Welcome to the vibrant world of betting and gambling, where a rich tapestry of Betting Terms and Glossary adds excitement to every wager.
Whether you’re navigating the horse racing track, engaging in poker night, or immersing yourself in the dynamic realms of sports and esports betting, understanding the terminology is key.
Here’s the glossary to guide both novices and seasoned bettors covering
BETTING TERMS AND GLOSSARY
A
- Accumulator: Commonly used in European markets, it’s akin to a parlay, combining multiple bets for a larger payout. All bets in the accumulator must win to pay out.
B
- Across the Board: Wagering on a horse to win, place, and show.
- Backdoor Cover: A last-second cover due to a late score at the end of the game.
- Bad Beat: An improbable betting loss, usually occurring late in the game.
- Bankroll: A predetermined amount of money used for betting.
- Book/Bookie/Bookmaker: A person who takes bets.
- Buying Points: Adding points to a point spread or total, with adjusted vig to match the risk.
C
- Cash Out: Withdraw your winnings from a sportsbook.
- Chalk: The betting favorite.
- Contrarian: Someone who bets against public opinion, consensus percentages, or the popular option.
- Cover: A team winning against the spread.
D
- Decimal Odds: Also known as European odds, displayed in decimal numbers (e.g., 1.91).
- Dog: The underdog.
- Double Chance: A bet allowing two options to be graded as a winner, often found in soccer.
- Draw: A tie game or match, common in soccer and combat sports.
E
- Esports: Competitive video gaming, offering unique betting opportunities.
- Even Money: A wager on which a side lays no juice or vigorish.
- Exacta: A horse racing bet where you pick the two horses to finish first and second.
- Expected Value (EV): A measurement for expected wins or losses over the long term.
F
- Favorite: The team or person expected to win.
- Futures: A wager on a long-running result, like a team’s season wins or championship odds.
G
- Getting Down: Placing a bet.
- Grand Salami: An Over/Under bet based on the collective points, goals, or runs scored for all games on a day’s schedule.
- Hedge: Wagering on the opposite side of an existing bet to guarantee a profit.
I
- In-Play/In-Game/In-Running: Betting markets that adjust during an event, allowing bets while the game is played.
- Juice: The cost of making a bet, also known as vig or vigorish.
K
- Key Numbers: Often seen in football due to scoring increments (3, 6, 7, 10), influencing point spreads.
- Layoff: Money bet by a sportsbook with another bookmaker to reduce liability.
- Limit: The maximum amount accepted for one bet.
M
- Moneyline: A wager on the outright winner with odds based on a team’s chances of winning.
- Mush: A bettor considered bad luck.
- Novelty Odds: Betting markets on non-sporting events, such as Oscars or pop culture.
O
- Odds-On Favorite: An overwhelming favorite listed at a price higher than even money.
- Out: A place to make a bet.
- Overlay: A situation favoring the bettor rather than the house.
- Over/Under: Wagering on whether a final score will go Over or under the projected total.
P
- Parlay: A single wager combining multiple bets; all must win for the parlay to pay out.
- Payout: Money won from a bet.
- Point Spread: A handicap between two opponents in sports betting.
Q
- Quarter Lines: Odds solely graded on the outcome of the first quarter of a game.
- Quinella: A horse racing bet where you pick two horses to finish first and second in either order.
R
- Reduced Juice: A promotion by sportsbooks offering shorter vig than the standard -110 flat rate.
- Reverse Line Movement: More bets on one side, but the line moves in the opposite direction.
S
- Scalper: Similar to arbitrage, a strategy betting on both sides of a wager to guarantee a profit.
- Soft Line: A line with perceived value by the sports bettor.
- Spread: Short for point spread.
- Steam: When large amounts of money are bet on one side of a game, causing the line to move rapidly.
T
- Teaser: A bet allowing you to adjust the point spread in your favor.
- Total: A number put up by a bookmaker on a game; bet on whether it goes Over or under.
- Trifecta: A horse racing bet where you pick the first, second, and third-place finishers.
- Trends: Short and long-term patterns in performance, often against the spread.
U
- Under: Betting below the projected total.
- Underdog: The team or person expected to lose.
- Uniforms: Referees/officials.
V
- Value: An overlay.
- Vig/Vigorish: The amount of commission kept by the house.
W
- Wager: A bet.
- Wise Guy: A savvy or professional bettor.
- X-sport Prop: A prop bet including results from two different sports.
- Yankee Tax: An additional buffer added by oddsmakers for popular teams, knowing they draw a lot of action.
- Zebras: Referees/officials.
Some more Betting Terms & Glossary
Across the Card
Refers to placing wagers simultaneously at separate meetings.
All in play or not
When the phrase ‘All in play or not’ is used, it means that the prices are set whether or not the selection takes part in the race, including the possibility of the selection not participating.
All Out
Describes a greyhound, horse, or player/team pushing at the maximum for the result.
All Weather
All-weather racing takes place at racetracks with an artificial surface, suitable for racing year-round.
Also Ran
In horse racing, runners that participate but finish outside the ‘places’ are described as also rans.
Ante Post
Ante Post prices are offered well in advance of a race, allowing bettors to seek better odds, but with the risk of the selection not participating.
At the Post
Refers to the moment when all the horses are lined up on the starting line/point, indicating that the race is about to begin.
Back
To place a wager on or bet on a selection to achieve a predicted result.
Banker
A safe bet or a very strong favorite is often included in multiple bets to strengthen the hand of bettors.
Betting Exchange
A peer-to-peer network where bettors can offer each other wagers is exemplified by Betfair.
Betting In Running (BIR) or Betting In Play (BIP)
Refers to live betting where participants bet during a race, match, or event.
Betting W/O
Short for ‘betting without,’ allows placing a bet on a horse to win a race without the favorite included in the results.
Bookie
Short for a bookmaker, a person or company licensed to offer odds and accept bets from bettors.
BTTS
Abbreviation for Both Teams To Score, a bet on both teams in a match to score at least one goal each.
Century
Sometimes called a ton, a century in betting terms means one hundred pounds sterling (GBP 100).
Colt
A male horse is less than five years old; at five, it becomes a stallion.
Dam
A horse’s female parent, while the male parent is a sire.
Dead Heat
Occurs when an event is tied, with two or more selections finishing level.
Decimal Odds
The format used to express odds in Europe, where the odds include the stake and potential profit.
Evens
1/1 odds, equivalent to 2.00 in decimal format.
Favourite
The selection with the shortest odds for the win is often the most fancied winner.
FGS / FPTS
Abbreviation for First Goalscorer or First Player To Score.
Field
All other runners/selections in a market, excluding named favorites.
Fillie
A female horse is called a filly until it reaches five years of age; after that, it becomes a mare.
First Past the Post
The selection that is first to cross the finish line in a race, is the winner.
Form
The performance history of an athlete, player, horse, greyhound, or team, is used by bookmakers to set prices and bettors to assess odds.
Fractional Odds
The standard way of writing odds in the UK, representing the potential profit excluding the stake.
Full Time
A bet is settled at the end of 90 minutes plus stoppage time, not including extra time or penalties.
Going
Describes the state of the racing surface, whether it’s firm, soft, heavy, etc., affecting performance.
Handicap
Adding weight to the stronger participant or deducting it from the weaker to level the playing field for betting purposes.
In Play Betting
Placing bets on an event while it is already in progress, also known as live betting or in-running betting.
Joint Favorites
Two or more participants with the same lowest odds in a betting market.
Jolly
Another term for the favorite in a race or event.
Juvenile
A horse or participant aged two years or younger in its respective sport or discipline.
Lay
To bet against a particular outcome, acting as the bookmaker.
Layoff
The amount of money a bookmaker stands to lose on a particular result.
Longshot
A selection with high odds is less likely to win, but with the potential for higher profits.
Lucky 15/31/63
Multiple bets consisting of singles, doubles, trebles, and an accumulator across a selection of four, five, or six events.
Maiden
A horse or participant that has not won a race or competition.
Monkey
Slang for GBP 500.
Nap
The best bet of the day is often recommended by tipsters or experts.
Non-Runner
A selection that doesn’t participate in an event often results in voided bets or specific rules depending on the sport.
Objection
A complaint or dispute regarding the outcome of a race or event leads to an investigation by racecourse officials.
Odds Against
Odds that offer a higher potential profit than the stake, represented by a fraction or decimal greater than 1.
Odds On
Odds that offer a lower potential profit than the stake, represented by a fraction or decimal less than 1.
Off Time
The scheduled start time of a race or event.
Outsider
A selection with high odds, less likely to win, is often considered the least favored participant.
Over/Under
A bet on whether the total number of goals, points, or runs in a game will be over or under a specified figure.
Parlay
An American term for an accumulator or combination bet.
Photo Finish
A race finishes so close that it requires a photograph to determine the winner, often involving electronic technology.
Place
To finish in a specified position, often the top two, three, or four, depending on the number of participants.
Punter
Another term for a bettor or gambler.
Quadrella
A type of bet in horse racing where the bettor selects winners in four nominated races.
Quarter Bet
A bet where the outcome is determined at the end of the first or second quarter, often in American football or basketball.
Quinella
A type of bet in horse racing where the bettor selects two horses to finish first and second in any order.
Rail
The inside barrier or position of the racetrack, is considered advantageous in some sports.
Runner
A participant or selection in a race or event is often used interchangeably with the term ‘horse’ in horse racing.
Satchel
A slang term for a large amount of money, often referring to significant bets.
Scorecast
A bet combining the prediction of the first goal scorer and the correct score of the game.
Scratching
The removal of a participant from a race or event before it begins, often due to injury or other reasons.
Shortening the Odds
A decrease in the odds offered on a participant or outcome indicates increased favoritism.
Single
A bet on a single selection or outcome is also known as a straight bet.
Smart Money
Bets placed by experienced or knowledgeable gamblers are often considered to have valuable insights.
Spread Betting
A form of betting where the payout is based on the accuracy of the wager rather than a simple win-or-lose outcome.
Starting Price (SP)
The odds at which a participant starts a race or event, are determined at the time of commencement.
Steamer
A selection that experiences a significant decrease in odds, often due to a high volume of bets.
Super Heinz
A multiple bet consisting of 120 bets across seven selections, including singles, doubles, trebles, fourfolds, fivefolds, sixfolds, and a sevenfold accumulator.
Swinger
A type of bet in horse racing where the bettor selects two horses to finish in the top three, regardless of the order.
System Bet
A bet involving multiple selections, often with different combinations, increases the chances of winning but also the overall stake.
Tissue Price
The estimated odds of a participant are set by bookmakers before the market is officially opened.
Tip
A piece of advice or prediction regarding the outcome of a race or event is often provided by experts or tipsters.
Tricast
A type of bet in horse racing where the bettor predicts the first three finishers in the correct order.
Tote Betting
A form of betting where the stakes are pooled and the payout is determined by the total pool after deductions.
Treble
A bet on three selections, all of which must win to gain a return.
Underdog
The participant or team considered less likely to win in a particular event, is often associated with higher odds.
Vigorish (Vig).
Another term for a bet or gamble indicates the amount of money placed on a particular outcome.
Weight-for-Age
A handicap system in horse racing where weights vary based on the age and sex of the horse.
Well-Held
A participant finishes a race without being pushed to its full capabilities.
Win and Each-Way (E/W)
A bet on a participant to win or finish in a specified position, typically the top two or three, depending on the number of participants.
Yankee
A multiple bet consisting of 11 bets across four selections, including six doubles, four trebles, and a fourfold accumulator.
Yellow Card
Disciplinary action in sports, often associated with football (soccer), results in a caution for a player.
Zero
A participant fails to score or achieve a particular outcome in a game or event.
3-Way Betting
A type of betting where the bettor can choose between three possible outcomes, often in sports like soccer (win, lose, or draw).
4-Fold Accumulator
A multiple bet involving four selections, all of which must win to gain a return.
5-Fold Accumulator
A multiple bet involving five selections, all of which must win to gain a return.
6-Fold Accumulator
A multiple bet involving six selections, all of which must win to gain a return.
7-Fold Accumulator
A multiple bet involving seven selections, all of which must win to gain a return.
8-Fold Accumulator
A multiple bet involving eight selections, all of which must win to gain a return.
9-Fold Accumulator
A multiple bet involving nine selections, all of which must win to gain a return.
10-Fold Accumulator
A multiple bet involving ten selections, all of which must win to gain a return.
11-Fold Accumulator
A multiple bet involving eleven selections, all of which must win to gain a return.
12-Fold Accumulator
A multiple bet involving twelve selections, all of which must win to gain a return.
13-Fold Accumulator
A multiple bet involving thirteen selections, all of which must win to gain a return.
14-Fold Accumulator
A multiple bet involving fourteen selections, all of which must win to gain a return.
15-Fold Accumulator
A multiple bet involving fifteen selections, all of which must win to gain a return.
Conclusion
Armed with this comprehensive BETTING TERMS AND GLOSSARY, both newbies and seasoned bettors can navigate the diverse landscape of betting and gambling with confidence. May your bets be strategic, and the odds ever in your favor!
Prasanth is a passionate betting blog writer with a 5-year track record of delivering insightful content for Sports, E-sports, Casino, and horse racing betting. Blending expertise and creativity, he decodes the intricacies of gambling, providing readers with strategic insights, tips, and a deeper understanding of the betting world.
