American Odds are used in the United States betting market and are based on winning $100 in a given bet.
The point spread in the margin of victory in a game. A team must win or lose by a specific number of points in order to cover the point spread and win the bet.
An over/under or total is a bet on the total points scored in a sporting event. Over/unders are also used on prop bets.
A moneyline bet is simply choosing the winner of a sporting event regardless of the point spread. You can choose the favorite or underdog to win the game.
A parlay is a bet where multiple wagers are linked together in order to increase the odds on the payout. Every leg (bet) in the parlay must hit in order for it to win.
A push is a tie between the sportsbook and a sports bettor which results in the original wager being refunded to the bettor.
Hedging is a strategy where a bettor takes the opposite side of the original bet that they made in order to minimize or eliminate loss and guarantee a profit.
Arbitrage is when a sports bettor makes multiple bets on the same game in an attempt to guarantee a profit no matter what the result of the game is. It usually is done with though wagering with multiple sportsbooks.
A Round Robin bet allows a bettor to create a series of smaller parlays inside a large parlay in order to maximize the number of combinations that can hit.