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In this betting glossary, you will find a list of the most commonly used terms in sports betting. The betting glossary includes explanations for new bettors to familiarise themselves with the most needed sports betting terminology. Also, some betting definitions cover the needs of more advanced punters.
Betting Glossary Terms: All Terms from A-Z
Accumulator – Also referred to as ACCA bet, it is a bet type made of multiple selections (at least four) in a single bet that also pays higher odds than if placing single selections. For this bet type to win, all selection must come in.
Ante-post – It is a bet that is laid in advance of an event and is most commonly used in horse racing. The players usually place it at least one day before the sporting event takes place.
Bet – A term used when one wagers money on the result of a competition or event. It is usually money one risks on horse racing or another sport in the hope of winning more money.
Betting Exchange – It is a marketplace that enables its customers/members to bet against other fellow bettors rather than a bookmaker. Members of a betting exchange may also request or offer odds from and to other bettors.
Bookmaker/Bookie – It is an entity (i.e., website) that accepts gambling bets (i.e., on sports events) from other people. A bookie takes money from bettors and pays them money if their bet wins.
Bonus – A promotion offered by bookmakers to customers/punters. They serve to entice players to sign-up with a bookie. There are bonuses that entice players to continue using their platform for sports betting or playing. It’s perhaps the term in this betting glossary you will hear the most about.
Canadian line – A type of wagering that combines a puck line and a money line bet. Often referred to as a Super Yankee, it involves 10 trebles and 10 double bets. Plus a fivefold and a fourfold bet accumulator.
Commission – It is the way bookmakers make money from people’s bet and refers to the percentage of a winning bet’s earnings the bookie gets.
Cash-out – An option that enables punters to get money from a bet they have placed before the event ends.
Correct Score – A bet where a punter bets on a sports event to end with a specific final score.
Decimal Odds – They represent the overall return or payout a punter may get for every $1 they wager (not the profit). This includes the money they risked.
Draw – A bet where the punter bets on a game or match or contest to end with an even score.
Drift – A term used to describe a bettor’s selection that is getting bigger (aka lengthening) in odds.
Double Bet – It is a simple form of an accumulator bet (also called doubles) that has two selections. Both selections need to be successful for the bet to be successful/win.
Each way – It’s a bet type that consists of two separate bets of equal amounts: a (1) win and a (2) place bet. It relates to horse racing.
The WIN part refers to the selected horse finishing first. The PLACE part refers to the specific horse finishing in any of the top positions.
Exotic – A wager usually used in horse racing that includes a component where a punter needs to wager on multiple horses. This can take place over a span of multiple races or during a single race.
Fractional odds – An odds-demonstrating system particularly popular in the UK where all shown odds are exclusive of a bettor’s stake and inclusive of a punter’s profit.
Fixed-odds betting – A betting form where a punter places a wager at pre-determined odds. That way, they know precisely how much they could earn if their bet is successful.
Goliath – It is a bet type involving eight selections in various events and consists of 56 trebles, 28 doubles, one 8-fold, eight 7-folds, 26 6-folds, 56 5-folds, and 70 4-folds.
Handicap – Bookmakers offer this bet type to even out the playing field when the two teams about to play against one another don’t evenly match. The bookie gives a virtual disadvantage to the stronger team and a virtual advantage to the weaker team.
Half time bet – It is a type of bet where the punter bets on an outcome (i.e., the result) that may occur by half-time.
In-play betting – It is a function that allows a bettor to place a bet during a live event. The bet could be about the outcome of the
game/event or other options (i.e., the next goal, score, or corner).
Juice – It refers to the amount or cut a sportsbook charges for taking a bet. The bookie only collects its cut if the punter loses their wager.
Layoff – It is a step to help balance out the action of a game or reduce the liability on a certain game where a bookie places a bet with another bookie.
Live betting – Another term for in-play betting and refers to bettors’ ability to place bets during a game or event (after it has started).
Lock – It is a bet that will surely win – an easy winner.
Match Bet – It is a technique that enables punters to make money from offers and free bets offered by the bookmaker. It is common in sports betting.
Money Line – It is the simplest way to bet on sports and refers to simply picking the winner of an event or game and placing a bet on it.
Multiples – It is a type of bet when a punter places a series of wagers on one betting slip.
Novelty Bet – It is a bet type that involves betting on TV shows and other non-sports-related bets.
Non-runner – Also called a no-runner bet, a non-runner bet is a selection that is withdrawn before the event starts.
Odds – They represent the price of a certain bet or the chance for a certain bet to win.
Odds format – It is the way an odd is presented. Odds can have a decimal, fractional, or another format.
Outright Betting – It refers to bets placed on entire competitions instead of single games or matches.
Payout – It’s the amount of money a bettor will receive if his bet is successful.
Points Spread – It is a type of bet where the punter can back both teams involved in a match. The bookmaker, in this case, evens out the odds between those teams.
Punter – It’s another word for a bettor – the person placing a bet.
Quarter Bet – It is a bet where the punter bets on the team that will be leading at the end of every quarter of the game.
Request a Bet – It is an option that enables bettors to create ACCA or accumulator bets on outcomes within a specific sporting event.
Reload Bonus – It is a bonus given to punters that re-deposit money to their account.
Second Half Bet – It is a type of bet where the bettor bets on which team will score more goals during the second half of the game.
Sportsbook – It’s a place, online or physical location, that enables bettors to place bets on sporting events and pays out winnings.
Spread Betting – It’s another term for point spread betting and refers to the prediction for a given sports event (punters bet in a specific market for the event rather than just a win/lose outcome).
Totals Bet – It’s a betting option where the bettor predicts how many points or goals or runs will be scored by the two teams combined.
Tipster – It’s another name for the individual that recommends a certain bet after careful evaluation of the offered odds and other factors.
Under – A bet type (often called Over/Under) where a punter predicts the total goals in a football match.
Value – It is a bet identified to provide value (i.e., a bet with a price less than it is worth). This can give punters an edge against another betting exchange user or a bookmaker.
Wager – It is another name for a bet.