Betting Glossary

Ever been confused by bookmaker slang or wonder what a specific betting term really means?  Well, no need.  We’ve created a betting glossary of terms commonly used in the betting industry for you to reference whenever you like.  Hope it helps.

Accumulator: (also known as a Multiple or Parlay). A multiple bet where two or more bets are chosen and all these selections must win, or place in the case of an each way bet, for the accumulator to payout.

Ante Post: Refers to a betting market made available by Bookmakers in advance of a future event.

Arbitrage: Where a variation in odds available allows a bettor to back both sides and guarantee a win.

Backed:  To have placed a bet in support of a specified outcome.

Bank:  The total funds allocated by Better towards betting, adjusted for wins and losses.

Banker: (also known as a Lock). A certain winner, according to the person using the term.

Best Odds Guaranteed: A concession offered by Bookmakers which generally applies to Horse Racing. Should you place a Fixed Odds bet on an Event but the odds subsequently lengthen so that the Starting Price is higher by the time it begins, settlement of the Bet shall be at the higher odds if it wins.

Bet: A wager of any kind.

Betting Line: (also known as a Line). The price offered on a bet selection.

Bettor: (also known as Gambler). Someone of minimum age who places a bet.

Book: The aggregate of all bets placed on a betting market.

Bookmaker: A person, or firm, licenced to accept bets from members of the general public eligible to bet.

Bookie: Slang for a bookmaker.

Bundesliga, The: (also known as German Bundesliga). The highest division of Germany’s domestic soccer league.

Champions League: (also known as the UEFA Champions League or the European Cup). A soccer competition between club teams which have qualified from their respective European domestic leagues.

Colt: A male horse that’s 4 years old or younger.

Daily Double: A common term for a bet in which a player combines two selections which must both win, or place if each-way, on the same day.

Dead Heat: A term in horseracing (or greyhound racing) where two horses (or dogs) finish equal. Both are declared winners.

Dividend: The payout or return on any bet.

Double: A bet on two separate events or two parts of the same event.

Draw: When two teams or competitors finish the game evenly (i.e. on the same score or in the same position).

Drift: (also known as Lengthen). Refers to Odds which have increased and therefore offer a higher return to the Bettor.

Each Way: A bet which splits the stake equally between a win result and a “place” result, the terms of which are specified by the Bookmaker at the time of placing the Bet.

English Premier League: (also known as the Premier League). The highest division of England’s domestic soccer league.

Eredivisie: The highest division of Holland’s domestic soccer league.

European Cup: (also known as the UEFA Champions League or Champions League). A soccer competition between club teams which have qualified from their respective European domestic leagues.

Even Money: (also known as Evens). A 1/1 odds bet which will return the exact same amount as the stake placed.

Evens: (also known as Even Money). A 1/1 odds bet which will return the exact same amount as the stake placed.

Event: Another term for a race, tournament, match or any betting contest.

Exacta: (also Forecast or Perfecta). It refers to a bet which specifies which competitors will finish 1st and 2nd in a particular event. Forecasts can be straight, reversed or permed.

FA Cup, The: The foremost cup competition in English soccer.

Favourite: The expected winner of a game / race; the competitor with the lowest odds.

Field, The: All the competitors in an event.

Filly: A female horse that’s 4 years old or under.

First Half Bet: A bet solely on the outcome of the first half of a game.

Fixed Odds: If the odds are fixed when placing a bet, those are at minimum odds at which your bet will be settled if it wins.

Football: Generally refers to soccer in Europe or American Football in the United States.

Forecast: (also Perfecta or Exacta). It refers to a bet which specifies which competitors will finish 1st and 2nd in a particular event. Forecasts can be straight, reversed or permed.

Form: The previous results of a team / competitor coming into the latest event. Generally used to give an indication of their propensity to succeed.

French Open, The: One of the four grand slams of tennis which takes place each year in Roland Garros, Paris.

Furlong: A unit of distance equal to 1/8th of a mile or 220 yards.

Gambler: (also Bettor). Someone of minimum age who places a bet.

German Bundesliga: (also known as the Bundesliga). The highest division in Germany’s domestic soccer league.

Grand Slam, The: The four most important tennis tournaments: the Australian Open, the French Open, Wimbledon and the US Open.

Half Time Bet: A bet placed only on the second half of a game.

Handicap, The: (also known as the Spread). The Handicap refers to the number of game points by which the favourite must win or the underdog fail to be beaten by for the bet to be successful.

Handicap Bet:  A bet, generally at odds just less than Evens, in which a favourite is chosen to win by more than specified Handicap or an underdog is chosen to lose by less than the specified Handicap.

Hang Cheng: The Asian equivalent of a Points Spread.

Hedging: Placing bets on the opposite side of the Event in order to cut losses or guarantee a minimum amount of winnings.

Heinz: A type of Multiple bet comprising 57 individual bets – 15 doubles, 20 trebles and 15 four-folds – between 6 selections in different events.

Home Team: The team that is playing in their own town / stadium.

Hoops: A slang term for a basketball game.

House, The: A slang term for a Bookmaker.

In The Money: A term used to mean that a Bet, either settled or unsettled, is in profit.

Joint Favourite(s): When two or more teams / contestants share the lowest odds.

Knockout Competition: Refers to an event in a set number of competitors are eliminated in each round until a single winner remains.

La Liga: (also known as the Primera Liga). The highest division of Spain’s domestic soccer league.

Lay, To: To accept a Bet at specified Odds in relation to an Event.

Lay A Bet, To: An acceptance of a Bet by a Bookmaker from a Bettor.

Lengthen: (also known as Drift). Refers to Odds which have increased and therefore offer a higher return to the Bettor.

Limit: The maximum amount a Bookmaker will permit a Bettor to wager on an Event or market.

Line: (also known as a Betting Line). The price offered on a bet selection.

Lock: (also known as a Banker). A certain winner, according to the person using the term.

Long Shot: Refers to a team / competitor that is an outsider or large underdog to win or place in an Event.

Lucky 15: A type of Multiple bet comprising 15 individual bets – 4 singles, 6 doubles, 4 trebles and 1 four-fold – between 4 selections in different events.

Lucky 31: A type of Multiple bet comprising 31 individual bets – 5 singles, 10 doubles, 10 trebles, 5 four-folds and 1 five-fold – between 5 selections in different events.

Lucky 63: A type of Multiple bet comprising 63 individual bets – 6 singles, 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold – between 6 selections in different events.

Majors, The: Golf’s four most prestigious tournaments; the Masters, the US Open, the US PGA and The (British) Open.

Mare: A female horse that’s 5 years old or more.

Margin: (also known as Winning Margin). The amount by which a competitor in an Event finishes ahead of another competitor

Masters, The: One of golf’s four Majors played at the Augusta National Golf Club in Augusta, Georgia.

Money Line: Odds denoting what amount has to be wagered to win an amount or what amount can be won from wagering a specified amount.

Multiple: (also known as an Accumulator or Parlay). A multiple bet where two or more bets are chosen and all these selections must win, or place in the case of an each way bet, for the accumulator to payout.

MVP: An abbreviation, most commonly used in American sports, denoting the recipient of the Most Valuable Player award.

NAP: A best bet of the day tip by a newspaper.

NBA: Abbreviation for National Basketball Association. Commonly used in reference to the pinnacle basketball competition in the United States.

NCAA: Abbreviation for National Collegiate Athletic Association. Commonly used in reference to the college (American) football competition in the United States.

NFL: The abbreviation for National Football League, which is the foremost (American) football competition in the United States.

NHL: The abbreviation for National Hockey League, which is the foremost ice-hockey competition in the United States.

Normal Time: The standard duration of an Event without any addition time being played for injuries or other stoppages.

Novelty: (also known as Special). A market offered by Bookmakers on a unique, non-sporting Event such as film, politics, music etc.

Odds: (also known as Price). The multiple at which a Bookmaker is prepared to Lay a specified competitor at to a Bettor in an Event.  The Odds of a competitor generally correspond closely to the Bookmaker’s evaluation of their chance of winning vis-a-vis the Field, less a profit margin.

Odds Against: When the Odds are greater than Evens (e.g. 5/2).

Odds Compiler: Someone that decides the price and odds of a team / competitor on behalf of a Bookmaker.

Odds On: When the Odds are less than Evens (e.g. 2/5).  Can also be quoted in the reverse, for instance “5/2 odds on” being “2/5”.

Outsider: (also known as an Underdog).  A long-odds competitor that is not one of the favourites and is not expected to win.

Over: A Bet on whether the combined amount of points / goals by both teams in one match will be over the amount specified by the Bookmaker.

Overtime: (also known as Extra-Time). A period of additional playing time which is played at the conclusion of Normal Time in circumstances where the game is tied and a winner must be decided. Not to be confused with Injury Time which forms part of Normal Time. Betting markets are generally restricted to Normal Time only.

Overs or Unders: (also known as Total). The opportunity to bet on the combined amount of points / goals both teams will score in a match. A Bettor can choose to Bet over or under the amount specified by the Bookmaker.

Parlay: (also known as an Accumulator or Multiple). A multiple bet where two or more bets are chosen and all these selections must win, or place in the case of an each way bet, for the accumulator to payout.

Past The Post: Often used as part of the term, “first past the Post”, in order to denote the winner of a race.

Patent: A Multiple bet comprising 7 individual bets – 3 singles, 3 doubles and 1 treble – between 3 selections in different events.

Payout: (also known as Winnings or Return). The amount a Bettor receives from the Bookmaker as a consequence of winning the bet. This amount includes their initial stake on the winning bet or parts thereof.

Perfecta: (also Exacta or Forecast). It refers to a bet which specifies which competitors will finish 1st and 2nd in a particular event. Forecasts can be straight, reversed or permed.

PGA: Abbreviation for Professional Golfers Associations. Generally used in conjunction with PGA Tour to denote professional golf competition.

Place: When a team, competitor or horse finishes in the top two, three, four, five or six in an Event (depending on the Bookmaker place terms at the time of placing the Bet).

Points Spread, The: (Also known as the Handicap or Spread). The Handicap refers to the number of game points by which the favourite must win or the underdog fail to be beaten by for the bet to be successful.

Postponed: When an event is cancelled and rescheduled for a later date.

Primera Liga: (Also known as La Liga). The highest division of Spain’s domestic soccer league.

Premier League, The: (also known as English Premier League). The highest division in England’s domestic soccer league.

Price: (also known as Odds). The multiple at which a Bookmaker is prepared to Lay a specified competitor at to a Bettor in an Event.  The Odds of a competitor generally correspond closely to the Bookmaker’s evaluation of their chance of winning vis-a-vis the Field, less a profit margin.

Primera Liga: (Also known as La Liga). This is Spain’s top soccer league.

Punter: A slang term for a Bettor.

Push: A push is when there is no winner or loser in a bet and the stake is returned to the Bettor. It generally applies in the case of certain Handicap Bets when the result finishes exactly on the Handicap.

Return: (also known as Payout or Winnings). The amount a Bettor receives from the Bookmaker as a consequence of winning the bet. This amount includes their initial stake on the winning bet or parts thereof.

Reverse: Applies for horseracing when a Bettor requests a second Exacta but this time having the two horses in reverse place order to that of the first Exacta.

Ryder Cup: A prestigious golf tournament that takes place every two years between America and Europe.

Sharp: Another term for a shrewd Better who can profit from Bookmaker Odds.

Shorten: Refers to Odds which have decreased and therefore offer a lower return to the Bettor unless Fixed Odds have been secured. The opposite to lengthen.

Single: (also known as a Straight Bet). Refers to a singular bet on one team, competitor or horse.

Special: (also known as Novelty). A market offered by Bookmakers on a unique, non-sporting Event such as film, politics, music etc.

Sportsbook: Generally used by Bookmakers to denote the section of their website that facilitates betting on sports and Specials.

Spread, The: (Also known as the Handicap or Points Spread). The Handicap refers to the number of game points by which the favourite must win or the underdog fail to be beaten by for the bet to be successful.

Spread Betting: A form of betting where a Bettor “buys” or “sells” a specified outcome on an Event and may win or lose a multiple of their stake.

Stanley Cup: The top knockout competition in ice-hockey.

Stake: The monetary amount of the Bet placed by the Bettor at the Odds quoted by the Bookmaker.

Straight Bet: (also known as a Single). Refers to a singular bet on one team, competitor or horse.

Super Bowl: The grand tournament of American Football in which the winners of the AFC and NFC divisions play each other to determine the NFL champion.

Super Heinz: A type of Multiple bet comprising 120 individual bets – 21 doubles, 35 trebles, 35 four-fold, 21 five-folds, 7 six-folds and 1 seven-fold – between 7 selections in different events.

Super Yankee: A type of Multiple Yankee with five selections instead of four.

System: A method of betting, usually mathematically based, used by a Bettor in order to derive an advantage.

Tapped Out: To be busted and have no bank remaining.

Tip(s): The selections and predictions of competitor’s performance for an upcoming Event from an expert or observer.

Tipster: Someone that offers tips on Events.

Total: (also known as Overs or Unders). The opportunity to bet on the combined amount of points / goals both teams will score in a match. A Bettor can choose to Bet over or under the amount specified by the Bookmaker.

Tote, The: Short for Totalisator. A system introduced to Britain in the late ‘20s to offer pool betting on racecourses.

Trifecta: A type of horseracing bet whereby a Bettor selects three horses to finish in the top three in an exact order.

Trebles: A form of Accumulator which is a triple bet on three events.

Trixie: A type of Multiple bet comprising 4 individual bets – 3 doubles and 1 treble – between 3 selections in different events.

UEFA: The governing body of European soccer.

UEFA Champions League: (Also known as the Champions League or European Cup). A soccer competition between club teams which have qualified from their respective European domestic leagues.

Under: A Bet on whether the combined amount of points / goals by both teams in one match will be under the amount specified by the Bookmaker.

Unders or Overs: (also known as Total). The opportunity to bet on the combined amount of points / goals both teams will score in a match. A Bettor can choose to Bet over or under the amount specified by the Bookmaker.

Underdog: (Also known as an Outsider).  A long-odds competitor that is not one of the favourites and is not expected to win.

Union Jack: A type of Multiple bet comprising 8 trebles on 9 selections.

US Open: One of tennis’ four grand slams played at Flushing Meadows in New York.

Value: Getting the best odds on a betting proposition from a Bookmaker.

Wimbledon: One of the four grand slams of tennis.

Winnings: (also known as Payout or Return). The amount a Bettor receives from the Bookmaker as a consequence of winning the bet. This amount includes their initial stake on the winning bet or parts thereof.

Win Only: By excluding any each way terms, a bet on a competitor / team to win an event only.

Winning Margin: (also known as Margin). The amount by which a competitor in an Event finishes ahead of another competitor.

World Series: A set of seven matches to decide the MLB baseball championship.

Yankee: A type of Multiple bet comprising 11 individual bets – 6 doubles, 4 trebles and 1 four-fold – between 4 selections in different events.

Have we forgotten to add a term or two?  If so, please let us know at info@ellebet.com and we’ll do our best to include it.