Frequently used terms in sports betting:
Arbitrage: Betting the same event at separate sports books in order to lock in a profit by taking advantage of different betting lines.
Bankroll: Total capital available for betting sports.
Bookmaker (or bookie): A person who accepts bets.
Chalk: A favorite (usually, a heavy favorite).
Circled game: A game in which the sports book has reduced its betting limits, usually because of weather or the uncertain status of injured players.
Futures: A type of wager involving the outcome of a season or how a particular team or player will perform over the course of a season.
Hook: A half-point in the betting spread.
Line (sports betting lines): The point spread or odds on a game or event.
Lock: A bet that cannot lose; a term that is often misused and abused by disreputable touts.
Match-up proposition: A betting option that pits two players against one another in a contest or event, often used in golf and auto racing wagering.
Nickel: $500.
Parlay: A bet in which two or more events must happen in order to win; if any one of them does not happen, the wager loses.
Point spread: The number of points added to or subtracted from a team's actual score for betting purposes.
Sports book: The part of the casino that accepts bets on athletic contests.
Vigorish (or vig): The commission charged by a bookmaker.