Casino & Sports Betting Glossary for Canadian Players
Confused by gambling jargon? This plain-English glossary explains common casino and sports betting terms you’ll see on WillHills and at Canadian gambling sites. It’s designed for beginners – no hype, no fluff.
Bookmark this page and refer back any time you run into a term you don’t recognize. As we expand our guides, we’ll keep adding more definitions here.
A–C
- Action
- Any money you have at risk on a game or event. If you have $20 on tonight’s NHL game, you “have action” on it.
- Bankroll
- The total amount of money you’ve set aside specifically for gambling or betting – money you can afford to lose.
- Bonus
- Extra funds or free bets offered by casinos and sportsbooks. Always check wagering requirements and expiry dates.
- Cash-out
- An option at some sportsbooks that lets you settle a bet early for a guaranteed amount, instead of waiting for the final result.
- Chasing losses
- Increasing your bet size or frequency after losing, trying to “win it back”. One of the fastest ways to burn a bankroll.
D–H
- Decimal odds
- The most common odds format in Canada. Shows the total return per dollar staked, including your original bet.
- Edge
- The long-term advantage either the house or the bettor has. Casinos always have a built-in edge on their games.
- Expected value (EV)
- A calculation of how profitable a bet would be if you could place it many times. Most casual bets have negative EV.
- Handle
- The total amount of money wagered on a game, market or event at a sportsbook.
- House edge
- The mathematical advantage the casino has over players, expressed as a percentage of each bet.
I–P
- In-play betting
- Also called live betting. Placing bets while a game is already in progress, with odds that move in real time.
- Line
- The odds or point spread offered on a particular side or total in a game.
- Moneyline
- A straight bet on which team or player will win the game, with no point spread involved.
- Parlay
- A single bet that combines multiple selections. All legs must win for the parlay to cash; payouts are higher but so is the risk.
- Payout
- The total amount you receive when a bet wins – your original stake plus any profit.
R–Z
- Return to player (RTP)
- A percentage that indicates how much a casino game is expected to pay back to players over the long run.
- Stake
- The amount of money you put on a single bet or spin.
- Totals (over/under)
- A bet on whether the combined score in a game will be higher or lower than the line set by the sportsbook.
- Variance
- How “swingy” a game or betting strategy is. High-variance games have bigger upswings and downswings.
- Wagering requirements
- Rules that tell you how many times you must bet a bonus (and sometimes your deposit) before you can withdraw.
Where to go next
Now that you understand the basic terms, you’re ready for our beginner-friendly guides: