A Beginner's Guide To Betting Vocabulary: The Most Popular Terms Explained.

A

Account – an arrangement by which a body (bookmaker in our case) holds funds on behalf of a client (player) or supplies goods or services to them
Action – having a wager on a game
Arb – is a situation when the bettor can make a profit regardless of the outcome by placing one bet per each outcome with different betting companies
Arber – a person who is making bets on arbs
Asian handicap – combines two bets of decimal and fractional handicap. The value is split between them.

B

Bad beat – losing a bet you should have won or, in other words, a bet has not succeeded
Bet – a sum of money gambled
Betting exchange – a platform created for customers to wager on the outcome of the event
Bettor – a person who bets, especially on a regular basis
Bet slip – a set of selected events (basket)
Bookie – short for sportsbook or bookmaker that takes bets and charges vig

C

D

Deposit – a sum of money you fill your bookmaker account with 
Dime – slang for a $1,000 bet. If you bet "three dimes" that means a $3,000 wager
Dog – outsider team in the game
Double chance – an outcome type having 1X, 2X or 12 lines
1X – Team1 wins or draws
2X – Team2 wins or draws
12 – Team1 or Team2 wins
Draw – even score at the game conclusion 

E

Even – equally balanced score
Event – a planned and organized occasion / match

F

Favorite – a player or a team that considers being a favorite of the game or event (dog)
Forecast – prediction
Fulltime - a match, full time of the game

G

Goal – a process of kicking a ball into the gates, or the point that is scored by doing this

H

Halftime – half of the game
Handicap – an advantage given to someone who is not a good player in order to make the players more equal. As you improve, your handicap gets lower
Hat-trick – a three-goal bet
Home – home team win

I

In-play wagering – a service where bettors can place multiple bets in real time

J

Juice – commission the bookie takes. Standard is 10%, also called a vig

L

Live - real time events 
Lock – a guaranteed win of a player who made a bet
Loss - the disadvantage you suffer when you fail in a bet

M

Margin – net earnings of the bookmaker disregarding punter's win or loss
Middle – a bet on two outcomes where both can be winning sides with minimal risk
Moneyline – observation of 1- and 2-outcome lines formation

O

Odds – price, chance
Odds against – profit is higher than bet
Odds on – profit lover than bet
Open bet – the bet which is not settled yet
Outcome – result of the event
Outsider – not favorite

P

Parlay – a wager in which multiple teams participate. The more teams you bet, the higher the odds.
Payment / payoff – the action or process of paying (bookie or any other service)
Pending bet – the bet which is not settled yet
Prediction – forecast
Profit – advantage; benefit; a financial gain, especially the difference between amount earned and amount spent
Punter – player; gambler
Push – a return

R

Result - a favorable outcome of an undertaking or contest

S

Score – event result
Settled bet – the bet which is already reckoned
Sportsbook – bookmaker
Stake – a sum of money you bet

T

Tie – a draw
Tips – hints offered by experts
Total – the whole number or amount; outcome; points; eventual score
Total over (TO)/ under (TU) – used to describe the total combined points of a team in a game 

U

Underdog – not favorite

V

Value betting – betting high odds
Vig (vigorish) – commission charged by a bookie

W

Wager – a bet
Win – manage to succeed
Withdrawal – an act of taking money out of an account

Sources:
https://www.betburger.com/blog