Comprehensive Betting Glossary

Here is a collection of the most infamous terms in the form of a betting glossary. 

Letter A

  • Accumulator: A bet that has more than four selections. In order for the bettor to win, all parts must win too.
  • Action: all types of bets.
  • Against the Spread: with this type of bet the punter is not to tell which team will win, rather he or she need to figure out which of the teams will cover the spread.
  • Angles: this is a term describing the ability to predict the outcome of a game based on key factors determining past events.
  • Ante Post: This phrase is used to describe a bet that can be placed in advance, which sometimes could be weeks or months or years ahead of time. It applies to football betting. An example of this is betting on the World Cup or Premiership winner. The term is derived from horse racing. If the team that you support has the chances to win the game, this type of bet could prove to be very successful.
  • Arbitrage: This term is used when a punter bets on one and the same game at different bookmakers. That way they can get the most out of a game and make a good profit.
  • Asian Handicap: This term of the wagering glossary is mostly used in football betting. It is a kind of handicap betting. As its name implies, it is popular in Asia. Whereas a standard handicap allows for +1, 0 and -1, the Asian handicap also gives the opportunity to select ¾, ½ and ¼ goal start. This could be quite frustrating and to a newcomer it may not make much sense because if a team loses or beats ½ a goal start would respectively lose or win a ¼ goal start. But that’s not all. There is more to it.   what does the term asian handicap meanWhen it comes to the standard handicap betting, the favourite is awarded a handicap of the same degree as the underdog, and the underdog gets a handicap’s head start. To settle a bet, the real goal number and the handicap predetermined number are combined. A drawn game ends with returned stakes and a tied bet if there is 0:0 handicap. If both sides win, one of the bets will lose and one of them will win. Asian handicaps of 2 goals and 1 goal are subject to the same rules. A tied bet is not an option when it comes to ½ handicaps. In that case, bets can either be lost or won. Any bets placed on a game are made split stakes if there is a ¼ handicap (other alternatives are 1¾, 1¼, 3/4, etc.) In that case, half the stake will be on a goal more ¼ handicap and the half will be on a goal less ¼ handicap than the stake. Imagine you had a ¼ ball handicap. In that case, they would settle half the stakes as if there was a ½ handicap, and the other half would be as if there was 0 handicap. This means that the bet will be won by the backer if a team beats by ½ or more of a ¼ ball handicap. Respectively, the backer will lose the bet is the team loses by ½ or more. The outcome will be different from that of a standard handicap only when it reaches ¼ of the handicap. The backer will have half the stakes returned and will get half the stakes when the team beats by a ¼ handicap. For instance, a £4.75 profit will be made for a drawn game if you stake £10 at 1.95 odds for a ball advantage of a ¼. This is called a “win ½”. The backer gets half stake returned only if a team or an individual loses by a ¼. This is called a “loss ½.”

Letter B

  • Bar: This word of the wagering glossary serves to show horses’ lowest odds, which the betting forecast did not mention. For example, if you have a 50-1 bar, it shows that the odds that were not mentioned are 50-1 or higher.
  • Banker: a highly valued and preferred section. It is the key element of combination bets.
  • Bankroll: this is the total amount of money available for sports betting.
  • Beard: this term refers to a person, usually an acquaintance or a friend, whose purpose is to bet instead of you so that your identity is not revealed.
  • Bet: to stake a sum on the right prediction.
  • Betting exchange: a commission is given to the Exchange operator when bettors bet against each other.
  • Bookmaker/bookie: a company, an operator, that has all the necessary licenses to provide punters with the chance to make bets.

Letter C

  • Canadian: This type of bet involves 5 selections and includes 26 bets in different events. It is also called a Super Yankee. There are 5 fourfolds, 10 trebles, 10 doubles and one accumulator. In order for you to get a return, you need at least two successful selections.
  • Chalk: synonymous with a ‘favourite’.
  • Chalk player: this is a punter that more often than not bets on the favourite.
  • Circled Game: This term is usually used in US sports. In this type of game, the bookmaker has the power to limit the betting activity in cases of injury or bad weather, which could influence the teams’ performance and hence make it impossible for the punters to predict a correct outcome.
  • Correct score: A term common in football. It is used in cases where there is a limited amount of typical scores. The odds depend on the two teams and the actual odds of the match.
  • Cover: This term is used when a punter emerges a winner against the point spread. (An underdog that is 10 points may be claimed to have “covered the spread” if it loses 20-14.)

Letter D

  • Dog: this term is also called the “underdog” and is used to describe a person who is to lose a contest or a fight.
  • Dog player: this is someone who more often than not bets on the underdog. Doubles: this term describes an accumulator with two selections; in order for you to win, you need two successful selections.
  • Double Actions: if the precedent bet gets cancelled, is tied or won, it is followed by an “if-bet”.
  • Double Chance: This is a situation in which a football match outcomes are reduced from 3 to 2 by the bookies. In that case, on a win or draw, a single price is suggested. This is what they call “double chance” betting. The bet wins if the team that has been backed draws or wins. When it comes to the draw, there is no possibility. In terms of draw odds and individual wins, the draw or win odds are shorter. The reason for this is that there is a probability of both outcomes happening at the same time, rather than each one occurring separately.
  • can you get a double result when bettingDouble Result: This is a glossary term referring to the full-time and half-time results of a game. This is because now punters can place bets on half-time results. As far as football is concerned, there are nine betting possibilities. The odds could be quite short, though. However, this option is quite popular. There is a greater risk of losing because the possible outcomes (9) are more than they are in standard betting (3). Then again, the odds are much, much better. The home team has the chance to win at half-time using the highest odds, whereas the other team can win at the end of the game, or after 90 minutes. The odds can sometimes be higher than 28/1, as unlikely as it seems, especially if the home team is a favourite.
  • Drift: Also “on the drift”; this is when the price for a given moves selection grows bigger. Oftentimes the reason for this is the lack of support.

Letter E

  • Each Way: High odds may be available for short-priced favourites when it comes to events that are held in large fields. A bet might be provided each way to increase the probability of an individual winning. So, it is about two bets. One of the bets is offered for a high placing and the other one for winning. They determine the value of the place part at a fraction of the win odds. Depending on the event and type of sport, that fraction will vary. If there is an each way bet, the fraction will be displayed. The each way more often than not occurs at half odds only for the first two places as far as football tournaments are considered. Imagine you placed a £10 bet at 10/1 picking England as your winner at the World Cup. You would make a profit if England won – you would get £50 for being at 5/1 in the top 2, and for winning at 10/1, you would get £100. However, you would only get £40 if England lost – the place part would give you £50, but they would remove the £10 stake. In horse racing, the quarter of the odds is popular.
  • Edge: (in a bet) is the glossary term for the advantage of a punter.
  • Exotic: when a bet is not considered parley or straight bet, it is called exotic – also a proposition or simply a prop.
  • Exposure: this term is used to describe the maximum sum that a bookmaker can lose during an event.

Letter F

  • Favourite: this is the individual or team that has the biggest chances of winning the game, as rated by sportsbooks.
  • First Goalscorer: if you place such a bet, it means that you are predicting that the first goal in a contest will be scored by a certain player, i.e. the player you have bet on.
  • First half bet: this term is very clear; it means that it can be placed during the first half of a contest.
  • Fold: This term serves to show the amount of selection an accumulator has. For example, there are 4 selections and 1 bet in a four-fold accumulator regarding different events. To get a return, a punter must have 4 successful selections.
  • Form: this term serves to show how a team is doing currently in a game.

Letter G

  • GamCare: this is a place in the UK where bettors can ask questions and get practical help, like advice and information about gambling and its impact on society.
  • Goliath: This is a bet, which has 8 selections and 247 bets in different events. Overall, there is an accumulator, 8 seven-folds, 28 six-folds, 56 five-folds, 70 four-folds, 56 trebles, and 28 doubles. To get a return, you need at least 2 successful selections.

Letter H

  • Halftime bet: this term refers to a bet which is placed halfway through the game.
  • Halftime result: this term refers to a bet where the bettor foresees the outcome of a match during the first half of the game.
  • Handicap: Sportsbooks use this system to attract more punters to a one-sided event. For instance, they may give an advantage of one goal to the weaker team. In US sports, this term is called the Spread. There is no draw possibility for fractional handicaps. All bets will lose if the victory margin equals that of the given handicap.
  • Handicapper: this term describes an individual who rates, studies, and places bets on races and/or sporting events.
  • Hedging: “To hedge your bets” is a saying, which is common in the UK wagering glossary. The term is used to refer to betting on a result different that the one picked in the beginning. The goal is to either cut losses or guarantee your winnings.
  • Heinz: This term refers to a bet which has 6 selections and 57 bets in different events. It has an accumulator, 6 fivefolds, 15 fourfolds, 20 trebles, and 15 doubles. You need at least two successful selections in order to gain a return.
  • Hook: this term refers to half a point which is added to basketball or football betting lines.

Letter I

  • IBAS: this abbreviation stands for Independent Arbitration Betting Service. Its purpose is to help arrange disputes between sportsbooks and punters.

Letter L

  • Lay: When an operator provides betting options, it is considered that they “lay bets”. Along with that, the term is used to refer to bettors who “lay” bets for other bettors to “back” when it comes to Bet Exchanges.
  • Lengthen: when the odds for a given bet are increased (lengthened) by sports books because it doesn’t get as much activity as expected.
  • Line: this term refers to a point spread or odds which are presently available for a given event.
  • Lock: it means a low-risk bet and is a US term.
  • Longshot: This term is used, when a team or competitor’s chances of winning are small, it is called a longshot.
  • Lucky 15: This term refers to a bet which has 1 fourfold, 4 trebles, 6 doubles and 4 singles. It applies only to greyhounds and horse racing. All selections must be successful for the bonus option to apply. If that happens, customers are given a 10% bonus. The odds that win are usually paid double if just one selection is successful. Aside from that, there also are Lucky 63 and Lucky 31 bets.

Letter M

  • Martingale: this term describes a strategy in betting which rests on doubling-up.
  • Match Betting: This is the same as 1X2 betting. The X stands for the draw. The first number refers to the home team winning and the second stands for a victory of the other team. With this type of betting, you can foresee a football match final score.
  • Monkey: £500 (bookies used this jargon).
  • Multiples: When a bet has more than one selection. To win, all selections must be successful. Also, refer to the term Accumulator.

Letter N

  • Nap: this betting glossary term is used to describe the best bet for the day, as claimed by a given tipster.
  • No action: this is when there is no loss or winning using a bet.
  • Number Spread: this section shows the number of goals that have been scored in an event.

Letter O

  • Odds: Also check Price. This term serves to show how big your winnings can be if your bet wins.
  • Odds On: this term describes a price, which is lower than 2.00 decimal (Evens).
  • Odds Against: this term describes a price, which is higher than 2.00 decimal (Evens).
  • Outsider: this term describes an underdog in a given competition or fixture.
  • Over: This word of the glossary stands for the total goals betting on a football market, which is known as under or over. A bet that is very common in that market is the over/under 2.5 goals. The draw possibility is removed by providing a decimal. This results in 2 possible outcomes. Sometimes, certain online betting sites will provide an additional outcome. In that case, this may include 2+ goals; 2 goals exactly, or 2- goals. What is more, some sports books go as far as providing more options, which helps them to boosthow to make an over bet with our betting glossary their profit margin. For example, they introduce a football market with fixed odds, the purpose of which is to help foresee several events in a contest, as in cards, corners and goals. There can be various denominations for under/over bets – 2.5, 1.5, 0.5. For instance, in order for a 2.5 goals bet to be successful, at least three goals have to be scored during the game.
  • Overlay: this is a situation in which the odds are much higher than they normally are.
  • Over-round: Because a book has to be 100%, at least in theory, there are even money tails and even money heads when tossing a coin. However, more often than not, a book is up to 100%. So, when it does not exceed 100%, it is considered an “over-round”. This is how much an operator will win from a given fixture. Also, check out the term Vigorish.

Letter P

  • Parlay: It means accumulator. Americans usually use this term.
  • Patent: A group of bets which has a single, a treble and 3 doubles that are available in 3 selections. You only need one correct selection in order to get a return.
  • Permutations or Perms: the minimum requirements necessary to get a return and the total number of bets is formed by several selections and is determined by the maximum bet number.
  • Picks: this term is used to describe a group of bets that a tipster offers.
  • Point spread: this term serves to describe a team’s scoring advantage, which is given by an operator before the beginning of the contest.
  • Pony: £25 (bookies use this jargon).
  • Price: check out the definition of odds in the glossary.
  • Punter: (more common in horse racing and football; very popular in the UK) an individual who places bets.

Letter R

  • Round Robin: it includes 6 single stakes, 1 treble and 3 doubles which are part of three different races.
  • Reverse Forecast: this term is similar to Straight Forecast, the only difference is that rather than guessing the correct order, a bettor must forecast the two players that will be the first to finish.
  • Runner: this is an individual who bets on behalf of another person.

Letter S

  • Score: the betting glossary word stands for £20 (bookies use this jargon)
  • Scout: this term describes a bettor that waits for a valuable and strong wager.
  • Sharp: this term serves to describe a professional bettor.
  • Single: This is by far the easiest to grasp type of bet and the simplest of all. Depending on the outcome, the bet either loses or wins. Winners get a return based on multiplying the odds and the stake.
  • Special bets: Some online betting sites do their best to attract more punters, which is why they offer special bets. The latter involve the time of the last and first goal scorer, the odds regarding the performance of the teams, as well as odds on bookings and on corner number that matches broadcast live on TV will have. Originally, this type of bet is available in spread market. The main goal of bets like a red card in the match, To win to Nil and Scorecast is to attract more bettors.
  • do you know about spread bettingSpread betting: This is the term used when operators give an advantage to the teams in advance. The main idea is to predict the outcome of an event when the advantage has been given. Bookies offer spread betting to provide bettors with extra betting options.
  • Straight Forecast: It is common in greyhound racing and horse racing. A single unit stake is required for this type of bet. You need to foresee correctly who will end up second and who will emerge as the winner in the contest in order to get a profit.
  • Super Heinz: This is a type of bet which includes 7 sixfolds, 21 fivefolds, 35 fourfolds, 35 trebles, 21 doubles and an accumulator. You are required to have at least 2 successful selections to win a profit.
  • Super Yankee:refer to Canadian for more information.

Letter T

  • Tic-tac: (in horse racing) a means of communication that sports books use in horse racing.
  • Tipster: this is an individual that sells or gives bettors predictions for races or games.
  • Treble: this term describes a bet which has 3 selections. In order for a punter to win, he or she must have 3 successful selections.
  • Tricast: A bet in greyhound and horse racing. A punter has to make a single-unit stake and then choose three selections, which need to be picked in the right order of finishing.
  • Trixie: the term serves to describe a bet which has a treble and 3 doubles, grouped in 3 selections. You need at least two successful selections in order to win.

Letter U

  • Under: This term of the betting glossary is generally the same at another one mentioned above, namely Over. However, the denomination has to be higher than the amount of occurring events.
  • Underdog: according to expectations, this is a team or a player that has the lowest chances of winning the game.
  • Up-and-Down: this term is used to describe a bet which is placed as two single bets on two selections.

Letter V

  • Value Bet: this term describes a bet that a punter thinks is more likely to win than the suggested odds.
  • Vigorish: When you place bets, you are charged a given amount of money by the sportsbook. This is called a vigorish. That way, operators have a guaranteed profit, no matter how the game will end.

Letter W

  • Win: either a multiple or a single bet, which guarantees a profit for the winner.
  • Wise guy: this term describes an individual who seems to possess extensive knowledge about sports betting.

Letter Y

  • Yankee: This term of the betting glossary serves to describe a system of bets. It has 11 bets and 4 selections and involves an accumulator, 4 trebles and 6 doubles.

Sources

  1. English Dictionary (Best Terms Definitions)
  2. Online Cambridge Dictionary (For English Learners)
Last edited by Anthony Graham at November 10th, 2017
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