Super Bowl LIII will likely be the biggest sporting event of all-time, at least when it comes to sports betting.

Experts predict that over $300 million will be wagered on the Feb. 3 matchup between the New England Patriots and the Los Angeles Rams, buoyed by the legalization of sports betting in states like New Jersey, Delaware and West Virginia.

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The growing popularity of sports betting means that gambling terms have become more commonplace in football discussion, so we've prepared this glossary of the most common gambling terms.

SPORTS BETTING NJ: Super Bowl betting options

The basics:

Sportsbook

A person, place or service accepting bets on sports. Known as a “bookie” in slang terms.

Handle

The total amount of money wagered at a sportsbook.

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Favorite

The team expected to win a game or the most likely outcome to occur. The favorite is indicated by odds that include a minus sign, such as “Patriots -110.” That means that a $110 bet on the Patriots will win $100 plus the original $110 wager for a total payout of $210.

"The Patriots are 2.5-point favorites at -110."

Underdog

The team expected to lose a game, or the outcome not expected to occur. The underdog is indicated by odds that include a plus sign, such as “Rams +120.” That means that a $100 bet on the Rams will win $120 plus the original $100 wager for a total payout of $220.

"The Rams are 2.5-point underdogs at +120."

Pick ‘em

Often referred to as “even money.”

A game where teams are evenly matched, resulting in no point spread. You win the equivalent of whatever you bet.

Live bet

A bet that’s accepted or placed after a game has already started, usually taken online. Live bets usually come with updated odds depending on the result of the game so far. For example, a team may be favored to win the game before it starts but, if the team is losing early on, it may now be an underdog.

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Different kinds of wagers:

Moneyline

A simple bet placed on the team the bettor expects to win. The point spread is disregarded in moneyline bets.

"I bet $100 on the Rams +120 on the moneyline."

Point spread

Also known simply as “the spread” or “the line.”

The number of points by which the favorite is expected to beat the underdog. To bet against the spread is to place a bet that wins only if the team surpasses expectations — a favorite will win by more points than called for or the underdog will win by more points than called for.

"I bet on the Patriots +3.5 to beat the spread, and won." "I bet on the Saints -3.5 to cover the spread and lost."

Cover

If a favorite “covers,” it means it won by more points than the spread indicated.

If an underdog “covers,” it means that team won the game outright or lost by a margin less than what the oddsmaker predicted. This is also known as “beating the spread.”

A "backdoor cover" occurs when an underdog beats the spread in the final minutes or moments of a game without actually winning.

"I won $100 when the Patriots covered."

Push

A bet that falls exactly as predicted. If a 3-point favorite wins by exactly three points, it’s declared a “push” and the bet is refunded. Sportsbooks often avoid pushes by setting point spreads with half-points.

Over/under

The total number of points to be scored in a game. Bettors can place a wager on whether the total number of points scored is “over” or “under” the line, or parlay an over/under bet with a moneyline or point spread bet.

Prop bet

Short for “proposition bet,” a wager on an individual outcome in a game (outside of the final results) usually presented as an over/under wager. Prop bets include bets on specific actions by a player (total number of touchdown passes), time-sensitive results (total points scored in the first half) or first/last results (first player to score a touchdown).

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In major events, like the Super Bowl, prop bets are often wagered on outcomes unrelated to the game, such as the length of “The Star-Spangled Banner,” the coin toss or the set list of the half time performer.

Watch a video at the top of the page for a look at the five weirdest prop bets offered for Super Bowl LIII.

"I won a prop bet on Jared Goff to throw over 282.5 yards." "I lost a prop bet on Todd Gurley to score the first touchdown."

Futures

A futures bet is placed on a team to do something later in the season. Usually, futures bets are placed, before a season begins, and often on teams to win a championship, make the playoffs, etc. The worse the team, the higher the odds.

"I lost a futures bet on the Jets to win the Super Bowl."

Multiple bets:

Parlay

A bet that combines two or more wagers into one with longer, more lucrative odds. In order to win a parlay bet, all outcomes must occur.

"I parlayed the Patriots -2.5 with the over. Separately, they have -110 odds. As a parlay, I got +260 odds."

Teaser

Bettors place teasers on their parlay bets, adjusting the spread or over/under lines in a favorable way but exchanging a potential payout in the process.