Ever since betting became legal in the early 1930s, America’s greatest game has been wagered on. When the NFL and AFL merged in 1970, betting enthusiasts began licking their lips as the merger provided fans the opportunity to bet on more games and cheer for more players. By allowing more teams to join the NFL, more terminology was created that only the most experienced NFL bettors would understand. To combat that, online sportsbooks have made it part of their business to teach new gamblers the basics by creating glossaries for them to reference.

Today we look at 10 key terms from the NFL betting glossary that will help make you an expert in no time.

A)    Chalk - The favorite in a game.

B)    Bad Beat - a tough loss. This is a term said when your team loses in the final few minutes of the game after giving up a lead.

C)    Cover- Winning by more than the point spread.

D)    Extension - Amount of money the house is willing to lose.

E)     Firing - Dropping a large bet on a team.

F)     Handicapper- A bettor who studies the odds and possible outcomes before they place bets.

G)    Home Field Advantage - The theoretical edge the home team should have against an opponent. In football, a team with home field advantage ideally knows things about the field better then the opponent.

H)    Layoff Bet - When two bookmakers collaborate to make a bet equal by reducing the risks.

I)       Long shot- A huge underdog. For instance when the Super Bowl champion plays the worst place team the following year, the worst place team is seen as a long shot to upset the champions.

J)       Square - A new gambler who knows very little. Usually seen as a derogatory name to call a new gambler.

One of the easiest divisions for NFL betting, is finally becoming more difficult, as the 2010 edition of the AFC East appears to be the toughest division for betting online. Naturally the greatest odds to win the division are with the New England Patriots, however the New York Jets and Miami Dolphins each are making strong pushes for claiming the division title.

While the three teams above look to battle it out for AFC East title, the fourth team in the division the Buffalo Bills, appear to still be a few years away from contending. The Bills led by quarterbacks Trent Edwards, and Ryan Fitzpatrick, have been the laughing stock of the division ever since Drew Bledsoe left the team in 2003. Since then they have gone through numerous head coaches, players and many highs and lows. Although slated for last in the division in 2010, the Bills have always had one of the top five defense’s in the league. The trouble is their offence, as Bledsoe was the last competent quarterback the team had. This past draft, many fans and experts alike figured, the team would draft a quarterback and have him learn on the job. Instead they did not take a quarterback until the seventh round of the draft.

Another plus besides the defense for the Bills is the team’s run game as alongside Marshawn Lynch, the team has drafted the quickest running back since Adrian Peterson, CJ Spiller. Spiller was coveted by many, and if he can live up to his potential, the Bills will look fantastic at the run position for years to come.

For the Patriots to remain as the top dog in the AFC East, they will need star quarterback Tom Brady to return to MVP form, as last year, he looked rather timid while trying to recover from the injured knee two years ago. Further Wes Welker returning off of knee surgery, will hopefully be able to make a strong impact.