A-Z betting glossary

One bet containing several selections. Every leg normally has to win for the accumulator to return.

Also: acca, parlay, multi, all-up

Three separate US racing bets on one horse to win, place and show.

US shorthand for having money at risk on an event. In racing, a declaration of no action means bets are cancelled.

Prize money supplied by a race sponsor or authority in addition to owners' entry payments.

Odds revised after a deduction, dead heat, non-runner or other settlement rule is applied.

An operator assessment of whether a customer's gambling appears financially sustainable. The information and threshold depend on regulation and risk.

A bet on a team after the stated point handicap is applied, rather than simply on it to win.

Also: ATS

A market rule under which stakes stand whether or not the named participant takes part. Check the operator's exact terms.

A South African racing bet that rolls the full return from one win or place selection into the next.

Also: ATC

Australian term for a multiple in which returns from each successful leg roll into the next.

Also: multi, accumulator

A reduction in the weight a horse carries, commonly for an apprentice jockey or under race conditions.

A different handicap or total from the main line, offered at correspondingly different odds.

Odds shown with plus or minus figures. +150 means a 100 stake wins 150; -150 means 150 is needed to win 100.

Also: moneyline odds

A bet placed before final declarations, usually at a fixed price and commonly losing if the selection does not take part.

Also: futures, future book

A market requiring any two nominated conditions to occur, with exact rules set by the operator.

A football bet on a player to score at any eligible point in the match under the stated rules.

Also: anytime scorer

Backing all possible outcomes at prices that mathematically lock in a return, before costs and practical execution risk.

Also: arb, surebet

A two-way handicap market that removes the draw and may split a stake across adjacent quarter-goal lines.

Also: Asian line

An over-under market using whole, half or quarter lines, allowing pushes or split-stake settlement.

A tool that attempts to close a bet automatically when a chosen cash-out value is reached. Execution is not guaranteed.

The mean price of a set of bets, which should specify whether decimal odds or another weighting method is used.

To bet that a selection or outcome will happen.

Also: back bet

Backing at a higher price and later laying at a lower price, usually to reduce risk or trade a position.

A bet that loses after an unusually late, narrow or improbable change in the event.

A selection treated as the strongest choice in a multiple or pool bet and included in every combination.

Money deliberately set aside for betting and kept separate from essential spending.

Also: betting bank

In a quoted market, all unlisted runners or outcomes beyond those individually priced, as in 20/1 bar.

US slang for someone who places a bet on behalf of another person, often to disguise the true bettor.

A racing concession that may pay the higher of the price taken and the official starting price, subject to eligibility rules.

Also: BOG

An Australian dividend product paying according to the best specified tote return, subject to the bookmaker's rules.

An agreement risking a stake on an uncertain outcome at stated rules and odds.

A single bet combining several selections from the same event, with the operator calculating one combined price.

Also: same game parlay, same game multi

The operator's record of selections, stake, odds, time and bet reference. It should be retained for settlement queries.

Also: bet ticket, bet slip

A market where customers bet against one another by backing and laying, with the exchange charging commission or another fee.

Betting after an event has started, with markets and prices changing as the action unfolds.

Also: in-play, live betting

The area at a racecourse where on-course bookmakers display prices and accept bets.

A market settled after excluding a named participant, effectively asking who performs best among the remainder.

A person who places a bet. In Britain, punter is the more traditional informal term.

Also: punter

A South African tote pool requiring a placed selection in each of six nominated races, with placement conditions varying by leg.

Traditional UK racing slang for a favourite that someone believes is likely to be beaten.

A very close finish involving several runners, often requiring a photo to determine the placings.

The fixed odds displayed by a bookmaker, traditionally on a racecourse board or betting-shop screen.

Also: show price

Promotional credit or another benefit governed by eligibility, expiry, minimum odds and withdrawal conditions.

A bookmaker's collection of prices and liabilities across every outcome in a market.

A person or company that offers odds, accepts bets and carries the resulting liability.

Also: bookie, sportsbook

The pricing allowance built into a market so the implied probabilities normally total more than 100 per cent.

Also: overround, hold, vig

A combination bet covering every finishing order among selected runners, increasing cost with each added selection.

Runners treated as one betting interest for a specified pool or market under local rules.

The win rate required for a price to return stakes in the long run before other costs. At decimal 2.00 it is 50 per cent.

To move a US point spread or total in the bettor's favour in exchange for a worse price.

A system bet on five selections containing 26 bets: ten doubles, ten trebles, five fourfolds and one fivefold.

Also: Super Yankee

The full programme of races at a meeting or events offered on a betting coupon.

Also: racecard

Listed as an entry or reserve on the official racecard, including a runner later scratched under some pool rules.

Pool money transferred to a later event because no qualifying winning ticket was found or the rules require a rollover.

An offer to settle an open bet before normal completion for a stated amount, which may be more or less than the stake.

Also: early settlement

US slang for the favourite, particularly a strongly favoured team or runner.

Increasing risk or continuing to bet in an attempt to recover previous losses. It is a warning sign, not a staking strategy.

A race in which entered horses may be bought for a stated claiming price under the race conditions.

A payment rule requiring funds to be returned through the same method used to deposit where possible.

The final widely available price or handicap immediately before a market closes.

A comparison between the price taken and the closing market price, commonly used as one indicator of price quality.

Also: CLV

One of two or more selections sharing the shortest price in a market.

Also: joint favourite

A wager that creates multiple bets from a group of selections, such as doubles and trebles from four picks.

A tote pool combining stakes from several regions or operators before one dividend is calculated.

A fee charged by an exchange or pool operator, commonly calculated from net winnings or deducted from the pool.

A market requiring the exact final score under the operator's stated regulation-time rules.

The extent to which the probability of one selection is connected with another. Correlated legs may not be priced as independent.

A bet intended to offset some exposure on another position rather than stand alone.

Also: hedge

A wager accepted without immediate payment of the stake. Availability and legality depend on local rules.

A tie for a finishing position. Fixed-odds returns are normally reduced according to the number of tied participants and available places.

Odds showing total return including stake. A 10 stake at 2.50 returns 25 if successful.

A reduction to winnings, often after a racing non-runner or under a local withdrawal scale.

Also: Rule 4

A control restricting how much can be deposited during a chosen period.

A market derived from an underlying event, such as corners, cards, player shots or winning margin.

US betting slang for 1,000 currency units. Context matters because the term can also describe a ten-cent price difference.

A market with a ten-cent difference between opposing American prices, traditionally used in baseball.

The return declared for a winning tote bet, normally expressed per unit staked and usually including the stake.

US shorthand for the underdog, the side considered less likely to win.

One bet on two selections, both of which must normally win.

A football market covering two of the three match outcomes: home or draw, away or draw, or either team to win.

A two-way football market in which the stake is normally returned if the match is drawn.

Also: DNB

The fall from a bankroll's previous peak to a later low, shown as money, units or a percentage.

A selection whose odds lengthen, meaning the market assigns it a lower implied probability than before.

Splitting stakes across several outcomes so each produces a similar target return if it wins.

Two linked bets of equal stake: one on a selection to win and one on it to place under stated terms.

Also: win and place

The fraction of the win odds used to settle the place half of an each-way bet, such as one-fifth.

The finishing positions that qualify for the place half, determined by race type, field size and the operator's terms.

A concession settling a bet before the official result when a stated condition is met. It is separate from cash out.

A fixed price offered before a market becomes dominated by near-start or live trading.

A claimed advantage where a bettor's assessed probability is higher than the break-even probability of the available price.

A promotional price better than the operator's standard price, usually subject to stake, market and eligibility limits.

Also: price boost

Fractional odds of 1/1 or decimal odds of 2.00, returning profit equal to the stake if successful.

Also: evens

A racing bet requiring the first two finishers in the correct order.

Also: straight forecast

A starting price calculated from exchange offers and matched bets at the off rather than from bookmaker returns.

Also: BSP

Australian and US umbrella term for combination or pool bets such as exactas, trifectas and first fours.

The probability-weighted average return of a decision over repeated trials. A positive estimate depends on accurate probabilities.

Also: EV

The amount that can be won or lost across one market or a group of connected positions.

The selection with the shortest odds and therefore the highest implied probability in the market.

Also: favorite

A recurring market pattern in which very long-priced outcomes may be relatively overbet compared with favourites.

All declared participants in an event. In some US bets, field means a grouped set of unlisted runners.

A wager covering every participant or score not individually listed as a separate option.

An Australian racing bet requiring the first four finishers in the correct order.

Also: superfecta, quartet

A football bet on the first eligible player to score, with non-starter and own-goal rules set by the operator.

A price agreed when the bet is accepted, subject to any later settlement deductions allowed by the rules.

Using the same stake for every bet rather than changing it with confidence, odds or recent results.

Also: level stakes

An Australian tote facility allowing a percentage of a full combination bet for a smaller outlay and proportional dividend.

Also: flexi bet

The number of selections in a multiple, such as a fivefold accumulator.

A racing bet on the first two finishers. A straight forecast requires exact order; a reverse forecast covers both orders.

A record of previous performances used to assess a participant, including context such as opposition, conditions and distance.

Using a chosen fraction of the full Kelly stake to reduce volatility and estimation risk.

Traditional British odds showing potential profit relative to stake. At 5/2, a 2 stake wins 5 profit.

Promotional betting credit. The stake may not be returned with winnings and conditions can restrict use or withdrawal.

Also: bonus bet

US term for a bet on a competition or award settled well after placement, such as a season champion.

Also: ante-post, outright

The mistaken belief that an independent outcome is due because the opposite outcome has occurred repeatedly.

The free national online self-exclusion scheme covering participating gambling operators licensed in Great Britain.

Technology used to verify that a customer is physically in a jurisdiction where an online bet may legally be accepted.

The official description of a turf surface, such as firm, good, soft or heavy, which can affect performance.

The point at which a pre-event market remains open or reopens for betting after the event starts.

A system bet on eight selections containing 247 bets, with no singles and at least two winners needed for a return.

A US total covering the combined score across every game in a specified league schedule or group.

To trade an exchange market so every outcome shows a profit, although actual execution and commission affect the result.

An operator measure broadly reflecting stakes received less winnings paid, before specified costs. Definitions may differ by regulator.

Also: GGR, gross gambling yield

A market or race condition giving participants a notional advantage or weight adjustment to make the contest more even.

A rating used by a racing handicapper to determine the weight a horse carries in handicap races.

Also: official rating

The total amount staked with a sportsbook, race pool or other betting operation over a stated period.

Also: turnover

A market on which of two named participants performs better under the stated settlement rules.

Also: match bet

A new bet or lay position intended to reduce the risk of an existing exposure, usually at the cost of some potential return.

A system bet on six selections containing 57 bets: doubles, trebles, fourfolds, fivefolds and a sixfold.

The share of stakes retained by a sportsbook after paying winnings over a period. It is also used informally for market margin.

Also: win percentage

US slang for the half-point in a spread or total, such as 3.5.

The probability represented by odds before adjusting for market margin. Decimal odds of 2.50 imply 40 per cent.

Also: break-even chance

Betting while an event is under way. Markets can suspend without warning at significant moments.

Also: live betting, in-running

A short exchange or sportsbook delay before an in-play bet is accepted, intended to manage fast-changing information.

Non-public information obtained through a privileged connection. Its use may breach sporting, employment or betting rules.

A large prize or pool. In South African racing it commonly means selecting the winners of four nominated races.

US term for the bookmaker's charge embedded in the odds, closely related to vig or margin.

Also: vig, vigorish

A formula for sizing a bet from estimated edge and odds to maximise theoretical long-run logarithmic growth.

Also: Kelly staking

A common winning margin in spread sports, such as three or seven points in American football.

Know Your Customer checks used to verify identity, age and sometimes address or payment ownership.

Also: identity verification

To bet that a selection will not win or an outcome will not happen, taking the role traditionally held by the bookmaker.

Also: lay bet

US phrase for backing the favourite on a point spread, meaning it must exceed the stated handicap.

A bookmaker bet placed elsewhere to reduce an existing liability. The word can also mean a bettor hedging exposure.

One selection or stage within an accumulator, system, pool bet or other multi-part wager.

A racing measurement based on a horse's approximate body length, used to describe margins between finishers.

The amount that can be lost on a position. For an exchange lay bet it is generally stake multiplied by decimal odds minus one.

A maximum stake, deposit, loss, time or payout set by an operator, customer, regulator or market.

The quoted handicap, total or price attached to a market.

A change in odds, spread or total caused by information, liabilities, market trading or price management.

Comparing operators to find the best available price or most favourable handicap for the same outcome.

Also: price comparison

A high-quality race below Group or Grade level in the international Pattern hierarchy.

US and international term for placing bets after an event starts.

Also: in-play

Slang for a supposedly certain bet. No betting outcome is a lock and the term should not be taken literally.

A selection at long odds that the market considers relatively unlikely to win.

Also: outsider, roughie

A sequence of losing bets. Its significance depends on odds, bet count, dependence and the underlying strike rate.

A control restricting net losses over a chosen period, subject to the operator's calculation rules.

Fifteen bets on four selections: four singles, six doubles, four trebles and one fourfold.

Thirty-one bets on five selections, including singles and every multiple from doubles to the fivefold.

Sixty-three bets on six selections, including singles and every multiple through to the sixfold.

A horse or race for horses that have not won under the relevant code, subject to local race conditions.

The bookmaker's pricing allowance, usually measured by how far the implied probabilities exceed 100 per cent.

Also: overround, vig

The set of mutually exclusive betting outcomes offered for a particular question or event.

The amount of exchange money available to back or lay at each price beyond the best quoted offer.

A participant or operator that posts prices and liquidity on both sides of a market.

A participant whose odds shorten materially, whether because of information, demand or wider repricing.

Also: steamer

An exchange order accepted by another customer, creating a live contractual position.

Using qualifying and lay bets to convert eligible promotions into a more predictable return, while retaining execution and rule risk.

The most an operator will pay from a bet, event, sport or period under its terms.

Also: max win

Holding bets on both sides at different lines so both can win if the final result lands between them.

The shortest eligible price allowed by a promotion, multiple, each-way concession or other rule.

A promotion returning a qualifying losing stake as cash, credit or free-bet value under stated conditions.

A US market on which participant wins, without applying a point spread. Draw treatment depends on the sport and market.

Also: match winner

Australian term for one bet combining several selections, all normally required to win.

Also: accumulator, parlay

A bet combining two or more selections, with returns from each successful leg rolling into the next.

An Australian tote bet where the system randomly chooses the selections for a nominated bet type and spend.

A tipster's strongest selection of the day in traditional British racing and newspaper terminology.

A limit based on deposits minus withdrawals over a period rather than gross deposits alone.

Profit after subtracting stakes and specified costs. Records should state whether bonuses, commission and voids are included.

Also: profit

US betting slang for a stake or wager of 500 currency units.

A US settlement in which a wager is cancelled and the stake returned because the stated conditions were not met.

Also: void

An outcome under which the stake is returned, such as a draw in a draw-no-bet market.

A declared participant that does not start. Settlement depends on whether the bet was ante-post, fixed odds, tote or covered by another rule.

Also: scratched, withdrawal

Terms under which the stake is returned if the selected participant does not take part.

Also: NRNB

A wager on a non-sporting or entertainment outcome, subject to local legality and operator rules.

Also: special

A racing classification for horses early in their career under the relevant code and eligibility rules.

The price of a betting outcome, determining potential return and expressing an implied probability.

Also: price

Fractional odds greater than evens, where potential profit exceeds the stake.

Fractional odds shorter than evens, where potential profit is smaller than the stake.

A market temporarily or permanently unavailable for betting.

Also: taken down, suspended

Racing phrase for a horse being actively urged by its jockey rather than travelling comfortably.

The first widely offered spread, total or price for a market.

Also: opener

The unmatched back and lay offers available at different exchange prices and amounts.

A market on the overall winner of a competition, tournament, league, award or other long-term contest.

Also: future

A participant at relatively long odds and considered less likely to win by the market.

Also: long shot, roughie

A total bet that wins when the eligible combined figure finishes above the quoted line.

The amount by which all implied probabilities in a bookmaker market exceed 100 per cent.

Also: book percentage, margin

An obvious pricing or market mistake that an operator may correct or void under clear and fair published rules.

Also: palp

Pool betting in which stakes are combined, deductions are made and winners divide the remaining pool.

Also: tote, totalisator

US term for a multiple containing several legs, all normally required to win.

Also: accumulator, multi

Closing part of an open bet while leaving the remaining portion to continue.

Seven bets on three selections: three singles, three doubles and one treble.

A pool or combination bet using several selections in one or more positions, creating all allowed permutations.

Also: permutation

A pool bet requiring the winners of three nominated or consecutive races.

A pool bet requiring the winners of six nominated races, with local consolation and carryover rules.

A US market with no point spread, or a contest in which participants choose winners rather than stake at normal odds.

Also: pick

A racing bet that wins if the selection finishes within the specified paid positions. The number of places varies.

A South African tote bet requiring a placed horse in each nominated leg, commonly across seven races.

Also: PA

The number of paid places and fraction of win odds used for the place half of an each-way bet.

A UK Tote pool requiring a placed selection in each of six races at one meeting.

A handicap expressed in points, runs or goals and applied to the final score for betting settlement.

Also: spread

Betting in which stakes go into a common pool and the eventual dividend depends on total stakes and winning tickets.

Also: tote betting

Another word for odds, indicating the potential return offered for a selection.

A temporary enhanced price, normally limited by customer, stake, event or promotion rules.

How strongly the expected value of a bet changes when the available odds move.

A number from zero to one, or zero to 100 per cent, representing the assessed likelihood of an outcome.

A promotion adding a percentage to eligible winnings rather than changing the displayed market odds.

A wager on a specific event or participant statistic rather than the main result, such as player points.

Also: proposition bet, player prop

An objection to a racing result. Tote and fixed-odds settlement normally waits for the official outcome after any protest.

The standard ice hockey goal handicap, commonly set at 1.5 goals.

For a jockey to stop a horse before the finish, usually because it cannot safely or competitively continue.

Also: pulled up, PU

Common British, Australian and South African term for a person who bets.

Also: bettor

A tie against a whole-number spread or total that usually returns the stake, subject to market rules.

A UK Tote pool requiring a placed selection in each of four nominated races.

An Australian tote bet requiring the winners of four nominated races.

Also: quaddie

A wager that satisfies all stated promotion conditions, such as market, minimum odds, stake and time.

An Asian handicap of 0.25 or -0.25, splitting the stake between level ball and the adjacent half line.

Also: quarter-goal handicap

A South African racing pool requiring the first four finishers in exact order.

Also: first four, superfecta

A racing bet requiring the first two finishers in either order.

An on-screen reminder showing elapsed session time and sometimes betting activity, designed to interrupt continuous play.

An exchange value used to adjust matched odds after a non-runner is removed from a market.

Two selections whose chances are connected, so combining them at simple multiplied odds may misprice the joint outcome.

Also: correlated selections

The amount paid back from a successful bet, usually including the original stake unless the terms say otherwise.

Also: payout

Profit or loss divided by the amount staked, expressed as a percentage. The record must define included bets and costs.

Also: ROI, yield

Two straight forecasts covering selected runners to finish first and second in either order.

A marketing phrase for an offer that usually returns a qualifying loss as restricted credit, not a bet without financial risk.

The amount that must be wagered before bonus funds or associated winnings become withdrawable.

Also: playthrough, wagering requirement

Australian informal term for a horse or team at long odds.

Also: outsider, long shot

A group of smaller multiples generated from several selections. The exact combinations differ between US and UK usage.

The UK fixed-odds deduction scale applied to winnings after certain horse-racing withdrawals, based on the withdrawn runner's price.

Also: Rule 4 deduction

The standard baseball handicap, commonly 1.5 runs, offered with adjusted odds.

A declared participant in a race or, more broadly, an outcome available in a betting market.

An Australian or South African tote bet requiring the winners of two consecutive races.

Australian term for one bet combining several selections from the same match, priced as a connected outcome.

Also: bet builder, same game parlay

US term for a parlay containing several selections from one event, with correlation included in the price.

Also: bet builder, same game multi, SGP

The number of observations in an analysis. A small sample can produce unstable strike-rate and profit conclusions.

Rapidly backing and laying small price movements on an exchange in an attempt to capture a narrow trading margin.

To withdraw a declared runner before the start. Settlement rules determine refunds, deductions and pool substitutions.

Also: scratched, non-runner

The outcome chosen within a bet, such as a horse, team, player or total.

Also: pick

A formal request to block access to one operator or a multi-operator scheme for a chosen period.

A race after which the winner is offered for auction under the race conditions.

Also: selling race

A control restricting continuous gambling time or prompting a break after a chosen duration.

The process of grading a bet after the official result and applying the relevant market rules.

US term for an informed or professionally disciplined bettor, or for market action believed to come from one.

Also: wiseguy

For odds to become smaller, increasing the implied probability and reducing the potential return.

Also: firm, steam

A US racing bet that wins if the horse finishes first, second or third, subject to field and pool rules.

A fixed price displayed by a bookmaker close to a race start, as distinct from a later starting price.

Also: board price

One standalone bet on one selection in one betting market.

Also: straight bet

Informal phrase for having money or another personal interest exposed to an outcome.

US term for a business or service that offers sports betting markets and accepts wagers.

Also: bookmaker, book

The point handicap applied to opposing teams for betting purposes.

Also: point spread

US slang for a recreational bettor, often contrasted with a sharp.

Also: public bettor

The amount risked on a bet. An each-way stake quoted as 5 each way costs 10 in total.

Also: wager

An internal operator multiplier that can reduce or increase the maximum stake offered to a customer.

A free-bet condition under which only the profit is paid after a win, not the promotional stake.

Also: SNR

A predefined method for choosing stakes. It cannot create an edge where the underlying bets have negative expectation.

The official near-start price used to settle qualifying racing bets when no fixed price was taken.

Also: SP

Fast, sustained market movement towards one side, often associated with influential money or new information.

Also: steamer

A US wager on one selection, as opposed to a parlay or system of combinations.

Also: single

A UK racing bet requiring the first two finishers in the correct order.

Also: exacta

Winning bets divided by total settled bets. Pushes, voids and each-way components must be handled consistently.

Also: win rate

A system bet on seven selections containing 120 bets, from doubles through to the sevenfold.

A US racing bet requiring the first four finishers in exact order.

Also: first four, quartet

Another name for an arbitrage across prices that appears to cover all outcomes for a locked return before practical risks.

Also: arbitrage

A market temporarily closed to new bets, commonly during a score, review, withdrawal or other material event.

A South African racing pool in which two selected horses must occupy any two of the first three positions, in either order.

A collection of multiples formed from a set of selections, allowing some return with fewer winners than a full accumulator requires.

A totalisator or pool-betting operator. The abbreviation is widely used in Australia, New Zealand and South Africa.

The percentage removed from a parimutuel pool for tax, racing and operator costs before dividends are calculated.

A US multi-team bet that moves each spread or total in the bettor's favour in exchange for a lower combined payout.

A grouped betting option covering all participants not separately quoted, especially in US futures and racing.

A handicap market retaining home, draw and away outcomes after the handicap is applied.

The smallest permitted movement between adjacent prices on a betting exchange.

The physical or digital record of an accepted bet and its identifying reference.

Also: bet receipt

A control restricting or monitoring how long a person gambles during a session or period.

A temporary account break during which gambling access is restricted for the selected period.

Also: cooling-off period

A recommendation or opinion about a selection. It does not guarantee a result and should show its price and reasoning.

Also: pick, selection

A person or service publishing betting selections, sometimes free and sometimes by subscription.

An analyst's or bookmaker's provisional estimate of fair odds before reference to the live market.

Also: tissue

An Australian racing product paying the highest eligible official bookmaker fluctuation recorded under the stated rules.

Also: top fluc

A market on whether a combined statistic finishes over or under a stated line.

Also: over-under

A football market on the combined number of eligible goals, usually offered across several over-under lines.

The system that pools stakes, removes deductions and divides the net pool among winning units.

Also: tote, parimutuel

Short name for a totalisator pool in which the final dividend depends on the money staked by all participants.

US term for a person selling or promoting betting picks, sometimes with unsupported performance claims.

Also: paid tipster

To take an opposing exchange or sportsbook position that reduces or closes an earlier exposure.

The total amount matched on an exchange market or at a specific price.

One bet on exactly three selections, all normally required to win.

Also: threefold

A UK racing bet requiring the first three finishers in exact order in an eligible race.

Also: trifecta

A racing bet requiring the first three finishers in the correct order.

Also: tricast

Four bets on three selections: three doubles and one treble, with no singles.

Odds corresponding to an assessed probability without bookmaker margin. They remain an estimate unless the probability is known.

Also: fair odds

The total amount staked during a period, not the same as profit, loss or account deposits.

Also: handle

A market with two settlement outcomes, such as over or under, after any push rules are applied.

A total bet that wins when the eligible combined figure finishes below the quoted line.

The participant priced as less likely to win than its opponent.

Also: dog, outsider

A set of prices whose implied probabilities total less than 100 per cent, potentially indicating arbitrage before restrictions and costs.

A standard stake used to compare results without disclosing cash amounts, or the minimum share of a tote combination.

An exchange offer not yet accepted by another customer and therefore not yet a live bet.

A price is described as value when it is longer than justified by a bettor's probability estimate. The estimate can still be wrong.

Also: overlay

Natural fluctuation around expected results. Higher odds and lower strike rates usually create larger short-term swings.

Checks used to confirm identity, age, address, payment ownership or source of funds before account use or withdrawal.

Also: KYC

US shorthand for vigorish, the operator's built-in charge or margin in the offered prices.

Also: juice, vigorish

A cancelled wager for which the stake is normally returned and the selection often counts as decimal 1.00 in a multiple.

Also: no action

US and formal term for a bet or the amount staked on it.

Also: bet, stake

A promotion condition requiring a specified amount of betting before funds or winnings can be withdrawn.

Also: rollover, playthrough

A race or contest with only one remaining participant. Betting settlement follows the relevant competition and operator rules.

A racing scale adjusting weights to reflect typical maturity differences between horses of different ages and sometimes sex.

Also: WFA

To fail to pay a legitimate betting debt. The word is offensive in origin and is included only because it still appears in historical betting language.

A bet requiring the selected participant to finish first or win the stated contest under the market rules.

A football bet requiring the selected team to win without conceding a goal.

US and South African slang for a knowledgeable or influential bettor.

Also: sharp

A participant removed before an event, or a customer request to transfer account funds out. Context determines the meaning.

The symbol for a draw in a 1X2 football market.

Double-chance notation covering a draw or away win in football.

Expected goals: a football measure estimating the probability that chances become goals. Model definitions differ and it is not a betting guarantee.

Also: expected goals

Eleven bets on four selections: six doubles, four trebles and one fourfold, with no singles.

Profit or loss divided by total stakes, normally expressed as a percentage. It is often used interchangeably with ROI in betting records.

Also: ROI

An Asian handicap where the stake is returned if the event is drawn.

Also: level ball, scratch handicap