Comprehensive Betting Glossary: All the Terms You Need to Know

A

Abandoned: When an event is not completed within the original start time’s specified period and all bets are refunded. If the abandoned event is part of a ‘multiple bet’, that particular leg is cancelled and the multiple bet is recalculated.
Accepted: A bet that has been processed and is now awaiting results. Also know as an ‘undecided’ bet.
Accumulator: A bet placed on two or more outcomes. For the bet to win, all outcomes must win.
ACST: Australian Central Standard Time – Greenwich Mean Time 9:30. This is local time in Alice Springs Australia.
Adjustment: When money is either debited or credited to a betting account due to an error.
All-In: No refund is given even if your selection does not compete in the event. This option usually applies to long term (future) bets.
All-Up: A multiple bet comprising several bets known as ‘legs’. All-up bets are only applicable to feature races. Also known as a multi bet.
American Odds: Also known as Moneyline odds, these odds are presented in either positive or negative numbers. Positive odds indicate potential profit for a $100 wager, while negative odds indicate the amount you need to wager to win $100.
Ante-Post: Bookmaker determined prices (usually) available in the weeks and months leading up to race day. Ante-post markets are only available on specific races, may fluctuate and are available on an All-In basis.
Arbitrage Betting: Placing bets on all possible outcomes of an event to ensure a profit, regardless of the outcome. The total amount of money wagered on a specific bet or event.
Asian Handicap: A type of handicap betting that eliminates the possibility of a draw by giving one team a head start.
ATS (Against The Spread): Refers to betting against the point spread.
Auto Cash Out: A feature that automatically cashes out your bet when the value reaches a certain threshold.
Awaiting approval: When your bet sheet has been sent to the bookmaker and is in the process of being accepted or rejected.

B

Backer: A person who places a bet.
Balance/betting account balance: The amount of money in your the bookmaker betting account.
Banker: An option in a Boxed Multi where you may choose one particular competitor and have them appear in every possible combination for the Boxed Multi.
Bankroll Management: The practice of managing and allocating funds in a betting account to minimize risks and ensure long-term sustainability.
Barrier Draw (Horse Racing): The gate number that each horse will start from.
Best Fluc/Best Show: Also known as Bookies Best Price, Best Fluctuation, Best Show or Top Fluc, is available up to 30 minutes prior to jump. Bets placed prior are guaranteed to be paid at the top official on-course bookie fluctuation as determined by the Bookmakers Pricing Service (BPS/SIS).
Bet processed: An indication that your bet has been sent to the bookmaker for processing.
Betting Calculator: An online tool that helps bettors calculate potential payouts, odds conversions, and other betting-related calculations.
Bookmaker: An organization or person that accepts and pays out bets on events.
Bottom # teams: A bet on a team to finish within a specified number of positions from the bottom of the ladder, at the end of the season (before finals start). For example, a ‘bottom 3 teams’ means that a team must end up as one of the bottom three teams on the ladder for the bet to win.
Box bets/box multis/boxed multiples: A multiple bet consisting of all possible bet combinations. It involves up to twelve selections in different events, broken down into singles, doubles, trebles, quads, etc.
BPAY: An Australian electronic banking system, which can be used in Australia to deposit funds to the bookmaker.

C

Chalk: Refers to the favorite in a betting market.
Championship: Where a number of competitors all aim to take first place. Also known as a tournament or premiership.
Classification: When a driver must complete a specified percentage of a race’s laps to be classified for the race and earn points for the race.
Closing Odds: The final odds offered by bookmakers just before an event starts.
Competitor dependency: When the outcome of one event could be dependant on the outcome of another event in a multiple bet. This term is only applicable to multiple bets.
Contrarian Betting: Betting against the popular opinion or consensus.
CV2 Number: For the increased security of Card Transactions, you will now be required to enter your card’s three-digit CV2 number. The CV2 number is located on the back of your card, usually printed on the signature panel, immediately following the card number.

D

Dead Heat: When two or more runners (or teams) are officially declared to have finished equal.
Dead Ball: A situation in which no bets are allowed due to a particular event, such as a player being injured or a controversial decision by officials.
Decimal Odds: A way of expressing odds as a decimal number, including the initial stake. The potential payout is calculated by multiplying the decimal odds by the wagered amount.
Deductions (Racing): A percentage reduction of the dividend due to late withdrawal or a scratching.
Dime: Slang for a $1,000 bet.
Deposit: When funds are sent to your the bookmaker betting account by any of the deposit methods we make available (review the cashier pages for further information).
Distances: The official declared margins between the horses at the end of a race.
Dividend: Your return per 1.00 bet inclusive of your stake. A dividend of 3.00 is equivalent to odds of 2/1. Dividends are calculated to three decimal places.
Dog: Short for “underdog,” the team or competitor expected to lose in a given match or event.
Double Bet: A bet involving two selections, both of which must win for the bet to be successful.
Double Chance: A bet that covers two possible outcomes in a game, often used to increase the chances of winning.
Draw (Racing): The draw is the numbered position in the starting stalls assigned to each runner for the purposes of starting the race.
Draw option: A betting option between two teams that specifies odds for a drawn outcome.

E

Each way: A bet that combines a win and a place on the same selection. The place odds are derived from the win odds by means of a divisor (typically 1/4 for 3 places) – as opposed to a ‘Win & Place’ bet – where the place odds can be set independantly of the win odds. The stake is applied to each ‘line’ (for the win portion and the place portion). If the selection wins, then both the win and the place dividends are paid. If the selection places, then only the place dividend will be paid. The number of place dividends paid (typically 3) may vary according to the conditions of the event – these are known as the “Place Terms”.
Each Way Multi Bet: When Each way (or Win & Place) legs are used together in a Multi, the only 2 ‘lines’ (combinations) used are – all of the wins together and all of the places together.
Early Prices: Prices decided in advance of the race by the bookmaker and made available (usually) on the morning of the race. Early prices are available on specific races and can fluctuate.
EFT: A deposit made directly to your bank account from the bookmaker (stands for ‘Electronic Funds Transfer).
Emergency (Racing): A horse or dog which is not in the Final Field but can be promoted into the field in the event of a scratching (non-runner). Also known as Reserve.
Error: A mistake, misprint, misinterpretation, mishearing, misreading, mistranslation, spelling mistake, fault in reading, transaction error, technical problem, registration error, transaction error or manifest error.
Evens or Even Money: Odds of 1/1. A dividend of 2.00 for a stake of 1.00.
Event: The match or game which bets are placed on.
Exacta (Racing): A bet type where the selected runners have to finish first and second in the correct order.
Exotic bet (Racing): A bet involving more than one horse in the same race where the aim is to correctly predict the finishing order of two or more runners. Examples of exotic bets are Quinella, Exacta (Forecast) and Trifecta (Tricast).
Expected Value (EV): A measure of the potential value or profitability of a bet, calculated based on probabilities and potential payouts.

F

Fade: Betting against a specific team or player.
Favourite: The team, player, competitor, horse or runner considered most likely to win and therefore has the shortest odds.
Feature Doubles (Racing): Doubles on selected feature races.
Final Field: The list of runners officially declared as intended starters for a race. If betting is offered as a Final Field event, there are refunds for non-runners and deductions may apply for late withdrawals (non-runners / scratchings).
First Half Bet: A bet placed on the outcome of the first half of a game.
Fixed Odds: The dividend you receive at the time you place your bet is fixed and does not change no matter how the market fluctuates (unless deductions apply for non-runners).
Fixture: refers to the actual event / match (eg. Arsenal vs Liverpool).
Forecast (Racing): A bet type where the selected runners have to finish first and second in the correct order (UK terminology). Also known as an “Exacta”.
Fractional Odds: Odds expressed as fractions, such as 5/1 or 2/3.
Futures: Bets accepted well in advance of an event, for example backing a horse to win the Melbourne Cup in September when the race is run in November. betting on Futures is on an All-In basis.

G

Game total: A bet on an event’s total score to be ‘under’ or ‘over’ a set number of points.

H

Halftime Bet: Placing a bet on the outcome of the second half of a game.
Handicap (Racing): This can be a class of race or it can refer to the weight a horse carries.
Head to head: When two contestants or teams are set up against each other for a specified time – for example, a season. If one or both parties do not show for the event/match, all bets for both contestants or teams are refunded. If the event is a draw, but draw is not a betting option, ‘dead heat rules’ apply. Also known as match ups.
Hedging: Placing bets on the opposite side of an original wager to minimize potential losses or guarantee a profit.
Hi-bat: A bet, usually in cricket, on which batsman will score the most runs.
Highest scoring quarter: A bet placed on which quarter both teams will score the most points.
Home and away rounds: The set of games played by every team in a competition to determine which teams will proceed to the finals. Also known as ‘season’.
Hook: The half-point added to point spreads to prevent a push (tie).
Hot Hand Fallacy: The mistaken belief that a player is more likely to succeed after a series of successful outcomes.

I

IBAN: The International Bank Account Number (IBAN) is a European standard format of bank account identification. the bookmaker will only process International Transfers with IBANs. Only your bank can provide the unique IBAN for your bank account.
In-Play Betting: Another term for live betting, where bets are placed while the event is ongoing.

J

Jockey Challenge: Is betting on a jockey achieving the highest aggregate points scored in races conducted at a particular race meeting or over a specified period. e.g Spring Carnival.
Juice: The commission or fee taken by the bookmaker; synonymous with vigorish or vig.

L

Late Scratching: If a horse is scratched from a race all bets preceding the scratching are subject to deduction in accordance with the ruling made by race club. Also known as a non-runner or withdrawal.
Layoff: Placing a bet with another bookmaker to reduce potential losses on a large wager.
Lines: A handicap system where punters concede or receive a start. Also known as ‘spread’, ‘handicap’, ‘points’ or ‘point-spread’.
Line Movement: Changes in the point spread or odds as bets are placed on an event.
Longshot: A team or competitor with very low odds of winning, often associated with high potential payouts.

M

MasterCard Secure Code: aka 3D Secure is an authentication protocol that requires card holders to enter a user-generated PIN or Password to verify their identity and validate the transaction. Please refer any queries about this process to your card issuer.
Match up: When two contestants or teams are set up against each other for a specified time – for example, a season. If one or both parties do not show for the event/match, all bets for both contestants or teams are refunded. If the event is a draw, but draw is not a betting option, ‘dead heat rules’ apply. Also known as ‘head to head’.
Matched Betting: A betting strategy that takes advantage of free bets, bonuses, and promotions offered by bookmakers to guarantee a profit by placing opposing bets on all possible outcomes of an event.
Maxi Bet: A maxi bet is where you build an exotic bet (e.g. Quinella, Exacta, Trifecta) and then specify the maximum spend that you want to make. When you specify a maximum spend, the the bookmaker betting engine works out the base unit required to make the bet – you effectively get a percentage of a normal one unit bet.
Maximise: A symbol ( ) on the right of a title bar in the betting process to increase the size of the window.
Maximum bet: The largest amount that a bet can be placed for. This figure is at the bookmaker’s discretion.
Middle: A situation in which a bettor can win both sides of a game if the final result falls within a specific point range.
Minimise: A symbol (-) on the right of a title bar in the betting process to condense the size of the window.
Moneyline: Betting on the outright winner of a game or event, without considering the point spread.
Money Lists: The list of the amount of official money won by each golfer on their respective tours.
Multi bet: A bet built from the multiplication of two or more individual bets (called ‘legs’).
My the bookmaker: An area on the the bookmaker website where you can deposit funds, request a settlement, view account history and past bets, or update account details.
My Sports Bets: A page on the the bookmaker website that shows all bet sheets which have been processed by the bookmaker. Includes both ‘undecided’ and ‘decided’.

N

No-Vig Betting: Placing bets that don’t include the bookmaker’s commission or vigorish, often done in markets with reduced juice.
Non-Runner (Racing): The horse (or dog) has been withdrawn from the race and will not start.

O

Odds: The ratio of potential winnings to stake offered by a bookmaker. The figure by which you multiply your stake to calculate your potential winnings.
Odds Converter: A tool that converts odds between different formats, such as decimal, fractional, and American odds.
Odds-on: A price where you have to stake more than the amount you expect to win. Odds shorter than Even Money. Equivalent to a Dividend less than 2.00.
Opening Line: The initial point spread or odds set by bookmakers.
Outright: The price for coming first in a tournament.
Overlay: A situation in which the odds on an outcome are higher than they should be, creating value for bettors.

P

Paid out: When the result of an event is known and all winnings have been credited to the appropriate betting accounts.
Parlay Betting: Also known as an accumulator or multi bet, this is a bet that combines multiple individual bets into one larger bet. All selections must win for the bet to pay out.
Patent Bet: A type of bet that consists of seven separate bets involving three selections. It includes three singles, three doubles, and one treble.
Payout: The gross amount, including the stake, paid after the outcome of an event.
Pick’em: A situation in which the point spread is zero, meaning there is no favorite or underdog.
Place: Where a set number of valid places are declared by the bookmaker (e.g. first, second and third). Your ‘place’ bet will win if your selection comes within this range.
Place only: To finish among the nominated placings of an event.
Place Terms: Part of the betting rules for an event which specify how many placings will be paid for place bets and (for each-way bets) how the place odds are calculated.
Podium finish: A bet on who will be on the podium at the end of the race.
Premiership: Where a number of competitors all aim to take first place. Also known as a ‘tournament’ or ‘championship’.
Prop Bet (Proposition Bet): A bet on a specific event or outcome within a game, not directly related to the final result.
Push (or tie): A game where the score lands on the spread (handicap) and all wagers on that number are returned.

R

Red card: In general, the penalty indicator shown to a player who’s foul is deemed severe enough to warrant dismissal from the field of play.
Rejected: When a bet has been processed but not accepted.
Result: The fulltime, official result first declared by the governing association of the match or event (notwithstanding the match or event being shortened, later changes of the official result and/or errors).
Resulted: When the outcome of a game is known, has been entered into the betting system, and all bets have been paid out.
Return: Amount won by the punter, including your ‘stake’.
Reverse Line Movement: When the point spread or odds move in the opposite direction of the majority of bets placed on an event.
Rollover Requirement: The number of times a bettor must wager their deposit and/or bonus before being able to withdraw winnings.
Run total: A bet on an event’s total score to be ‘under’ or ‘over’ a set number of points.

S

Scorecast: A unique betting option where you are required to predict the winning team of the match AND the margin AND the player that makes a designated (e.g. first) scoring play.
Scratched: When a competitor is withdrawn from an event.
Season: The set of games played by every team in a competition to determine which teams will proceed to the finals. Also known as ‘home and away rounds’.
Settlement: Money deducted from a the bookmaker betting account and sent to a client.
Sharp Bettor: A professional and knowledgeable bettor who places informed bets.
Singles/single bets: A straight bet on one selection to win one event.
SP (SP Plus): Pays one roll or one ‘over the odds’ on your stake based on the official Starting Price
Super SP+ (Super SP Plus): Pays two roll or two ‘over the odds’ on your stake based on the official Starting Price.
Spread: The advantage given to the ‘underdog’, and the disadvantage attached to the ‘favourite’, in order to even up the outcome of the event and give the bet more value. Also known as ‘point-spread’, ‘handicap’, ‘points’ or ‘line’.
Square Bettor: An inexperienced or recreational bettor who often places bets based on emotions or popular opinion.
Stake: The amount of money wagered
Starting pitchers: These are the baseball pitchers who are declared to be opening the game for either team. If one or both pitchers are changed, the bets attached to them may be voided or recalculated.
Starting Price (SP): The Starting Price is an average of the on-course bookmaker’s prices taken at the start of each race. These prices are not known by punters at the time of betting.
Starting Price Guarantee (SPG): Should a horse return an official Starting Price which is greater than the price taken at the time of placing the bet, the bet will be paid at the higher (Starting Price) odds.
Steam Move: A significant and sudden shift in betting line or odds due to heavy betting activity.
Straight Out: A bet to win first place only in an event. Also known as ‘win only’.
SuperOdds: A dividend declared by the bookmaker at the close of betting, which is based on the bookmaker’s own proprietary formula. Approximate SuperOdds Win and Place dividends are displayed on our website and fluctuate during the course of betting. SuperOdds will be available on the majority of Australian Greyhound, Harness, Horse Races and selected International race meetings as determined by the bookmaker.
SuperPlus: guarantees you either the fixed-odds given at the time of placing your bet or the official SuperOdds declared by the bookmaker, whichever is the greater. SuperPlus applies to the Win portion of the bet only. The place portion of a SuperPlus Win and Place bet is paid at the fixed-odds for the place given at the time of placing your bet. *SuperPlus is available on racing markets at the bookmaker’s discretion.
SuperNSW Odds: guarantees you either the fixed-odds given at the time of placing your bet or the official dividend declared by NSWTAB, whichever pays more. *SuperVIC Odds is available on racing markets at the bookmaker’s discretion.
SuperVIC Odds: guarantees you either the fixed-odds given at the time of placing your bet or the official dividend declared by VICTAB, whichever pays more. *SuperVIC Odds is available on racing markets at the bookmaker’s discretion.

T

Teaser: A bet that allows you to adjust the point spread in your favor, but at the cost of reduced odds.
Tournament: Where a number of competitors all aim to take first place. Also known as a ‘premiership’ or ‘championship’.
Tournament head to head: A bet on which team (out of a set) will have the most points at the end of the tournament.
Tout: A person or service that sells betting picks or predictions to others.
Treble Bet: A bet involving three selections, all of which must win for the bet to be successful.
Trifecta (Racing): A bet where the selected runners have to finish first, second and third in the correct order. In the UK this is known as a Tricast.
Trixie Bet: A bet involving three selections and four separate bets: three doubles and one treble. At least two selections must win for the bet to generate a return.
Two-ball and Three-ball betting (Golf): A betting option that involves predicting which player from a specified group of two or three will shoot the lowest score over 18 holes.

U

Undecided: When an event has not been completed and the outcome of the bet is not yet known Unresulted: When an incorrect outcome has been entered and paid out, and has to be reversed. All winnings are deducted from betting accounts.
Under: Refers to betting that the total combined score of a game/event will be less than a specified number.
Unit: A standardized amount of money used for betting, often a small percentage of a bettor’s bankroll.

V

Value Betting: Placing bets on outcomes with odds that are higher than the true probability of the event occurring.
Verified By Visa: aka 3D Secure is an authentication protocol that requires card holders to enter a user-generated PIN or Password to verify their identity and validate the transaction. Please refer any queries about this process to your card issuer.
Vigorish (Vig): The commission or fee that bookmakers charge for placing bets.
Void: This term applies to a situation where a bet is cancelled and the bet amount is refunded.

W

Wager: The act of staking a sum of money on the outcome of an event. Also known as a ‘bet’.
Win: Officially place first.
Win only: A bet to win first place only in an event. Also known as ‘straight out’.
Wise Guy: Another term for a sharp bettor, someone who is well-informed and experienced in betting.
Withdrawal: When funds are sent from your the bookmaker betting account to your bank account.

Y

Yellow card: In general, a yellow card signifies that a player has been given a caution by the referee. This caution may result in an enforced time penalty where the cautioned player is removed from the field of play.