Definition of Puppy

What does the term "puppy" mean in the world of sports betting? What is the definition of the term "puppy" in sports betting?

In sports betting, the term "puppy" refers to when a team is an underdog, meaning that they are not favoured to win.

To get more specific, a "puppy" usually refers to a team that is a small underdog.

The definition and meaning of the term puppy when it comes to betting on sports.  Wagering speak.
Chelsea, 5/4
Draw, 3/1
Manchester United, 2/1

In this case, Chelsea is a very small underdog, as they are listed at 5/4. In fact, none of the three betting options are better than even money to win.

Chelsea could be called a "puppy" in this case, as they are a very small underdog.

The term "puppy" isn't used very much, as most people prefer to say "small underdog" instead.