Sports Betting Lexicon

This is a compact, English-first glossary of common sports betting terms. Spanish translations are included as a bridge; later we can add more languages and expand definitions/examples.

Term (EN)	Spanish (ES)	Definition (EN)
All in	Todo o nada	Risking your entire bankroll on a single bet.
Arbitrage	Arbitraje	Betting different outcomes at different prices to lock in a profit regardless of the result.
Bankroll	Capital de apuestas	The money set aside specifically for betting (separate from your personal finances).
Bet	Apuesta, apostar	A wager placed on an outcome; also the act of placing that wager.
Bookmaker	Corredor de apuestas	The operator that offers odds and takes bets (often called a sportsbook).
Draw No Bet (DNB)	Apuesta sin empate (reembolsable si hay empate)	A market where a draw results in a refund; you win if your side wins, lose if it loses.
EV	Valor esperado	Abbreviation for expected value.
EV+	Valor esperado positivo	Positive expected value: the bet is profitable on average in the long run if your probabilities are correct.
EV-	Valor esperado negativo	Negative expected value: the bet loses money on average in the long run if your probabilities are correct.
Even odds	Momios equitativos	Fair odds: the offered price implies the true probability, so EV is 0 (no long-run profit or loss on average).
Exchange betting	Apuestas de intercambio	Peer-to-peer betting where a platform matches bettors; the platform typically charges a commission.
Expected value (EV)	Valor esperado	The average profit/loss per unit stake over many repetitions of the same bet. See Expected value.
Favorite	Favorito	The side judged most likely to win (usually priced at shorter odds).
Fixed odds	Momios fijos	Odds that are locked in when you place the bet (as opposed to prices changing after placement).
Futures	Apuestas sobre el futuro	Long-term bets on outcomes far in the future (champions, season totals, awards, etc.).
Gamble	Apuesta, apostar	To bet or wager; often implies risk-taking or betting without an edge.
In-play betting	Apuestas durante el juego	Betting while the event is in progress, with prices updating as the game evolves.
Kelly criterion	Criterio de Kelly	A staking formula that suggests the optimal fraction of bankroll to bet to maximize long-run growth.
Live betting	Apuestas en vivo	Another name for in-play betting.
Margin	Margen	The bookmaker's built-in edge in the odds (overround/hold). See Vigorish and margin.
Moneyline	Apuesta a ganador	A bet on the outright winner (no spread/handicap). In some sports/leagues, markets may include a draw option.
Odds	Momios, cuotas	The price offered for an outcome; can be expressed in different formats. See Betting odds.
Over/Under	Más/Menos	A totals market betting whether a statistic (points, goals, runs, etc.) will be above or below a number.
Overlay odds	Momios favorables para el jugador	Odds that are better than fair odds given the true probability (positive EV for the bettor).
Parlay	Apuesta combinada	A combined bet where all legs must win for the bet to pay (also called an accumulator).
Payout	Pago	The amount returned if the bet wins (sometimes used to mean the net profit; context-dependent).
Sportsbook	Casa de apuestas	The bookmaker/operator (or the platform/app) where you place bets.
Spread	Diferencial de puntos	A handicap/line that adjusts a team's score for betting purposes (common in basketball/football).
Stake	Importe de una apuesta	The amount of money you bet (the risked amount).
Underdog	No favorito	The side judged less likely to win (usually priced at longer odds).
Underlay odds	Momios desfavorables para el jugador	Odds that are worse than fair odds given the true probability (negative EV for the bettor).
Vigorish (vig)	Comisión o beneficio del corredor	The bookmaker's commission/edge built into prices (closely related to margin/overround).
Wager	Apuesta, apostar	A bet; also the act of placing a bet.