Definitions

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See below for common definitions and terminology used for Sports Gaming


Lottery Sports Gaming Host (Host) – Type C sports gaming hosts (retailers) hold a current Ohio Lottery retailer license, hold a select liquor permit, and are licensed by the Ohio Casino Control Commission to offer sports gaming at their facility.

Lottery Sports Gaming Proprietor (Proprietor/Sportsbook) – Type C sports gaming proprietors are sport book vendors licensed by the Ohio Casino Control Commission to offer sports gaming through self-service or clerk-operated sports gaming terminals located at type C sports gaming host facilities.

Odds – The measure of how much you can win vs. how much you bet, per $100 dollars.

Negative Odds – Negative numbers are reserved for the favorite on the betting line.  The negative number indicates how much you need to bet to win $100 dollars. A team with odds of -120 would need to bet $120 dollars to win $100 dollars.

Positive Odds – Positive numbers are reserved for the underdog on the betting line. They refer to the amount you can win if you bet $100 dollars. A team with odds of +120 would payout $120 dollars for every $100 dollar wager.  

Bet ticket – A piece of paper that shows a bet, how much was wagered, the odds, price, and the timing of the game.  The ticket is a receipt for a wager that has been placed.  A wagering ticket also serves as an odds calculator, showing how much a player would stand to win based on how much was bet. A bet ticket tracks all your bets and how much was wagered.  As a note, a lost or damaged ticket may not be able to be claimed.

Voucher - A voucher is a printed record issued by a sports betting system that represents a right to be paid the amount stated on it.

Underdog – The team less likely to win an event.

Favorite – The team most likely to win an event.

Cover – A reference explaining that the point spread was successfully achieved from a sporting event.

Limit – The maximum allowed wager on a single bet.

Off The Board – A game bettors cannot wager on.

Point Spread – A handicap given to a favorite or an advantage given to an underdog for betting.

Even odds – An event with no favorite or underdog where the spread would be set at 0 points. 

Push – When neither team covers the spread (i.e., Team A is a 7-point favorite and beats Team B by a score of 27-20). Typically, all wagers are refunded on both sides as no one wins the bet. In the event a wager is a push, refer to the sportsbook's specific House Rules for more details.

Handle (Sales) – The total amount of money in wagers a proprietor/sports book accepts on a single game or event.

Hold – The amount of handle the proprietor/sports book retains after paying out winning wagers (ex. if the hold is 5%, that means that prizes were paid out at 95% of sales). 

Wager Examples for Type C


Parlay Wager – A type of wager where a single bet, combines multiple wagers into one. The bet consists of two or more events that requires each side, or leg, selected to win in order to produce a winning ticket. The Legislation for type C sports gaming allows for a maximum of 4 legs in a single parlay.

Over/Under Wager – A type of wager on whether a specific statistic for a game or individual will be higher or lower than a pre-agreed value. This type of bet is also known as a total bet.

Over/Under Wager Sample:
Odds In Words What it Means
O 49 (-110) Over 49 points at -110 odds

To win the bet, Team A and Team B
have to combine for more than 49 points.

U 49 (-110) Under 49 points at -110 odds To win the bet, the Team A and Team B
have to combine for less than 49 points.


Moneyline Wager – A type of wager also known as a straight bet. The wager is done without any point spread, where bettors need to predict the outright winner. Favorites are posted with negative (-170) odds while underdogs are listed with a positive (+150) price. If you bet the favorite, you will receive less money than if you bet the underdog and they win.

Moneyline Wager Sample:
Odds In Words What it Means
Team A -170 Team A minus 170

To win $100 for a Team B win, you have to bet $170

Team B +150 Team B plus 150 If you bet $100 on Team A and they win, you win $150
 

Spread Wager – A type of wager with odds posted on a match that are designed to level the playing field. Favorites are listed with a negative (-7) point spread while the underdog is given a ‘head start” with positive (+7) odds.

Spread Wager Sample:
Odds In Words What it Means
Team A -7 (-110) Team A minus 7 points at -110 odds

To win the bet, the Team A has to win by more than 7 points.

Team B +7 (-110) Team B plus 7 points at -110 odds To win the bet, the Team B has to win, or lose by less than 7 points.