🧪 The Lab Glossary

An evolving index of every term, concept, and inside joke from The Lab Notes series.
Current through → Lab Notes #2: Implied Probability — Turning Odds Into Real Percentages

🎬 Welcome to The Glossary

Every experiment in The Lab leaves chemicals behind — words, phrases, and ideas we’ll keep using as we go.
This page collects them in one place — from serious formulas to late-night analogies.
Bookmark it, revisit it, and watch it grow as new Labs drop.

🎭 Core Betting Concepts

Favorites (Lab Notes #1) — Expected winners. Shown with negative odds (–). Risk more to win less.
Underdogs (Lab Notes #1) — Expected losers. Shown with positive odds (+). Risk less to win more.

Odds (+ / –) (Lab Notes #1) — The sportsbook’s price tags.
– = you’re paying extra for safety.

= you’re being paid extra for risk.

Even Odds (+100) (Lab Notes #1 → reinforced in Lab Notes #2) —
True coin flip. Bet $100 → win $100.

Implied Probability (Lab Notes #2) —
The hidden percentage inside every line. Converts odds into a real-world chance.

💵 Value & Psychology

Price Tag Mentality (Lab Notes #1) —
Odds reflect value, not prediction.
You’re not betting who’s better — you’re shopping for mispriced probabilities.

Risk vs. Reward (Lab Notes #1) —
Big payout = small chance.
Small payout = high chance.

Odds = Price = Payout (Lab Notes #1) —
Sportsbooks don’t predict the future.
They sell prices on possible outcomes.

Value Bet (Lab Notes #2) —
When your probability is higher than the book’s implied probability.
Where edge lives.

Price Translation (Lab Notes #2) —
Turning odds into percentages so you can evaluate the true cost of a bet.

Forecast Line (Lab Notes #2) —
Odds as prediction, not promise — like the weather report of sports.

🌮 Lab Slang & Humor

2 A.M. Sushi Bet (Lab Notes #1) —
A reckless long-shot wager that feels brilliant in the moment and ages like gas-station seafood. Usually +250 or worse.

Grocery Store Tacos (Lab Notes #1) —
Safe, predictable favourites. You’ll win sometimes, but you’ll overpay.

Street Taco Line (Lab Notes #1) —
Slightly risky underdog at the perfect price. Worth testing.

David vs. Goliath Matchup (Lab Notes #1) —
Underdog vs favourite. Everyone roots for David. Most bettors still choose Goliath.

Cage Probability (Lab Notes #2) —
When the model says “no,” but your gut says “Nick Cage energy.”

Bachelor Rose Bet (Lab Notes #2) —
You know the math says +250 and no chance…
but you swear there’s “a connection.”

Raccoon Game (Field Study #1) —
A game so sloppy you’re not betting football anymore — you’re betting chaos.

🔥 Environment & Game Flow

Game Environment (Field Study #1) —
The overall “climate” of a matchup — pace, scoring oxygen, explosiveness.

GES (Game Environment Score) (Field Study #1) —
Prop Laboratory rating (0–100) that measures how breathable the game is for props.

Pace (Field Study #1) —
How fast plays happen.
Faster pace = more opportunities.

Explosiveness (Field Study #1) —
How often chunk/big plays occur.
Creates ceiling outcomes.

Rock Fight (Field Study #1) —
Slow, ugly, low-scoring environment. Pain.

Pinball Game (Field Study #1) —
Fast, chaotic, high-scoring environment. Joy.

🧪 Lab Philosophy

Price Always Matters (Lab Notes #1) —
The Lab’s Prime Directive.
Even when the tacos are mid, the price determines the play.

Testing props. Finding profits. (Core Lab Identity)
We don’t post opinions — we post edges.

Read the Receipt (Lab Notes #2) —
Lab slang for “convert odds to probability.”
Don’t guess what a line means — calculate it.

📘 Latest & Upcoming Labs

Latest Lessons:

(More will be linked here as they publish.)

⚗️ About This Glossary

New Labs = new terms = glossary update.
Consider this your dictionary of edgeucation.

Stay subscribed and you’ll always be fluent in Lab-speak.

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