Betting Terms Explained
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. The most common betting line for a point spread is -110. A -110 line on either side is like paying a tax or commission to the sportsbook. Bettors would pay 10 percent (aka juice) to the sportsbook, which is essentially a fee for brokering the wager. So, the -110 indicates that a bettor must risk $110 to win $100. If you were betting on the Patriots and their 3/1 odds, you would win $3 for every $1 you spend. So if you bet $50 on the Pats and they ended up winning the Super Bowl, you’d win $150 (plus your. To win both sides of the same betting proposition; betting the favorite team at -1.5 with one bookmaker and then taking +3.5 with another bookmaker; the game ends up with the favorite team winning by exactly 3 points, you have ‘middled the game’; a favorite betting method of ‘Wise Guys’ Moneyline Odds expressed in terms of money.
There are many special terms associated with sports betting. So, we decided to explain several commonly-used terms to help beginners understand the basics of wagering and improve their betting IQ.
We’ll get you started with some elementary sports betting terms, and then we’ll explain wagering categories, the different types of bet slips and the most popular betting markets in a few words.
Understandably, you might not grasp every notion after your first read, so don't despair. Just refer to this page when you see an unfamiliar word or phrase.
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Elementary Sports Betting Terms
Sports betting terminology can be confusing for beginners, as there are many unique terms associated with wagering. Taking a moment to familiarise yourself with these concepts will help you feel in control and motivate you to research the subject further:
- Bookmaker / Bookie / Book / House – A person or company who is licensed to create betting lines and take wagers.
- Bet / Wager – To risk money on the prediction of an outcome.
- Bettor / Punter – The individual who places a bet.
- Prediction / Pick / Tip / Selection – An indication of the likely outcome of a sporting event.
- Tipster / Tout – An individual who publishes or sells his sports betting predictions.
- Odds / Lines / Price – The returns a bookmaker offers for a selection to win. In theory, they should provide a measure of the likelihood of a particular outcome. Find out more about how betting odds work.
- Odds Format – There are three main types of odds formats: American odds (+100), Decimal odds (2.00) and Fractional odds (1/1). More information about odds formats.
- Total Odds / Total Returns – The potential reward of a bet that contains multiple selections.
- Payout / Juice / Vigorish / Overround / Bookies Margin / House Edge – The commission retained by sportsbooks from the odds offered.
- Stake – The amount of money a punter risks when placing a wager.
- Winnings / Returns – The amount of money paid for a winning bet. It is calculated by multiplying the stake by the total odds.
- Profit – The sum left after deducting the original stake from the winnings.
Once you have mastered these terms, you can move on to the more advanced bits of betting terminology. Feel free to revisit this section as many times as necessary until you grasp these concepts.
Wagering Categories
Sports betting can be done in a number of different ways. So, in order to understand the various betting strategies you’re going to study online, you have to comprehend the following principles.
Types of bets according to the mechanics of the wager:
- Sportsbook – Traditional betting, when you are playing against the house. Punters place against fixed odds set by a bookmaker, either offline or online.
- Betting Exchange – A platform which enables users to bet against each other. You can Back or Lay bets, which means you can be the bookmaker and create your own odds.
Types of bets according to the timing of the bet:
- Pre-Match Bets – Wagers that were placed before the event has started. The odds will fluctuate depending on how much money is wagered on each selection.
- In-play Bets / Live Bets – Bets that are placed after kick-off. The odds will fluctuate much more during the match based on the live stats.
Types of bets according to the method of placing the wager:
- In-store Betting / Offline Betting – Punters have to go to physical locations in order to place their bets. Betting in shops enables you to retrieve your winnings immediately during opening hours.
- Online Betting – Sports bettors place their wagers via the internet. Unlike a brick and mortar store, an online bookmaker enables you to bet from the comfort of your home, during your commute and so on, regardless of the time. Most betting sites offer a wide array of betting options and a total gambling experience: promotions, live betting & streaming, casino games & live casino tables, vSports, & peer-to-peer poker, lottery bets, and more.
Online betting is further split into these two classes:
- Desktop Betting – Wagering via a desktop computer or laptop.
- Mobile Betting – Placing bets using a mobile device such as a smartphone or a tablet.
Types of Bet Slips Explained
A bet slip is the equivalent of a receipt for the bets you place, a physical (paper) or electronic form that stores the predictions, odds and the stake you’ve risked on a particular wager.
These are the forms of bet slips you’ll come across when betting in the UK:
- Single Bet – A bet placed on only one outcome. Professional bettors prefer single bets over accumulators as they offer the highest payout.
- Acca / Accumulator / Parlay Bets / Multiples – Bets involving a minimum of two selections, where all selections must be successful for the bet to win. To calculate the potential returns of an acca bet, you have to multiply each of the individual odds into the next and then to the total stake. Each selection in your betting ticket can be referred to as a fold. E.g. if your Premier League slip includes Manchester City, Liverpool, Chelsea and Manchester United to win you’ve got yourself a four-fold accumulator.
A bet slip with two selections is called a Double, whereas a three-fold acca is called a Treble bet.
- System Bet / Combination Bet – A bet that can be won even when one or more selections fail to win. A system bet slip requires a minimum of three selections. E.g. a 2/3 system bet has three possible outcome combinations, which means that the total amount staked shall be divided into 3 equal amounts. Find out more about system bets.
- Banker Bet – A combination bet with one or more defined selections that will be included on all betting combinations. All the selections that are marked as bankers must be correct for the bet slip to win. Find out more about banker bets.
Popular Betting Markets
Anyone who is serious about their betting should be aware of the various betting markets available to them. But for beginners, understanding the most common bet types should be enough to get them started:
- Moneyline / Winner / 1X2 – A straight-up bet that implies picking the final result. It is also referred to as 3-way betting in football, and other sports that involve three possible outcomes: 1 for the home team to win, 2 for the away team to win and X for the draw. In tennis, combat sports, volleyball etc., the money line is a two-way bet, as it only has two possible outcomes.
- Outright Bet – A bet on the overall winner of a tournament or competition, e. g. Liverpool to win the Premier League, Tiger Roll to win the Grand National, and so on.
- Totals / Over/Under – A wager on how many goals, points, rounds or runs will be scored in a given time interval, e.g. minutes, innings, halves etc. The typical Over/Under betting line in football is 2.5 goals. Three or more goals are required to win an Over 2.5 wager; whereas an Under 2.5 bet will be successful when no more than 2 goals have been scored (0, 1 or 2 goals will generate a win).
- Double Chance – A three-way market that combines two of the three possible outcomes (1 & X, 1 & 2 and X & 2). It can be used in any sport where there are three possible outcomes.
- Draw No Bet – A two-way betting market where the stake is refunded if the match ends in a draw. Because of that, it provides better odds than a double chance bet. This option is identical to Asian Handicap 0 bet, but we’ve already explained that in more detail in this guide.
- Both Teams To Score – Referred to as BTS or BTTS among punters, it is a simple bet with two options: Yes or No. Both teams involved must score at least one goal each for the bet to win.
- Each Way – A combination of two bets, with half stake on each bet that is most commonly used on racing events such as horse racing, greyhounds, cycling, motorsport etc. but also on outright bets. One bet is placed on the respective selection to win, and the other on it to Place, e.g. in the top two or three, depending on the number of participants and the bookie's rules.
- Handicaps – Handicaps, also known as spread bets, come in positive or negative amounts and can be assigned to teams, players or various scorelines and can represent goals, points, sets, games, seconds etc. as a way to balance the books and determine punters to wager more often.
There are two types of handicaps in online sports betting. European Handicap bets are three-way bets and thus provide three options: Home Win, Draw and Away Win, whereas Asian Handicap only comes with two options: Home or Away, Over or Under etc.
Whole goals handicaps, like -1, -2, -3 etc. can easily be mistaken for one another, but they are in fact, totally different wagers: Your stake will be refunded when betting -1 AH on a team that wins by exactly one goal difference, whereas your -1 EH bet would be lost in the same scenario. Find out more about European & Asian Handicap.
After reading our betting guide, you have hopefully developed a better understanding of sports betting terms and concepts. You have been given the tools you need to be able to decipher various betting strategies. Don’t forget to have fun while playing responsibly that is limiting your wagering, so it does not negatively impact other areas of your life!
Just getting started with betting? If so, this betting term explainer guide is for you.
The betting industry is full of different betting terms and explanations making it quite confusing and sometimes offputting for any newbies out there. That’s why we’ve put together this sports betting glossary to help you get started as quickly as possible and minimise any confusion you may have.
You can find the most common betting terms in the list below along with a short description. For more information on each term, click the link and you’ll be taken to a more in-depth explanation.
To start with I recommend you look at the betting terms to do with placing bets and odds. These will help you get up and running so you can enjoy your betting experience from day one.
Accumulators
Accumulators or Accas are bets that combine four or more single bets. For this to be a winning bet, you need to land each selection of your accumulator.
These bets are very popular with football betting.
Ante-post
Ante-post refers to bets placed long before an event actually starts. These bets are often placed before a punter knows which runners will take part, in the aim of accessing increased odds.
For example, you might bet on the World Cup Winner or the Grand National before the runners have been announced. Punters place bets on runners that are likely to take part.
The purpose of this type of betting is to take advantage of favourable odds. The odds typically shorten in the run-up to the event.
Arbitrage betting
Arbitrage betting or arbing is a strategy in which gamblers bet on all possible outcomes at different odds to ensure a profit no matter what the result of the event is.
This betting method involves a number of calculations in order to work out suitable stakes.
Asian handicap
Asian handicaps are a method of betting that level the playing field between runners or teams. As the name suggests, Asian handicaps are often used in football betting in the Far East.
As opposed to normal handicaps, this format allows punters the option to bet on half numbers as well as whole numbers. Asian handicaps allow for ¼ goals, ½ goals and ¾ goals.
Bar
In a horse race, certain runners may have such an outside chance that their odds are not quoted before a race. Bar refers to the odds beyond which runners are not quoted. So ’60-1′ bar means runners not quoted have odds at least 60/1.
Banker bet
This betting term refers to your favourite for an event. A banker bet is thought highly likely to win.
Bet
When a punter wagers a certain amount of money on an outcome to happen.
Betting exchange
A peer-to-peer online betting platform that matches gamblers together. They take on no bets as a traditional bookmaker does.
Bookmaker/Bookie
Bookmakers or bookies are licensed betting companies which provide odds and take bets from punters.
BTTS
Both teams to score or BTTS is a betting market in which both teams must score at least one goal during a fixture. BTTS is typically used in football betting.
Cash out
Cash out is a feature that allows punters to settle their bets before an event has finished. You can either lock in a profit or cut your losses if you feel your bet is heading the wrong way.
Most bookmakers offer some kind of cash out function in 2019.
Chalk
The chalk is another term for the favourite.
Clean sheet
A sporting term used to describe when a team do not concede a goal during a fixture. A clean sheet is a term that’s typically used in football.
Combination bet
A combination bet consists of more than one selection. It differs from an accumulator in that if one selection loses, the remaining bets still stand.
Correct score
Correct score is a betting market in which the punter predicts the exact score of an outcome. It’s often used in football betting.
Double bet
Similar to an accumulator, just with fewer selections. A double bet consists of two single selections in one bet. You need to land both selections to win this bet.
The odds of a double bet are calculated by multiplying the odds for the two single bets. These bets are popular as returns can be high.
Double chance
Double chance betting offers the possibility of two outcomes instead of the common three for a football match. It allows the punter to bet on a win or a draw.
If your selected team wins or draws, your bet wins. If your team loses, so does the bet.
Dutching
This betting term refers to selecting a number of different outcomes for one event in order to ensure the same amount of winnings if any of them win.
Each-way bet
Each way bets are a type of betting format that combines two bets in one. One part of the bet is for the win and the other part is to place. An each-way bet is settled as two bets and the place part is calculated at a fraction of the win odds.
Evens bet
A betting term for a 50/50 outcome. You’ll also see this written as 2.00 in decimal odds. This bet is easy to work out as you’ll win whatever your stake was. So if you bet £20, a winning bet would return £20.
Exposure
The amount of money a bookmaker or punter stands to lose. This is important when placing bets at a betting exchange.
Favourite
Soccer Betting Terms Explained
The most likely to win a certain event is called the favourite. The runner or player with the lowest odds.
In-play betting
In-play betting refers to when you place bets after an event has started. Most bookmakers allow you to do this and it’s a very popular betting strategy in 2019.
Lay betting
Lay betting at an exchange is when you bet against an outcome. For example, you’d place a bet on Man City NOT to beat Leicester City.
These bets are only possible to place at betting exchanges.
Lengthen
Lengthen is a betting term that refers to when a bookmaker increases the odds for a certain market.
Multiples
Multiples are just another term for accumulators. They are bets that contain more than one selection and they’re often used in football betting.
Odds on
Odds on refers to the favourite for a certain event. The odds are below evens (2.0 or 1/1).
Outright bet
An outright bet is one that’s placed on the winner of a tournament. For example, you’d bet on the winner of the Rugby World Cup.
Outsider
An outsider is a runner, team or individual that is deemed unlikely to win an event. Outsiders have high odds.
Place bet
With a place bet, you’re betting on a runner or player to finish in a certain position. This is generally used when betting on horse racing.
Price
The odds of a given market can also be referred to as the price.
Punter
An individual who places a wager on a certain outcome.
Request a bet
A relatively new feature that allows punters to build their own bets. The bookmaker must accept the bet and the odds for the bet to be placed.
Sharp bookmaker
A bookmaker that is used by professional punters.
Spread betting
This betting term refers to the process in which traders look to profit from market movements rather than the outcome of an event.
Underdog
The underdog is the opposite of the favourite. They’re unlikely to win an event.
Void bet
Basketball Betting Terms Explained
In the case of a void bet, your selection is effectively cancelled. Your stake will be returned and you won’t win or lose any money.
Sports Betting Terms Explained
That’s it for our list of betting terms. If you feel we’ve missed out some important terms, get in touch and we’ll update the list above.