Betting A-Z

From Abandoned to Welcome Offer, Here is our ultimate guide – welcome to Betting A-Z. Enjoy!

Abandoned

This can refer to a match (any sport) or a whole Horse Racing meeting. Typically an abandoned match is one which starts and cannot be completed due to extreme circumstances.

 

Accumulator (or Acca for short)

This is when you have 2 or more bets in your betslip and you require all bets to win to have a payout for the bet.

 

All In

This can have two meanings:

  1. If your selection does not take part in an event you do not get your money back.
  2. You bet all your bankrole on a bet

 

Aftertiming

Aftertiming occurs when a punter (bettor) makes comments related to betting after an event has happened.

 

American Odds

American Odds is the method used in the USA to express odds. A negative number indicates how much you need to bet to make $100 profit (or currency equivalent) and a positive number indicates how much you will profit if you bet $100. If you bet $110 on a team with American odds of -110 and they win, you will make $100 profit (plus your original $110 stake).

 

Ante-post Betting

Ante-post betting is ‘long-term’ betting. Classic examples are on Outright markets of long-term future events. Traditionally this is done for major events on Horse racing or Greyhound racing.

 

Arbitrage Betting

Arbitrage Betting is a technique using a Sportsbook and the Betting Exchange to cover all betting outcomes on an event and guarantee a profit on the event whatever the outcome of the event is.

 

Asian Handicap

Asian Handicap betting is a type of bet that is becoming increasingly popular. Traditionally it is used on football and is a type of bet where the stronger team (on paper) starts with a disadvantage, while the weaker team (on paper) starts with an advantage. It is a mythical bet type as the handicap is applied to the final real result of the match.

 

Banker

A ‘Banker’ is a bet that you think is guaranteed to win. Some people also refer to a ‘banker’ as a ‘nap’.

 

Best Odds Guaranteed

Best Odds Guaranteed or (BOG) as it is commonly known is a promotion that is used by many Sportsbooks on Horse or Greyhound racing. With this promotion if you place a bet and accept the odds at the time, if the starting price of the horse or dog is higher than the odds that you accepted and your horse/dog wins, you will be paid out at the higher of the two.

 

Bet

A bet, also referred to as a wager, refers to placing money on the outcome of an uncertain event.

 

Betslip

A Betslip is a piece of paper where you would physically write down you bet on. Online, you would click a selection which you would want to bet on and that would go into the betslip. Online, betslips can be found in the top right hand corner on the Sportsbook however some operators are moving the betslip to the bottom right hand corner of the page.

 

Betting Rules

Every Sportsbook will have its own Betting Rules tailor made and written out for customers to read. They are the guidelines, principles and rules which the Sportsbook go by.

 

Black Type

If a Sportsbook has ‘Black Type’ it means they have the highest odds in the market on that betting selection.

 

Bookmaker / Bookie

A Bookmaker (bookie for short) is a company or person who accepts bets off customers (punters).

 

Bonus

A Bonus is a reward that Sportsbooks give customers in order for them to have more betting units to bet with. Bonuses usually have conditions attached to them which should always be read. You can get a nice Sportsbook bonus here.

 

Cash Out

Cash Out allows you take profit early if your bet is looking more likely to win, or get some of your stake back if your bet is going against you – all of this before the event you’re betting on is finished.

 

Chasing

Chasing is a dangerous betting technique where the person betting tries to recuperate previous losses by betting more and more.

 

Combination Bet

Combination betting refers to the placing multiple bets on a series of selections in order to reduce risk and maximise the potential gain. Unlike an accumulator bet, not all selections need to win to ensure a profit.

 

Dead-Heat

A dead-heat is a situation where two or more competitors in an event cannot be separated and are exactly level in a race. This occurrence is quite common in horse racing.

 

Decimal Odds

Decimal Odds are a way of expressing the odds of an event using a decimal point. It is now the most common way outside of the UK and USA to express odds. To work out how much you can potentially win when using decimal odds, you simply multiply your bet (stake) by the decimal odds and the result will be the potential profit if the selection wins.

 

Double

A Double is a bet that contains 2 selections and neither selection can lose for your bet to be deemed as a winning bet.

 

Draw No Bet

A ‘Draw No Bet’ is a bet type which will give you your money back should you bet on a team and that team were to draw the match.

 

Drifting Odds

Drifting Odds is an expression used to show that the odds of the selection that you placed a bet on are going higher – therefore there is less theoretical chance of the betting winning.

 

Dutching

Dutching is a betting technique where by placing bets on all outcomes of an event (usually using different bookmakers) you can guarantee the same profit on all outcomes.

 

Each Way Bet

An ‘Each Way Bet’ is very common in horse racing and outright markets in other sports. By placing an ‘Each Way Bet’ you are actually placing 2 bets. One bet for the selection to WIN and one bet for the selection to PLACE. Should the selection not win but come within the PLACE terms (for example 1st, 2nd or 3rd) then you will still get some return on your bet.

 

Evens

Evens is the expression when a bet is 2.0 (decimals) in odds meaning that should the bet win, you would double your money in return.

 

Exchange Betting

Exchange betting is player vs player betting where one person places a ‘back’ bet (wanting the selection to win) and the other person ‘lays’ the bet (wanting the bet to lose). The exchange holds the players money and pays out the winner of the bet while retaining some commission (rake). Betfair is the largest Sportsbetting exchange.

 

Exposure

Exposure is used to describe the amount of money a bookmaker could potentially lose on a sporting event.

 

Favourite

The ‘Favourite’ quite simply is the selection that is most likely to win before an event starts. The Favourite would be shown at the top of the betting and have the lowest odds available.

 

First Goalscorer

The First Goalscorer is a popular bet type where you have to predict which player will score the first goal in a match. If your selected player is not on the field before the first goal is scored then your bet would usually be voided and you would receive your money back.

 

Form

‘Form’ expresses the current trends and how well a team/player/horse is doing by analysing previous results. Generally the better the form, the better chance of winning future matches.

 

Fractional Odds

Fractional odds are used to express odds in the UK and Ireland and quote the profit made if the bet would win. For example, if £10 is bet at odds 3/1 and the bet wins, the customer would win 10×3 profit and then get their original bet (stake) back. The return would be £40.

If the odds are 1/3, then the bettor would need to bet £30 to win £10 profit.

 

Handicap

A Handicap bet is similar to an ‘Asian Handicap’ bet (see above) however traditionally in a handicap market there are 3 possible outcomes (win/lose/draw) whereas in an Asian Handicap there are traditionally 2 outcomes that can happen.

 

Hedging

Hedging is a term that is used by bookmakers to reduce their liability on a selection. For example if a bookmaker believes that they have too much exposure on an outcome, they might want to bet on that outcome to reduce the potential loss should that selection win. From a bettor/punters perspective, hedging can be viewed similar to ‘Dutching’ (see above) by placing bets on all outcomes to ensure profit.

 

IBAS

The Independent Betting Adjudication Service (IBAS) is an Alternative Dispute Resolution (ADR) service, approved by the Gambling Commission to provide informed and impartial adjudications on disputes that arise between licensed gambling operators and their customers, after the customer has completed the relevant procedure.

 

Jolly

The ‘Jolly’ is a expression meaning exactly the same as the ‘favourite’. It is usually used in Horse racing but can be used in any sport.

 

Lay

To ‘lay’ a bet is the traditional role of the bookmaker however bettors can now ‘Lay’ a selection by using the Betting Exchange. To ‘lay’ a bet means that you want the bet NOT to happen.

 

Live Betting

Live Betting can be referred to as ‘In Play’ or ‘In Running’ betting and mean the ability to bet on a match while it is being payed. Nowadays this can represent more than 50% of a Sportsbook’s turnover.

 

Longshot

A ‘Longshot’ is a bet that is unlikely to win and therefore reflected with high odds when betting on such an option.

 

Martingayle System

The Martingayle System is traditionally used in the Casino but can be used in the Sportsbook too. It usually focuses on bets which are evens (2.0) and a bet is placed. Should the bet lose then the punter would double their stake and continue doubling until they hit a winning bet. The issue arises if the customer goes on a losing streak – by the 9th bet, 256 times the original stake needs to be placed to keep up with the system.

 

Matched Betting

Matched Betting is a technique used by punters to profit from the free bets and incentives offered by bookmakers. It is generally considered risk-free as it is based on the application of a mathematical equation rather than chance.

 

Mug Bet

Typically a mug bet is a bet which you don’t genuinely believe your bet will win but you play it nevertheless. It can also refer to bet without any thought going into it.

 

Multiple

A multiple (can also be referred to as ‘accumulator’) is a bet where you have more than one selection in your betslip and you need all outcomes to win for your bet to pay out a return.

 

Nap

A ‘Nap’ has the same meaning a a ‘Banker’ (see above) and is a bet that you genuinely think will win.

 

Non-Runner

This expression is typically used in Horse and Greyhound racing and refers to a competitor not taking part in a race or event.

 

Odds

Odds represent the likelihood of an outcome happening. They can be expressed as Decimals, Fractionals or American Odds style. Statistically, the lower the odds are, the more chance there is of the bet winning.

 

Odds-Against

‘Odds-Against’ is an expression that is used when the selection you are betting on is statistically less than 50% likely to happen. Anything over evens (2.0) can be described as ‘Odds-Against’.

 

Odds Compiler

An ‘Odds Compiler’ is a person who sets the odds on an event. This is done by working on the statistical likelihood of all the options of a bet, adding some overround and converting that to odds. There are less Odds Compilers than there used to be as technology and data are used more to compile odds.

 

Odds-On

‘Odds-On’ is an expression that is used when the selection you are betting on is statistically more than 50% likely to happen. Anything under evens (2.0) can be described as ‘Odds-On’.

 

Outsider

Similar in meaning to a longshot, an ‘outsider’ is a selection that statistically doesn’t have much chance of happening.

 

Overround

Overround (referred to as ‘Juice’ in the USA) is the added margin percentage that Sportsbooks apply to bets to help them try to achieve a profit or at least cover their costs. To be a successful punter you need to be able to win more than the overround applied by Sportsbooks in the long-term.

 

Palpable Error

A ‘Palpable Error’ (Palp for short) is where a Sportbook makes an obvious mistake or a significant error in the odds they offer. Sportsbooks reserve the right to cancel bets that have been placed on such an error according to their rules. Situations like this do not happen often and a Sportsbook can gain a poor reputation very quickly should they be cancelling/voiding bets frequently.

 

Place Terms

‘Place Terms’ are used to describe the conditions of a ‘Place Bet’. In other words your selection would not have to win an event but at least fall within the place terms. Place terms for example could be to come 1st to 4th however you would win one quarter of the odds for your selection to win.

 

Point Spread

The point spread tries to make betting on either the favorite or the underdog equally attractive. The spread is similar to a handicap where either the favorite has to win by the margin listed, or the underdog has a buffer to lose the game by that margin, or win it outright.

 

Postponed Match 

A postponed match occurs when a match does not start at its scheduled starting time. Sportsbooks might have different rules on how to treat bets on such matches – some will cancel/void the bets and others might make you wait 3 days to see if the event is rescheduled.

 

Punter

A Punter is a person who places a bet.

 

Pre-Match Bet

A Pre-Match bet is a bet which is placed before the start time of the match.

 

Related Contingencies

Related contingencies are two bets that would effect the other and are therefore not allowed to be combined. For example, Harry Kane to be the top goalscorer in the World Cup and England to win the World Cup would be non combineable as they two events are directly related.

 

Risk Manager

A risk manager would work within a trading team and be technically responsible to control the liability and risk positions of the Sportsbook. Primary duties include moving betting lines to try and encourage more money to be bet on other options and factoring customers. (adjusting their betting limits)

 

Return

Return is is calculated as the bet stake + profit of the bet.

 

Sharp

A ‘sharp’ punter is one who is potentially a professional gambler. Typically sharp punters know how to spot betting value and have a good eye at when the odds on a selection are going to drop (shorten).

 

Shortening Odds

Shortening Odds is when the odds on a selection go lower – meaning that the selection is statistically more likely to win. A sharp punter might be able to spot when a selection might shorten and therefore they would have a bet before the odds shorten.

 

Single Bet

A Single Bet is a bet on 1 selection and it has to win for the customer to make profit off the bet.

 

Special(s) Bets

Special(s) Bets are bets that are wither unique or on novelty events and are usually offered in a Sportsbook to have different content from competitors.

 

Spread Betting

Spread Betting is a form of betting in which the punter wins or loses money according to the margin by which the value of a particular outcome varies from the spread of expected values as quoted by the bookmaker.

 

Stake

‘Stake’ is the money you risk on a bet, in America it is known as a ‘wager’.

 

Starting Price

Starting Price (or SP as commonly referred to) is the odds at which a selection starts at the start of an event or race.

 

Steamer

A ‘Steamer’ is a selection where the odds drop heavily – usually due to the fact that a lot of money has been bet on that selection across the industry.

 

System Bet

A system Bet (is similar to a combination bet) where you can place multiple bets on a series of selections in order to reduce risk and maximise the potential gain. Unlike an accumulator bet, not all selections need to win to ensure a profit.

 

Tip (Tipster)

A tip is a recommended bet by a Tipster (person offering betting advice).

 

Tissue Price

The ‘Tissue Price’ is an expression used to a person who odds compiles before anyone else in horse racing or greyhound racing.

 

Trader 

A trader is a person who works within the Sportsbook and is responsible for setting and moving betting lines, analysing player behaviour and helping manage the risk and liability for the Sportsbook.

 

Trading Decision

Trading decision is the typical expression used by Sportsbooks when a customer would like to know the reason why a bet has not been accepted due to account limitations being placed on the users account.

 

Treble

A treble is a bet type that has 3 selections and if any of these selections lose, the bet will not return anything.

 

Underdog

An underdog is the outcome with the least chance of winning a game/match/race etc.

 

Value Bet

A ‘Value Bet’ is when you place a bet which is at better odds than the selections chance of winning. Doing this consistently should lead to making a profit out of betting.

 

Void

A ‘Void’ selection means that bets on that outcome are cancelled.

 

Walkover

A Walkover happens when a player or participant concedes a match before the end of the regular match. Can happen commonly in Tennis when a player gets injured during play.

 

Welcome Offer

A Welcome Offer is a popular form of Bonus to try and entice new players to join a Sportsbook. Have a look at our Bonus page to see a list of Welcome offers that you can use!

 

And there you have it, your Betting A-Z is complete. Did we miss anything? Contact us at postyourbet@gmail.com to let us know.