MLB Odds sports betting glossary
Money line:
A money-line bet is a wager on which team will win the game, with odds adjusted to reflect which team is favored. If Boston is a -145 favorite against Toronto, that means a $145 bet on Boston would win $100 if Boston is victorious. Meanwhile, Toronto might be listed as a +122 underdog, meaning a $100 wager would win $122.Run line:
The run line is baseball's version of the spread, with one team being spotted a certain number of runs to balance the odds of the game. So if Cleveland is the -1.5 favorite on the run line over Minnesota, Cleveland must win by two runs or more for the wager to cash. Pricing is also adapted to reflect the likelihood of the outcome.Over/under:
One of the simplest and most popular MLB betting options, this is simply a bet on how many runs will be scored in a given game. If the over/under for San Diego vs. Colorado is 9.5, over bets cash if the two teams combine to score 10 runs or more while under bets cash if they combine for nine runs or fewer.Underdog:
The underdog is the team deemed less likely to win the game based on the MLB odds. A bet on an underdog typically yields a larger return than a bet on the favorite.Favorite:
On the other hand, a favorite is the team that is deemed more likely to win the game. Bettors often pay a premium for betting on a favorite but they're also the team that more often wins the game outright.Opening line:
The opening line are the odds that were set whenever the selected betting market was opened. Those odds will change as wagers come in or as news that impacts the game, like starting lineups or MLB injuries, occurs.Closing line:
Conversely, the closing line are the odds that are active whenever a betting market officially closes. In Major League Baseball, that typically occurs at first pitch.Consensus odds:
These odds are generally defined as an average of all available betting markets. Different sportsbooks may price markets variably based on the action they've taken or their own interpretation of information.Futures:
While money line, run line and over/under bets are all single-game bets, futures markets encompass almost anything that falls outside of that spectrum. MLB futures include total regular-season wins, World Series odds, MVP odds and much more.American odds:
American odds are centered around either winning or wagering $100 for simplicity's sake. So if a team is listed as a -143 favorite, that means a $143 winning wager would net $100 in profit. If a team is listed as a +255 underdog, that means a $100 winning wager would net $255 in profit.Fractional odds:
Fractional odds, often used in futures markets where there are more than two teams in play, feature the odds listed as fractions. So if San Francisco is 20/1 to win the World Series, that means a successful $100 wager on San Francisco would net $2100 (the $100 principle plus $2000 in profit).Juice:
Also known as "The Vig" or vigorish, juice is effectively the tax that oddsmakers charge for handling a wager. If a book determines a game is a virtual coinflip, they may price both options at -110 to give themselves a 10% rake on all the action.Push:
A push is a bet where neither the bettor or the sportsbook wins. If an over/under for total runs is set at 9 and both teams combine to score exactly nine runs, the result is a push and the principle is returned to the bettor.Handle:
A handle is the total action taken by a sportsbook on any game, regardless of type of wager. It does not account for what the sportsbooks had to pay out and is not an accurate representation of revenues or profits.Live/in-game betting:
Many sportsbooks now offer live/in-game wagering that allows you to make bets on several different markets in real-time. In baseball, you can bet on the outcome of an individual at-bat or place money line, run line and over/under wagers that have been adjusted in real time.Where is MLB betting legal?
As of July 2023, sports betting is legal in some capacity (online or in-person) in more than 30 states. That includes Arizona, Arkansas, Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Virginia, Washington, West Virginia, Wisconsin and Wyoming. Additional legislation to allow sports gambling is pending in Vermont, Nebraska, Maine and Kentucky.
