The NFL’s embrace of the sports betting industry is underway, with regulated venues offering bets on every game and with odds that appear in pregame shows. Bets are even displayed on the scoreboard at some stadiums. But with all the new betting options comes a whole new world of terms and conditions, and it can be overwhelming for a novice. We’ve got you covered with a beginner-level breakdown of the basics for you to get your feet wet in the betting game.

A bet placed on a team or individual to win a game in which the total number of points scored will exceed the over/under (total) point spread set by the sportsbook. If the total number of points scored is exactly the over/under (total) point Spread, then no action will be taken on that wager.

In the event of a tie, the outcome will be determined by the sportsbook’s house edge, which is the advantage that the sportsbook has over bettors. This is usually expressed as a percentage. For example, a -110 house edge means that the sportsbook will take $11 for every $10 wagered, and pays out only $9 for every winning bet.

A person who owns or controls, directly or indirectly, five percent or more of the voting securities or other ownership interest of a permit holder. This includes the immediate family members and associates of such persons. “Official league data” means statistics, results, outcomes, and other data relating to a professional sports event obtained by a permit holder under an agreement with a sports governing body or from an entity expressly authorized by the sports governing body for use in determining the outcome of tier 2 bets.