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Betting 101: Betting Glossary & Terms for sportsbook betting beginners


Accumulator – An accumulator bet is a wager that combines multiple selections into one. All of the included bets must win for the overall accumulator to be successful.

Acca Insurance – This special promotion is only available for accumulator bets, where you can get your original stake back if you lose by a single selection.

Alphabet – A system bet that consists of six selections, including two Patent bets, one Yankee bet and one sixfold accumulator. The total number of bets is 26.

Arbitrage – With arbitrage, you basically bet on all possible outcomes of an event by using different bookies. By doing this, you’re mathematically guaranteeing a profit. Just be aware that it stands to reason there are some pretty hefty risks involved.

American Odds – A type of odds mostly seen on American sports by American bookmakers. The favourite’s odds are indicated by a minus sign while the underdogs have a plus sign.

Example: When a minus sign is present in front of the odds, it means that you would need to bet that amount to win $100. Therefore, if the odds were -500, you would have to bet $500 in order to receive a payout of $100–this has an implied probability winning of 83.3%. On the other hand, when there is a plus sign before the number, it means that for every $100 staked, you could potentially earn that corresponding amount as profit. So at +500 odds , betting $100 could result in winning $500 –the 16.7% stands for its implied probability of success .

Ante-Post – Before the market officially opens for horse and greyhound racing, people are already placing bets. This is generally available at least a day in advance.

Asian Goal Line – A type of bet that tries to guessing the number of goals scored in a football match. The main distinction between this and other similar markets is that half and quarter goal markets are also available.

Example: A score of 2.5 or lower would result in a loss, and anything above 3 would be a win.

Asian Handicap – A type of handicap betting popular in Asia, Asian Handicap seeks to create a level playing field in games where teams are mismatched. Based on their perceived abilities, teams are given a handicap.


Back – This term just means that you’re betting on a particular outcome. So, if you’ve “backed” a horse, it means you’ve placed your bet on that horse.

Banker – A bet which is set to have a high probability of winning. Even though, as with anything in life, nothing is entirely for certain.

Bar Price – Odds for runners in a race that have not been quoted with a price during early betting shows are referred to as the minimum odds.

Beard – A term meaning when somebody conceals their identity by betting on behalf of another person.

Bet – When you predict an outcome and have money riding on its success or failure, that’s called betting. In most cases, the bet is placed using real currency.

Bet Slip – All the information about your bets is stored here, including any potential winnings. This section automatically calculates the returns of all your selections.

Best Odds Guaranteed – If you place your bet early, you are more likely to get better odds than if you wait until closer to the race. This is especially true for horse racing.

Bet Calculator – The Bet Calculator is a handy tool that helps you determine your potential winnings, and can also be used to convert between various odds types or calculate implied probabilities.

Bet Builder- This tool lets you build your own bets using a wide variety of market combinations. It’s now quite common amongst top operators.

Betting Exchange – With a betting exchange, you don’t bet against the house like traditional operators. Instead, you place bets with odds that are set by other users’ bets.

Example: Betfair Exchange, Matchbook and Smarkets are all betting exchanges.

Betting Market – This term refers to any and all types of bets. It can be used interchangeably to mean individual bets or betting categories.

Example: “The Over/Under betting markets” or “The first goal scorer markets see Ronaldo as the favourite”.

Betting Odds – The bookmaker’s odds of an outcome happening, which are also used to calculate potential payouts for betters.

Betting Ring – The main area where bookmakers take bets at a racecourse, for both horse and greyhound racing.

Betting Limits – The maximum or minimum amount you are allowed to bet is usually set by the bookmaker.

Bismarck – If you aren’t familiar with this term, it means when the bookmaker predicts that the favourite will lose. To encourage bets towards the favorite, sportsbooks often offer high limits and promotional deals.

Bookmakers – The betting operator who gives you the markets and odds to choose from is also where you collect your money if your bet is successful. These operators are also commonly referred to as ‘bookies.’

Example: Betstro, bet365, William Hill and Ladbrokes are all bookmakers.

Booking Points – A type of market based on how many cards are shown during a game, usually football.

Example: With 10 points for each yellow card and 25 for a red, you only need one of each to win if the market size is plus 30 booking points.

Both Teams to Score – In this market, you predict whether or not both teams will score in the ninety minutes allotted. The outcome of the game does not matter.

Both Teams To Score & Win – A double bet is where you back two different outcomes that must both occur for the bet to be successful. For example, in football you might need Team A to score and for Team B to lose. Because this type of bet requires more specific conditions, it offers more generous odds than either market would individually.

Bottle – UK slang for odds of 2/1.


Cash Back Bonus – A promotion in which you are reimbursed for your original investment if you lose. Risk-free bets typically offer full or partial refunds on losing wagers.

Cash Bonus – A cash bonus is an extra sum of money given to you which can be cashed out immediately.

Canadian – The Super Yankee, also called a system bet, consists of 26 bets placed on five different events. This includes 10 doubles, 10 trebles, 5 4-folds and one 5-fold.

Carpet – UK slang for odds of 3/1.

Cryptocurrency Betting Sites – If you want to bet using cryptocurrency, there are many sites which cater to this method of payment. Bitcoin is the most common type of cryptocurrency used for betting, but be aware that some promotional offers may not be available.

Correct Score Betting – A market where you win only by correctly guessing the final score of a game. Because there is no room for error, payouts are often high.

Corners Match Bet – This football market is really interesting if you want to bet on which team will have the most corners, or if you don’t want to back a team to win.

Cash Out – This tool allows you to cash out your bet before the market ends, so you can get a partial return on your investment. You can also set up automatic cash outs so that your bet is cashed out automatically when it reaches a certain value.

Chalk – A term most commonly used in horse racing, it is applied to a sporting event where someone has put money on the favourite.

Clean Sheet – Most bookmakers will allow you to bet on whether or not a team will keep a clean sheet (not concede any goals).


Deposit methods – Funding your betting account is how you add money to it, in order to bet. However, fees and transaction times are also important considerations.

Examples: Deposit methods that are commonly used include bank transfer, debit card and e-wallets. Usually, these types of deposits are instant and don’t have any fees associated with them.

Decimal Odds: While not quite as popular as fractional odds, decimal odds are more common in European markets.

Example: An implied probability of 1.2 suggests 83.3%. In other words, it is another way of displaying the same odds as our American odds example (from above).

Double – A bet that consists of two different selections, both of which must be correct for the bet to win.

Draw No Bet – If you bet that a team will win under the “draw no bet” market rules, then your stake will be returned if the game ends in a tie. While this typically reduces the potential markets from three to two, it does come with shorter odds.

Double Chance – In a three-way market, you can bet on the home team to win, the away team to win, or the match to end in a draw. A double chance bet allows you pick two of these possibilities, and winning if either prediction comes true.

Dead Heat Betting – When two or more horses cross the finish line at the same time in a horse racing event, this is called a dead heat. This can also happen in other sports activities, and if there are two winners because of a dead heat, you would get 50% of what you could have won.

Drift – When the odds of a selection increase.

Example: As the race continued, more people placed bets on the horses with longer odds.

Dutching – This strategy is used when you bet on the favorite and the second-favorite in a race. Because there are multiple participants, this is commonly seen in racing markets.


Each-Way – An each-way bet is two wagers in one–the first is the selection will win and the second for the selection to place. “Place” is determined by the size of event, with up to five places seen in bigger races. Each-way bets are also common in golf.

Edge – “Edge” is a slang term meaning an advantage. For example, somebody might say that the bookmaker’s edge means the odds favours them significantly (this is also known as: the overround).

Esports: Almost all popular bookmakers now allow gambling on video game sports.

Examples: A few of the most popular and profitable esports include Counter-Strike, Dota 2 and League of Legends.

Enhanced Odds – This is one of our favourite promotions! With enhanced odds, bookmakers provide improved odds (meaning a greater return) on selected markets. In some cases, you even get to choose which markets have their odds enhanced.

European Handicap – Similar to Asian handicap betting, this is another type of handicap betting where the key difference is the option of a draw.

Exposure – The term “bookmaker’s liability” refers to the amount of money that a bookmaker may lose on any given event. While you might not think this would be relevant information to know, it could actually mean the difference between lower and higher betting limits.

Expected Goals meaning – “Expected Goals” (xG) is a term used in football to separate the wheat from the chaff, so-to-speak. xG uses contextual data such as team possession and location on the pitch to provide an estimate of whether a given shot will result in a goal being scored.

E-wallet – Depositing and withdrawing funds online has never been easier or faster than with our new deposit method.

Examples: PayPal, NETELLER and Skrill are all widely used e-wallets.


Favourite (Fav) – The odds-on favorite is the selection considered most likely to win an event.

Fees – A fee is an amount of money that you are required to pay. In the context of betting, fees typically refer to charges for withdrawing funds using a particular payment method.

Fixed Odds – A bookmaker’s odds are the price you pay for a bet at a given time. This is regardless of whether the bookmaker changes their prices closer to the event.

First Corner – A market where you bet on which team will get the first corner can make the opening minutes of a football match more exciting.

First Half Bet – A bet placed on the first half of an event. This could apply to any market, as seen in Section ‘H’ with some examples.

Form – Sports teams, players, and horses are often evaluated by their past performances as calculated through statistical data.

Example: “Arsenal has won three games in a row, demonstrating great form.”

Fold – The size of an accumulator is indicated by how many selections it includes. For example, a 5-fold accumulator contains five selections.

Forecast Betting – A bet in which you try to correctly predict the 1st and 2nd place for a particular event. Commonly seen on horse or greyhound racing.

Fractional Odds – The most popular betting odds in Europe. Many sites will let you change to fractional odds if that’s what you’re more comfortable with.

Example: Odds of 1/5 have the same probability as 1.2 decimal and -500 American, at 83.3%. In other words, they are all different ways of expressing the same thing.

Free Bet – A bet in which you don’t have to use your own money. The winnings you receive will probably not include the stake, and might be subject to additional terms, such as wagering requirements.

Example: Betstro is offering a Welcome Sports Freebet “Deposit €25 & Get a €25 Freebet”.

Full-Time Result – The Full Time Result (or 1X2) allows you to predict the outcome of a game, or if it will end in a tie, at the end of it. Sports bettors frequently use this method as it is one of the most simply markets to understand.


GamCare – They are the largest provider of support for problem gamblers in Great Britain and their contact details can be easily accessed on responsible gaming sections located on many betting sites.

Goalscorer – There are a few different types of goalscorer markets that you can bet on, including who will score first (First Goalscorer), if a specific player will score at any point during the game (Anytime Goalscorer), which team you think will score the opening goal of the match (First Team to Score), and others.

Goliath – A bet containing 247 bets with 8 different selections in various events. The bet includes 28 doubles, 56 trebles, 70 4-folds, 56 5-folds, 28 6-folds, 8 7-folds and an accumulator. You must have a minimum of 2 successful selections to get a return.


Half Time Result – Predict who you think will be the victor or if it’ll end in a tie at halftime. What occurs afterwards doesn’t matter for this market.

Half Time Full Time – In order to win this bet, you must correctly predict the result of both the first half and full-time.

Half Time Score – If you want to make a successful bet in the first half score market, you need to be able to correctly predict the exact score at the end of the first half.

Half With Most Goals – This market allows you to bet on which half of the game will have the most goals, rather than backing a team. This requires you to predict the kind of game it will be, which can be interesting for many people.

Hedging – By placing multiple bets, you reduce your chances of losing any money. “Hedging your bets” has become a popular saying among people who don’t even gamble.

Heinz – A system bet can include a lot of different permutations, but this one in particular consists of 57 bets involving 6 selections in separate events. This specific bet includes 15 doubles, 20 trebles, 15 4-folds, 6 5-folds and 1 6-fold.


IBAS – The Independent Betting Adjudication Service is an acronym that stands for a organization created to help mediate between customers and bookmakers in the case of disagreements with no other way of resolution.

Implied Probability – The implied probability is how likely the bookmaker thinks that a given prediction is to come true.

Example: 100/1 odds implies a probability of 1%, so the operator believes the chances of that event happening are very slim.


Joint-Favourites – A favourite is a team or competitor that most people believe will win. The joint-favourite is when there are two teams who seem to have an equal chance of winning.

Jolly – The favorite is the team or horse considered most likely to win with the lowest odds.


Lay – The phrase “lay a bet” is most commonly used on betting exchanges. This means that you are essentially placing a wager that the person you’re betting against will not win.

Lengthen – When odds are lengthened, it means the potential returns have gotten bigger. In other words, the more the odds lengthen, the higher your potential returns will be.

Live Betting – Live betting refers to any type of bet that is placed on an event as it is occurring. The odds for live bets often change as the relevant sporting event unfolds.

Live Streaming – You can watch the event you bet on as it happens by using ‘live-streams’ at many betting sites. In some instances, you will only be able to use a live stream if you have placed a bet.

Long-Shot – A term used to refer to a pick that is believed to have very little chance of winning. It may also be known as an outsider.

Loyalty Programme – Any type of advertisement that gives benefits to users who stay on the site for a prolonged period can be called a loyalty program. These could also go by the name VIP programs.

Lucky 15 – A bet with 15 separate bets involving 4 selections in different events. The bet includes 4 singles, 6 doubles, 4 trebles and 1 four-fold selection.

Lucky 31 – A 31-part bet that involves 5 different selections across various events. The bet consists of 5 singles, 10 doubles, 10 trebles, 5 4-folds and 1 5-fold.

Lucky 63 – A 63-part bet that involves 6 separate selections in different events. The bet includes 6 singles, 15 doubles, 20 trebles, 15 4-folds, 6 5-folds and 1 6-fold.


Minimum Bet – The minimum bet allowed by the bookmaker varies depending on the sport or event.

Mobile App – Many betting operators have apps that you can download to your phone or mobile device in order to provide the best possible experience.

Mobile Betting – Mobile betting is any type of wagering done on a mobile device, through an app or a mobile desktop site.

Mobile Bonus – Bookmakers will sometimes offer promotions that are exclusive to mobile users in order to encourage more people to place bets using their mobile devices. These offers are known as mobile bonuses.

Money Line – In the United States, Full-Time Result betting is known as such because of the plus and minus “lines” on American Odds.

Monkey – “500 pounds” in British slang.

Multi-Goal Betting – With this type of betting, you select a final goal amount from a given range.

Example: When betting on a football game, you could back a 2-4 goal market. This means that if the total number of goals falls in this range, your bet is a winner; however, if it is under 2 or more than 4 , your bet loses.


Nap – The strongest bet that a tipster nominates for the day. Note that this may not be the best advice always.

No Deposit Free Bet – This is a free bet usually rewarded after you register, without having to deposit anything. Keep in mind that as part of the terms and conditions, you will likely have to deposit something in order to take out your winnings.

Non-Runner – This term is used when a greyhound or horse cannot run on the day of the race. If you have backed a non-runner, you should be able to get a refund from most bookmakers.


Odds – The market’s likelihood of success, as predicted by the bookmaker. It is also indicative of the return you can anticipate.

Odds-Against – If the chances of a selection happening are greater than 50% (e.g. 5/2).

Oddsmaker – The person who sets the odds is usually based on past betting trends and competition instead of just one person’s opinion.

Odds-On – When the odds of something being selected are less than 50%.

On The Nose – A horse-racing term for when you bet on a horse to win without any other selections.

Outlay – The amount of money bet on a particular outcome.

Outsider – A long shot is another term for a selection that has very slim chances of winning.

Over/Under – In an over/under market, the goal is to predict whether an event will occur more or less than a certain number of times. For example, you might try to predict how many corners there will be in a soccer match, or how many cards will be shown during a football game.

Example: If you bet that there would be more than 2.5 goals in the game, and the total ended up being three goals, then you won your bet.

Overround – The term “overround” describes a bookmaker’s inbuilt profit margin on any of its betting markets. This amount is always above 100% for all possible markets, and lower numbers are better.

Own Goal – When a football team scores against their own teammates by accident, it’s called an “own goal.” Believe it or not, this happens more often than you might think, making this a popular betting market.


Parlay – A parlay is another term for an accumulator. It is a single bet that has multiple selections which all have to be correct for the bet to win.

Patent – This bet includes seven bets involving three selections in separate events. The bet includes a single on each selection, three doubles and one treble.

Payout – If your bet is successful, the amount of money you receive includes both what you put down as a stake and any winnings.

Permutations – A system bet is a strategic way of placing a series of wagers that covers the markets. Lucky 15s and Goliath bets are examples of this type of bet.

Pool – This type of gambling involves placing a fixed amount into a shared pool. Once the deadline for predictions has passed, the money is divided evenly between everyone who made the correct prediction. Because there are no odds involved, this form of betting is very unique.

Price – Another term for betting odds.

Promotions – Operators provide offers and bonuses to users that complete certain criteria. Promotions vary significantly from bookmaker to bookmaker.

Examples: Several promotions that are available to casino-goers include free bets, welcome offers, Acca insurance, enhanced odds, and Best Odds Guaranteed.

Promo Code – A code that you enter during registration, in order to take part in a promotional offer. By not entering the promo code, you wholeheartedly miss out on the enticing promotion.

Punter – Another word for a gambler. A general slang term for people who enjoy betting.

Place betting – With this horse-racing bet, your horse doesn’t have to come in first for you to win–as long as they rank high enough. In bigger races, there can be up to five places available, making this market ideal to combine with others.

Placepot – A bet in which you must choose a horse that will come in first, second, or third place in the first six races of a meeting.

Pony – This is the British slang term for £25.


Racing Card – This is where you can find information for the day’s races. Online sites will have their version of these cards available, which often includes markets.

Return – The amount of money you receive if you win.

Request a bet – Many bookmakers now let you ask for a bet on Twitter if it’s not listed on their site. If they accept your request, they’ll give you odds, which you can then decide whether to take.

Referral Bonus – Referral bonuses are given to people who refer others to betting sites. These usually come in the form of a free bet or cash bonus, but this depends entirely on the bookmaker.

Round Robin – This is where you bet on a series of accumulators. Generally, it consists of several smaller accas instead of one big one. A nice mix of parlay and system betting.

Runner – A competitor in a race, most typically horse or greyhound racing.

Rule 4 – If a horse pulls out of the race after bets have been placed, Rule 4 allows bookmakers to lower the winnings accordingly.


Scorecast – The scorecast bet is a double bet that has become increasingly popular in recent years. To win, you must correctly predict both the final score and a goalscorer. Many people enjoy this type of bet because it allows them to build a coherent picture of the game.

Stake – This is another word for the amount you’re wagering on that selection. For example, if someone said the stakes were high, it would mean you had bet a large sum of money.

Super Heinz – The Super Heinz is a 120 bet that consists of seven selections. This is much larger than a regular Heinz bet, as its name suggests. It includes 21 doubles, 35 trebles, 35 fourfold bets, 21 fivefold bets, 7 sixfold bets and one sevenfold bet.

Spread Betting – With spread betting, you place a bet on whether an event will happen or not. This type of betting is popular in America because it has the potential for higher wins or losses than traditional gambling.

Example: If the spread was 2.9 – 3.1 goals and you bought at £10, you would get £10 for each goal (the unit in this case) above 3 goals. You would lose £10 for every goal under 3. This would be reversed if you decided to sell, losing £10 with every goal above 3 scored.

Special Bets – A bet that falls outside of the typical categories offered. For example, in MMA markets, you could bet on the method of fight ending.

System Bets – In other words, this is a variety of betting picks designed to cover as many markets efficiently.


Terms And Conditions – Promotional terms and conditions (T&Cs) are an important part of any bookmaker, and should be read carefully by all punters. T&Cs provide essential information about the offers available, how to claim them, and other important details.

The Gambler’s Fallacy – The belief that something is more or less likely to happen based on past results, often without proof.

Tic-Tac – The sign language used by UK bookmakers to communicate with each other while they are on-course is not much of an issue in online gaming.

Timecast Betting – Timecast betting is when you bet on both the goalscorer and time of that goal. You can find some precise odds markets here with the potential to win big!

Tote – Tote is the organization in the UK that operates pool-betting on all racecourses. Owned by Betfred, it now has its own dedicated site.

To Win To Nil – A bet placed on a team to win without conceding any goals.

To Score In Both Halves Tips – A bet placed on a team to score during both halftime periods.

To Win Either Half – A bet placed on a team to win during either half of the match.

To Win Both Halves – A bet in which the gambler wagers that one team will win the first half and another team will win the second half.

To Win From Behind – A bet placed on a team to win even though they were losing by at least one point earlier in the game.

Treble – A bet that requires all three of your selections to win in order for the bet to be successful.

Tricast – A bet in which you correctly predict the 1st, 2nd, and 3rd place winners of a racing event.

Trixie – A four-part bet containing three wagers involving three different picks in separate events. The bet includes three doubles and one treble.


UK Gambling Commission – The UK Gambling Commission is the key regulatory body for all casinos and sportsbooks in the United Kingdom. If you’re a UK player, then this commission’s stamp of approval is what you’ll want to look for on an operator’s website to ensure that they’re legitimate.


Virtual Sports – Virtual sports are computer-generated simulations of popular real-life sporting events, such as F1 racing or tennis. You can bet on these virtual sports in the same way that you would bet on traditional sporting events.

Value Bet – A “value” bet is placed when the odds-maker (or bookie) has made an error in their probability predictions, and you as the better have capitalized on that mistake.

Vig – This term is most commonly used in America and refers to any fees charged.


Wagering Requirement – A vital part of any promotion’s terms and conditions. The wagering requirement is the amount that the bonus needs to be played for any winning from a free bet to be paid out.

Example: If your initial free bet was £5, and it had a 5x wagering requirement, you would need to subsequently bet £25 in order to receive any of the winnings from your original free bet.

Welcome Offer – New player promotions are the most typically generous and can be found by broadly speaking, or referring to any kind of promotion only offered to new players.

Win cast Betting – If you’re looking for a bet that’s similar to a score cast but not quite as difficult, try a win cast. With this type of bet, you choose an anytime goal scorer and back the team to win, rather than predicting the exact score.

Winning Margin – This is the amount by which one team defeats another.

Example: If Leeds Rhinos were to win by a margin of four points, they would need to beat Bradford Bulls 28-24.

Withdrawals – Withdrawing money from your account on a betting site is done through a withdrawal method, which needs to be the same as the deposit method used in many cases. Withdrawals usually take longer than deposits and may have additional fees.


Yankee – An 11-bet that consists of 4 selections in different events. The bet includes 6 doubles, 4 trebles, and 1 four-fold.