Full Glossary of Betting Terms - Jargon Buster

A

Accumulator

Often shortened to ‘Acca.’ A popular type of multiple bet with four or more selections, also called ‘legs.’ If even one leg of an accumulator doesn’t win, the whole bet loses. As a trade of the higher risk, accumulators have very high payout potential. 

Action

Slang for saying you have a wager on a game/event.

Against the Spread

Betting against the spread is when you back something to happen by a certain amount. For example, in the NFL, betting that the favourite will win by more than a certain amount. This is the most popular way to bet in the US. Do not confuse with spread betting. 

Ante-Post

Betting in advance of an event starting. This can be a week in advance, or as much as a year, depending on the event. 

B

Back

Another term for wagering. Backing a team is to bet on them to win.

Banker

A favourite that’s almost guaranteed to win. Often used as a fixed point when making larger multiple bets.

Beard 

When a skilled bettor uses a third party to place a bet on their behalf.

Bet Builder

A tool found at online sportsbooks that helps you build multiple bets from across a wide range of markets. Often helps you juggle many wagers at once, see the overall odds as you add more selections, and easily track changes in your potential winnings. 

Betting Exchange 

A type of betting platform that lets you make bets against other bettors rather than a bookie. 

Betting Slip

The receipt that displays your selected wagers along with the stakes and odds for each. 

Bookmaker (Bookie)

An organisation that accepts wagers, manages them and pays them out if they win. You can find them at physical establishments as well as online.

BTTS (Both Teams to Score)

A type of bet where you wager that both teams in a game will manage to score. Only available on select sports where a team scoring isn’t always guaranteed, such as football or hockey. You can only bet on ‘yes’ or ‘no.’

C

Cash Out 

When betting online, your winnings and bettable money are stored on the site. If you want to claim the money as real currency, you must first cash out.

Chalk 

Another term for a strong favourite. 

Closing Line

The final odds just before a game/event starts. In some sports, this is instead called the ‘starting price.’

Combination Bet

A bet made up of many other bets that cover a handful of selections, common in horse racing. Combination bets differ from multiples in that they can payout even if one of the selections loses. Examples include Yankee and Lucky 15 bets.

Correct Score 

A type of bet where you try to predict the exact result of an event, such at 3–2 or 1–1.

Cover 

The result of a point spread bet, you must cover the spread to win. For a favourite to cover, they must win by a certain margin, and for an underdog, they must win outright or lose by at least a point less than the spread.

D

Dead Heat 

When the winning result of a bet is tied. 

Decimal Odds

The most common way to display odds in Europe. The stake is simply multiplied by the odds in order to find the final winnings. E.g. on a bet with odds at 2.5, a stake of £10 would win £25 total. 

Dime

US-specific slang for a bet of $1000. 

Dog 

A common abbreviation for ‘underdog.’ May also refer to racers in greyhound racing, where instead of names, they’re referred to by their numbers, i.e. dog 2, dog 7 etc. 

Double 

A single bet that combines two selections. Both must win for the bet to pay out. 

Drift 

When a selection moves dramatically in odds, in either direction.

E

Each Way 

A type of wager where you bet on two permutations of an outcome to cover multiple outcomes. I.e. which horses will come in first and second in a race, where you win as long as they both make those positions. This isn’t technically a single bet, but instead, two lumped together, so it costs double the stake. 

Edge 

An advantage that a bettor holds over a sportsbook. 

Evens/Even Money 

A bet that has a 50% chance of winning, usually represented as 2.0 or 1/1. An evens bet will return exactly double the stake if it wins. 

F

Favourite 

The expected winner of an event; is displayed on a sportsbook with the shortest odds. 

Field 

A term to refer to all selections in a market. 

Fixed Odds 

A type of betting is where the potential payout of a wager doesn’t change after it’s been made. This is the traditional and most common form of betting. 

Fractional Odds

The traditional way that odds are displayed in the UK. Fractional odds are designed to better show you profit rather than total winnings, which would include the initial stake. For example, 4/1 odds on a £2 bet would return £8 on a win (4 profit for every 1 stake) for a total of £10.

Full Time

The point at which a game ends, without any additional time or penalties included. In football betting, this would be the 90-minute mark, with extra time not included in the result. While most bets work to full-time, this isn’t always the case.

Futures 

A long-term bet that often relies on season-long performance. For example, a bet made on the winner of the premier league made in September.

G

Going 

Used to describe the ground condition in horse racing. The going can affect what racers do and don’t race, as different horses are suited to different conditions.

Grade/Group 

The categories used to separate horse races. Flat races have grades, while steeplechases (jumps) are grouped. 

H

Handicap 

An artificial disadvantage used to even the playing field for an event. 

Handicap Betting

When a sportsbook gives a selection an artificial disadvantage to make a bet less of a given. For example, making a favourite team in football start with -1 point.

Handicap Race

A popular type of horse race where each runner rides with weights according to their handicap ranking (based on age, trainer and past performance) to balance the odds. A famous example would be the Grand National. 

Hedging Your Bets

Where you make bets on both outcomes of a wager to minimise or eliminate losses. Often considered unfair play by sportsbooks. 

High Roller 

A bettor that consistently wagers a lot of money at once; wealthy bettors. 

I

In-play Betting 

Betting on an event after it’s already started.

Index Betting 

Another name for spread betting.

J

Juice 

The cut a sportsbook keeps when taking your bet, regardless of the outcome. In modern betting, the juice is baked into the odds before you even place a bet. May also be called commission or vigorish.

L

Lay Betting

Betting against an outcome, i.e. for a team not to win.

Line 

A single bet. Common US betting terminology. 

Live Odds 

Odds set after a match has started. 

M

Martingale System 

A system of betting where a bettor doubles their stake with each loss until they win to ensure that in the event of a win, all losses are recouped.

Moneyline 

A bet placed on an event’s basic outcome. US betting term. 

Multiple Bet 

A bet made up of more than one selection. A multiple will only pay out if all selections win. 

O

Odds 

The price set on an outcome by a bookmaker. The sportsbook’s prediction of how likely an event is to happen. 

Outright 

Betting on a whole league or tournament rather than just a single event. 

Over/Under 

A term to describe the total combined points in a game. US betting terminology. Also common when talking about prop bets.

P

Parlay 

The US term for a multiple or accumulator; a bet with multiple legs which must all win for the whole bet to pay out. 

Payout 

The amount of money you receive from winning a bet.

Place 

The ranking of a competitor in a competition or race, i.e. 1st place, 4th place, etc.

Point Spread 

The expected final score difference between two teams in a match like American football; the margin of victory. A bet made against the spread must exceed it to win. This is almost always associated with US betting and is not to be confused with spread betting.

Pool Betting

Sometimes called parimutuel betting. A form of betting where bettors put their wagers into a combined pot and winnings are paid out according to who wins and how much they staked. Instead of betting against a sportsbook, you bet against other players, and the bookie instead takes a cut of the pool as commission. 

Prop Bet 

The US term for a bet made on something non-traditional, separate from the outcome of the performance of a game. 

R

Return 

The total amount of money you can receive from a bet, combining the initial stake and any profit made. 

Reverse Forecast 

A bet on the first and second places of an event, such as horse racing or golf, which accounts for the two participants placing in either order. 

Roll Over 

Another way to refer to wagering requirements or playthrough. The amount of times you need to wager a bonus at a sportsbook before you can withdraw any winnings. 

S

Sharp 

A word used to describe a skilled bettor.

Single 

The simplest form of bet where you make a single wager on a single outcome. 

Spread 

Used to define the highest and lowest odds for a selection or an entire field. A team you back must be on one side of the spread in order for your bet to win, i.e., a team winning above a specific margin or a horse placing above a certain position.

Spread Betting

Not to be confused with betting against the spread. Finding its origins in stock markets, you make a spread bet when you believe a bookie’s prediction is wrong in either direction. The more correct you are about this, the more profit you can make, but the same is also true in the reverse, where you can owe more than you staked. 

Stake 

The amount of money you place on a wager. This number is sometimes discounted when calculating profits, especially when using an online free bet. 

Steam 

A term to describe when odds change rapidly over a short period of time due to the volume of bets made rather than regular patterns. Reflects herd instinct and public assumptions more than objective probability.  

T

Teaser 

A type of parlay bet where, in exchange for a lower payout, the sportsbook will artificially push the point spread in the bettor’s favour.

Tipster 

A professional bettor who gives or even sells betting tips to other punters.

Totals 

A bet placed on an over/under market. 

Tricast

A bet placed on who will take 1st, 2nd and 3rd in an event, usually reserved racing but sometimes also found in golf.

U

Underdog 

A competitor that seems unlikely to win an event. Used frequently in US over/under betting to label the team that is not the favourite.

Unders 

A bet that a score will be under a specific threshold.

Unfancied

A British betting term for someone unlikely to win. Similar to ‘Underdog.’

V

Vigorish (Vig)

The cut a sportsbook keeps when taking your bet, regardless of the outcome. In modern betting, the vigorish is baked into the odds before you even place a bet. Also called commission or juice.

Void Bet 

When a bet is cancelled and the stake is returned to all bettors.

W

Wager 

Another term for a bet.

Win Bet

The most simple type of bet where you make a single wager on who will win an event, with no additional bells and whistles. 

Winning Margin 

A bet on the exact amount a team will win by.

Wiseguy 

A bettor who makes smart, thought-out bets.

More Informative Guides for UK Players:

• Glossary of Horse Betting Terms

• How to Play Roulette

• How to Play Blackjack

Responsible Gambling

Betting is an age-old pastime that’s been providing excitement to generations of sports fans. However, just like most gambling activities, it’s not difficult to let it get out of hand. As such, you should always heed responsible gambling advice and make full use of the tools available to you to keep your behaviour in check.

You can find plenty of information about responsible gambling online or from the various UK helplines, but here are a couple of tips you can use now to get you started:

• Set a deposit limit — all online sportsbooks in the UK allow you to set limits on the amount of money you can move in and out of your account and sometimes even how much you spend or lose. If you struggle to keep to budget, this is the first thing you should do to keep your spending in check.

• Turn to friends and family — You’re much more likely to stick to good habits when you have someone around to hold you accountable. Reach out to friends and family for help in ensuring you step away when you say you will and maintain a healthy budget. 

Monitor your betting — the first step towards controlling your behaviour is understanding it. Try to keep a record of how often you bet, how much you spend on average and when you’re most likely to go overboard.

For more information on the best UK betting sites where you can apply the knowledge learnt in this guide, click here.