A bookmaker – this firm organizes sports betting. Defines the rules of the game, maintains a list of sporting events, and takes bets and pays.
A bet – this is the amount that the player places on a particular outcome of an event. After the event is finished, the bets are decided on the results of the event. The amounts of the bets of the loss of the bettors are to the betting house and the winners receive the winnings.
Odds – this is the quantity used for the definition of the profits of the betting house has to pay. With some bookmakers it is called “price”.
Line – this is a quantity used for the definition of the possible outcomes of an event, including fees for the profits.
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