//

Betting terms definition

Betting terms definition for you all, here we have every term from within the gambling industry defined for you.

2-way market

This is a term used to describe a bet which only has 2 possible outcomes, so you have outcome A or outcome B. A good example of this is a tennis match where player A or player B must win.

3-way market

This is a term used to describe a bet which has 3 possible outcomes, so outcome A, outcome B or outcome C. A good example is a football match which has the home win, draw and away win market.

Accumulator

This is often shortened to acca, it’s a bet that requires several different selections to win. As the name suggests it accumulates profit over each match.

Action

A term which is associated with more with the American industry, it refers to bets which are currently live.

Advantage gambling

This can also be referred to as advantage play, this refers to legal ways or systems to gain a mathematical edge over the bookmaker.

All in

This is a term which is more often than not associated with poker, its general use is when a player or punter uses their entire balance on one bet.

All out

This term refers more to the sport or selection rather than the gambling, it generally means that something is trying its hardest to win. Its most common use is with horses.

All-weather racing

To coin a phrase this is exactly what it says on the tin, its a race course which uses an artificial surface to ensure whatever the weather conditions racing can take place.

Also ran

Any horse which finished a race but did not finish in the places or win section.

Ante-post betting

This is a form of betting that takes place well before an event is announced officially, its most common use is in horse racing.

Apprentice

This refers to a young jockey.

Arber

Someone who places arbitrage bets.

Arbitrage

Sometimes referred to as arbs or arbing, it’s a bet that locks in profit by covering all possible outcomes.

Asian Handicap

A form of handicap betting which originated in Asia.

Backward

Is a term used in horse racing, it refers to a horse that is not fit enough or experienced enough to do itself justice.

Bags

A term used in greyhound racing, it refers to the bookmakers afternoon greyhound service.

Banker

A term used when referring to a bet a punter thinks is a great opportunity or a near certainty.

Bar

Is a term used for odds, it describes the shortest of odds which is not described in a betting summary or forecast.

Beard

Is a term used to describe a friend or contact a punter may use to place a bet for him, they can also be referred to as runners.

Beginners luck

This refers to the perceived luck a new punter or bettor may get, its often used as a derogatory term suggesting that the punter only won due to luck.

Betfair commission

This refers to the small % which betfair takes when you win a bet on its exchange.

Bettor

Someone who has a bet or a punt.

Blind bet

This is a bet placed which is to placed to try and draw away attention from the big bets he has placed on another selection.

Bismark

This is derived from the famous ship that sunk, it is used to describe a horse which is expected to lose.

Blinkers

This is a term from horse racing, they are a device which is fitted to a horse head to prevent it from seeing everything going on around it.

Blanket finish

This refers to a horse race in which several horses finish very close together.

BOG

Best odds guaranteed, this is when a bookmaker will give you the SP odds if they were better odds than you placed your bet.

Bookmaker

This can also be shortened to bookie, it refers to the company/man/service which takes your bet.

Book

This refers to a bookies tally of bets on any event to ensure he makes a profit.

Bottle

This is a term used in the UK betting industry used to refer to odds of 2/1 (3.0).

Breaking the bank

This is a term used in the Casino industry, it refers to a large sum of money which is won.

Bumper

A term used in horse racing, it refers to a national hunt race over the flat.

Burlington Bertie

Is a term used in UK betting circles, its refers to a bet which is 100/30 (4.33).

Buy price

This is a term used in spread betting, it refers to the higher price quoted by a bookmaker.

Canadian

see Super Yankee

Card counting

Is a term used in the casino industry, it refers to a method of counting the number of cards that have come out in Blackjack, this allows the player or players to predict the next cards.

Carpet

Is a term used in the UK betting industry, it refers to a bet or odds at 3/1 (4.0)

CD / C & D

This is an abbreviation used in horse racing, it refers to course and distance. Its most commonly seen in form guides.

Century

A term used to describ £100, also known as a ton.

Challenge bet

See compound interest bet.

Chasing

Is a term used in the betting industry when a punter or bettor is placing bets trying to win back the money he lost earlier.

Cheek pieces

This is a device fitted to a horse which can help its performance.

Clerk of scales

This is the official that ensures all jockeys are the correct weight.

Co-favourite

This refers to the occasions when there is no clear favourite, instead, several selections are all the same price.

Cold deck

Is a casino term used to describe a set of cards which isn’t showing any profit for the punters.

Compound interest bet

This is a term stolen from the banking world, it refers to bet or a series of bets, where a punter will use the stake and profit from a previous bet and keep rolling it over until he gets to a set amount of profit.

Conditional jockey

This is similar to an apprentice but instead is a jump jockey, it’s an inexperienced young jockey.

Cover

Often referred to as a cover bet, this is when a punter will place a 2nd bet to ensure his original selection shows a profit.

Croupier

Is a casino term used to describe the person spinning the roulette wheel. It can also be used to refer to any assistant at a casino table game.

Dam

Is the term used to refer to the female parent of a horse.

Dead Heat

This is when two or more horses both win a race, it means there can be no clear distinction between the 2 on the line.

Deuce

Is a term for when a game is drawn in tennis, this is the in limbo point in which a player must win 2 points in a row to win.

Dividend

See tote returns.

Double

Two selections both placed together, both have to win for the bet to win.

Doubling up

Also referred to as the martingale system, its when a punter will double his next bet after a loss to cover the previous loss.

Draw

In football, this refers to when the score is level between 2 teams at the end of play. In horse racing, this is the stall in which a horse is given.

Drift

This is a term used to refer to the price of a selection when the odds grow or lengthen.

Drifter

Refers to a horse which is drifting.

Ducking

This is a term used to refer to a bookmaker who has much shorter odds on an outcome than his competitors. The bookmaker is said to be ducking the bet if he shortens the odds to much.

Dual forecast

This is a tote bet which you can find in races with 3 or more runners in which you must pick the horses order of finish (1st and 2nd).

Dutching

This is backing more than one selection in an event to ensure a profit. It will ensure you receive the same profit whatever happens.

Each way

This is a bet in which you effectively bet on both a win and a place, traditionally it’s used in horse racing, but nowadays most markets have it.

Ear’ole

A term used in UK betting which refers to odds of 6/4 (2.5)

Exacta

See dual forecast.

Evens

A term used to refer to odds of 1/1 (2.0).

Expected value

Is a term used in casino games to describe the amount of money you would expect to return to you if it followed the rules.

Favourite

This is the selection in any event with the shortest odds and the highest probability of winning.

Flag

A bet consisting of all the selections in a 5 fold.

Fold

If you put a number in front it tells you the amount of selections you are folding over.  Or in poker, this is chucking your cards in and leaving the game.

Fourfold

A bet on 4 selections.

Form

This is used to show the past results of a selection.

Form player

This is a bettor of punter who bets on past performances.

Forecast

See dual forecast.

Figure

The winning chance, or the handicappers winning rating. This is supposed to identify the chance of a horse winning.

Furlong

This is the distance measurement used in horse racing. A furlong is equal to 200 metres.

Full cover

All possible bets covered within a number of selections.

Goliath

Is a multiple covering all the folds with 8 selections.

Going

This is used to describe the condition of the ground at a racecourse. Going can range from heavy to firm.

Green

Describes an inexperienced horse who is running excitedly.

Handicap

In horse racing this is a race in which the horse are given extra weight depending on their ability. In football it is a form of betting in which a team will start with a plus or minus.

Hedging

This is backing another or multiple other selections in an event to reduce your risk in any given event.

Heinz

A bet covering all the folds within 6 selections.

High roller

A term used to describe a punter or gambler who places large bets.

House

Refers to the casino or gambling institution.

IBAS

Is a service which oversees disputes between bookmakers and punters.

In running

Often referred to as in play, this is when bets are placed in play.

In the money

Refers to the horse which all place or win.

Jolly

Another name given to the favourite, mostly used in horse racing.

Joint favourites

See CO-favourites.

Lay

Is a term specific to the exchanges, its when you bet on an event not to happen.

LBO

Is an acronym for “Licensed Betting Office”.

Long odds

High odds on an event so for example 100/1 (101).

Long shot

See long odds.

Liability

Is a term used on the exchanges to show how much you stand to lose on a lay bet.

Lines

These often refer to handicaps or betting markets.

Linemaker

See handicapper.

LSP

Stands for level stakes profit, its the amount of profit made if all stakes had been 1 unit.

Lucky 15

A bet covering all the possibilities in 4 selections

Lucky 31

A bet covering all the possibilities in 5 selections.

Lucky 63

A bet covering all the possibilities in 6 selections.

Maiden

This refers to a horse who is yet to win a race.

Market

This is a term used within the betting industry to describe the betting group you are betting on. So if you were betting on the home win, draw away win of a football match this would be the win/draw/win market.

Martingale

Is a system in which you keep doubling your bet until you win.

Monkey

This is a slang term used in the UK used to refer to £500.

Morning line

Forecast of probable odds.

Muck

Is a term used in poker when a player folds his hand but refuses to show his cards.

Nap

Refers to a tipsters favourite or best bet of the day.

NB

Refers to a tipster 2nd favourite or 2nd best bet of the day.

Non-runner

This is a term used in horse racing, it refers to a horse which was scheduled to participate,  but is no longer in the race.

No action

See action.

Odds

Are the bookmakers view on something happening.

Odds-against

When odds are greater than evens (1/1) so e.g 2/1 (3.0).

Odds on

This refers to a selection when it is under evens (1/1, 2.0), this means any profit gained will be less than the original stake. EG £10 on at 10/11 returns £9.11 profit plus your original stake.

Off the top

This is the practice of deducting a fixed percentage from the pari-mutuel pool before paying holders of winning tickets.

Off-track

Betting conducted away from race tracks, mostly a term associated with the US.

On the bit

This is a term used in horse racing, it refers to a horse which doesn’t need any encouragement to run.

On the nose

This is a term used to refer to betting on a horse to win.

Outsider

A winner who was not the favourite or 2nd favourite.

Overbroke

When the bookmakers over round results in a loss.

Overlay

A horse that has a high chance in comparison to its odds.

Over-round

This is referring to the margin a bookmaker has on any given event to ensure they make a profit.

Overweight

Refers to a jockey or even a selection being above the allowed weight.

Patent

A bet which covers all the possible bets within 3 selections.

Placepot

This is a bet on tote where you need to pick a horse to place in 6 different races.

Parlay

This is an American term used for accumulators.

Pari-mutuel

This is a tote betting system for France.

Permutation

A bet that contains a large number of selections covering a large number of outcomes.

Picks

The selections are chosen by a professional tipster or expert.

Pitch

This is a position in which you would find a bookmaker at a racecourse.

Place terms

Are advertised by bookmakers, they can always differ but they tell you the odds you will receive if your horse places and how many places it pays.

Photo finish

When a result cannot be determined by the naked eye they will use a photo to determine who has won.

Pony

A UK slang term for £25.

Pool

Total amount in a pot to win.

Pointspread

Is an American term used to handicap teams.

Punter

Is UK term to refer to a bettor.

Rag

See Bismark.

Ringer

A selection which is entered into an event under another name.

Round robin

Is a bet with 3 selections making up all the doubles and singles.

Roundabout

3 bets including 1 single and a double stake double.

ROI

Stands for return on investment.

Rule 4

When horse pull out of a race bookies have to apply a reduction in the odds due to the change in chance, the shorter the odds of the horse that is a none runner the bigger the rule 4 reduction.

Scoop 6

Is a bet placed on the Tote every Saturday on the 6 televised games.

Score

A UK slang term for £20.

Settler

A bookmaking expert who works out payouts.

Shortening off odds

See drift.

Single

A straight win bet on one selection.

Silks

These are the colours worn by jockeys, they are normally specific to the trainer.

Sire

The male parent of a horse.

Smart money

Bets on insider information.

SP

Starting price, this is the price when an event starts.

Spread betting

This is a type of betting that was created by city traders, punters sell and buy markets.

Steamer

A selection which has been backed very well all day.

Stewards enquiry

An investigation into the happenings in an event.

Sure thing

See banker bets.

System

A method of betting.

Thick’un

A big bet.

Tiebreaker

This is the term used to describe the point in a game when there is a draw, the tiebreaker is the way in which that event is then decided.

Tips

Selections chosen and shared by experts.

Tipster

An expert who shares his selections with others.

Tic Tac

This is the language used by bookmakers at race tracks.

Tissue

A forecast designed to predict the odds on each runner.

Tongue-tie

Is a device used on horses to help the animal breathe.

Totals

A sports betting market which you bet on the scores in a match.

Tote

A system which settles bets on dividends rather than set prices.

Treble

A bet with 3 selections.

Trifecta

A bet which is placed using Tote, it involves the first 3 horses finishing in the correct order.

Trixie

A bet on 3 selections which covers all the doubles and the trebles.

Turf accountant

A UK term for bookmakers.

Underdog

The team or selection which isn’t favourite.

Union Jack

A group of selected betting.

Value

Getting the best odds.

Visor

A device fitted to a horse to restrict its view.

Walkover

A horse race in which only one horse remains due to non-runners.

Welch

To fail to pay on a bet.

Win

A term for 1st place, or victory.

Win/draw/win

This is a 3 way market which describes the home win, draw and away win market in an event.

Winning margin

A bet to predict how much a time would be victorious by.

Yankee

A bet involving all the possible folds with 4 selections.