Accumulator.
Sometimes called a parlay. A bet where the winnings from one bet are placed on the next bet. The gains accumulate, giving a great theoretical return. It’s actually not very profitable as it only takes one to lose and your entire bet loses.
Arbitration.
A combination of bets that guarantees a risk-free theoretical win. This sometimes occurs when a bookmaker offers a price that is not in line with the rest of the market. The opportunities don’t last long as the bookmaker will adjust their prices accordingly.
Asian handicap.
A type of bet where a team is given a handicap makes the odds of beating the handicap even and the odds of not beating the handicap even. Popular in Asia.
Banker.
A bet with many chances to win. The odds are usually less than 1.5 for this type of bet.
Betting exchange.
A place where people bet against each other. The exchange takes a commission from each winning trade.
Value in books.
The final round that a bookmaker incorporates into the odds. For example, a typical soccer match will be booked at 110%, which means that if you bet on all outcomes, you will lose around 10%. Very similar to the payment which is defined as 100/book value. To calculate book value, simply use this formula, Book value = 1/outcome1_odds + 1/outcome2_odds + …
Bookmaker, bookmaker.
The person who accepts a bet.
Decimal odds.
Odds expressed as a decimal, with the stake included in the total price. For example, decimal odds of 3 are equivalent to fractional odds of 2/1, since the bet is included in the first but not in the second.
Double.
An accumulator with 2 bets.
Double chance.
A bet offered on the 3-way market where you bet on 2 outcomes. For example, you can bet on home win or draw. The odds are usually very low, but you are much more likely to win the bet.
Draw without bet.
A bet where the tie returns your bet. This is exactly the same as a +0 Asian handicap.
Every path.
A type of bet where you can still win if your pick is 2nd/3rd/4th depending on the market. The bet is divided into 2, half is placed on an outright win and the other half on, say, the next 4 places. This is popular in horse racing, but is used in football, in some markets for example. First goalscorer.
European handicap.
Not to be confused with Asian handicaps. This is where a team is given a kickoff goal, but the bet cannot be taken out. Three prices are quoted, one for the handicapping team, one for the handicapping team and one for the handicap draw. For example, if a team is given a European handicap of +1 and the match is lost by a single goal, the bet is still a loser, unlike Asian handicaps where bets are refunded. A handicap of +1 equals an Asian handicap of +0.5, a handicap of -1 equals an Asian handicap of -1.5.
Same.
A bet where the odds are 1/1 fractional or 2 decimal. You basically double your money if you bet on this and win.
Bets with fixed odds.
This is where you know what you are going to win or lose at the time you place the bet. Your earnings and liability are ‘fixed’. Compare to spread betting.
Fractional odds.
These are a popular way of expressing probabilities in Britain. The bet is not included in the refund. For example, 2/1 is equal to 3 decimal places, since it only expresses the winning part of the bet.
Goal line, unders/overs, total goals.
All similar markets focused on total goals in a match. Unders/overs generally means 2 goals or less for unders and 3 goals or more for overs. The goal line is practically the same as the unders/overs but the bet can tie. For example, if the goal line is 3, a game with 2 goals over a few will win the unders, a game with 4 or more will win the overs while a game with exactly 3 goals will void the bet. Sometimes goal lines have quarters on them, for example. 2.25, there are exactly 2 goals in the match here, the under bet will win half, while the over bet will lose half. Total goals are usually expressed in 3 parentheses, 0-1, 2-3 and 4+.
Part Time/Full Time, sometimes called a double result.
This is where you bet on the results at half time and at full time.
Place a bet.
This is what a bookmaker does when they accept a bet. It is possible to place bets yourself on a betting exchange.
odds against.
A bet where the odds are greater than evens.
Odds.
A bet where the odds are less than even.
Marker.
This is a bet where you predict the first goal and the correct score. The odds are good, but getting it right is very difficult.
Betting spread.
An increasingly popular betting method where returns are not fixed. You will be in the difference between what the bookmakers set as the spread and what you think will happen. For example, at the time of the market for the first goal, the bookmaker may offer a quote for 26-29 minutes. You can go below (buy) or above (sell) this spread. If you bet under and a goal is scored in the 6th minute, you win 20 (26-6) times your bet. However, if you end up getting scored in the 80th minute, you will end up losing a lot of money.
Three way bets or 1X2.
Bets on a home win / draw / or away win. 1X2 because in the bookmakers 1 is marked for a local victory, X for a draw and 2 for an away victory.
Void bet.
In Asian handicap terms, this is where the bets are placed. Void bets can also occur in other markets, for example in the first goal market, if your player is not on the field when the first goal is scored, the bet will be void. It can happen if matches are postponed or abandoned.