COMMON BETTING TERMS -BETTING GLOSSARY- IN ALPHABETICAL ORDER betting glossary
XAX Accumulator:
A cumulative bet where
the bettor designates a selection in several races or events
and bets on the first one; if he wins, the winnings become his
bet on the next; and so on (also see fold bets).
betting
glossary Asian Handicaps:
Although fundamentally the same basic concept as the point
spread, Asian handicaps are specific to soccer matches and
provides an alternative to the standard win/draw/win scenario
where if the handicap ends in a half point, a draw is not
possible.
XBX Banker:
A punter's strong
selection or "sure thing". An almost guaranteed winner,
as in a Lock. Also, in permutation bets the banker is a
selection that must win to guarantee any returns.
betting glossary Betting
Bot: the betting bots are web-based and desktop
software applications that can scan bookmakers, betting
exchanges, online casinos and poker rooms; analyzing live data,
performing functions, placing wagers, securing profits and
streamlining our overall betting strategy. Non-transactional
bots are, as the name suggests, applications that are
programmed to perform "read" functions only. These may include
poker analysis software, arbitrage alert services,
data retrieval tools, tracking spreadsheets or
calculators that allow you to track, test, forecast
and analyse your regular betting activity. Transactional bots
take the ability to scan websites and analyse betting markets
to the next level by combining these data retrieval techniques
with powerful bet-on-demand controls that react to
specific conditions and place bets for you automatically!The
popularity of transactional bots has grown in leaps and bounds
over the last year or two and there are now many options
available to those who wish to automate their betting strategy,
but the main area we should concentrate on when talking about
this kind of software is sports trading because since the
introduction of the "betting exchanges" the opportunities that
are available to professional sports traders have never been
greater. betting glossary Betting
Exchange: A new betting medium where you make your
bets not with a bookmaker but with other punters online. You
can choose to either back an outcome as you would normally with
the bookmakers, you can play the role of the bookmaker and
'lay' an outcome or you can simply 'trade' the betting market.
betting glossary Bookmakers'
Margin: See 'Overround'. betting glossary
XCX C of E:
Slang
for UK
Customs and
Excise.betting
glossary Clocker
(US):Person who times
workouts, usually for betting information.betting glossary Close position: The
process of exiting a bet at the current price. If you have
placed a bet in the market which has filled but the counter bet
(which you have placed hoping to make a profit) is out of the
money you may want to close your position.betting glossary Coming In: If the market
has growing confidence in a particular selection then the price
will shorten and get smaller. For example, if Roger Federer is
to face Tim Henman in a Grand Slam final then the
price will shorten and Federer's odds will become even
smaller.
XDX Daily Double
(US
):
Form of pari-mutuel
betting in which the bettor makes a combination bet on two
horses in two races. If the bettor wins on the 1st race, his
winnings become his stake on the 2nd.betting glossary Digital
odds: The modern way of pricing a betting market. In
the past odds used to be fractional but now they are often
quoted, especially on exchanges, in digital
odds.betting
glossary
XEX Each-Way:
A bet which consists of
two wagers. The first is for the selection to win and the
second is for the selection to place, at a proportional price
dependant on the place terms. Even
Money: A term used when an outcome is paying decimal
odds of 2.0 (fractional odds of 1/1). Often referred to as
'yours for mine'. Exchange Commission: The
amount of money, paid by a winning punter to a betting
exchange; a betting exchange earns its money by charging a
percentage on winning wagers; generally, commission payable is
based on a sliding scale from 2% to 5%, depending on the amount
of money, which is either won or lost by a punter, over a
period of time; the more that is either won or lost by a
client, the lower will be the commission payable on winning
wagers.
XFX Favourite
(fav):The competitor
considered most likely to win and therefore has the shortest or
lowest odds (also known as the "jolly" or "sponk"). Fill or kill
(orders): If you use fill or kill your order will be
placed into the market. If the order is not filled it is
immediately withdrawn from the market (killed). Using fill or
kill ensures that if you need to place a bet that relies on an
offset the bet is only placed on condition that the original
position is taken. For example, you place a bet at £1000 but
only £500 is filled at the price you requested. If your offset
bet was placed in the market without taking into account only
half your initial bet was matched you could find yourself in a
loss making position. When fill or kill is used only the
portion of the original bet that was matched will be offset in
the market. French
Odds: Expression of odds as
100 to 6, 100 to 8, etc. The name goes back to the days when
the French had a "metric" money system while
UK
still used 1 pound of 240 old
pence.
XGX Goliath:
A multiple consisting of 247 bets (28 doubles, 56 trebles, 70
4-folds, 56 5-folds, 28 6-folds, 8 7-folds and 1 8-fold)
involving 8 selections in different events. Green Book: A term used by traders when they have all possible results in a market returning them a profit. See 'Greening up'. Greening up: The process of equalising the return on your bet across a series of runners in an event to ensure you win on that event regardless of the final outcome. Can be done discreetly or proportionally. If you had one selection in a two selection event which you had successfully traded for a profit of £100 you would only win that money if that selection went on to win the event. However you could 'green up' to transfer some of that value to all the other selections to ensure you won money whatever the outcome of the event.
XHX Handicap:
A method used by
bookmakers to make a one-sided event become a more attractive
betting proposition. Teams are awarded a number of points start
depending on their calibre (also known as the "pointspread" or
"line"). XIX Implied chance (probability): Implied chance takes the odds offered by the market and converts them into a probability of winning which is said to be the implied chance of that selection. Some entity trading at digital odds of 2.04 has a 1/2.04 (or 49.02%) implied chance of happening. Indicator: A
point of reference to highlight or inform of a position or
prospective position or information in the market. In-Running: Betting on an event which has already begun; to bet during an event. Intelligent stop loss: If you are using a stop loss system the idea is to exit your position if the market suddenly turns. If a horse, for example, suddenly breaks free and is running loose but returns to the stalls before the off. You could find yourself in a seriously bad position. Using a stop helps avoid this scenario by exiting your position the instant it goes against you. If your stop places the order at market price your stop may be missed in a fast moving market. If your stop is placed well outside the money your stop may get executed at a vastly unfavorable price. An intelligent stop is set outside the normal market price but offset enough to ensure a good fill. In the Red: A betting term otherwise referred to as 'Odds On'. The profit to be made wagering on an outcome that is 'in the red' will be less then the stake. I.e. Decimal odds of 1.5; for every $100.00 that you invest you will receive $150.00 in return if your wager is successful. (Your original stake of $100.00 plus your $50.00 profit.)
XJX Joint Favourites
(jt-fav):When bookmakers cannot separate two
horses or teams for favouritism, they are made joint
favourites.
XKX Kite: UK slang for a cheque ("check" in the US ).
XLX Lay: The opposite to
back an outcome. To play the role of the bookmaker and oppose
an outcome. Lay-off: To bet on an opposite direction to either lock in profits or minimise a loss by either 'laying' the same outcome or, backing other outcomes in the same event. Lapsed Bets: A previously unmatched bet, which a betting exchange has cancelled, due to the event commencing, and the betting market closing. Latency:
Latency is the term used to describe the delay between sending
a request or signal and receiving confirmation or a return
signal from the destination. When you request something by
pressing a button on your TV remote the latency is the time it
takes for the TV to receive your signal and respond to your
request. Latency can cause
potential issues with automatic trading software as the
software often relies on a message from a server. By the time
it has acted on this message the situation may have changed.
This is why fully automating tasks often fails and human
intervention is needed at most times. Long-term Market: A betting market, where the result of the betting event, will not be known for weeks, months or even years; to back a team to win a premiership at the beginning of a season; to back a player to be awarded the player of the season etc. Liquid Market: A betting exchange market, where there is a large number of bets being matched, leading to a competitive market, in which there is very little difference, between the back and the lay prices. Lines:
Handicaps,
pointspreads and odds offered to the punter.
XMX Machines (US):The pari-mutuel computers/calculators. Making a book: When you make a book you are offering odds to the betting market. In order to make the book correctly you need to lay at less than 100% implied probability or back below 100%. Market (Betting market):
The process of multiple bettors and bookmakers offering prices
for opposing parties to take up their offers. In the stock
market people place open orders to buy and sell at different
prices. In the betting markets, especially betting exchanges,
the market is made in exactly the same way. Matched Bet: A bet
accepted by another punter on a betting exchange; matched bets
cannot be cancelled, but a bet in the opposite direction would
compensate for the original bet, effectively cancelling the
initial transaction. Money Line: Otherwise
known as 'head-to-head' betting or a 'straight bet'. This is a
bet type where you only have to pick the winner of an event.
That is to say that you don't have to pick by how much a team
will win or lose but simply who will win the game. The odds on
each of the outcomes can be varied depending on the chances of
the outcomes.
XNX Nap: The selection that racing correspondents and tipsters nominate as their strongest selection of the day or meeting. Reputed to stand for "Napoleon". Nickel
(US):A bet of $500 USD. Non-Runner: A non-runner is a selection that is withdrawn from an event. Ensure that you check the rules on each market so that you are aware of how non-runners are treated and any applicable Reduction Factor.
XOX Odds:
Odds are the
bookmaker's view of the chance of a competitor winning
(adjusted to include a
profit). Odds
Compiler: The person working for the bookmaker
who sets the odds following research and his own feelings. One click betting: On the traditional betting screen for Betfair or similar betting exchanges you needed to enter the odds value you wanted to bet at and the amount you want to bet. With one click betting you preset the amount you wish to back or lay at and then just use your mouse to click on the odds you would like to bet at. The order will enter the betting market and be filled at the best available odds. On the Nose (US): A bet that a horse will win. Open order: An order that has been entered into the market but has not yet been filled by the market. In order for an open order to be filled you will need to move it to the current market price. When an offset bet is placed the offset position is usually an open order. OTB (US): Acronym for "Off-Track Betting" in the US , legal only in certain states. Outcome: A betting result; the winner may be a player, horse, car, rider, driver, team, etc. Outsider:
(also known as "The Rag"). Over/Under Bets: Also known as totals. With this bet type, the bookmaker nominates a total of both teams' scores. Over/under bets can be offered on any sporting event and could be the total of sets, runs, points, goals etc. If the punter believes that the game will be a high scoring event, he may choose to bet the 'over'. For example, in an N.F.L. game, the posted total may be 38 ½ points. The punter will strike a bet with the bookmaker that the combined total of the two teams' scores will be greater than 38 ½ points. Conversely, another punter may believe that because of recent rain, the teams are going to find it very hard to score and as such may choose to bet the "under". I.e. He is betting that the total of the two teams' scores will be less than 38 ½ points. These bets are also generally set at $1.90 for each of the outcomes.
XPX Pari-Mutuel:
A means of gambling on
races in which all bets are pooled and winners are paid
according to size of pool and the number of other winners.
Often shortened in US to mutuel. Patent:
A multiple bet
consisting of 7 bets involving 3 selections in different
events. A single on each selection, plus 3 doubles and 1
treble. Place
(US):The term used to describe a 2nd place
finish. Point Spread: Otherwise
known as the betting line. With a point spread, the favourite
is effectively given a total that for the bet to be successful,
the team has to win by more than the allocated margin. In
effect the underdog is given a number of point's head
start.Also known as the
"line" or "handicap". Usually the price will float around the
$1.90 for each of the outcomes. Betting on the American sports
has become so competitive that a number of large reputable
bookmakers now offer prices of $1.93 for both outcomes. These
odds can certainly move if the bookmaker doesn't take equal
action on the two teams. Note a draw is not possible if the
point spread ends in half a point. One side will win the bet
even if the game results in a draw if the point spread is not
an integer. The point spread evens the game up and induces more
betting action on the event. Profit:
The difference between the price at which you accepted
liability and the price as which you took it up results in
profit. If you back with a liability of £1000 but laid at a
liability of only £990 you would have £10 profit.
XQX Quinella (US): A bet in which the bettor predicts the horses that will finish 1st and 2nd, regardless of order (sometimes called a "quiniela").
XRX Reduction Factor: Should a horse be declared a non-runner, the Reduction Factor will be applied to the prices of all matched bets, for both backers and layers. This is to ensure that layers are not unfairly treated and exposed to large liabilities when the chances of other horses winning have improved. The Reduction Factors are designed to be fair to both backers and layers.In all horse races where a runner is withdrawn, or adjudged not to have started - and therefore been declared a Non-Runner by the starter - stakes on that selection will be refunded. (The exception to this being Ante Post bets) Bets on the remaining runners in that race, taken at Early Prices or at Show Prices prior to withdrawal, will be subject to a deduction. This is normally based on Tattersalls Rule and is dependent on the Non-Runner's price at the time it was withdrawn. In reformed markets, the total deduction on the two or more horses - one in the original market and one in the reformed market - will be calculated on the prices applicable in the original market. Bets on horses in subsequent markets that then have one or more withdrawn horses will have a deduction calculated on the prices applicable to that market at the time of the withdrawal. In the event that there is insufficient time to form a new market on the race, S.P. bets may also be subject to a deduction based on Tattersalls Rule. For bets at Early Prices, the application of Tattersalls Rule will be determined by the Early Price of the withdrawn horse at the time your bet was placed regardless of the price at the time of withdrawal. Tattersalls Rule: Price at time of withdrawal Amount deducted from winnings- 3/10 or shorter 75% 2/5 to 1/3 70% 8/15 to 4/9 65% 8/13 to 4/7 60% 4/5 to 4/6 55% 20/21 to 5/6 50% Evens to 6/5 45% 5/4 to 6/4 40% 13/8 to 7/4 35% 15/8 to 9/4 30% 5/2 to 3/1 25% 10/3 to 4/1 20% 9/2 to 11/2 15% 6/1 to 9/1 10% 10/1 to 14/1 5% over 14/1 No deduction Right Price
(US):Among players, pari-mutuel odds high
enough to warrant risking a bet on a particular animal. Runner (US): In racing, a bookie's employee who gathers information on the progress of betting elsewhere on the course. Also, a messenger "running" to and from pari-mutuel windows for occupants of clubhouse boxes.
XSX Saver Bet: Also known as a cover bet. A bet which is made to win back any other monies outlaid on an event. If the saver bet is successful, one would simply win back any money that was outlaid on other outcomes resulting in a 'break-even' situation. Sawdust Joint (US):A term for a non-luxury gambling club. Scalping:
This term applies to the practice of trading in and out of a
market on small price fluctuations. People who engage in this
are called 'scalpers' and contribute greatly to the liquidity
of a market. Shortening the
Odds:A bookmaker's reduction of the odds
offered in the face of heavy betting. Six-Dollar Combine
(US):An across-the-board bet
in racing. Special Events : Available for betting on most betting exchanges, and comprises any betting market other than horseracing and sporting events; special events include, reality television game shows, such as, Big Brother, or betting on the winner in an election, etc. Sportsbook:
Another name for a bookmaker. Stewards: The racing "police". Responsible for ensuring that the races (which include the betting activities) follow within the guidelines of the racing code. Stewards are empowered to hand down penalties to persons who act outside the rules of racing. I.e. The jockeys may get suspended from a number of meetings or may incur a financial penalty if due to their carelessness, another runner is disadvantaged. Stewards' enquiry: In certain circumstances, the stewards of a racecourse will investigate an objection or suspected infringement of the Rules of Racing. This may involve the result of a race being amended, and therefore bets are not settled until the outcome of the enquiry is known. Stooper
(US):Those who make a living picking up
discarded mutuel tickets at racetracks and cashing those that
have been thrown away by mistake. Straight Forecast: A tote bet operating in races of 3 or more declared runners in which the punter has to pick the first and second to finish in the correct order. Super
Yankee:see "Canadian".
XTX Take
(US
):
Money deducted from
each pari-mutuel pool for track revenue and taxes. Teaser
(US):A pointspread based bet
where the bettor can move the line in his favour (in return for
reduced odds). Thinly
Traded: A betting exchange term where there is a
limited number of bets on offer, and with limited 'action'
within the market; it often is difficult to match a bet, at a
reasonable price, in a thinly traded market. Tipster:
A person who gives or
sells to bettors his estimate of likely winners of a race, game
or event (also known as a "tout"). Tote:
'The
Horserace Totalisator Board' otherwise known as "The Tote". A
body in the UK
set up to operate
pool-betting on all racecourses. Trading:
Taking advantage of the movement in price of odds to create a
profit regardless of the underlying selection, event or result.
Trading is reported to account for up to 50% of the activity on
exchanges. Turnover: Total amount bet on an event; total amount of bets for a particular period, day, week, month, year etc.
XUX Underdog: This is the team or player that is perceived to have the least chance of winning an event. The underdog is the direct opposite to the favourite. Underlay: Otherwise known as an 'under'. A price, which is less than the price we believe it should be; for example, to back Hewitt to win Wimbledon, believing the odds should be 14.0, when the price available is 10.0 only; this is an underlay, because the price available to bet is less, than the price we believe it should be; conversely, an underlay also may be a lay bet, when the lay price is more than the price we believe it should be; when laying a bet, the lower the price to lay, the more profit to be made; using the example above, to lay Hewitt to win Wimbledon, believing the odds should be 14.0, we would be expecting to lay at a price less than 14.0, possibly 10.0 to 13.0; if the best price available to lay were 16.0, then this would represent an underlay because it is more than the calculated chances of 14.0. Underound / Overbroke: The difference in the price of the book if it is under 100%. When a book / market is priced under 100% it is under round and if you buy the book / market you are effectively buying an event that can only end up with a 100% probability for more less 100% to ensure a profit. See being the bookmaker. If the book is under 100% on the back side then is it profitable to back the entire book to make a risk free profit. If the book is over 100% on the lay side then it is profitable to lay the entire book to make a profit. Unmatched Bet: A bet not
accepted by another punter; unmatched bets may be cancelled at
any time; it is possible that a portion of a bet may be
matched, and the balance unmatched, depending on the amount of
money available at the price requested.
XVX Value:
Getting the best
odds on a wager. Void Bets: A previously matched bet, which is cancelled by a betting exchange or bookmaker, with stakes returned to a punter, because of changed market conditions, such as, the result of a game not completed due to bad weather, or in the case of a horserace, the runner not starting in the event (scratched at the barrier for example), or any other legitimate reason. Volume: This refers to the amount of money matched in a particular market. A popular race meeting for example, will have many people place bets and the volume will be high. The volume of money matched generally increases as the start of the event approaches.
XWX Welsh/Welch:
To fail to pay a gambling bet. Wheeling
(US
):
A racing system devised for the daily double bet in which the
bettor backs one horse in the first race and every horse in the
second (also known as "baseball" or "locking"). Wise Guy
(US
):
A knowledgeable or well-informed bettor or handicapper.
XXX "X": Taken to mean 'a draw' on a soccer betting coupon.
XYX Yankee:
A multiple bet consisting of 11 bets (6 doubles, 4 trebles and
1 4-fold) on 4 selections in different events.
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