Sports betting may seem as simple as picking one team or the other but with plenty of numbers and vocabulary involved, it takes a little bit of learning to understand the vernacular.

Here's a quick reference for some definitions to acclimate yourself to some of the terms:

Action - A sports bet.
ATS - An acronym for 'against the spread'
Bet - To risk money on the outcome of an event
Buy Points - A bettor can pay an additional price to receive points in his favor on a point spread game. This is called buying points.
Chalk - The favorite in the sporting event
Chalk Player - Someone who bets favorites
Cover - A pointspread win for the bettor
Dime Lines - This is when the juice is 10%
Dog - Short for underdog; the team not expected to win
Even Money - When there is no juice on the bet and the payout is 1-1
Exotic - Proposition bets or bets that are more creative than just betting on one team to win
Favorite - The team expected to win the event
First Half Bet - This is a bet for half of the game; you would bet on a team to win just the first half of the game
Future - A bet on a team to win something long term; I.E. betting on a team to win the World Series/Super Bowl prior to the start of the season
Halftime Bet - This is a bet for half of the game; you would bet on a team to win just the second half of the game
Handicapper - Someone who studies the games and lines in an attempt to wager and make a profit
Handicapping - Studying the games and trying to predict the winners of the events
Hedging - Betting on the opposite side of a previous bet laid in order to limit losses to guarantee a return
Hook - In point spreads, hook is half a point
Juice - Bookies commission on a losing bet
Laying the points - Betting the favorite on the point spread
Line - The Betting line
Longshot - Big underdog
Money Line - When you bet the money line, you are betting on a team to win outright (regardless of points or point spreads)
No Action - A push or tie; money is refunded on the bet
Odds - The lines set in numerical form to indicate who is the predicted favorite/underdog
Off the Board - A game or event that is not available for betting
Opening Line - The first line set for a game
Over - This is when the combined team score is higher than the set line for "over/under" on a specific game
Parlay - This is when a bettor picks two or more games together - both outcomes have to be correct for the bettor to win. The odds of success are lower but the payout is higher.
Pick 'Em - When neither team is favored on the point spread
Price - The odds/lines on a game
Prop Bet - See: Exotic.
Puckline - Point spread for hockey games
Push - A tie; no winner or loser on the bet
Run Line - Point spread for baseball games
Sharp - An experienced bettor
Sportsbook- A company that accepts bets on sporting events
Spread (or Point Spread) - The spread is the expected scoring differential between the favorite and underdog for the listed game
Square - A novice and relatively inexperienced bettor
Straight Bet - A bet placed on the outcome of one game
Straight Up - Betting on the moneyline or betting on a team to win outright, regardless of point spread
Ticket - A wager (in reference to Las Vegas, where you get a piece of paper or a ticket when you place a bet)
Total - The predicted, combined score between both teams in one event
Tout - A handicapper who sells his picks for money
Under - This is when the combined team score is lower than the set line for "over/under" on a specific game
Underdog - The team not expected to win
Vigorish (or Vig) - See: Juice.