Betting Terminology A-Z
Here’s an alphabetical guide to some of the Betting Terminology you might come across. Let us know if there’s anything you’ve heard that should be added to our list!
Accumulator / Acca
An accumulator bet involves a combination of four or more single bets that offer longer odds and potentially bigger winnings. The key distinguishing element of an accumulator bet is that if any leg of your bet doesn’t come true, the bet will not pay out. Technically, a double or a triple (Treble) bet could be considered an accumulator. However, most sites refer to a combination of four or more combined markets when using the term.
Bookies sometimes offer Acca Insurance. They might give you a Free Bet if say your predict 5 results and 4 are correct.
Age (horses)
Age – All thoroughbred racehorses in the UK have their birthdays on 1 January.
Allowance (jockeys)
Allowance – Inexperienced riders (apprentices, conditionals and amateurs) are allowed a weight concession to compensate for their lack of experience against their colleagues. The ‘allowance’ is usually 3lb, 5lb or 7lb, with it decreasing as the young jockey rides more winners.
All-Weather racing
Horseracing that takes place on an artificial surface. There are three types of all-weather in the UK and Ireland: –
- Polytrack (Chelmsford, Dundalk, Kempton and Lingfield)
- Fibresand (Southwell until Nov 2021)
- Tapeta (Southwell (from Dec 2021), Wolverhampton and Newcastle).
Ante post
Betting on an event well in advance of the day of the race. In the case of the Classics or big National Hunt races this could be over a year before the race takes place.
Ante-post betting is offered on about one per cent of the total number of races held in Britain each year. It is normally available until the overnight declaration stage for runners in the race in question. Usually the morning before the day of the race, or two days before in some cases – for example, the Grand National. In return for potentially better odds, you may lose your money if your selection does not take part in the race. This depends on when the bet when was struck and if the bookmaker was offering non-runner, no bet).
In order to obtain longer odds on certain markets, you can place a bet long in advance of an event actually taking place. This is referred to as an ante post bet, and can be placed sometimes years in advance.
Arbitrage betting
Arbitrage betting or ‘arbing’ is a process through which gamblers aim to make a profit by betting on all possible outcomes of an event, at different odds. It involves taking advantage of the variation in odds offered by different bookmakers. An appropriate stake level is calculated that will ensure any losses are covered by winnings in all potential outcomes. Bookies HATE arbers! If they suspect you of it will very quickly place limits on your account (if not close it)
Asian Handicap
Asian handicap betting offers the possibility of split handicaps, allowing you to bet on selections that are handicapped (in order to even the field) by both whole numbers and half numbers. See this Smarkets explanation for further details
Banker
Across all sports, a selection that is strongly fancied to win is often referred to as a ‘banker’.
Bar
In a horse racing betting forecast, certain horses are considered such distant outsiders that their odds are not quoted. The odds beyond which runners are not included are referred to as ‘bar’, so you might see a forecast that includes ’50-1 bar’.
Best Odds Guaranteed (BOG)
A special offer whereby your bookmaker agrees to settle your bet at the starting price (SP) if it is greater than the early price you took when placing on your bet. Not all bookmakers offer BOG. Some will only apply it to bets placed after say 10am on the morning of the race.
Bet
Putting money on the successful prediction of the outcome of an event
Betting Exchange
Much more detail is available via the Menu above. A betting exchange is website through which gamblers can bet directly against each other, rather than a bookmaker. Betting exchanges like Betfair allow LAY BETS bets to be made, as well as win and place bets. Lay bets mean gamblers can bet on selections to lose.
Bismarck
Betting term used to describe a favourite that bookmakers expect to lose and are therefore happy to lay.
Bookmaker / Bookie
A company or individual licenced to receive bets from members of the public. Bookmakers must have a licence to operate in the UK.
Bonuses and consolations
Certain special bets will incorporate promotional bonuses or consolations (especially around big festivals). Check with the bookmaker you are using for the full terms and conditions.
BSP (Betfair Starting Price)
This is the Betfair exchange equivalent of the Horse Racing Starting Price (SP). It is calculated immediately after a race starts. You can select to back at BSP rather taking an earlier price. There is a Betdaq equivalent called XSP which is only available on Betdaq Race Win markets.
Betfair also offer BSP on most horse racing Place markets as well as Football matches in the Main leagues.
Canadian
A multiple bet consisting of 26 bets (10 doubles, 10 trebles, 5 four-folds and a five-fold) and can also be referred to as a Super Yankee.
Cashout
To take a profit (or loss) while an event is still running. For example, you have backed Everton to win a match (£10 at 3/1) and they lead 2-0 with 20 minutes to play. You are offered guaranteed winnings of £17 rather than the £30 you will win in they go on to win. You can choose to Cashout for £17.
On betting exchanges, you can also Cashout. However, there are other options such as laying your selected team so you have a free bet on them.
In the above example, you would have backed Everton at 4.0 and could lay them for £10 at say 1.2. You would then be in a position where if Everton don’t go on to win you would be all square as you backed from for £10 and layed them for the same. If they win, your profit is £28 (less commission)
Co-Favourite
When three or more selections in a race market share the shortest price/odds. Joint Favourite applies where 2 selections share the shortest price/odds.
Commission
The deduction from winnings on the betting exchanges (this is how exchanges make their money). The percentage rate can be 0% for certain offers. However, it’s typically between 2% and 5% (although it can be higher, for example Australian horse races)
Decimal odds
Used on the Tote and betting exchanges, instead of fractional odds. Decimal odds are expressed as a figure (in round or decimal terms) that represents the potential total winning return to the punter. So, 4 (or 4.0) in Tote or decimal odds is the same as the conventional 3/1, as it represents a potential total winning return of £4 (including stake) to a £1 stake. Most bookmakers offer to display decimal odds as an option.
Dead heat
A tie between two or more horses for first place, or for one of the other finishing positions. In the event of a dead-heat for first place, when a winning bet has been made, half the stake is applied to the selection at full odds and the other half is lost. If more than two horses dead-heat, the stake is proportioned accordingly.
Dividend
The amount that a winning bet or placed horse returns for every £1 bet.
Dobbing / DOB
Dobbing means to back a horse, then place a lay bet to keep in running at half the odds, with double the stake. If the horse hits the lower price in running you win your stake amount as an Even money bet.
Double
Consists of one bet involving two selections in different events. Both selections must be successful to get a return, with the winnings from the first selection going on to the second selection.
The return is calculated by multiplying the odds on the two selections: e.g. a £10 double on a 2-1 winner and a 7-1 winner pays £240 (£10 on a 2-1 winner = £30, then that £30 on a 7-1 winner = £240).
Draw (Horse racing)
At the final declaration stage all entries in a Flat race are issued with a starting stall number. Jumps races (National Hunt) do not have starting stalls.
Dutch
The process of backing a number of contenders for a particular event, in order to ensure the same amount of profit if any of your selections win.
Each way
A bet where half the total stake is to win and half is for the selection to be placed. Place usually means a finish in the first three, but in big handicaps the places may extend to fourth, fifth or sixth.
If the selection wins, the win portion is calculated in the normal way. The place portion of the bet is settled at a fraction of the win odds. This fraction, and the number of places allowed by the bookmaker, will vary. It depends on the type of race and the number of runners in the race.
If the selection is placed but fails to win, the win portion of the stake is lost. But, again, the place portion of the bet is settled at a fraction of the win odds.
An each-way bet is available in events that feature a winner and a number of other competitors finishing in a sequence of places.
Each way terms
For the place part of a each-way bet to give a return, the selection must either win or finish in one of the predetermined places for the event, such as first place or second place. The odds paid on the place part of the bet are usually a fraction (commonly 1⁄4 or 1⁄5) of the win odds.
Typically, for horse races with 4 or less runners there is no each-way bet available.
For 5-7 runners, there are 2 each-way places (i.e. selection must finish in the first 2) and the place part fraction is 1⁄2.
8-15 runners there are 3 places and the place fraction is 1⁄5
16+ runners in a Non-Handicap race there are 3 places and the place fraction is 1⁄5
16+ runners in a Handicap race there are 4 places and the place fraction is 1⁄4
Even money
A price of 1-1 (or 2.0 in Decimal format). Your stake brings equal winnings: e.g. £10 staked at evens wins £10 (total return £20).
Exacta
A Tote bet available in races where three or more horses are declared whereby the punter predicts the first two finishers in the correct order. See also ‘Forecast’.
Favourite
The favourite is the selection that has the shortest odds for an event. An f is often displayed after the odds to reflect its position as favourite in the race market (e.g. 2-1f).
Fixed odds betting
By securing a bet at fixed odds, you guarantee that your potential returns from that bet will not change, regardless of whether or not the odds on that market fluctuate after your bet is placed.
Forecast
A bet where the aim is to predict both the winner and runner-up in a race. A straight forecast is the winner and runner-up in the correct order. A reverse forecast (or dual forecast) is the winner and runner-up in either order.
Form
A process where previous records and performances are used to give an idea of a competitors chances.
Fractional odds
Fractional odds is the traditional way of displaying odds. They give you your profit excluding your stake (e.g. £10 x 9-1 = £100 including your stake). This might be the default for the odds displayed by a bookie. You can change to decimal odds, if you prefer, by adjusting preferences in Settings.
Furlong
220 yards (one eighth of a mile). The numbered posts on British racecourses count the furlongs back from the winning post.
Going (horse racing)
The condition of the ground from hard to really muddy, termed soft.
Going to post
When horses are on their way to the start.
Goliath
A multiple bet consisting of 247 bets (28 doubles, 56 trebles, 70 four-folds, 56 five-folds, 28 six-folds, 8 seven-folds and an eight-fold) involving eight selections in different events.
Green-up / All Green
When you are guaranteed a profit on an event on a betting exchange regardless of the result. Your potential profit & loss will both be highlighted Green. The opposite, when you will definitely make a loss is All Red.
Group 1 (Flat) / Grade 1 (jumps)
The highest category of race. The Classic Flat races in Britain, as well as other historic races such as the Gold Cup at Royal Ascot, are Group 1. The major championship races over jumps, such as the Cheltenham Gold Cup, are Grade 1.
Handicap mark / Rating
Each horse, once it has run a few times (usually three), is allocated an official handicap rating by the BHA. The rating is used to determine its weight if it runs in a handicap. If a horse does well, its handicap rating will go up; if it performs poorly, its rating will go down.
Handicap Races
A race in which horses carry weights, better horses carry more weight to even out the field.
Heinz
A multiple bet consisting of 57 bets (15 doubles, 20 trebles, 15 four-folds, 6 five-folds and a six-fold) involving six selections in different events.
In-play betting
In-play betting is a form of betting that has become hugely popular through online betting sites. It involves placing a bet on a particular outcome after the event has started. Betting Exchanges like Betfair offer in-play betting for several sports including in-play football betting and in-play Horse Racing betting. Bookmakers also offer in-play betting on events like football, rugby or tennis matches and golf tournaments.
Jackpot
The Tote Jackpot is a bet on the first six races at the day’s nominated Jackpot meeting (only available weekdays). All six winners have to be nominated.
Joint favourite
If two horses have the shortest odds in the betting, they are described as Joint Favourites. If three or more horses have the shortest odds, they are Co-Favourites.
Liquidity
On Betting Exchanges this is the amount of money available to bet. Liquidity might refer to the amount available at the current best Back or Lay odds. It can also refer to the amount of cash available to bet across all different back and lay prices. A market with high liquidity will be better to trade.
Lucky 15
A multiple bet consisting of 15 bets (4 singles, 6 doubles, 4 trebles and an accumulator) involving four selections in different events.
Lucky 31
A multiple bet consisting of 31 bets (5 singles, 10 doubles, 10 trebles, 5 four-folds and a five-fold accumulator) involving five selections in different events
Lucky 63
A multiple bet consisting of 63 bets (6 singles, 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and a six-fold accumulator) involving six selections in different events.
Martingale
With origins in 18th century France, a martingale is a betting system in which the gambler doubles the stake placed on a new bet after each bet that is lost. By doubling the stake each time, the gambler aims to recoup all prior losses when a win is achieved. DO NOT EVER USE THIS APPROACH!!!!!!
Non-runner
A horse that was originally meant to run in a race but for some reason has been withdrawn.
Non-runner, no bet
In some cases, for example in the run-up to the Cheltenham Festival, a bookmaker may offer money back on any horse that does not take part in a race. In contrast to the usual ante-post betting rules, where money is lost on any non-runner.
Odds / Price
The chance offered for a selection to win. Also known as price.
Odds against
Betting odds where the potential winnings are higher than the stake. Expressed as a fraction in which the numerator is larger than the denominator (e.g. 2-1). The first number refers to the potential winnings, the second to the stake.
Odds on
Betting odds where the stake is higher than the potential winnings if the bet is successful. Expressed as a fraction in which the denominator is larger than the numerator (e.g. 1-2). The first number refers to the potential winnings, the second to the stake.
Outright Bets
Outright bets are wagers placed on whole competitions rather than single matches. For example, a bet placed on the winners of the Premier League, or the outright winner of the Wimbledon tennis tournament. These bets can be placed before an event begins or some bookmakers offer outright bets part-way through some competitions.
Overround (Very Important!)
When all of the odds of an event are multiplied together there should, because of the pre-factored in margin, be an additional percentage which we call the overround. It is a very important factor within the betting industry and worth understanding. It is a very good indicator of much value there is in any specific market. The bigger the overround, the further from true odds the market is likely to be (i.e. prices are worse).
The overround for an event with one winner (football, tennis match etc) will be 100%+. It is calculated by dividing the decimal odds for each possible outcome into 100 to determine the probability for each outcome. They are then added together to calculate the overround. Sounds complicated but it’s not!
The ‘true odds’ for heads or tails will be 2.0. This represents the 50% probability (100 / 2.0) of the coin failing on heads or tails. Add the 50% chance of heads to 50% for tails for an overround of 100% which seems fair.
The prices available at a Bookmaker will normally have a higher overround (profit margin) than those available at a Betting Exchange.
For example, let’s compare the current best prices available for an IPL cricket match to be played tomorrow. At Bookie A, the prices available are 1.61 on Team 1 and 2.25 on Team 2. The bookie overround based on those prices is 106.3%. At Betfair the current prices are 1.66 on Team 1 and 2.48 on Team 2 giving an overround of 100.6%.
Patent
A multiple bet consisting of 7 bets (3 singles, 3 doubles and a treble) involving selections in different events.
Photo finish
A photo finish is called in a close race, where the placings cannot be determined easily. The result is determined by the judge by examination of a photograph taken by a camera on the finishing line.
Place betting
A bet on a selection to be Placed only. Where an Each-Way bet comprised one bet to Win and one to Place, this is the Place only element. More typically used on a betting exchange, a number of the bookies are also now offering Place only bets.
A key point to note is that different terms may apply on Betting Exchanges and Bookies if the number of runners decreases before the race starts. The number of Places will not change on the exchange. Bookies though will pay out based on the number of runners that start. For example, a race originally has 9 runners but there are 2 Withdrawals and only 7 start. The bookie will pay out for 2 Places while the exchange will pay out on the first 3 Places.
Placed
A horse which does not win but finishes second or third. Or fourth or more, depending on the type of race and number of runners.
Placepot
A Tote bet with similar rules to the Jackpot. However, your selections, in the first six races at the specified meeting, have only to be placed. The minimum stake is £2.
Reverse forecast
A bet where the aim is to predict the winner and runner-up in a race in either order. It can also be known as a dual forecast. A reverse forecast is classed as two bets.
Rule 4
In full, Tattersalls Rule 4 (c). One of the most commonly invoked betting rules. Rule 4 deals with deductions from winning bets in the event of any withdrawn runner(s) from a race. The rule applies to winning bets taken at prices (e.g. morning prices) laid before a withdrawal. The exceptions are ante-post bets, which are unaffected by Rule 4 (c) and to starting-price bets where, after a late withdrawal, there is insufficient time to re-form the market. The rate of deductions is in proportion to the odds of the non-runner(s) at the time of the withdrawal.
Single
The simplest and most popular bet, normally a win bet on one horse in one race.
Spread betting
A bet placed on the predicted movement of a market, rather than the outcome of an event. Spread betting takes place in financial markets as well as sports and politics. Potential profits or losses are unknown before the event start.
I would not recommend getting involved until you are 100% sure what you are doing. Bear in mind, with the range of markets now available to you, particularly via the exchanges and in-running markets you can potentially recreate some aspects of spread betting yourself. For example, you expect a team/runner etc to do better than the prices suggest but not necessarily win)
Stake
This is the amount of money invested in a bet.
Starting price
Often abbreviated to SP. The starting prices are the final odds prevailing at the time the race starts and are used to determine the payout to winning punters, unless a punter took a specified price at the time of placing the bet.
Some Betting Exchanges like Betfair and Betdaq have their own Starting Prices which are typically higher than the Horse Industry SP
Steward
One of the officials in overall charge of a race meeting, including disciplinary procedures. The stewards can hold inquiries into possible infringements of the rules of racing, or hear objections to the race result from beaten jockeys. Usually there are three stewards at each race meeting, assisted by a stipendiary steward. The stewards are appointed by the racecourse, subject to approval by the BHA. They are often prominent local figures (much like magistrates).
Steward’s enquiry
A hearing held by the stewards into a race to determine whether the rules of racing have been broken. The enquiry can sometimes change the result of a race. You should therefore check the terms of your bookmaker if this scenario occurs.
Super Heinz
A multiple bet consisting of 120 bets (21 doubles, 35 trebles, 35 four-folds, 21 five-folds, 7 six-folds and a seven-fold accumulator) involving seven selections in different events. A minimum of two selections must be successful to get a return.
Tick
A Tick is the difference between next available prices on Betting Exchanges. The lowest price is 1.01 and the next price is 1.02, then 1.03 etc. So for example there are 2 Ticks between 1.01 and 1.03.
The highest price on Betfair is 1,000 and the next is 990. Here, there is one Tick between the prices but a difference of 10 in the actual price.
The increments between prices change as the prices increase. Increments can also vary between Betting Exchanges. For example, the Betfair next price above 2.0 is 2.02 but on Betdaq the next price is 2.01.
Tipster
This is someone who either gives or sells tips to punters. See What are Tipsters?
Treble
A three-leg accumulator. All three selections must be successful to get a return. The winnings from the first selection automatically go on to the second and then on to the third.
Tricast
A bet where the aim is to predict the winner, runner-up and third-placed horse in a race. Tricasts are not available on all races.
Trixie
A multiple bet consisting of 4 bets (3 doubles and 1 treble) involving three selections in different events. A minimum of two selections must be successful to get a return.
Under starter’s orders/under orders
A phrase used to signal that a race is about to begin. Once the horses are in the stalls for a Flat race, or have lined up at the start for a jumps race, they are said to be ‘under starter’s orders’ (ie. the jockeys are waiting for the starter’s signal to begin the race).
Underdog
The underdog is typically the less-favoured team or competitor in an event in the eyes of a bookmaker. Underdogs will have longer odds and potentially higher returns to gamblers.
Union Jack
This is a multiple bet consisting of 8 trebles on 9 selections. These are settled as trebles in the formation of a ‘Union Jack’.
Void bet
This is a bet which is declared invalid. The stake is returned without deduction.
Walk over
A race involving only one horse. The horse and jockey do not have to complete the race distance. Strangely, they must pass the winning post to be declared the winner. For settling purposes, the winner of a walkover is considered to be a non-runner
Yankee
A multiple bet consisting of 11 bets (6 doubles, 4 trebles and a four-fold) involving four selections in different events. At least two selections must be successful to get a return.
Void bet
Void bets lead to stakes being returned by the bookmaker, and can occur in a number of situations. For example, you place a bet on the first goalscorer in a football match before the team selections were announced. If that player is not in the squad for the game, your bet will be void and your stake returned.
Most bookmakers include in their conditions the terms under which bets will be void. These typically include any circumstance whereby a bookmaker has made an error in quoting odds.
Yield
Yield is the rate of return, relation of the earned / won money to invested money. It is expressed as percentage
In betting terms, say you place 5 bets each with a £10 stake. You make a net profit of £5 then your yield is 10% (£5 earned / £50 invested). Find out why Yield is important when you check out a Tipster
