Glossary of Betting Terminology

A letter-by-letter collection and explanation of frequently used terms and phrases in betting and trading.

Well, there are hundreds, if not thousands, of similar glossaries over the net. So, you wonder why this Glossary of Betting Terms is different from the other ones?

As there's no point in reinventing the wheel, I decided not just to create a list of betting terms and explain them, but also to provide resources to those who want to dig deeper. You know, when you read some definition in those glossaries I mentioned, you have just theoretical information what does that word/phrase mean; however, all those terms have been discussed on Punters Lounge - The No.1 Football and Sports Betting Forum, a dozens or even hundreds of times, so I decided to link glossary terms with appropriate forum threads, where they're available, so to offer reader more information from various points of view.

In addition, majority of terms include links to Wikipedia pages, as they are in some cases very useful and contain detailed explanations and useful graphs, and in some cases, links to other sources as well.

Accumulator (also known as Multiple; in US known as Parlay; also abbreviatted to Acca or Accy): A bet consisting of more than one event. The odds for an accumulator are calculated by multiplying together the separate odds in decimal format for all single events included within an accumulator. Accumulators may be placed only with the same bookmaker. Accumulator is won only if all selections won (or are void, in which case odds accordingly drop).
Links:
http://forum.punterslounge.com/f23/can-accys-work-104954/
http://forum.punterslounge.com/f23/singles-betting-accumulators-97748/
http://forum.punterslounge.com/f21/single-bet-v-accumalator-33697/
http://en.wikipedia.org/wiki/Accumulator_(bet)

Action
Any activity that involves placing of the bets.

Against the Spread
A type of bet where outcome of the bet is decided by whether the team has covered the spread set by bookmaker, rather than by whether team has won or no.

Ante Post
Betting on an event weeks, months, or sometimes even years before event's start. It is usually available when betting on winners/place positions in national leagues or tournaments.

Arbitrage
A set of several bets placed on different outcomes of the same event, with various bookmakers, which guarantees a profit nevermind of event's outcome. Arbitrage opportunities occur when there is a high discrepancy between odds offered by different bookies, and don't last long, since bookmakers continually adjust their odds.
Links:
http://forum.punterslounge.com/f21/arbitrage-betting-118610/
http://forum.punterslounge.com/f21/sure-win-using-sports-arbitrage-90531/
http://en.wikipedia.org/wiki/Arbitrage_betting

Asian Handicap
A type of bet where one of the runners is given a kickstart advantage (handicap), so the outcome of bet depends whether handicap has been covered or no. Along with standard +1, 0 and -1 handicaps available in European handicap, Asian handicap offers possibility of betting at 0.25, 0.5 or 0.75 goals handicaps. Two main characteristics of Asian Handicap: 1. Unlike European Handicap, Asian Handicap allows void bet: if result is drawn after incorporating handicap line, bet is void. 2. In addition to full goal handicaps seen in European Handicap (-1, -2, +1, etc.), Asian Handicap allows zero goal (also known as "Draw No Bet" or "Winner"), half goal and quarter goal handicaps. Outcome of an Asian handicap bet for goal and half goal handicaps is decided by adding handicap line to actual score of the match. Quarter goal handicaps are combination of goal and half goal handicaps, so it's possible to win or lose at full stake or half of stake. For Asian handicap (0) (also known as "Draw No Bet" or "Winner"), bet is void if match ends in draw. See also: Handicap, European Handicap.
Links:
www.AsianHandicapGuide.com - All you need to know about Asian Handicap bets in one place,
along with Excel spreadsheet to easily settle any type and line of Asians!

http://www.punterslounge.com/asian-handicap-guide
http://forum.punterslounge.com/f23/asian-handicap-formulas-110709/
http://forum.punterslounge.com/f23/how-convert-ah-odds-fixed-odds-35126/
http://en.wikipedia.org/wiki/Asian_handicap

Back, Back a Bet
Action of supporting the bet, i.e., staking money that bet will win. The oposite term: Lay a bet.

Back Testing
Examining how the betting strategy would have performed in the past, in order to proof if it has been profitable, thus worth deploying with real money.
Links:
http://forum.punterslounge.com/f21/when-can-system-considered- have-proven-itself-123396/
http://forum.punterslounge.com/f21/monte-carlo-simulation-football- forecasting-possible-116179/
http://forum.punterslounge.com/f21/when-stop-paper-testing-bite-bullet- 114161/
http://forum.punterslounge.com/f21/testing-robustness-system-98977/
http://forum.punterslounge.com/f21/where-find-stats-back-testing-97249/
http://forum.punterslounge.com/f21/question-statistical-significance-98762/
http://forum.punterslounge.com/f23/chi-square-test-76084
http://forum.punterslounge.com/f21/probabilistic-prediction-football- matches-discussion-64575/
http://forum.punterslounge.com/f29/question-joe-robustness-7225/

Bag of Sand (also known as Grand)
Bookmakers' slang for note of 1.000 GBP.

Banker
A selection that is considered very safe regarding certainty of its outcome, thus subject to high stakes.

BAR
A display of odds for an event with a large number of runners where odds higher than certain value are not displayed. For example, odds for outright winner of English Premier League 2011/2012 are Man Utd 2.90 Chelsea 3.90 Man City 5.00 Arsenal 9.00 Liverpool 12.00 All the remaining runners are priced with odds higher than 60.00, so instead of displaying them all, bookmaker may display statement "BAR: 60.00", since not many bettors are really interested in making bets on such a high priced runners.

Beard
A person who places a bet on behalf of real bettor, so not to reveal his identity.

Best Price Percentage, Best Odds Percentage
Overround is calculated using percentages derived from odds. Fair book has such an odds that overround is equal to 100%, but a single bookie will never offer such an odds. However, combinating the best odds from different bookmakers on the same event, overround becomes lower, and combination of odds providing the lowest overround is known as Best Odds Percentage. If there is a high discrepancy of odds from various bookmakers, overround may drop below 100%, in which case there is an arbitrage opportunity.

Bet
An agreement between bookmaker and bettor to put certain amount of money (stake) on prediction of an outcome, at predefined odds. If prediction is correct, bettor will get his stake back along with profit, which depends on odds and stake; if prediction is not correct, bookmaker will keep bettor's stake. On betting exchanges, bet is agreement between two people, where one of them plays role of bookmaker as described above. Exchange just acts like link between two of them, and keeps certain percentage of winnings, as commission.
Links:
http://en.wikipedia.org/wiki/Gambling

Betting Exchange
A platform that allows people to bet against each other. "Usual" betting consists of placing bets at bookmaker, betting only on events to occur; however, Exchange links two people who are willing to place oposite bets on the same event (i.e., one of them bets that event will happen (backing the event), while another bets that event will not happen (laying the event)), so one of them acts like a bookmaker. The Exchange charges a commission from each winning trade, so they usually will not restrict stakes of profitable bettors, like bookmakers do. However, the most popular Exchange, Betfair, is known to apply additional charges to profitable punters, known as Premium Charge. Initially, Premium Charge was designed to take up to 20 % of punter's profit, depending on ammount of commission paid. Then on June 2011, new Premium Charge was announced, active from 18. July 2011, which allows Betfair to charge up to 60 % of punter's profit. Recommended Exchanges: Betfair, Betdaq, Smarkets.
Links:
http://en.wikipedia.org/wiki/Betting_exchange

Bismarck
A favourite who bookmakers believe will not win, so are ready to offer better odds and attract more bettors.

Board Prices, Board Odds
Currently available odds, as displayed on the bookmakers boards in betting shop or at racing course.

Book Value
see Overround.

Bookmaker (abbr. / slang Bookie)
A company which is registered and licenced to accept bets from customers (bettors) on the prediction of an event outcome, with payout based on their odds offered to the bettor.
Links:
http://www.punterslounge.com/bookmakers/
http://www.punterslounge.com/forum/forumdisplay.php?f=22
http://en.wikipedia.org/wiki/Bookmaker

Both Teams To Score, abbr. BTTS
see Goals Galore.

Broke
Slang for losing entire betting bank.

Burlington Bertie
Odds of 100/30. See Odds, Fractional odds, Tic-Tac.

Canadian (also known as a Super Yankee): See Full Cover Bet.

Carpet
Odds of 3/1. See also: Odds, Fractional odds, Tic-Tac.

Chalk
The favorite.

Chalk Player
Bettor who bets mostly on favorites. Oposite: Dog player.

Circled Match
Match where bookmaker limits betting amount, due to outcome being very uncertain for various reasons; for example, questionable motivation of runners (close to the end of season, for example), bad weather, incertainty in teams' line up, etc.

Cockle
Bookmakers' slang for number 10, therefore note of 10 GBP, or odds 10/1.

Credit Bet
A bet which bookmaker accepts without prior cash deposit. See also: Debit Bet.

Dead Heat
An event where two or more runners are tied up for winning or placing position. Most frequently refers to horse racing and in football is present in markets like top scorer; payout in this case depends on bookmaker’s rules, and means lower odds than odds in original bet.

Debit Bet
A bet which bookmaker accepts without prior cash deposit, but with ability to debit bettor's bank account. See also: Credit Bet.

Decimal odds
The odds expressed as a decimal number. With this type of odds, stake is included in the overall price, so product of odds and stakes represents return (original stake plus winnings). For example, with decimal odds of 2.50 and stake of 10 units, if bet has won, return is 25 units, which includes 10 units of original stake and 15 units of winnings. See also: Odds, Overround.

DNB
See Draw No Bet.

Dog player
Bettor who bets mostly on underdogs (outsiders). Oposite: Chalk player.

Dog (also known as Underdog or Outsider): Runner who is expected to lose in an event. Oposite: Favorite. See also: Chalk.

Double action
Type of bet where second bet is placed if first bet has won, or was void.

Double Carpet
A price of 33/1. See also: Odds, Fractional odds, Tic-Tac.

Double Chance
A type of bet in 3 runners market, where bettor bets on 2 out of 3 outcomes. Most frequently used in football matches, where there are 3 possible outcomes (home win, draw or away win), and Double Chance covers two out of those three outcomes (home win or draw; home win or away win; draw or away win). Unlike win selection in 3 runners market (for example, 1X2 market), where overround is calculated on 100% book, overround on double chance in 3 runners market is calculated on 200% book (i.e., overround of 200% is fair book).
Links:
Excel calculator of Double Chance and DNB odds, based on 1X2 odds.
http://forum.punterslounge.com/f23/estimating-dnb-double-chance-1x2- 83379/
http://forum.punterslounge.com/f23/double-chance-odds-11392/
http://forum.punterslounge.com/f23/estimating-dnb-double-chance-1x2- 83379/

Double Result
a bet placed on result at both half-time and full-time. For football matches, it includes a total of 9 outcomes, as compared to 3 outcomes in standard Match betting market. Subsequently, odds are significantly higher, especially for outcomes one team to win at half-time and other team to win at full-time. There is often confusion of this market with market "Team to Win Both Halves", and due to various names bookmakers give to certain markets, one must be aware of market he bets on. For example, result of match Charlton vs. Preston was 4-0 at half-time and 5-2 at full time; so, bet "Charlton Half Time / Charlton Full Time" was winner; however, bet "Charlton to Win Both Halves" was not winner, as result of second half apparently was 1-2.
Links:
http://forum.punterslounge.com/f22/ht-ft-117606/

Double
Type of bet which consists of two selections from two different markets. Bet is won only if both selections are won. If any of selections is void, odds for that selection become 1.00.

Draw No Bet (abbr.

DNB): A bet where the draw returns your stake. This is the same bet as a Asian Handicap (0).
Links:
Excel calculator of Double Chance and DNB odds, based on 1X2 odds.
http://forum.punterslounge.com/f23/estimating-dnb-double-chance-1x2- 83379/

Drift
Increase of odds. Selection whose odds increase is called "Drifter", and is said to be "drifting" or "on the drift". Synonim: lengthen. Oposite term: Steam, Steamer.

Each Way
A type of bet where half of the stake reffers to selection to win, and half of the stake selection to be placed in one or several positions below first, depending on number of runners and bookmaker's rules. Rules of how many positions are considered to be placed must be always clearly stated. For football, it's usually only 2nd position (runner-up), while in horse racing those are 2nd, 3rd and 4th position, except in races with small number of runners (7 or below), where only 2nd and 3rd position are placed. This type of bet is used in events with large fields (high number of runners), where favourites still may have quite high odds, so introducing Each Way bet gives bettors better chances to win at lower odds. Therefore, Each Way bet is popular mostly in horse racing, but is sometimes present in some football markets, like Outright Winner in leagues and tournaments, or First goal scorer. The stake in this bet, except where stated otherwise, always reffers to stake in a single bet, which means that bettor's total stakes are double of the mentioned stake. Each way bet is settled as two separate bets, one for the win, and another one for place. Odds for place part of the bet are calculated as fraction of odds for win, and are usually half of win odds for football markets, and quarter of win odds for horse racing; that fraction also must be clearly stated by bookmaker. Fraction applies to winning part of the bet, therefore is easier to calculate from fractional odds than from decimal odds. Example, Man Utd is priced 4.00 (3/1) to win Premier league. Bookmaker may offer Each Way bet, which includes Man Utd to finish as runner-up and place odds 1/2 of win odds. Bettor places 10 units at Each Way. This bet consists of two bets: 10 units Man Utd to win Premier League at odds of 4.00 (3/1) and 10 units Man Utd to finish on 1st or 2nd position at odds of 2.50 (3/2, half winnings of 3/1). If Man Utd wins the league, both bets are winners; profit on first bet is 30 units, and profit on second bet is 15 units, total of 45 units. If Man Utd finishes its campaign as runner-up, first bet is loser, loss 10 units, and second bet is winner, profit 15 units, total of 5 units. If Man Utd finishes on 3rd position or lower, both bets are losers, for total loss of 20 units.

Edge
An advantage bettor has over bookmaker if he’s able to evaluate odds for certain event better than bookmaker. See: Value Bet.

ELO ratings
A method of rating of contestants in a two-participants contest; originally developed for ranking chess players, but then applied to other sports as well. Ratings are expressed through figures that depict relative skills of each contestant, thus allowing to predict outcome of their contest.
Links:
http://forum.punterslounge.com/f21/what-exactly-elo-ratings-they-good- 75900/
http://forum.punterslounge.com/f23/how-do-i-make-simple-elo-ranking- system-23494/
http://forum.punterslounge.com/f21/couple-elo-related-question-54611/
http://forum.punterslounge.com/f21/elo-rateform-92536/
http://forum.punterslounge.com/f21/elo-access-function-75510/
http://forum.punterslounge.com/f21/elo-results-macro-112958/
http://en.wikipedia.org/wiki/Elo_ratings

European Handicap
A type of bet where one of the runners is given an advantage (handicap), so the outcome of bet depends whether handicap has been covered or no. Unlike Asian handicap, there is no option of void bet, it is either won or lost (except the match is void itself, of course). One of the teams is given an integer number of goals advantage, and three odds are offered: either team to win, and draw; number of goals given in handicap is added to final result of the match, and that figure decides result of handicap. See also: Asian handicap. Example: In match Czech Republic vs. Montenegro, bookmakers offer home win / draw / away win odds on Czech Republic EH -1 at odds 2.85 / 3.20 / 2.30. Peter bets on home win, Tom bets on draw, and Froment bets on away win. To calculate outcome of the bet, 1 goal of Czech Republic is subtracted from actual result of the match, and that is result for this bet. Therefore, if Czech Republic wins by 2 or more goals, result of EH -1 bet is home win, and Peter's bet is winning one, while other two lose; if Czech Republic wins by exactly 1 goal, result of EH -1 bet is draw, so Tom gets a winner, while Peter and Froment lose their bets; and if match ends in draw or away win, result of EH -1 bet is away win, Froment's bet is a winner, and other two are lost.

Evens
Odds of 1/1. See also: Odds, Fractional odds, Tic-Tac.

Exotic (also known as Prop or Proposition): Any bet other than a usual one available in bookmakers' offers.

Exposure
Maximum amount of money a bookmaker or layer stand to lose in a match.

Fair Odds
see Over-round.

Favourite
Runner with the shortest odds in the market, therefore with highest probability, since bookmakers consider him as most likely to win. Oposite: Dog, Underdog, Outsider.

FC
Abbr. for Forecast.

Field
Market where all the runners except favourite are grouped into the same group, headlined as "Field", which has its own odds; thus, this market is known as Favourite versus Field, and is present in horse racing and golf, rather than football betting.

First Goalscorer
A bet placed on a player to score the first goal in the match.

First half bet
A bet placed solely on the first half of a game; available for various markets.

Fixed Odds Betting
Type of betting where bettor stakes a set amount to win a set amount, as per odds offered; i.e., both stake and winnings are "fixed". Opposite: Spread Betting, where the amount a bettor stands to win or lose is not set in advance, but varies depending on result. Bookmakers offer a variety of markets for fixed odds betting; most of the markets are applicable to both full time or half time of the match, i.e., bettor may choose to bet on outcome of the bet at the end of first half only, or at the end of full time. Some usual, frequently used, markets are: Match Odds (also known as Match Winner, 1X2, Home/Draw/Away, HDA, Three-way Betting, etc.): a bet placed on outcome of the match, home win, draw or away win. Double Chance: A type of bet in 3 runners market, where bettor bets on 2 out of 3 outcomes. Most frequently used in football matches, where there are 3 possible outcomes (home win, draw or away win), and Double Chance covers two out of those three outcomes (home win or draw; home win or away win; draw or away win). Over / Under x.5 goals (also known as Total Goals, Goal Line, 0-x and (x+1)+, etc.): a bet placed on number of goals that will be scored; may apply to total number of goals scored by both teams, or goals scored by only one of the teams. Draw No Bet (abbr. DNB): A bet where the draw returns your stake. This is the same bet as a Asian Handicap (0). Goals Galore (also known as Both Teams To Score, abbr. BTTS): bettor predicts whether both teams will score in the match or not. Correct Score: a bet placed on correct score of the match. First Goalscorer / Last Goalscorer: A bet placed on a player to score the first / last goal in the match. Rules of bookmakers for this bet vary in cases when a player does not appear in the match at all, or if player enters the match from the bench, so a punter must be aware of rules before placing the bet. Half Time / Full Time (also known as Double Result): a bet placed on result at both half-time and full-time. For football matches, it includes a total of 9 outcomes, as compared to 3 outcomes in standard Match betting market. Subsequently, odds are significantly higher, especially for outcomes one team to win at half-time and other team to win at full-time. Scorecast: Type of bet where bettor predicts both first goal scorer and correct score of the match.

Fold
A number of selections in an accumulator. For example, six-fold is accumulator consisting of 6 selections, and all 6 selection must win for accumulator to win. Also used in system betting, where describes possible accumulators with chosen number of selections out of total number of selections; for example, five-fold out of seven selections means that at least five out of seven chosen selection must win to get a return.
Links:
http://forum.punterslounge.com/f23/understanding-4folds-5folds-98192/

Form
A record of recent performance of certain team. Used for predictions based on form rating.

Fractional odds. See: Odds.

Full Cover Bet
A set of accumulator bets, consisting of all available multiples from given number of selections. Full Cover Bet may include or not include singles. Full Cover Bets have their unique names:

Number of multiples included in each type of bet:



Some bookmakers offer bonuses on higher Full Cover Bets; for example, if only one selection wins, returns are paid at double odds of winning selection; if all selections win (no void bets), a bonus of 10% is added to total returns; for each-way bets, the consolation is paid only on the win part of the bet, etc.
Links:
Excel calculator for Full Cover Bets with and without singles, and comparison with straight accumulator and singles.
Note: This spreadsheet does NOT include any possible bonuses! http://en.wikipedia.org/wiki/Glossary_of_bets_offered_by_UK_bookmakers
http://en.wikipedia.org/wiki/Full_cover_bet

Gambler's Fallacy
Common belief that deviations from expected behaviour will turn in the opposite direction as the number of trials grows.
Links:
http://forum.punterslounge.com/f25/toss-coin-89803/
http://forum.punterslounge.com/f21/teams-end-your-streak-please-123265/
http://forum.punterslounge.com/f21/winning-roulette-98174/
http://forum.punterslounge.com/f21/card-counting-new-angle-19880/
http://forum.punterslounge.com/f21/laying-previous-result-next-game- 118769/
http://en.wikipedia.org/wiki/Gambler's_fallacy

GamCare
The UK national centre that provides online, phone and counselling support, information and advice to people suffering through a gambling problem and their families. http://gamcare.co.uk/

Goal Line, Unders/Overs, Total Goals
Group of similar markets, based on total number of goals scored in a match. The most popular one is Unders/Overs, and when different number of goals is not specified, Unders means 2 or less goals in the match, and Overs means 3 or more goals in the match. Asian handicaps are also available on various lines.

Goals Galore (also known as Both Teams To Score, abbr. BTTS): bettor predicts whether both teams will score in the match or not.

Goliath
See Full Cover Bet.

Half Time Result, Half Time Bet
Betting on outcome of a match at half time.

Half Time / Full Time, see: Double Result.

Handicap, Handicap Betting
A type of bet where one of the runners is given headstart advantage (handicap), so outcome of the bet depends whether the final result of the match covers handicap or no. See European Handicap and Asian Handicap for further details.

Handicapper
A person who studies sports events in order to place bets on them.

Heavily backed
A selection that receives an enormous amount of bets.

Hedging
A process of placing two or more bets on outcomes of the same market, at different odds and with different stakes, thus making the same profit or loss on all outcomes nevertheless of final outcome. See also: Betting Exchanges.

Heinz
See Full Cover Bet.

Hook
Half of point added to betting lines.

IBAS
Independent Betting Adjudication Service. A body that acts as an impartial adjudicator on disputes that arise between betting/gambling operators and their customers, after they have been through the operator's own internal dispute procedures, and if a deadlock exists.
Links:
http://www.ibas-uk.com

In-running Betting, In-play Betting
Betting on a certain event while it's in progress. Bookmakers and Betting Exchanges choose events which will go in-play, and permanently adjust odds, in accordance with development of the match. Two common disputes between bettors and Bookmakers / Betting Exchanges related to in-play betting are: Wrong Live Score provided by bookmaker / betting exchange; while they make sure to adjust in-play odds correctly in line with match so to protect their liabilities, live scores they provide for the match may sometimes be incorrect or delayed. It's responsibility of the bettor not to rely on live score provided by bookmaker, but to ensure his own reliable source of livescore from the match, since bookmaker usually won't accept any complaints on this issue. Loss of live feed during event, which will disable bookmaker / betting exchange to continue maintaining in-play betting. This is especially serious issue in betting exchanges, where traders deliberately bet on a market, with intention to bet in the same market later, after change of the odds. Suspension of the event from in-play betting disables them to close their open positions, thus exposing their stake to losing. exchanges' rules clearly state that they don't accept responsibility for loss of live feed, and also won't accept complaints on that issue; so it's trader's responsibility not to expose during in-play betting higher stakes than he's willing to risk, or to ensure alternative way of closing his open positions, such as another exchange or bookmaker.

Joint favourites
Two or more runners in the same event, whom bookmakers give the same chance to win, therefore the same odds, and thus cannot split them for favouritism.

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Law of large Numbers
With increased number of trials, average of results tends to get closer to expected result.
Link:
http://en.wikipedia.org/wiki/Law_of_Large_Numbers

Lay a Bet
Action of oposing the bet, i.e., staking money that bet will not win. When bookmaker accepts a bet from bettor, they, in fact, lay that bet. Betting exchanges allow anyone to play a role of bookmaker, i.e., to lay bets.
Amount of money layer is set to lose if bet wins is called liability, and is calculated as
(Decimal Odds - 1) * Stake
or
Fractional Odds * Stake.
If bet loses, amount of money layer wins is equal to stake.
The oposite term: Back a bet.

Layer
The one who lays or accepts a bet; therefore, it is term used for bookmaker and person who accepts bet on betting exchange, thus playing role of bookmaker. The opposite term: Backer.

Lengthen
Increase of odds. Usually, if there is a little interest on a particular selection, bookmaker may lengthen the odds for that selection, so to make it more attractive for bettors. Synonim: Drift. The oposite term: Shorten.

Liability
See Lay a Bet

Lock
US term for an almost guaranteed winner.

Longshot
A selection with very high odds, thus unlikely to win in bookmakers' opinion.

Lucky 15 / Lucky 31 / Lucky 63
See Full Cover Bet.

Market
A group of outcomes in a certain match that are available to bet on, and winner(s) of the market are decided inside that group of outcomes. For example, most usual market is "Match betting", which consists of three outcomes: home win, draw and away win, and only one out of those three outcomes may be a winner. See also: Fixed Odds Betting.

Maturity of Chances
see Gambler's Fallacy

Moneyline Odds
See Odds

Money Management (also known as Staking Plan): A managament of financial funds available for betting, so to maximize losses / avoid bankruptcy. Some popular staking plans are: Level Stakes (also known as Flat Stakes) - stake on each bet is equal, no matter what was the outcome ov previous bet(s). Fixed Percentage - stake is predefined percent of current bank on each bet. Kelly Criterion - stake depends on ratio between punter's estimation of fair odds of an event, and odds available at bookmaker. Fixed Profit - stake is calculated on the basis of odds available for each bet, so to achieve predefined, fixed profit. Other less popular plans: D'Alembert (also known as Pyramid) - stake is increased for 1 unit after losing bet, and decreased 1 unit after winning bet. Plan was devised by French mathematician Jean D'Alembert, and is based on his Law of Equilibrium. Fibonacci - a plan based on Fibonacci sequence of numbers, devised by italian mathematician Fibonacci: 1, 2, 3, 5, 8, 13, 21..., where each next number is obtained by adding two preceding numbers. In this staking plan, stakes increase for one step in this sequence after each loss, and decrease for two steps after each win. That way, each winning bet recoups losses for two previous winning bets. Labouchere (also known as Cancellation plan) - let's say that bettor wants to achieve profit of X units over sequence of Y bets. Plan starts up with sequence of Y arbitrary numbers whose sum is X; target profit for first bet is sum of first and last number in sequence, and that defines the stake. If bet is won, first and last number in the sequence are written off; if the bet is lost, stake fo that first bet is added at the end of sequence. The same calculation then repeats - target profit for next bet is sum of fisrt and last number in newly created sequence. Martingale - stakes are progresivelly increased, so to recoup losses from previous bet(s) in next bet. Square Root - stake on each bet is calculated adding up stake on previous bet and square root of cumulative profit/loss. Thus, stakes increase if cumulative profit is postive, and decrease if cumulative profit is negative (i.e., if strategy yields losses).
Links:
http://forum.punterslounge.com/f21/10-10-a-112946/
http://forum.punterslounge.com/f21/idiots-guide-kelly-staking-system- 121064/
http://forum.punterslounge.com/f21/football-system-works-but-needs-advcie- 83790/
http://forum.punterslounge.com/f21/staking-85338/
http://forum.punterslounge.com/f21/increasing-stakes-system-82431/
http://forum.punterslounge.com/f21/martingale-system-profit-question- 82523/
http://forum.punterslounge.com/f21/calculating-bank-size-fixed-liability-laying- 80934/
http://forum.punterslounge.com/f21/has-anyone- tried-martingale-style-approach-what-do-you-think-one-118193/
http://en.wikipedia.org/wiki/Kelly_criterion
http://en.wikipedia.org/wiki/Martingale_(betting_system)

Monkey
Bookmakers' slang for note of 500 GBP.

Mug Punter
A bettor who places bets that are not profitable or clever.

Multiple
see Accumulator.

Mutual Betting. See: Parimutuel Betting.

NAP
Tipster's best bet of the day.

No action
Bet where profit / loss is zero.

No Offers (N/O)
Market where bookmaker is not willing to offer bet.

Odds against
Bet where odds are higher than 2.00 (evens), so chances of event to occur are estimated to be less than 50%. Possible winnings are higher than stake. Oposite: Odds on.

Odds on
Bet where odds are lower than 2.00 (evens), so chances of event to occur are estimated to be more than 50%. Possible winnings are lower than stake. Oposite: Odds against.

Odds (also known as Price)
A number that expresses probability of an event to occur, as estimated by bookmaker. In case of winning bet, profit is calculated on the basis of odds, so it's punter's interest to place a bet at as high odds as possible. There are several ways to display the odds; the most common are decimal odds (used throughout Europe, except UK), fractional odds (popular mostly in UK; thus also known as UK odds) and american odds (used, as its name suggests, mainly in american countries; known also as US odds or moneyline odds; however, moneyline odds reffer only to outcome of a match without any handicap). Other less known types of odds display are malayan, Hong-Kong and indonesian odds. Decimal odds: The odds expressed as a decimal number. With this type of odds, stake is included in the overall price, so product of odds and stakes represents return (original stake plus winnings). Example: with decimal odds of 2.50 and stake of 100 units, if bet has won, return is 250 units, which includes 100 units of original stake and 150 units of winnings (profit). Decimal odds are equal to 100 / Probability of event to occur [%] and profit is calculated as stake * (decimal odds -1) Fractional odds: Display is shown as a fraction, where numerator represents amount to win from stakes shown in denominator. Example: odds of 1/3 mean that bettor wins 1 unit for each 3 units staked (thus equal to 1.333... in decimal format), and 2/1 mean that bettor wins 2 units for each unit staked (thus equal 3.00 in decimal format). So, with stake of 100 units, profit on first bet is 33.33 units, and on second bet, profit is 200 units.
Profit is calculated as:
stake * fractional odds
Some fractional odds have their fancy slang names: Evens, Carpet, Double Carpet, Burlington Bertie, etc; for more details, see http://en.wikipedia.org/wiki/Tic-tac.
American odds: Unlike previous two types, these odds do not have consistent display, and it depends on ratio between stake and potential profit. If potential profit is higher than stake, american odds are positive, and show profit from stake of 100 units. If potential profit is lower than stake, american odds are negative, and show stake needed to gain profit of 100 units. If potential profit is equal to stake (decimal odds 2.00, fractional odds 1/1 (evens)), american odds may be displayed as +100 or -100. Example: american odds of +250 represent profit of 250 units from 100 units staked (return 350 units); thus, they are equal to decimal odds of 3.50, or fractional odds of 5/2. American odds of -250 represent stake of 250 units needed to win 100 units (return 350 units); thus, they are equal to decimal odds of 1.40, or fractional odds of 2/5.
Links:
http://forum.punterslounge.com/f23/odds-explained-41460/
http://forum.punterslounge.com/f23/how-do-odds-compilers-generate- opening-prices-48434/
http://en.wikipedia.org/wiki/Fixed-odds_betting
Excel calculator for conversion between decimal and fractional odds

Odds Comparison Site
Site specialized to collect and display updated odds from many bookmakers, thus allowing their visitors to easily choose bookmaker who offer best odds. Example: www.odds-comparison.co.uk

Outsider
Runner with very low probability to win, therefore with high odds in the market, as estimated by bookmaker. Synonim: Dog, Underdog. Oposite term: Favourite.
Links:
http://en.wikipedia.org/wiki/Underdog_(competition)

Overs
See Goal Line

Over-round (also known as Book Value, Betting Book or Book)
Sum of probabilities of each runner to win the market. In theory, sum of probabilities of each runner to win is 100%. Odds derived from these probabilities are called fair odds or true odds. However, bookmakers include their margin into fair odds before offering them to bettors, so sum of probabilities is always higher than 100% (usually around 110%). Lower the overround, better the odds from bettor's perspective. If over-round is lower than 100%, bettor can achieve guaranteed profit, no mather what the outcome of the event will be, so a single bookmaker will never allow overround below 100%. However, combining odds from several bookmakers, bettor can achieve overround below 100%, and that method of betting is known as Arbitrage.
Links:
http://forum.punterslounge.com/f21/most-accurate-bookmaker-119708/
http://forum.punterslounge.com/f21/how-do-bookmakers-really- calculate-their-odds-108431/
http://forum.punterslounge.com/f21/true-odds-calculator-107725/
http://en.wikipedia.org/wiki/Overround

Parimutuel Betting, also known as Mutual Betting: a type of betting where all wagers are collecetd in a pool, and then payout depends on total amount of money collected and bets placed on each individual selection. Therefore, unlike traditional betting at fixed odds, bettors in parimutuel betting do not know what the payout will be before the event is closed for betting.
Links:
http://forum.punterslounge.com/f23/just-something-i-noticed-121725/
http://forum.punterslounge.com/f23/pool-analysis-tool-ideas-welcome- 105193/
http://en.wikipedia.org/wiki/Parimutuel_betting

Parlay
The US term for an accumulator.

Patent
See Full Cover Bet.

Point Spread
Difference of goals scored between two opponents, as expected by a bookmaker.

Poisson Distribution
A method in Probability Theory to estimate the probability of an independent event occuring in a fixed interval of events, based on his average occurrence rate. Frequently used in sports betting, for example, to estimate expected number of goals in a match, based on average number of goals scored by teams involved in the match.
Links:
http://forum.punterslounge.com/f21/official-poisson-discussion-thread-97912/
http://forum.punterslounge.com/f23/how-calculate-match-goal-expectancy- 99660/
http://forum.punterslounge.com/f23/poisson-spreadsheet-114911/
http://forum.punterslounge.com/f21/calculating-teams-total-goals-footbal- 113292/
http://forum.punterslounge.com/f23/number-goals-96981/
http://forum.punterslounge.com/f23/calculating-possibility-draw-90646
http://forum.punterslounge.com/f21/quick-math-question-84078/
http://en.wikipedia.org/wiki/Poisson_distribution

Pony
Bookmakers' slang for note of 25 GBP.

Price, see: Odds.

Punter
Person who wagers certain amount of money on a bet on outcome of a certain event. Synonims: bettor, gambler.

Push Bet
see Void Bet

No entries yet...

Rating
An evaluation of a teams' power (in terms of teams' "internal" factors, such as recent form, motivation, available players and their fatigue/preparedness, etc., and "external" factors, such as weather conditions, distance the visiting team has to travel, etc.), so to estimate expected outcome of the match (or other markets, such as number of goals, etc.), based on relative ratings of the teams involved in match.
Links:
www.punterslounge.com
(See "Prediction Ratings" and "Performance Ratings" in the right column) http://forum.punterslounge.com/f21/football-rating-system-discussions-ideas- 12655/
http://forum.punterslounge.com/f21/football-ratings-system-96301/
http://forum.punterslounge.com/f21/what-percentages-different-factors- 110162/
http://forum.punterslounge.com/f21/over-under-based-weather-conditions- 86611/

Ready Reckoner
Generally: a table of numbers used to facilitate simple calculations; in betting context: a table containing all odds and appropriate returns, used as aid for calculation of winnings. Definition by www.thefreedictionary.com/ready+reckoner

ROI, Return On Investment (also referred to as Yield)
A measurement of effieciency of series of bets. Calculated as

ROI = Sum of returns from all bets / Sum of stakes of all bets

Expressed in percents. Higher the ROI, bigger the profitability of betting. ROI below 100% indicates loss rather than profit. Yield basically has the same meaning, so these two terms are usually interchanged. Though, it is displayed slightly different, as return of profit on investment:

Yield = Sum of profits from all bets / Sum of stakes of all bets

Obviously, ROI - Yield = 100%. Thus, ROI of 112% corresponds to yield of 12%, and ROI of 97% corresponds to yield of -3%.
One of the frequent doubts when it comes to the calculation of ROI is whether voided bets should be included in calculation or not. If bet was voided because it has never taken place (postponed or cancelled match), it should not be taken into account; if bet was voided as result of Asian Handicap line (for example, AH0 and match ends in draw), then it's actually won bet where profit is zero (return equals to stake), so it should be taken into account - bet was actually live, and its net balance happened to be zero, but it could have been won or lost (unlike actually cancelled match), thus it needs to be counted.
Links:
http://forum.punterslounge.com/f21/how-calculate-yield-i-have-no-idea-21946/
http://forum.punterslounge.com/threads/140162-Calculating-Yield
http://en.wikipedia.org/wiki/Rate_of_return
http://en.wikipedia.org/wiki/Yield_(finance)

Runner
Person who places bets on behalf of another person.

Scorecast
Type of bet where bettor predicts both first goal scorer and correct score of the match. Odds for this bet are lower than combined odds for both involved bets; for example, if player A is priced 8.00 to score first goal, and correct score 1-1 is priced 10.00, then combined odds are 80.00, but odds for scorecast will be lower, somewhere around 50.00 mark.

Sharp
Professional gambler.

Single
The simplest type of bets. Single bet includes only one event, and outcome of that event decides whether bet has won or lost. For example, match Swansea vs. Bolton; bettor bets on Swansea to win at odds of 2.10, and puts stake of 10 units. Swansea won that match, so bettor won 11 units ((2.10-1)*10; see Odds). Should Swansea had not won (match ended in draw, or Bolton won), bettor would have lost his stake of 10 units.

SP
Abbr. for Starting Price.

Special Bets
Type of bets on less attractive events in the match, usually offered only by online bookmakers. Examples of special bets include: number of corners and bookings, time of the first or the last goal scored, etc.

Spread betting
A type of betting where the returns (either profit or loss) aren't fixed, but are known only after match has finished. In this type of betting, bettor bets on the difference between spread set by bookmaker and his prediction; higher the difference, bigger the profit or loss, and vice versa. Example: Bookie offers the time of first goal market, with spread of 25-28 minute. Bettor can predict that goal will be scored before (buy) or after (sell) this spread. If he bought the spread, with stake of 10 units, and first goal is scored in the 15th minute, bettor wins 100 units ((25-15)*10); if first goal is scored in the 22th minute, bettor wins 30 units ((25 -22)*10); if first goal is scored in 50 minute, he loses 250 units ((25-50)*10).

Staking Plan
see Money Management.

Steamer
A runner whose odds continually shorten.

Strike Rate (abbr. S/R)
Ratio of number of winning bets and total number of bets, expressed as percent. For example, bettor placed total of 60 bets, out of which 42 bets won. His strike rate is 42/60 = 70%. Higher the strike rate, bigger the profitability of betting; however, strike rate alone, without odds, cannot determine whether betting is profitable or not. For example, strike rate of 50% is expected to produce profit if average odds were higher than 2.00 (= 100/50), but is expected to produce loss below those odds.

Super Heinz
See Full Cover Bet.

Super Yankee
See Full Cover Bet.

System, System Betting
Type of betting where bettor does not need all his selection to win in order to have a return. Bettor specifies total number of selections and number of selections that need to win for bettor to get return, which is lower than total number of selections (known as "folds"). System betting carries less risk than accumulator betting, since bettor still gets return if some selections do not win, but odds are accordingly lower. If odds of winning selections are too low, return may be lower than initial stake. See also: Full Cover Bet. Each possible fold is known as combination. Number of combination depends on total number of selections and chosen number of folds, and is calculated using formula C = S {over} F Where C stands for Number of combinations, S stands for Total Number of Selections, and F stands for Number of Folds. C = S * (S-1) * (S-2) * ... * (S-F+1) / F! Where F! stands for "Factorial of F", F! = F * (F-1) * (F-2) * ... * 3 * 2 * 1 Note than number of articles in numerator and denominator of above formula are the same. Number of combinations can be easier determined using so-called Pascal's Triangle: http://en.wikipedia.org/wiki/Pascal's_Triangle
Example: bettor chooses 4 teams, A, B, C and D, to win, and places doubles ("2-folds") out of those 4 selections. There are 6 possible combinations, i.e., 6 doubles: C = 4 {over} 2 = 4 * 3 / 2 *1 = 6 and those are: A and B A and C A and D B and C B and D C and D Decimal odds for each double are calculated by multiplying decimal odds of teams that double consists of. Total stake is divided by number of combinations, to obtain stake for each double, and then return for each separate double is calculated in usual way, multiplying stakes and decimal odds. If bettor got three teams correct, for example, A, B and D, he has 3 winning doubles: A and B A and D B and D Return of these three doubles is summarized, and that figure represents total return bettor gets on this system bet.
Links:
http://forum.punterslounge.com/f23/understanding-4folds-5folds-98192/

Technical Analysis
a method of forecasting future of a certain event based on analysis of past behaviour of the same event; often used at trading at betting exchanges (forecasting movement of the odds based on movements in the past), for teams' rating, etc.
Links:
http://forum.punterslounge.com/f21/regression-graphs-112476/
http://forum.punterslounge.com/f21/importance-lack-recent-form-80488/
http://en.wikipedia.org/wiki/Technical_analysis

Three-way Betting, 1X2 Betting, Match Betting, see: Fixed Odds Betting.

Tic-Tac
A signal "language" with hands, traditionally used by bookmakers to communicate odds at race courses.
Links:
http://en.wikipedia.org/wiki/Tic-tac

Tipster
A person or company who recommend tips - bets that are likely to win. Tips may be free or paid; paid tips are generally not value for money, otherwise tipster would use them himself instead of selling them.

Tissue Prices
Early odds, offered before a thorough betting market has been developed.

Treble
Accumulator consisting of 3 selections in different events. All selections must not lose to get a return.

Trixie
See Full Cover Bet.

True Odds
see Over-round

Unders
See Goal Line.

Underdog
See: Outsider.

Value Bet / Value Betting
Bet / looking for bets where bettor estimates chance of winning is higher than expressed through bookmaker's odds; i.e., odds offered by bookmaker are higher than should be in bettor's opinion. For example, bettor estimates that Team A has 50% chance of winning, which implies odds of 2.00; if bookmaker offers odds higher than 2.00, bettor considers his bet offers value and accepts it; if bookmaker offers odds lower than 2.00, bettor considers his bet not to offer value, and skips it. If bettor is able to consistently finds value bets, he is said to have edge over the bookie.
Links:
http://www.punterslounge.com/value-betting-guide
http://forum.punterslounge.com/f21/value-12108/
http://forum.punterslounge.com/f23/value-calculation-help-22532/
http://forum.punterslounge.com/f21/how-beat-bookies-value- betting-guide-inc-spreadsheet-102626/
http://forum.punterslounge.com/f21/calculating-value-109194/

Void bet
A bet which is neither won nor lost. Bettor gets his stake back if that's single bet, and odds are deemed to be 1.00 if that bet is part of accumulator or system bet. Void bet occurs for various reasons; in Asian Handicap, draw is void bet (also known as Push Bet); in the First Goal Scorer market, bet is usually void if player that bet was put on is not on the pitch when the first goal is scored. Matches that have been postponed or abandoned may also be considered as void bets, but bettor in these cases must consult bookmaker's rules - usually, bet is void if postponed or interrupted match does not take place inside certain period of time (defined by each bookie) and on the same venue.

Win only
Events where each-way betting is not available. See: Each Way.

Wise guy
Slang for bettor who is well informed or knowledgeable.

No entries yet...

Yankee
See Full Cover Bet.

Yield
See ROI.

No entries yet...