Below you will find a comprehensive glossary of terms related to the betting industry:
Accumulator: A bet on a number of selections. If one selection wins, the stake and winnings roll over to the second bet, then third and so on. All selections must win for the accumulator to be a success.
Back: To bet on a horse, team, etc to win.
Banker. A bet that is considered to be a certainty (typically in horse racing).
Betting Exchange: A betting alternative to a traditional fixed odds bookmaker. Customers are able to bet against each other, generally allowing better odds to be found.
Book. The market of bets a bookmaker has available.
Bookie. Abbreviated name for a bookmaker.
Bookmaker. Middlemen/companies that take bets from customers and pay any returns if due.
Cockle. Slang for the odds 10/1.
Double. A small accumulator comprising of two selections.
Each way. A bet which pays a return as long as your selection is placed. Each way bets are most popular in horse racing and are a good way to reduce risk when there are many horses competing.
Evens. The odds of 1/1. If you bet £10 you win £10 plus your stake is returned to you.
Favourite. The bookies’ favourite horse/team/player to win the event. The favourite will bring the shortest odds and therefore the smalest return from a stake.
Fold. This is the number of selections within an accumulator type bet. A five fold accumulator will consist of five selctions and all need to win for the bet to be successful.
Forecast. A type of horse racing bet where you pick bnoth the winner and runner up in the correct order. A reverse forecast is where you bet on two horses to finish 1st and 2nd but it doesn’t matter which order they finish in.
Hedging. This is whereby you lay against your original bet in order to reduce the risk of losing completely. Many people have heard of the phrase “hedging your bet”.
Laying. When you place a bet against a selection failing to win. For example if you lay Plymouth Argyle to win the Championship, you are setting odds at which people can bet that Plymouth will win. This has become more popular with the advent of betting exchanges like Batfair and Betdaq.
Long odds. The longer the odds-the less chance the bookmaker gives the outcome of happening. Odds 0f 200/1 are longer than 50/1.
Multiple. Another name given for an accumulator type bet.
Odds. The chance given by the bookmaker on a particular outcome occurring. If Manchester united are given odds of 3/1 to win the Premiership, then a winning stake of £5 would see a return of £20 (£15 win and £5 stake)
Odds on. When the odds of a particular outcome are less than evens (1/1).
Off the board. When all bets for a particular market are closed.
Out. When odds get longer they are known to be moving out.
Outsider. When a horse is given very little chance of winning it is called an outsider. The odds in this case will be seen to be much longer.
Punter. Someone who has a punt (places a bet).
Return. The amount of money including any stake that is returned to the punter.
Score-cast. A type of bet where you guess the result of a particular event – typically at halftime and/or full time.
Short. When a selection is considered likely to win, the odds are short. This is the opposite to long (see above).
Single. A bet on just one selection winning.
Spread Betting. A type of bet where the success of the bet depends upon the accuracy of the wager rather than whether a particular horse, team, etc wins or loses. Please see our guide to spread betting.
Stake. The amount of money that is bet on a particular result. If the bet wins it is returned to the person who placed the bet along with any winnings.
Treble. An accumulator bet comprising of 3 selections.
