Sports Betting Glossary
From A to Z
E
Each-way
A bet that takes a single amount and splits the wager between a horse finishing first and second. If the horse finishes first, both bets payout, but if the horse finishes second, only one bet pays out.
Edge
Another term for an advantage. This term can be used to describe an advantage had by either a bookmaker or a bettor.
Even money
A bet that returns the exact amount of an original bet. This bet is displayed as +100 in American odds, 2.0 in decimal odds, and 1/1 in fractional odds.
Exotic Bet
Any bet that goes beyond a standard game total, point spread, or moneyline bet. Many proposition bets or specials bets are considered to be exotic bets.
Expected Value
The theoretical value of making a wager if it were to be played out thousands of times. For example, if a bookmaker has a 10% edge on a $100 bet, their expected value from that bet is $10.
