Sports Betting Cheat Sheet Key Concepts

If you're building your knowledge base as a sports bettor, these are the 15 concepts every serious bettor should understand.

The Foundation

1. Expected Value (EV): The average outcome of a bet over many repetitions. Positive EV bets win long-term.
2. Vig/Juice: The house's cut, typically reflected in -110 pricing.
3. Implied Probability: The win probability reflected in odds. -110 = 52.4%.

Market Dynamics

1. Line movement: How odds change from open to close based on action.
2. Steam: Sharp, coordinated line movement across multiple books simultaneously.
3. Closing Line Value (CLV): Whether you beat the final market price.

Bet Types

1. Spread: Favorite gives up points; underdog gets points.
2. Moneyline: Pick the winner outright.
3. Total (O/U): Bet on combined points scored.
4. Props: Player or team statistical outcomes in one game.
5. Futures: Season-long or longer outcome bets.

Bankroll Management

1. Units: Standardized bet sizing relative to bankroll.
2. Kelly Criterion: Mathematically optimal bet sizing.

Advanced Concepts

1. Key numbers: Most common winning margins (3 and 7 in NFL).
2. No-vig fair odds: Stripping out the margin to find true probability.

[Apply these concepts and track your results in Oddible →]