One of the most important steps when you start a price per head bookmaking business is to be familiarized with the vocabulary used in the industry. Here you will learn the definitions of the most commonly used words and phrases. In each part of this series of articles, I will cover 10 common terms used by bookies, bettors and betting businesses.
Action: An action is basically a bet or wager placed by a player on his chosen team, player or horse as appropriate.
Beard: Also called a proxy bettor or a front man, a beard is a person who bets on behalf of another person so that the identity of the real bettor is unknown to the bookmaker. Many top handicappers and people occupying sensitive positions use this method when placing their bets.
Betting cards: Betting cards is a system of betting in which gamblers must pick between three to twenty winners from a list of upcoming games.
Betting line: A betting line is the posted list of upcoming games and their point spreads.
Bookmaker: A bookie or broker who accepts wagers from gamblers and takes a commission.
Bottom sheet: The bookmaker's accounting of gambling debts is called the bottom sheet.
Circled game: A circled game is a wagering contest in which only limited action is accepted.
Closing line: The closing line is the final list of point spreads offered before game time.
Covering the spread: To cover the spread means to beat the posted point spread.
Edge: An edge is an advantage that one believes might improve one's ability to predict the outcome of a game.
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