Decoding sports-betting language

Sports betting, explained

Since a 2018 Supreme Court decision overturned the Bradley Act, which spurred a state-by-state legalization of online gambling, sports betting has become a rapidly growing multibillion-dollar industry.

Breaking down the jargon and strategy of horse betting

Placing bets on horse racing isn't the same as a football or basketball game. You can pick a winner (win), who will come in second (place), and even third (show). And all the bets placed on a race are pooled together and divided among the winners. This Top Ten Picks video teaches the mechanics behind each bet, and shares insider tips that can lead to more informed betting choices.

Experts suggest the industry could be a $45B business

Sports betting used to primarily consist of who would win and the points spread, but the rise of online betting apps has fueled a substantial increase in parlay bets. "Existing markets are still growing at a rapid clip," said Noah Naparst, who evaluates sports-betting companies for Goldman Sachs. "So we’re not mature yet, but we’re not in the early wildcat days of the market anymore, either.”

A timeline of sports-betting scandals

This timeline examines memorable moments from three decades of sports-betting history. It breaks down key political moments, as well as some historical moments such as when the internet pushed underground bookmaking online. There are also multiple descriptions of betting scandals from 1989 on.

How math whizzes exploit sportsbooks

Chris Dirkus is a professional sports bettor who approaches the hobby as a math problem, not from a fan's perspective. He focuses on mispriced odds in popular games where many fans are betting for high liquidity. He's one of a rare segment of sports bettors exploiting slow models and human mistakes.

Sports media have also embraced sports betting

For decades, ESPN kept its distance between reporting on games and talking about gambling lines. Sports teams refused to have franchises in Las Vegas, fearing it would harm the sport. But since 2018, that has changed. ESPN’s personalities regularly pick games, and the company has also launched its own betting app.

Prediction markets and sports betting are not forms of investing, despite how some fans portray them.

Americans spent nearly $150B in sports-related bets in 2024

These bets ranged from who would win the World Series to what color clothes famous celebrities would wear to the Super Bowl. Experts believe the industry will continue to grow.

Prediction markets have their own lingo that's an amalgamation of Gen Z and Gen Alpha slang

For instance, if you've been out-maneuvered by another trader, you've been "mogged." A "rulescuck" is someone who is a stickler for betting market rules and may try to win on a technicality.

Among most mainstream sports broadcasts, sports betting ads appear most often in women's basketball and hockey

A random selection of 50 different sports broadcasts tracked one sports betting reference every four minutes. In one of the randomly selected hockey games, the longest stretch of no gambling reference lasted about five minutes towards the end of the game.

Even athletes aren't immune to the sports-betting craze

While gambling scandals occasionally blew up before 2018, the widespread legalization of sports betting provided athletes with more opportunities to bet on the games they were playing.

Sports leagues have attempted to prevent athletes from betting

As pro and collegiate sports embrace betting (and the revenue that comes with it), each league works diligently to ensure the integrity of the games by hiring private firms to analyze irregular bets. These companies have flagged bets that led to the firing of Alabama’s baseball coach, the suspension of multiple athletes at Iowa and Iowa State, and, most recently, a lifetime ban on former Toronto Raptors forward Jontay Porter by the NBA in April 2024.

How prediction markets differ from sportsbooks matters for regulation

There are a number of differences and similarities between sportsbooks and prediction markets, despite both allowing people to bet on outcomes for sports-related events. For instance, prediction markets typically earn revenue through transaction fees rather than taking directional exposure to outcomes.

'Moneyball' author Michael Lewis believes sports betting is a problem for young men

The noted journalist and author of "Moneyball," "The Big Short," and "The Blind Side" has now fixed his discerning eye on the sports-betting industry. In this interview, he explains why he sees sports betting as a problem for American society, especially boys and young men, and why he believes the government needs to regulate the nascent industry more seriously.

Sports betting is legal in 47 states and the District of Columbia

This downloadable map provides an easy-to-see overview of each state's position on legalized gambling, including a breakdown of online versus retail betting. Click on a state, and a new page will provide information on what type of wagers are allowed, key regulations, tax rate data, and where that tax money will be allocated.

Prediction markets help people bet on almost anything—which can be controversial

Critics point to incidents such as traders placing bets on the Venezuelan President Nicolás Maduro's capture and the two people in Israel who were charged on suspicion of using classified information to place bets about military actions.

'Scorigami' attempts to chart every NFL game score

The rules of the sport set bounds on possible final outcomes, so this adept statistician mined some fascinating takeaways. Some scores are impossible (like 5 to 1) and some are more common (like 20-17, occurring over 300 times since 1944). Watch for a deluge of numbers.

Legal gambling on Super Bowl 60 is expected to reach $1.76B

Legal Super Bowl wagering has grown sharply over the past decade as US states legalized sports betting. In 2018, sports betting was only legal in Nevada and accounted for $158.5M.

What it means to call a bracket 'chalk'

If the tournament is rather boring, you might hear a curious word getting thrown around: "chalk." In short, it means that the favorites have been winning. The word's origins go back to horse racing and its sportsbooks, where bookies would post odds on chalkboards. Over time, the bookies came to be known as "chalk" and, years later, tournaments (and their brackets) that seemed to favor those bookies earned the name, too.

Prediction markets convinced regulators they're not gambling, but exchanging commodity futures contracts

Kalshi built a legal case that argues its yes/no bets on real-world events are futures contracts, and the relevant regulator—the Commodity Futures Trading Commission—agreed in 2020. Many states are now suing major prediction markets, arguing this legal case is faulty and obscures the true substance of the business: gambling.

Frictionless online gambling platforms accelerate compulsive behavior

As of late 2025, as much as 95% of bets are placed online, where "always on" betting and a variety of formats, such as prop bets and parlays, encourage users to keep participating. Experts warn that the normalization of gambling through advertisements also reduces the perceived danger of addictive gambling.

Prediction markets—the platforms where users can trade bets that pay out depending on certain event outcomes—have faced questions about insider trading.

Some experts equate prediction markets to the new crack cocaine of gambling addiction

An addiction psychiatrist at UCLA says betting apps are far more potent than traditional gambling, citing a 19-year-old patient who lost $180,000 and hadn't left campus in a year, cycling through sports bets, crypto, meme stocks, and prediction markets on his phone. This interview explores the extreme edge of the nascent industry.

Understanding the basics of football

While American football may be entertaining, for fans who never played the game it can be confusing. Why do teams choose to run, pass, line up in certain defenses, run people in motion, call audibles at the line—or do any of the many other things that happen on the field?

Major League Baseball, explained

Major League Baseball is America’s oldest professional sports league. Alongside triumphs, the league has faced scandals, including drug abuse and steroid use, shaping its path over the decades. Today, MLB embraces new rules, international talent, and a growing connection to legalized sports betting.

The complicated economics of horse racing

The Triple Crown commands big ratings (and enormous amounts of money in betting) but the sport as a whole is in a precarious position, thanks to limited tracks and an overreliance on subsidies. This special from Freakonomics unpacks what all that means for the future of the sport.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

40 key stock market terms, explained

Liquidity. Forex. Capitalization. Blue chip stocks. These are just a few pieces of stock market vocabulary most people who don't spend all day on a trading floor might not know. Thankfully, we found a fun infographic that makes it easier to learn what 40 key stock market terms mean and why each of them matters.

Professional wrestling's lexicon comes from the carnival world, where the spectacle began.

MLB pitchers were charged with benefiting from sports betting

In November 2025, two pitchers for the Cleveland Guardians were charged with coordinating with sports bettors to enrich themselves and others. In many instances, they shared the kinds of pitches they would throw at specific points in the game. Bettors then placed money on those actions.

The prices on prediction markets reflect how the collective forecasts future outcomes.

The gray area that makes PEDs seem like leveling up to hardcore athletes

Doping in sports is broadly condemned as unsafe and unfair. Significant controversies in major sports, including baseball and cycling, have been prompted by the widespread use of performance-enhancing drugs, which are described as clear-cut dangers and abuses of the rules. But to many competitors, the line between a PED and the next smart technique to adopt is unclear. This podcast episode explores that gray reality.

'Daily fantasy' is a high-stakes subset of fantasy sports

The form, pioneered by platforms like FanDuel and DraftKings, uses anonymous daily leagues and large payouts, looks more like typical betting than the season-long, community-minded setup of more traditional fantasy.

A 2025 NBA scandal exposes athlete participation in sports betting

In October 2025, a current coach, a current player, and a former player and assistant coach were arrested as part of an FBI investigation into a large-scale gambling ring. The current player, Miami Heat guard Terry Rozier, is accused of using non-public information to bettors.

Mental health experts caution against youth sports betting

People in their early 20s represent the fastest-growing group of sports gamblers. That fact concerns mental health professionals, who warn that early exposure to gaming primes children’s brains to seek digital rewards.

You can bet on the color of the Gatorade dumped on the winning coach for the Super Bowl

Many sports books offer additional prop bets reserved only for the Super Bowl, including the Gatorade color, the length of the national anthem, and more. In 2026, the betting favorite for the Gatorade color is orange.

The 2011 film 'Moneyball' shifted ideas about sports and statistics

Based on the Michael Lewis book of the same name, the film starring Brad Pitt depicts the attempts of the 2002 Oakland A's to leverage data analysis to overcome their low-budget woes ($41M) and compete with big-budget teams like the New York Yankees ($125M). Other sports and leagues, including the NBA and NFL, would adopt a similar logic: find what the market undervalues and exploit it.

The betting scandal that rocked college basketball

In the 1940s and '50s, illegal bookmaking in college basketball was rampant at Madison Square Garden. In the 1949-50 season, City College of New York players shaved points during games, though they played honestly in the NIT and NCAA tournaments, winning both. This OddsShark.com article explores how the points-shaving scandal was exposed, who went to jail, and its impact on the NIT and CCNY.

A 1930s card game birthed modern fantasy sports

"National Pastime" used the statistics of real Major League Baseball players to determine a winner, creating the template for the modern fantasy sports model.

Contract prices on prediction markets are generally interpreted as implied probabilities

For example, if a contract trading is at $0.65, that could be read as the market assigning a 65% probability to that event occurring. The most common format for prediction markets is winner-take-all: The contract settles at $1 if the event occurs, or $0 if it doesn't.

The biggest controversies of the NFL

Some of the biggest controversies in NFL history didn’t just spark debate—they changed the game. From Spygate and Deflategate to concussion research and the league's ambivalent stance on it, these moments led to new rules, safety measures, and major policy shifts. Explore how each scandal shaped the league and its future.

Sabermetrics, the empirical analysis of baseball statistics made famous by 'Moneyball,' redefined how people evaluate baseball players, overturning a century of assumptions about which metrics matter most.

NBA referee Tim Donaghy was paid roughly $300K to fix games

Donaghy said he struggled with a gambling addiction, causing him to risk so much. In this interview, he explains the story of his scandal, and how the mob led to his eventual arrest.

A visual guide to identifying baseball's pitches, from common pitches like 'fastball' and the 'change up' to specialty types, like 'cutter' and 'slurve.'

Use a prediction market profit or loss calculator

In order to calculate how much someone would make from a specific trade on a prediction market, this calculator asks for the purchase price of a given "yes" or "no" prediction, the number of contracts the trader plans to purchase, and more.

In 1992, sports betting was outlawed in places where it wasn't already legal

On Oct. 29, 1992, then-President George HW Bush signed the Professional and Amateur Sports Protection Act, outlawing sports gambling where it was not already legal.

The Reddit forum r/WallStreetBets is a place to discuss high-risk trading strategies

r/WallStreetBets is a forum (aka a “subreddit”) on the social media platform Reddit that was started in 2012. Later, r/WallStreetBets evolved into a place where unconventional investment approaches were not just tolerated, but planned and celebrated. It’s perhaps most famous for its role in the GameStop saga.

Using scientific bets, Hawking challenged and highlighted major physics ideas

Hawking famously placed wagers on high-stakes questions in theoretical physics—such as the Higgs boson—for fun and to draw attention to science. When Hawking lost a bet about Cygnus X-1 being a black hole, he paid up with a magazine subscription.

Play a game that reveals if investors with a crystal ball make better trades

The "crystal ball" game reveals how well you would do trading stocks and bonds if you could see the front page of the Wall Street Journal one day in advance.

The NFL is so successful because it is perfectly suited for television

The predictable weekly cadence of football games ritualizes the experience of watching together, and their relative scarcity makes every game meaningful. With the stop-and-go play of the sport, there are predictable, repeating stoppages to allow broadcasters to sell lots of advertising inventory. The league sits in the sweet spot compared to MLB (many games) and NBA and soccer (continuous play with fewer ads). This Acquired episode distills fascinating insights into the NFL's business and history.