
Use when: Before placing any bet to know exactly what you'll win.
Open Betting Calculator →🔄 Odds Converter
Convert between American (+150), decimal (2.50), and fractional (3/2) formats instantly.
Use when: Comparing lines across international sportsbooks or understanding unfamiliar formats.
Open Odds Converter →🎲 Parlay Calculator
Calculate combined odds, total return, and win probability for multi-leg parlays.
Use when: Building any parlay to understand true odds and probability.
Open Parlay Calculator →🎯 Parlay Simulator
Run thousands of virtual outcomes to see how your parlay performs over time. Monte Carlo simulation.
Use when: You want to see beyond single-bet math to long-term patterns.
Open Simulator →📚 Complete Tutorial
Full walkthrough of all Talacote tools with step-by-step guidance for every feature.
Use when: You want to master the entire platform systematically.
Open Tutorial →"The goal isn't to find a way to win. It's to understand what you're doing clearly enough to decide wisely—whether that means betting smarter or not betting at all."
Conclusion: Questions Are Good
If you read this far, you're already ahead of most bettors. Not because you know everything—nobody does—but because you're willing to learn. The betting industry profits from confusion. Clarity is your advantage.
Keep these principles close:
- Understand what you're betting before you bet it
- Know the math, not just the outcome you want
- Manage your bankroll like it matters (because it does)
- Treat losses as inevitable, not failures to avenge
- When confused, stop and find the answer before continuing
Talacote exists because these questions deserve clear answers. We don't promise winning picks—that's not what we do. We provide the tools and knowledge to understand sports betting mathematically and make informed decisions.
Still have questions? We're constantly adding to this FAQ based on what users actually ask. Bookmark this page and return whenever you need clarity.
🎯 Put Your Knowledge to Work
Now that you understand the concepts, use our tools to apply them. Calculate odds, simulate parlays, and see the math in action—free, no account required.
Explore All Betting Tools →🛡️ Responsible Gambling Notice: Knowledge doesn't eliminate risk—it reveals it clearly. Only bet money you can afford to lose. Set limits and honor them. If gambling causes problems, stop and seek help. Resources: National Council on Problem Gambling (US), BeGambleAware (UK), Gambling Therapy (International).
