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.