Blaze’s Sports Betting Encyclopedia: Glossary, Terms, and Tips for Safe and Responsible Betting

Created in Ancient Egypt over 10,000 years ago and introduced in Brazil in 1822 — and initially flourishing in Rio de Janeiro — Sports Betting is an exciting form of entertainment that has made a powerful leap to digital platforms. To ensure a rewarding, safe, and healthy experience, it's always important to study first.

Maybe you're a seasoned bettor looking for more information to fine-tune your strategies. Or perhaps you're just taking your first steps into the world of betting and eager to learn?

Regardless of your profile, we've prepared this Sports Betting Encyclopedia to bring together everything you need to know to bet responsibly. This content was developed by our experts to help you enjoy betting within the principles of Responsible Gaming — one of Blaze's core priorities.

Remember: knowledge is your most powerful tool to avoid future headaches. That's why we're here to explain the concepts and terms you’ll find on our platform and to share betting tips that help you avoid unnecessary risks — which are real and potentially dangerous.

And remember: sports betting is not an investment or a way to make easy money, so never play with goals other than having fun. Deal? Then let’s dive in!

What Is Sports Betting?

Sports betting is essentially making predictions about the outcome of a match or sporting event and wagering real money on whether that outcome will occur. If your prediction is correct, you win a return based on your bet. If not, the wagered amount is lost.

It could be as simple as guessing which team will win, whether a player will score, or how many corner kicks there will be. You can also bet on broader outcomes, like whether a team will win a tournament or finish ahead of a rival. You can include one or multiple events in a single bet, depending on the market and sport you follow.

In practice, you choose a possible outcome, set how much to wager, and hope your prediction comes true. If it does, your payout will be based on the odds — a numerical representation of the chance that outcome will happen. Football, basketball, tennis, esports… the key is to choose what you're familiar with, study, and make responsible decisions.

How Do Sports Bets Work?

The logic is simple: you select an event, make a prediction, and choose your stake. If your prediction is correct, you'll receive a payout proportional to the likelihood of the result happening—including your initial stake and the calculated profit.

The lower the likelihood of an outcome, the higher the potential return and the risk involved. Safer predictions have a higher probability but yield smaller returns.

You can choose one or several predictions to build your bet, combining different types of bets, values, and odds to suit your style.

To start, here are the key terms to understand how sports betting works:

Bookmaker (Betting Platform)

This is the place where sports bets are placed. Thanks to digital transformation, most betting now happens online. Bookmakers are platforms that offer a catalog of sports and events—basically a marketplace for betting.

Some countries, like the UK, still have physical betting shops, but in Brazil, all betting is done through digital platforms, whether on desktop or mobile. Only licensed and regulated companies are authorized to operate.

Betting Markets

For any match or event, you can browse the available Betting Markets. These are possible outcomes or events you can wager on. Each has its own odds and is adapted to the specifics of the sport and its mechanics.

Odds

Similar to multipliers in casino games, Odds determine your potential return. Also known as prices or lines, odds reflect the risk level and change over time. However, the odds at the moment of your bet are the ones that count.

Odds may come in different formats: Decimal (European), American (Moneyline), or Fractional. You can choose your preferred format, but it’s important to understand how they work to assess risk and reward properly.

Bet Slip

This collects all your selected bets, displaying the odds and potential winnings. Also known as a Betting Ticket or Coupon, this is where you set your stake and choose the type of bet: Single, Multiple, or System — more on that later.

Bankroll

This refers to the amount of money you have available for betting. It’s your digital wallet on the platform, tracking all transactions and outcomes. Managing your Bankroll properly is essential to maintain control and avoid financial losses.

Always treat it as an entertainment budget — never use money you can’t afford to lose. Good bankroll management ensures a more enjoyable experience without financial harm.

Stake

The amount you choose to wager, usually a percentage of your bankroll. There are ten Stake levels ranging from 2.5% to 8%, depending on the risk level of the odds and your betting profile.

Cash Out

This feature allows you to settle a bet before the event ends, recovering part of your stake. The Cash Out can only be done when the bet is not currently losing, either mid-event or after it starts.

Reward

This is bonus money given through offers or promotions, separate from your real balance. Casino Rewards, for example, are unlocked via special promotions and come with their own usage rules — detailed on the Rewards page.

Rollover

The minimum amount you need to wager before being able to withdraw a reward. Rollover is usually a multiple of the reward’s amount — up to 35x, though some promotions may vary.

Void Bet

Sometimes, bets can be canceled and the stake refunded. A Void Bet might happen due to fraud suspicion, event cancellation or suspension, or technical issues on the platform or market.

Settled Bet

This is when your bet is finalized and the result is processed. If it wins, your balance is credited. In the case of Multiple or System bets, settlement only occurs after the final event has ended—never before.

What Are the Main Types of Sports Bets?

Before placing any bet, it's ideal to understand each type of Sports Bet so you can build your bet slip wisely. Every time you choose your predictions, you can combine them into the same ticket, exploring different possibilities — and, of course, doing so responsibly.

Below, you'll find the three main ways to build your bet slip:

Single Bet

This is the most basic way to bet: you select one event, set an amount, and place a bet on a single outcome. A Single Bet depends on just one game, making it easier to understand — ideal for beginners or players who prefer lower risks.

Multiple Bet

Also known as Accumulator Bets, these combine two or more predictions into the same slip — as long as they are from different events. A Multiple Bet multiplies the odds of each selection to create a single combined odd, offering higher potential winnings.

Keep in mind that Multiples come with higher risk: you must get all predictions right. A single mistake results in a lost bet.

System Bet

This more complex type of bet slip works automatically to generate all possible combinations from your selected predictions. In other words, a System Bet covers different scenarios and treats each combination independently — meaning you don’t need to hit every prediction to win.

To place a System Bet, you need to select at least three predictions from different events. Each combination is placed with a fixed amount, so this type of bet is best suited for experienced players with a larger bankroll — and a good grasp of math.

When Should You Place Sports Bets?

Knowing when to place a bet is just as important as knowing what or whom to bet on. In the world of sports betting, you can place your bets before the game, during the match, or even days (or months!) in advance. Each option has its own advantages — and challenges.

Here are the main moments to get in the game:

Before the Match Starts

Placing bets before a game begins is the ideal time to study stats, analyze lineups, and make well-considered decisions. You’ll have more time to think, compare odds, and submit your picks — there’s no rush here.

Live Betting

If you want to follow the match in real time and take advantage of shifting opportunities, Live Bets are for you. As the game unfolds, the odds change — letting you bet at updated prices compared to pre-game lines.

Also known as In-Play betting, this format demands strategy, quick decision-making, and emotional control. Otherwise, you may find yourself in trouble. Always study data and strategies before betting live.

What Are the Main Sports Bettor Profiles?

As you might imagine, every person has their own betting style — some prefer higher risk, others enjoy different types of bets or betting live. Understanding your own profile is essential for responsible fun without negatively impacting your personal life.

Let’s explore the most common sports bettor profiles. Which one sounds like you?

Casual Bettors

These players bet occasionally, mostly to add extra excitement to a match. They usually place simple bets on teams or athletes they follow, without applying deep strategies.

Casual bettors don’t focus much on consistent profits or extensive analysis. For them, betting is just casual entertainment.

Sports Trader

This type of bettor enters and exits the market multiple times during a game, capitalizing on shifting odds to find value. A Sports Trader “buys and sells” positions, using Cash Out as their main tool.

Constant attention, fast analysis, and deep understanding of live action are must-haves for this profile. And remember: despite similarities to stock trading, sports betting should never be seen as a form of investment.

Sports Punter

This is the classic bettor: they study the data, choose a market, and place a bet. The Sports Punter relies heavily on stats, news, and other info to make solid predictions.

Unlike Traders, Punters usually let their bets run until the final whistle. Even when betting live, their plan is to stick with the prediction until the end of the game.

Drifter

Drifters watch the market closely to spot when a specific odd jumps abnormally. When they detect a line that seems “overstretched,” they place a bet — believing the Odd is inflated due to hype or misinformation.

This approach requires strong situational reading and a solid understanding of the sport's dynamics. Quick decision-making is also key for this strategy.

Steamer

Another analytical and observant profile, the Steamer differs from the Drifter by waiting for the Odd to peak before placing a bet. The goal is to bet right before the line drops — maximizing potential value.

To ride the momentum properly, Steamers must spot turning points and closely monitor the action to bet at the exact right moment.

Tipster

This isn’t exactly a bettor — Tipsters are the so-called “betting experts.” They usually have more experience and share betting tips and insights with others, either for free or for a fee.

Ideally, every bettor should aim to reach this level of analytical ability. However, remember: no analysis guarantees success — betting always involves factors beyond your control.

In other words: if you follow a tipster, don’t rely on their advice blindly. Always do your own research. Your personal judgment is essential for betting responsibly.

Who Is Not Allowed to Bet?

Whether sports-related or not, betting is only allowed for those aged 18 or older. Minors are prohibited from betting because their frontal lobe — the part of the brain responsible for judgment and impulse control — is still developing. This makes them more vulnerable to the risks involved. Learn more in our article about why minors are not allowed to bet.

In addition, players who have chosen Self-Exclusion are not allowed to access betting platforms. Remember: these individuals are taking a break from betting to address gambling addiction — a serious condition. This is not the time to play, but to focus on mental health.

What Sports Can You Bet on at Blaze?

This question is easy to answer: any of them. Blaze’s Sports Betting catalog is constantly updated to include the top competitions from around the world. So keep an eye out — new events are always being added.

Among traditional sports, Blaze usually offers markets for Athletics, Badminton, Bandy, Basketball, Street Basketball, Baseball, Biathlon, Boxing, Cycling, Cricket, Dice, Floorball, Formula 1, Football (Soccer), American Football, Australian Rules Football, Futsal, Golf, Handball, Ice Hockey, Lacrosse, MMA, NASCAR, Water Polo, Rugby, Snooker, Squash, Super Over Cricket, Surfing, Sumo, Tennis, Table Tennis, Volleyball, and Wrestling.

eSports are also on the rise, with betting markets for major competitive tournaments like Apex Legends, Call of Duty, Counter-Strike 2, DOTA 2, EA Sports FC (formerly FIFA), League of Legends, NBA 2K, Rainbow Six, Standoff 2, Starcraft, Valorant, Age of Empires, and Rocket League.

And yes — Blaze even offers sports betting markets on AI-simulated video game tournaments, streamed in real time. These include Penalty Shootouts, eHorse Racing, eFighting, eTennis, eCricket, eShooter, eStreet Basketball, FIFA, and FIFA: Volta.

What Are Betting Markets?

We’ve already touched on Betting Markets, but choosing the right one is like picking a route on a GPS: some are direct, others have shortcuts, and some require more advanced reading to explore effectively.

Each selection belongs to a Market, which defines what you’re trying to predict with your bet. It’s not just about who wins or loses — there are betting options for nearly every aspect of a match. Below are the main markets you’ll find on Blaze:

1x2

You bet on one of three possible outcomes: home team wins (1), draw (x), or away team wins (2). Also known as 1x2 bet, this market is ideal for beginners or those seeking lower-risk bets.

Double Chance

Similar to 1x2 but with reduced risk, Double Chance allows you to cover two outcomes instead of one. While the chance of losing is lower, the potential returns are also smaller.

Correct Score

In this market, you bet on the exact final score of the match. It offers high odds but also carries high risk, as only the precise result will win.

Draw No Bet

This market removes the draw as a possible outcome. With Draw No Bet market you bet only on either team to win, and if the match ends in a draw, your stake is refunded — lowering the risk while still offering solid rewards.

Handicap

Handicap markets are used to balance the odds when there’s a clear favorite. It’s like giving a head start to the underdog. There are two main types:

• Asian Handicap: Eliminates the draw as a result and uses decimal handicaps like -0.5 or +1.5. Though more complex, it’s flexible and can reduce risk — sometimes refunding part of your bet.
• European Handicap: Uses whole numbers like -1 or +2 and is easier to understand. However, there’s no refund — you either win or lose.

To learn how to choose and convert Handicap options, check out our Handicap Betting Guide!

Over/Under (Totals)

In this market, you bet on whether a specific stat — like goals, corners, yellow or red cards — will be over or under a certain number. If the final number falls on the side you chose, you win.

You can bet on totals for one team or the entire match, and Blaze offers Over/Under markets for both full-time and half-time periods.

Cards

As the name suggests, this market lets you bet on the number of yellow or red cards in a match. You can bet on total cards, per team, or even per player. A good read of the match and player behavior is crucial here.

Corners

Another easy-to-understand market: here, you bet on the number of corners in the game. Variations include Over/Under, time-based bets, or betting on which team will earn more corners.

Goalscorer (Anytime or First)

This market lets you bet on which player will score and how many times. To use it effectively, it's helpful to study stats like xG (Expected Goals), which — while complex — offer better insight into scoring potential.

Point Spread

Popular in Basketball and American Football, the Point Spread market allows you to bet on the winning margin rather than the score itself. You bet on whether a team will "cover the spread."

Both Teams to Score (BTTS)

A binary market: you bet on whether both teams will score during the match. Both Teams to Score (BTTS) is especially popular in football betting and easy to analyze with basic stats.

Clean Sheet

Similar to BTTS, this binary market lets you bet on whether a team will keep a clean sheet (concede no goals). It requires analyzing both defensive and offensive strengths, not just the goalkeeper’s performance.

Forecast

A long-term market used for racing or extended tournaments. Forecast Bets are used to predict final standings — such as who will win the title, be relegated, qualify for a tournament, or finish ahead of a rival.

Special Markets

You might want to bet on non-sporting events like reality shows, award shows, or even elections. While Special Bets used to be available on Blaze, they were removed due to Brazilian regulatory changes.

Get to Know the Key Sports Betting Terms

With so many different expressions, the world of Sports Betting can feel like another language. But don’t worry — most of the terms are there to simplify analysis or describe common betting scenarios.

Here, we’ve gathered the key terms you’ll see often, explained in a clear and simple way. You’ll understand everything from analytical metrics to popular phrases used by bettors. Let’s break it down:

Expected Value (EV)

Used to determine whether a bet has long-term value, Expected Value factors in both the probability of winning and losing, along with their respective payouts. The formula is: (Probability of Win x Win Payout) – (Probability of Loss x Loss Amount)

To calculate probability from the odds, use: 1 / odds. While EV doesn’t guarantee a win, it helps evaluate whether a bet is statistically worthwhile — though your judgment still matters.

ROI (Return on Investment)

A word of caution: while ROI is used in business, in betting it should not be viewed as a sign of real financial investment. It's simply a way to measure how much a winning bet has returned. The formula is: (Return – Stake) / Stake x 100

Use ROI in Gambling to track your performance, but always remember: betting is for entertainment, not financial gain. Keep it fun, and keep it responsible.

Green and Red

Two very common words in the bettor's vocabulary. Green means the bet was a winner. Red means you lost. Simple as that! What’s interesting is that many bettors even use these terms to analyze their performance, like “it was a day full of greens.”

Juice Bet

This is a bet placed purely on impulse or pressure (like “everyone’s betting on this!”). It's common during hype moments, such as finals. The term “juice” refers to a bet being “squeezed out” without much reasoning. It’s generally not a good practice if your focus is making more conscious decisions.

Surebet

The term means “sure bet” — but remember, no result is guaranteed before placing a wager. The idea here is finding opportunities where odds from different platforms create a mathematically favorable scenario.

However, calculating a true Surebet involves risks, and finding one under 100% value is rare. So be cautious and always prioritize responsible betting.

Choke

A choke is when everything was going well… and then it collapses. The player or team “bottles it” — failing when it mattered most. In betting, a choke is that frustrating twist when a nearly certain outcome goes wrong. It might be due to emotional pressure, technical failure, or sheer unpredictability.

Sawtooth Wave

Borrowed from mathematics, this term describes the up-and-down pattern of someone who loses a bet, tries to recover, and repeats the cycle. The bankroll graph ends up looking like a jagged saw. The advice is clear: if you notice this pattern, it’s time to pause and reassess your strategy.

Underdog and Dog

An Underdog is the long shot, the team or athlete who’s not favored to win. Dog is a shorter version of the same idea. Betting on underdogs can pay off big if they win, as the odds are usually higher.

NAP of the Day

NAP is a British term meaning “most reliable pick of the day.” Many tipsters use it to highlight their top bet. Just remember: even a NAP is still a bet — there are no guarantees.

Freebet

A Freebet is a free bet, similar to Free Spins in casino games. You don’t pay to place the wager, but you can still win from it. Usually, you only receive the profit — not the stake itself — if you win. Despite the appealing name, always read the terms before using one.

Back Testing

This means “testing before betting for real.” You simulate a strategy using past data to see how it would have performed. It’s commonly used by more analytical bettors. It offers a preview to validate ideas — though past performance doesn’t guarantee future results.

Liability

This is the amount you risk losing if the bet doesn’t go your way. In sports betting, knowing your liability helps manage your bankroll and avoid surprises. The higher the odds or stake, the greater the risk — so it’s essential to factor it into your money management.

Dead-Heat

This term is used when there’s an exact tie, especially in races or athletics. Instead of splitting the prize equally, the bet payout is adjusted proportionally. So, you might still earn a partial win even if multiple athletes finish “tied” in first.

Law of Large Numbers

A statistical concept that says, over time, results tend to stabilize. In betting, the Law of Large Numbers means that a good strategy is more likely to work in the long run — not in just one or two tries. It reinforces the idea that betting is a marathon, not a sprint — and should always be done responsibly.

What Are Bankroll Management Strategies in Sports Betting?

Betting without control is like playing a final without a coach — the risk of losing big is high. That’s why managing your bankroll is essential for enjoying sports betting in a responsible and secure way.

And it’s not just about doing the math for each bet. You need emotional discipline to stay balanced and avoid impulsive decisions — which can seriously impact your finances and personal life.

To dive deeper into this concept, be sure to check out our full guide on responsible bankroll management.

Flat Stake

Known as the simplest bankroll strategy, Flat Stake means placing the same fixed amount on every bet — regardless of the odds or how confident you are in the pick.

Its main advantage is its ease of use. Since it’s less flexible, it’s ideal for more conservative bettors. Plus, using a flat stake helps prevent impulsive decisions, which can lead to trouble after a loss.

Variable Stake

The Variable Stake Method involves using an amount that is proportional to your bankroll. In other words, the value of each bet changes and is always a percentage of the total amount available in your balance.

Its main advantage is flexibility, as it allows you to set different proportions depending on how risky each bet is. The main risk is relying on “gut feeling” to define your stakes, which can lead to losses and drain your budget.

Kelly Criterion

How do you calculate whether a bet is worth it? The Kelly Criterion is a mathematical formula that considers the odds and the actual probability you assign to the outcome. The formula is: Stake = [ (Odds × Probability) – 1 ] / (Odds – 1)

One of the key benefits of this strategy is that it uses mathematical principles to maximize profits and minimize losses. However, it’s a complex method that requires precise calculations and estimates — otherwise, the results can backfire.

Fibonacci

The Fibonacci Sequence can also be used in betting, increasing your stake progressively after each loss. Your stake will be the sum of the two previous ones — following the famous sequence: 1, 1, 2, 3, 5, 8, 13, 21…

Although this method is used to recover losses, it must be applied with caution. A long losing streak can severely impact your bankroll and lead to even bigger problems.

Martingale

This is one of the most aggressive bankroll management strategies: with the Martingale Strategy, you double your stake after every loss, theoretically making it easier to recover your losses.

However, it’s also very risky, as a long streak of losses can have a huge impact on your budget. That’s why you must be extra careful if you decide to use Martingale.

What Are the Best Sports Betting Strategies?

In the world of Sports Betting, there’s no shortage of strategies to help manage risk and make more informed decisions. Some are classics widely discussed; others are newer or tailored to advanced bettors. But it’s important to remember: no strategy guarantees success. All of them involve variables and must be used responsibly, always focusing on entertainment.

Below are some of the most well-known strategies, including how they work, their risks, and what to consider before using them:

All-In

This is when a bettor places their entire bankroll on a single bet. It might feel bold and exciting, but the risk is enormous — if you lose, it’s all gone. This strategy should only be used by bettors who fully understand the scenario, have a clear goal, and accept total risk. A key tip: define your bankroll so that “going all-in” still means risking a controlled amount.

Cash-Out

Cash-Out lets you settle a bet before the event ends, receiving a proportional amount. It’s useful for locking in a partial profit or reducing a potential loss. However, it’s not always available, and the offer might be lower than expected. Ideal for bettors watching the event live and wanting more control.

Back

This is a standard bet — you’re betting for an outcome (e.g., Team A to win). It’s the foundation for other strategies like Lay betting or Sports Trading, especially in exchange platforms.

Lay

In this strategy, you bet against a result. For example, if you place a Lay bet on Team A, you win if they lose or draw. This is more common on exchange platforms and requires knowledge of liability, as the potential loss can be high.

Greening

Mostly used in exchange betting, this technique involves betting on all possible outcomes of an event in a way that guarantees profit regardless of the result. The name comes from the visual — when the graph turns all green. It works like a “perfect match” of odds but requires precise calculations and live attention.

Hedging

One of the best-known safety strategies, Hedging involves placing additional bets to cover your original one. For example, if you bet on Team A to win and the opposing team starts gaining momentum, you can bet on a draw to cover part of the risk. It helps minimize losses but may reduce profits as well.

Chasing

This is the well-known “chasing losses.” After losing a bet, a bettor places new bets (often larger) trying to recover what was lost. The problem is that this often leads to impulsiveness, poor decisions, and lack of control. It’s a dangerous trap — avoid it!

Dutching

Dutching involves betting on multiple outcomes in a single event, distributing your stake in a way that the return is the same no matter which one wins. It’s useful for events with many participants, like races, but requires accurate calculations and balanced odds.

Scratching

This strategy originates from horse racing, where a competitor is removed just before the start — “scratched” — and the stake is refunded. In sports betting, Scratching is adapted to mean a cycle where your bankroll ends at the same amount it started with, regardless of wins or losses during that period.

What Are the Risks of Sports Betting?

Before diving into everything covered in this Betting Encyclopedia, we need to address something important: the risks of betting without following Responsible Gambling practices. Gambling without proper precautions can seriously affect your mental and financial health — and we want your only concern to be having fun.

Here are the main risks you should be aware of so you can plan your betting experience responsibly:

Financial Losses

Betting involves real money, and your bankroll is essential. That’s why you should treat the money used for betting as part of your entertainment budget — not as a way to make money. Otherwise, financial losses can snowball and create major problems.

Always make sure that any amount deposited into your betting account won’t affect your ability to cover essential expenses. Those should always come first: rent, bills, school tuition, groceries, transportation. Only after those are taken care of should you calculate how much of your leftover budget can be used for betting, alongside other hobbies.

Gambling Addiction

This risk is often referred to as Compulsive Gambling or Ludopathy, and regardless of the name, it is a serious mental health issue — officially recognized by the WHO. In fact, the DSM-V (Diagnostic and Statistical Manual of Mental Disorders) describes Gambling Addiction as:

“Repeated and frequent episodes of gambling that dominate the person's life, damaging social, professional, financial, and family values and commitments.”

This disorder is often linked to other conditions like depression and anxiety. It can severely impact a person’s finances, work, studies, and personal relationships — including those around them.

That’s why it’s essential to treat sports betting as a source of fun and maintain a controlled, responsible experience. Setting limits is key to preventing gambling addiction. And when necessary, using tools like Self-Exclusion and seeking help from a mental health professional are crucial steps toward recovery.

Is Sports Betting an Investment?

This is a topic that’s been heavily debated lately, and it’s important to clarify right away: the answer is no. Sports betting is not an investment. It’s not based on economic fundamentals and depends on factors beyond your control. You can study stats and data to bet on a match and still lose — after all, unpredictability is what makes sports so thrilling and helps write unforgettable stories.

While investments also carry risks, they rely solely on your knowledge and the capital you allocate — meaning they’re under your control, unlike any bet you place on your favorite sport. To learn more, check out our article explaining why betting should never be treated like investing.

Bet Responsibly on Blaze!

We’ve reached the end of our Sports Betting Encyclopedia — though this content will always be available and updated as we create new material. We hope you’ve learned a lot from it. It was created with one goal in mind: to empower you with the knowledge needed for a rewarding, safe, and responsible experience on Blaze.

Our mission has always been (and will always be) to bring you innovative, fun, and exciting experiences, showing that betting is entertainment — just like any other. And for that to be true, we’ll always be transparent about the risks involved and everything you need to know to enjoy our platform your way.

Remember: Responsible Gambling is a top priority at Blaze. We want you to have fun with us in a way that won’t bring problems to your life — or to the lives of those you love. So take time to learn and plan ahead to enjoy every moment with us.

Deal? Then get ready to bet on sports at Blaze — and have fun responsibly!