Glossary – All Betting terms explained!

Check out Terms & Abbreviations for Horse Racing here!

A

 

Accumulator

Also called combo and parlay.
A type of bet that combines multiple events on a single bet slip.
The player wins only if all events are successful.

 

Across the Board

Typically for horse racing, where win, place and show are being offered.
It is a wager of equal amount for each outcome.

 

Ante Post

A bet that is placed prior to an event (at least a day, but can be months before the final result of an event). This bet is often about the champion of a particular organization.

 

Arbitrage

Arbitrage or ‘surebet‘ means betting with a sure profit.
The player uses the market imperfections to combine odds of different operators and thus secure a profit, regardless of the final outcome of the event. Read More about Arbitrage

 

Asian Handicap

A wager that allows for setting goal advantage/disadvantage for a team. Read More

 


B

 

Bad Beat

An unexpected, often last moment loss of a wager.

 

Banker Bet/Bank Bet

Banker bet is betting on the favorite to win, i.e. a profit is expected. It is also a term used in system bets, where a selection must win, or the entire coupon loses.

 

Betting Exchange

An alternative to bookmaker, where the player doesn’t buy odds from the bookie, but rather from other players.

 

Betting Limits

Some bookmakers determine limits on minimum/maximum (most commonly maximum) amount on each wager. Check our Bookmaker reviews to learn more.

 

Book/Bookmaker/Bookie

An establishment that generates odds for events and accepts wagers.

 

Bookings

Also called Total cards.
It is a betting market where a player can predict whether the sum of yellow/red cards is greater/less than the set limit.


C

 

Canadian

Also known as Super Yankee. A system of 26 bets on 5 selections: 10 doubles, 10 trebles, 5 four-folds and 1 five-fold accumulator. A player must win in 2+ of his selections in order to get a return.

 

Canadian Line

A term in hockey, which is a combination of moneyline and pointspread.

 

Chalk

Also known as a Favorite. The team/athlete/horse that is more likely to win.

 

Chalk player

One that usually bets on the favored teams.

 

Clean Sheet

A betting market that allows player to select the number of goals a team will accept during a match.

 

Correct Score

A betting market, in which the final result the match is bet on.

 

Cover

To cover the spread means to win or to beat the pointspread by the required number of points.


D

 

Dead Heat

Usually used for horses, when two or more competitors finish in a tie. Full odds are paid out for half stake (or a third if 3 competitors finish together).

 

Decimal Odds

A way of displaying odds, typically used in Europe. Read more

 

Dog Player

A player that mostly bets on the underdog.

 

Dog/Underdog

The team that is considered unlikely to win, therefore with higher odds.

 

Double Chance

A bet where the player predicts 2 of the 3 possible outcomes (1,X,2). For instance in a game Read Madrid – Las Palmas, a player can bet on 1X if he is certain that Las Palmas cannot win.

 

Doubles

A combo with 2 selections. Both must be successful in order to get a return.

 

Draw No Bet (DNB)

A betting market which eliminates the draw (returning the stake back in case of a draw, as if a bet was never placed). The player can bet for a home or away win. Read More


E

 

Each Way

Usually for horses, but also in football. The bet consists of 2 equal wagers – betting on a ‘Win’ and betting on a ‘Place’ (top 2,3,4 depending on the particular offering).

 

Edge

A term used in sports betting to denote a person’s advantage.

 

European Handicap

A betting market where one of the teams is given a goal advantage/disadvantage. Unlike Asian handicap, there are 3 possible outcomes.

 

Even Money

A wager that returns a profit equal to the stake. Odds of 2.00.

 

Exposure

The maximum amount of money a bookmaker can lose in a particular game.


F

 

Favorite

Also known as Chalk. The team expected to win.

 

Final Four

The remaining 4 teams in the NCAA basketball tournament.

 

First Goal Minute

A type of bet, predicting the exact timing of the first goal, regardless of which team scores it.

 

First Goal/First team to score

A type of bet where the player predicts which team will score the first goal. The final result is irrelevant.

 

First Half bet

A bet placed only for the result of the first half of a game.

 

Fixed Odds

Odds that are pre-determined, meaning that the expected profit can be calculated at the time of placing the bet.

 

Fractional Odds

A particular way of displaying odds that is used in the UK. Read more.


G

 

Getting Down

Placing a Bet.

 

Goliath

A system of 247 bets on 8 selections: 28 doubles, 56 trebles, 70 4-folds, 56 5-folds, 28 6-folds, 8 7-folds and 1 8-fold.


H

 

Half Time/Full Time

Predicting the result of a match at half-time and the final result.
Learn all about HT/FT betting

 

Handicap

A method used by bookmakers to make a one-sided event become more attractive for betting, where point advantage (e.g. goals) is given to a team.

 

Handle

The total amount of money that is staked on an event (group of events).

 

Head to Head

A bet where the player predicts which of 2 participants will finish with better results.
Read more about Head-to-Head Betting

 

Hedging

Placing bets on opposite outcome in order to minimize losses.

 

Heinz

A system of 56 bets over 6 selections: 6 five-folds, 15 four-folds, 20 trebles and 15 doubles. 2 or more selections need to be successful in order to get a return.


I

 

In the Money

Describes the number of contestants on which money will be paid out to bettors (1st, 2nd, 3rd or sometimes also 4th place). Usually for horses.


L

 

Lay

Betting on something not to happen, for instance on a team not to win a game. Usually used in betting exchanges.

 

Live Betting

Betting during the game with odds varying and changing, as the game progresses.

 

Lucky 15, 31, 63

Multiple bets on resp. 4, 5 and 6 selections (15, 31 and 63 bets), where the player gets return even if only 1 of the selections is successful.


M

 

Martingale

A betting system with doubling stake every time a bet is lost. Read more.

 

Mobile betting

A feature that enables bettors to place bets via their phones/tablets.

 

Money Line

A way of displaying odds, used by Americans. Shows amount that needs to bet, in order to win $100 or the amount that can be won by betting $100.

 

Multi-corner

A type of wager where the player predicts whether the number of corners will exceed the limit set by the bookmaker.


N

 

No offer

Conditions, in which the bookmaker cannot offer odds for a particular event.

 

Non-runner

A participant who has registered to run in a race, but eventually does not do so. Often for horses.


O

 

Odds

The bookmakers’ prediction of the chance a competitor will win (adjusted to include profit). Read about Betting odds in detail

 

Outcome

The result of a game.

 

Over/Under

A betting market where the predicted total number of goals in a match is more or less than the limit set by the bookmaker (e.g. Over 2.5 goals, meaning 3 or more goals are scored, regardless of which team did the actual scoring).

 

Overlay

An event, where the player believes that the chances are higher than the given odds. Often used in horse racing.

 

Overround

Bookmaker profit margin.


P

 

Pari-Mutuel

Race gambling where all bets are pooled and winners are paid out according to the size of pool and number of total winners.

 

Parlay

Also known as accumulator or combo bet. A bet including multiple selections, in which all must win for the player to get return.

 

Patent

A system of 7 bets over 3 selections: 1 treble, 3 doubles and 3 singles. 1+ selections must be successful for a player to get return.

 

Pick’em

A game with no favorite/underdog.

 

Picks

Predictions to bet on, chosen by experts. Also known as tips.

 

Point Spread

Point advantage given to a particular team, to make betting more attractive. Also known as Line or Handicap.

 

Price

Odds.

 

Punter

Also called Bettor. A person who places bets.

 

Push

When an event ends with no winner. The return of stake due to event cancellation or draw.


R

 

Roundabout

A system of 3 bets over 3 selections.


S

 

Score bet

A bet, in which the punter predicts final score and either the first or the last scorer.

 

Shortening the Odds

The bookmaker’s reduction of the odds, to reduce exposure. Happens as a result of heavy betting.

 

Spread Betting

Also known as action line or moneyline. A bet, in which the result of an event is predicted.

 

Stake

The amount placed as a bet.

 

Super Yankee

Also known as a Canadian. A system of 26 bets with 5 selections.

 

Sure Bet

Betting that ensures profit. Can be done by combination of odds.
See also Arbitrage Betting or read more


T

 

Three-way

Also known as 1×2. A bet with 3 possible outcomes – win, draw or lose.

 

Tips

Also called picks. Expert predictions to bet on.

 

Tipster

An expert who gives tips and advice on betting.

 

Total points number

A bet, in which the player predicts whether the total number of points will exceed the limit set by the bookie. Often used in basketball.


U

 

Under (from Over-Under)

A bet in which a player sets the total number of points in a game not to exceed a certain limit set by the bookmaker (e.g. under 2.5 sets means that if the total sets are 3 or more, the bet loses).

 

Underdog

Also called Dog. The team that is not likely to win.


V

 

Value Betting

Wagering when the player believes that the odds, set by the bookmaker are much higher than they should be. Read more.