Geniebet.com

Betting knowledge to lamp the bookies

You are here: Home / Archives for Betting School / Sports betting

Sports betting

Overround (Betting Margin) Explained

· ·

Bookmaker’s Overround

Bookmakers are profit making businesses. To keep them profitable they need to write in a certain amount of margin into each market they offer prices on. An overround of 110% means that the customer must stake a total of €110 spread out over all the selections to guarantee himself a return of €100 regardless of the result. In this way the bookmaker expects to make a profit of €10 for every €110 turnover.

We will first look at how margin is calculated:
For odds displaying in the fractional form X/Y the margin on this is calculated using the formula Y/(X+Y). e.g. the margin on 6/4 = 4/(6+4) = 4/10 = 40%.

For odds displaying in the decimal format this calculation is even easier as you just divide 1 by the decimal and display as a percentage. e.g. the margin on 2.5 (this is the decimal form of 6/4) is 1/(2.5) = 40%.

So if a bookmaker offers odds on a 3-way market with odds on the 3 selections of 1/1 (=50%), 2/1 (=33.33%) and 3/1 (=25%). This results in an overround of 108.33%.

The size of the overround depends on the number of selections and how high profile the event is. These can range from approximately 104% for the Superbowl match betting, 106% for Premier League Soccer match betting, 111% on lower profile soccer leagues, 125% on greyhound races with 6 selections, 130% on soccer correct score market to in the region of 160% on a golf tournament with over 100 golfers. The higher the overround the more margin the bookmakers expect to make from a market, making it increasingly difficult for the bettor to have a profitable bet.

Please see Genie’s chart that converts prices from fractional to decimal odds and displaying the margins on these odds.

FRACTIONAL ODDS DECIMAL ODDS MARGIN
1/100 1.01 99.01%
1/66 1.02 98.51%
1/50 1.02 98.04%
1/33 1.03 97.06%
1/25 1.04 96.15%
1/20 1.05 95.24%
1/16 1.06 94.12%
1/12 1.08 92.31%
1/10 1.10 90.91%
1/9 1.11 90.00%
1/8 1.13 88.89%
1/7 1.14 87.50%
1/6 1.17 85.71%
1/5 1.20 83.33%
2/9 1.22 81.82%
1/4 1.25 80.00%
2/7 1.29 77.78%
3/10 1.30 76.92%
1/3 1.33 75.00%
4/11 1.36 73.33%
2/5 1.40 71.43%
4/9 1.44 69.23%
1/2 1.50 66.67%
8/15 1.53 65.22%
4/7 1.57 63.64%
8/13 1.62 61.90%
2/3 1.67 60.00%
8/11 1.73 57.89%
4/5 1.80 55.56%
5/6 1.83 54.55%
10/11 1.91 52.38%
1/1 2.00 50.00%
11/10 2.10 47.62%
6/5 2.20 45.45%
5/4 2.25 44.44%
13/10 2.30 43.48%
11/8 2.38 42.11%
7/5 2.40 41.67%
3/2 2.50 40.00%
8/5 2.60 38.46%
13/8 2.63 38.10%
17/10 2.70 37.04%
7/4 2.75 36.36%
9/5 2.80 35.71%
15/8 2.88 34.78%
2/1 3.00 33.33%
21/10 3.10 32.26%
11/5 3.20 31.25%
9/4 3.25 30.77%
23/10 3.30 30.30%
12/5 3.40 29.41%
5/2 3.50 28.57%
13/5 3.60 27.78%
11/4 3.75 26.67%
14/5 3.80 26.32%
3/1 4.00 25.00%
16/5 4.20 23.81%
10/3 4.33 23.08%
7/2 4.50 22.22%
15/4 4.75 21.05%
4/1 5.00 20.00%
9/2 5.50 18.18%
5/1 6.00 16.67%
11/2 6.50 15.38%
6/1 7.00 14.29%
13/2 7.50 13.33%
7/1 8.00 12.50%
15/2 8.50 11.76%
8/1 9.00 11.11%
9/1 10.00 10.00%
10/1 11.00 9.09%
11/1 12.00 8.33%
12/1 13.00 7.69%
14/1 15.00 6.67%
16/1 17.00 5.88%
18/1 19.00 5.26%
20/1 21.00 4.76%
22/1 23.00 4.35%
25/1 26.00 3.85%
28/1 29.00 3.45%
33/1 34.00 2.94%
40/1 41.00 2.44%
50/1 51.00 1.96%
66/1 67.00 1.49%
80/1 81.00 1.23%
100/1 101.00 0.99%
125/1 126.00 0.79%
150/1 151.00 0.66%
200/1 201.00 0.50%
250/1 251.00 0.40%
300/1 301.00 0.33%
400/1 401.00 0.25%
500/1 501.00 0.20%
750/1 751.00 0.13%
1000/1 1001.00 0.10%

Betting Odds Explained

· ·

BETTING ODDS EXPLAINED

FRACTIONAL ODDS

Those of you from UK or from Ireland will be most familiar with fractional betting odds.

Fractional odds display the amount of profit that you will stand to win relative to your stake

N.B. – If a selection has odds of 6/1 this means that we are saying it has a 1 in 7 chance of winning, not a 1 in 6.

The fractional odds assigned to a selection are determined by the expected chance it has of winning so if we believe something to have a 25% chance of winning it will be 3/1… meaning that it has a 1 in 4 chance of winning.

Example 1: If you be £2 at fractional odds of 5/2 then you stand to make a profit of £5 (you will also get the original stake of £2 back meaning a total return of £7).

Example 2: with fractional odds of 1/3 you will need to stake £3 in order to make a profit of £1.

Fractional Odds * Stake = Winnings

DECIMAL ODDS

Decimal odds are more commonly used outside of the UK and Ireland.

Unlike fractional odds, decimal odds are displayed in such a way that the stake multiplied by the odds is equal to the total returns.

Decimal odds are always displayed to 2 decimal places.

To decide upon the decimal odds of a selection we also have to firstly consider it’s prospective chances of winning. If again we say that it has a 25% chance of winning then we use the formula;

100/(% chance of winning) = decimal odds

in this case

100/25 = 4.00

Decimal Odds * Stake = Returns

US ODDS

Most of us Europeans aren’t too familiar with US Odds display but you may come across it from time to time so you might as well know what it all means.

There are 2 types of US Odds and you will need to understand both:

1)     Positive US Odds: When the price is Evens or higher (the selection has 50% or less chance of winning).

2)     Negative US Odds: When the price is lower than Evens (the selection has a greater than 50% chance of winning).

Positive US odds can be distinguished by the ‘+’ sign displayed before the number. They show the amount that you would stand to win (profit) for a 100 stake… so, as with the above example of a 25% chance of winning, the US odds in this case are +300

Negative US odds are distinguishable by the ‘-‘ sign before the odds. The number shows the amount that the punter needs to bet in order win 100… so, for example, if Liverpool have a 75% chance of winning their match then the fractional odds would be 1/3 and the decimal odds would be 1.33. The US odds would be -300.

GENIE SAYS: If you are still a little confused about betting odds then why not contact us with any of your questions.

[contact-form 1 “Contact form 1”]

Betting Markets Explained

· ·

Betting Markets

Match Betting / win-draw-win / 1-x-2 / Money Line
Betting on the outcome of an event with 2 teams or participants.

Outright Betting
Betting on the overall winner of a competition or tournament.

Double Chance
This is effectively the fixed odds bookmakers’ way of offering the customer an opportunity to ‘lay’. It is only available on an event involving 2 teams and where a draw is a possible outcome. The punter selects 2 of the possible 3 outcomes and if either occurs then the bet is a winner.

Betting w/o Favourite
Hypothetical bet in which the market favourite is removed and the odds adjusted accordingly. If the market favourite wins the event then the second place finisher is the winner of the betting w/o favourite market.

Draw No Bet
If the match ends in a draw then stake is refunded. This market is only available on an event between 2 teams where a draw is a possible outcome. For example Arsenal vs Liverpool. You bet £10 on Liverpool at 2/1 in the ‘draw no bet’ market. If the game is a draw then your stake is refunded. If Arsenal win then you lose your £10 and if Liverpool win you will receive £30.

Over/Under
The bookie will fix an estimate on the number of points that will be scored. They will then offer odds on the result being higher or lower than that. Over/Under betting is available on things such as total goals, total points, total corners, 3 dart average, total 180’s to name a few.

Bookings Index
Specifically a football bet. 10pts are awarded for a yellow card and 25pts for a red. The bookmaker will fix a score, say 44pts, and you can bet on whether there will be more or less that 44pts. With a fixed odds bookmaker you can have a straightforward bet on whether the figure is higher or lower than the estimate. In spread betting you can win/lose extra cash for every point over or under the line when the event is resulted.

Total Goals
Bet on how many goals there will be in a game of football. It is usually available in over/under format as well as betting on the exact number of goals.

Total Points
Bet on how many points there will be in a game. It is usually available in over/under format with a half point line.

First Goalscorer
Bet on which player will score the first goal in a game of football. If no player scores then the bet is a loser. If you bet on a player who is not in the starting line-up and they are not on the pitch when the first goal is scored then your stake will be refunded (only by fixed odds bookies, not in a betting exchange). Extra time goals do not count. When the first goal of a match is an own-goal then the scorer of the second goal will be settled as a winner.

First tryscorer, first point scorer etc all work in much the same way.

Anytime Goalscorer
Bet on a player to score at anytime during the match. If you bet on a player who does not play any part in the game then the stake is refunded (only by fixed odds bookies, not in a betting exchange).

Anytime tryscorer or anytime scorer etc all work in the same way.

Last Goalscorer
Bet on which player will score the last goal in a game of football. If no player scores then the bet is a loser. If you bet on a player who is not in the starting line-up and they are not on the pitch when the last goal is scored then your stake will be refunded (only by fixed odds bookies, not in a betting exchange). Extra time goals do not count.

Total Corners
This market is normally what is called band betting whereby you are given more that 2 choices for the range of total corners and you must select the correct one in order to win.

For example: Total Corners in match
Under 10                 5/4
10-12 inclusive         15/8
Over 12                  2/1

Half-Time – Full-Time
In this market you must indicate the result of the game at both half and full time in order to win.

For example: Liverpool vs Arsenal. If I think that it will be level at half-time but that Liverpool will win the match then I would select ‘Draw-Liverpool’.

To Qualify
Bet on which team will progress to the next round of the competition.

Correct Score
As it says on the tin really; You must predict the exact final score of the match.

Scorecast
A sort of multiple bet in which you must correctly predict both the first goalscorer and the correct score of the match to win.

Match Handicap
One team is given a theoretical head start and you select the result from there. Best to explain with an example really. If Ireland were playing against New Zealand in Rugby Union then you might see something like:

Handicap Betting
Ireland (+20)           10/11
Draw (+20)              16/1
New Zealand (-20)    10/11

This means that Ireland start with a theoretical 20 point advantage. If they win the match or lose by less than 20 points then they ‘beat the handicap’. If they lose by more than 20 points then New Zealand ‘beat the handicap’. If New Zealand win by exactly 20 points then the handicap market is drawn.

Points race – first to x points
Betting on which team (or player) will reach a certain number of points first. It is quite common in a tennis match or game of basketball

Golf Threeball Betting
Betting on which of the 3 players playing together will have the best round. If 2 or more players finish on the same score, dead heat rules apply.

Golf Tournament Match Betting
Given a choice of 2 players you can choose which one will finish higher on the leaderboard. If the players are level then dead heat rules apply.

Golf End of Round Leader
Betting on which player will lead the field at the end of the round. Dead heat rules apply when 1 or more players share the lead.

Winning Margin
Betting on the margin of victory to your selected team. Commonly presented as band betting.

Boxing/UFC: Method of Victory
Typically the bettor is give 5 options and must select not only who will win the fight but how they will win it. The 5 options are always:

  • Fighter A by Decision (to win on points)
  • Fighter A by KO, TKO or disqualification
  • Fighter B by Decision (to win on points)
  • Fighter B by KO, TKO or disqualification
  • Draw

Boxing/UFC: Round Betting

The bettor must select the winner of the fight and in what round they will win the fight or whether they will win by decision (points)

Boxing/UFC: Total Rounds (over/under)
Betting on whether there will be more or less rounds in the fight than the bookmakers’ specified ‘line’.

Tennis: Set Betting (correct score)
Betting on the final score in sets. The punter is required to specify which player will win and by what scoreline.

Tennis: Total Games odd/even
Betting on whether the total games played in the match is an even or odd number of games. A tie breaker is counted as one game.

Tennis: Total Sets
Betting on the total number of sets that will be played in the match.

Cricket: Top Team Batsman
Betting on which batsman will score the most runs for his team in an innings. Dead heat rules apply if 1 or more end up with the same amount of runs.

Darts: Total 180’s over/under
Betting on whether the total number of 180’s (from both players) in a match will be over or under the bookmakers’ line (prediction).

Darts: 3 Dart Average over/under
Betting on whether the three dart average for a specified player will be over or under the bookmakers’ line (prediction)

Darts: Colour of Winning Double
Betting on the colour of the winning double thrown in a leg. The 2 choices are green and red. A bullseye finish counts as red.

Darts: Most 180’s
Betting on which of the 2 players will throw the most 180’s in a match. The draw (i.e. both players to throw the same number of 180’s) is also an option.

Darts: To Win Xth Leg (or set)
Betting on which player will win the xth leg (or set) of the match. Take care to note which player is throwing first in the leg (or set) as this represents a significant advantage.

Snooker: To Score Most Points
Betting on which player will score the most points in the match. Points accumulated by the player in every frame are added up and whichever player has the most is the winner.

Snooker: Most 50+ Breaks
Betting on which player will have the most breaks or 50 or more points in a match.

Snooker: Most Century Breaks
Betting on which player will have the most breaks or 100 or more points in a match.

Straight Forecast
Betting on 2 horses in a race to finish first and second in the order specified.

Reverse Forecast
Betting on 2 horses in a race to finish first and second in any order. It is effectively 2 separate straight forecasts.

Tricast
Betting on 3 horses in a race to finish first, second and third in the specified order.

Combination Tricast
Betting on 3 horses in a race to finish first, second and third in any order.

We hope that helped explain the different betting markets to you. If you have any questions or comments please let us know!

Betting Terminology

· ·

[:en]

Betting Terminology

Amounts
We’ve all seen magicians who can turn a rabbit into a white dove but show me a man who can turn a pony into a monkey and then I’ll be impressed. Here is Genie’s run down on the terminology of betting amounts.
Score – 20 quid
Pony – 25 quid
Ton – 100 quid
Monkey – 500 quid.
Grand – 1000 quid
(If you really want to impress your mates with your knowledge of betting terminology you can tell them that the term monkey was adopted and brought back by Soldiers based in India during the British occupation. The Indian 500 rupee note had a picture of a monkey on it so became known as “a monkey”.)

[table id=1 /]

Ante Post
Refers to bets placed before the day of a race (or event). It is a betting term mostly used in horse racing circles.

Up until approximate 24 hours before an important horse race the bookmaker will have their ante-post prices available. These prices have been set and manually kept up-to-date by the bookmaking trading team. The day of the event the bookmakers will switch the pricing over to feeds coming from one of the 2 major players, SIS and the PA.

Arbitrage
When a difference in the odds available (from all bookmakers) allows a punter to back both sides and guarantee a win. Someone whose partakes in arbitrage is referred to as an ‘arber’ or ‘scalper’.

Banker
A selection highly expected to win by the punter.

Bankroll
The amount of money that is available for gambling purposes

GENIE SAYS: Always differentiate your bankroll from other available funds.

Beard
Someone who places a bet on behalf of someone else.

Best Price Guaranteed
This is a recent development in racing circles. The betting term refers to a special offer that is of great benefit to the punters.

The offer encourages a punter to take an early or board price and if the horse (or greyhound) that you selected is returned at a better SP (starting price) then you will receive the better price. Either way the punter can only benefit.

For example: It’s the morning time and I want to bet on Hi Ho Silver in the 3:15 at Ascot. The early price available to me is 20/1 so bet €10 at this price. At race time Hi Ho Silver goes off at 25/1 and would you believe it; he wins the race. Because the SP price is greater than the EP (early price) I will get paid at the SP. This means that I get €260 returned rather than the €210 I was expecting.

If the SP had been 16/1 I would have been paid at the EP of 20/1 so the best price is guaranteed.

GENIE SAYS: If you are betting on horses or greyhounds always do it with a book maker that offers Best Price Guaranteed.

 

Betting Ring
The area at the race track given over to bookmakers to display their odds.

Book
The bookmaker keeps a list of all competitors in the field and their price. The is collectively known as a book.

Bottle
Refers to odds of 2/1 in betting slang.

Burlington Bertie
Refers to odds of 100/30 (or 10/3) in betting slang.

Buy
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Carpet
Odds of 3/1 in betting slang.

Circled Game
Where a bookmaker restricts the betting allowed on the event by amount and sometimes by player. A bookmaker will restrict their liability in events where they suspect that someone may know something that they don’t.

Dead Cert
A participant or team is considered to be guaranteed of victory. Also referred to as a Lock.

Dead Heat
Where 2 or more participants finish level.

Double Carpet
Odds of 33/1 in betting slang.

Draw
The starting positions of a horse in the race. The number drawn represents the stall number from which the horse must start the race. It is only used in flat racing.

On racetracks with a bend or bends or where a strip of ground on one side of the track has better going, the horses drawn nearest the bending rail or in line with the favoured strip have an advantage. This is particularly true in handicaps and where a front-runner is among those with a favoured draw.

 

Drift
When the odds of an outcome are getting longer (higher) it is said to be on the drift.

Dutching
When a punter identifies and eliminates non-contenders and bets on the other selections in the exact proportions necessary to make a profit no matter which selection wins.

Early Prices
The night before a race the bookmaker will have odds available and these are known as early prices. Most bookmakers will keep their early prices right up until the off time of the race, although 20 minutes before the race goes off all bookmaker prices tend to fall into line as they all subscribe to the same price feeds that kick-in at that time.

See best price guaranteed

Edge
To have an advantage. For example: Being more knowledgeable than the bookmaker on a specific topic. Punters are always looking for an edge.

Evens
A straight bet. What you stake is the exact amount that you can win in profit. Yourself or the bookie will lose the exact amount of the stake… let’s hope it’s not you.

Fixed odds betting
Betting against a bookmaker as opposed betting on an exchange or doing spread betting. The amount that you bet is fixed and that is all that you can possibly lose.

Form
A rating of the recent performances of a horse, team or selection.

Grand
Slang for €/£1000.

Going
Refers to the underfoot conditions at the race track.

Favourite
The selection in a market with the lowest odds, i.e. the selection that is deemed most likely to win.

Field
The participants in a market. For example in a golf event all of the golfers who are participating are collectively referred to as The Field.

Handicap (horse racing)
A race in which the horses are penalised by adding to the weight they must carry or given allowances based on their past performance in an attempt to equalise their chances of winning. A horse that has been winning recently will have to carry additional weight in future races.

Handicap (sports)
It is the penalty in points (or goals or frames etc) that are added in order to give the underdog a better chance. Effectively it is a head start. For example if there is a football match; Arsenal vs Sunderland the bookmaker will allow the punters to bet on Arsenal (-1.5 goals) meaning that Arsenal must win by 2 ore more goals in order to beta the handicap. If Arsenal won by 1 goal or drew or lost then Sunderland would be deemed to be the winner of this market.

It is an extremely popular bet in markets that are particularly one-sided, such as New Zealand vs Italy in rugby union.

Handle
The amount of money taken by the bookmaker. Handle is an American term for turnover.

Turnover
The amount of money taken by the bookmaker.

Half Point Line
In order to only have 2 possible outcomes on a over/under market the bookmaker will often employ a half point line. For example: Basketball game total points market having 2 options – Over 198.5 or Under 198.5. If there are 198 or less points then the under 198.5 selection wins. If there are 199 or more points scored then the over 198.5 selection wins. There can in no circumstances be a ‘draw’ or ‘push’ result.

Hang Cheng
A form of football betting that is popular in Asia. Returns on a team winning are determined by half-goal handicaps.

Hedging
A bookmaker may choose to hedge their potential losses by betting on certain outcomes themselves; for example if a punter has a 10 leg accumulator and the first 9 legs have been a success the bookmaker, facing a potential large payout, may choose to offset part of the risk by betting on the 10th leg outcome with another bookmaker or betting exchange.

Punters using a betting exchange will be familiar with Hedging or Laying whereby they can take a guaranteed profit by offering some of their original bet to another punter at reduced odds.

Jolly
The favourite.

Juice
The commission taken by the bookmaker. It is a seldom used term outside of America.

Layers
Another name for bookmakers (those who lay a bet).

Lengthen
When the odds get bigger they are said to lengthen.

Lines
Another term for the odds offered by the bookie.

Live Betting or Betting In-Running
Betting on the outcome of an event that has already started.

Please see section on betting in-running

Lock
A selection that is expected to win easily.

Longshot
A selection with little chance of winning.

Maiden
In betting circle refers to a horse that has yet to win a race. When the horse wins its first race that is referred to as their maiden victory.

Money Line
A US term for straight match betting (without handicaps).

Nap
The best bet. Often a tipster will have several recommendations of what to bet on in a given period but they will use the term nap to refer to the one that they think is the best bet of all.

Novice
A horse running in its first race.

Nursery
A handicap race for 2 year olds only.

Odds
The prices offered to the punter on the participants in a race or event.

Odds Against
When a selection has odds of higher than evens then it is said to be odds against i.e. it is thought to have a less than 50% chance of winning.

Odds On
When a selection has odds of less than evens then it is said to be odds on i.e. it is thought to have a greater than 50% chance of winning.

Outsider
A participant that is given little chance of winning. Another term for underdog.

Overlay
When the odds are higher than they ought to be i.e. higher than the chance of the selection winning.

GENIES SAYS: Always bet on an overlay… and don’t forget to tell us if you see one.

Overround
The extent to which the odds expressed as percentage probabilities, for all the participants in a field, add up to more than 100 per cent. The excess over 100 per cent – the overround – provides the bookmaker with his expected earnings.

See section on advanced betting

Pitch
The bookmaker’s stand at a racecourse

Placepot
A daily tote pool bet. The punter must name a horse to placed in each of the first six races on a nominated card.

Points Spread
Another term for handicap.

Proposition Bet
A bet on a non-sport event. It may be on a non-sport aspect related to a sporting event. For example: betting on how many times Didier Drogba will feign injury in a match.

Push
If a bet is placed on a full point line handicap and one cannot bet on the draw then, in the event of a handicap tie, the original stakes are refunded. A push tends to apply to betting on American sports.

Sell
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Sharp
A smart bettor.

Spread
American term for handicap.

Stake
The amount of money that a punter bets on an outcome is referred to as the stake.

Starting Price
The odds of the horse (or dog) at the time the race goes off.

Steam
An influx of a lot of money on 1 side (or selection) causing the betting lines to move quickly.

Steamer
A participant (usually horse) which originally had high odds but on which there have been a number of bets causing the odds to fall dramatically.

To punters and bookmakers alike a steamer may be an indication that somebody knows something you don’t about this participant.

Sure-Thing
A bet that cannot lose.

Teaser
US term for a bet based on the point spread where the punter can adjust the line in his favour in return of reduced odds.

Tic-Tac
Sign language used by bookmakers at a course to communicate to each other and  the punters (those who understand them anyway).

Tipsters
These are people who consider themselves experts on selecting value bets in their chosen category. They offer advice on how to make a profit.

GENIE SAYS: One of the most important lessons in becoming a winning gambler is learning which tipsters to listen to and which to ignore.

Totals
US term for over/under bets

Tote
The Horserace Totalisator Board (Tote) enters all bets into separate pools and deducts operating costs and profit sharing what remains of each pool among those who picked the winners or winning combinations. Bets on Tote pools can be placed on course or by telephone to Tote directly.  Some bookmakers are licensed to take Tote bets.

Value
Refers to a situation where the odds offered on a participant are greater than the true odds of them winning.

GENIE SAYS: In each case value is very much up for interpretation. One person’s idea of value does not necessarily match that of another. It is up to you to decide what is good value; or learn to listen the right tipsters who regularly advise on genuine value betting opportunities.

Vigorish

American term for the bookies commission.

Void
A bet that is cancelled and the stake refunded.

Wager
Another term meaning ‘bet’

Weight
In racing it refers to the weight carried by each horse in a race. It includes the jockey and all equipment except the bridle and the jockey’s helmet.

If we have missed out on any additional betting terminology please let us know and we’ll be happy to update our guide.[:es]

Betting Terminology

Amounts
We’ve all seen magicians who can turn a rabbit into a white dove but show me a man who can turn a pony into a monkey and then I’ll be impressed. Here is Genie’s run down on the terminology of betting amounts.
Score – 20 quid
Pony – 25 quid
Ton – 100 quid
Monkey – 500 quid.
Grand – 1000 quid
(If you really want to impress your mates with your knowledge of betting terminology you can tell them that the term monkey was adopted and brought back by Soldiers based in India during the British occupation. The Indian 500 rupee note had a picture of a monkey on it so became known as “a monkey”.)

Ante Post
Refers to bets placed before the day of a race (or event). It is a betting term mostly used in horse racing circles.

Up until approximate 24 hours before an important horse race the bookmaker will have their ante-post prices available. These prices have been set and manually kept up-to-date by the bookmaking trading team. The day of the event the bookmakers will switch the pricing over to feeds coming from one of the 2 major players, SIS and the PA.

Arbitrage
When a difference in the odds available (from all bookmakers) allows a punter to back both sides and guarantee a win. Someone whose partakes in arbitrage is referred to as an ‘arber’ or ‘scalper’.

Banker
A selection highly expected to win by the punter.

Bankroll
The amount of money that is available for gambling purposes

GENIE SAYS: Always differentiate your bankroll from other available funds.


Beard
Someone who places a bet on behalf of someone else.

Best Price Guaranteed
This is a recent development in racing circles. The betting term refers to a special offer that is of great benefit to the punters.

The offer encourages a punter to take an early or board price and if the horse (or greyhound) that you selected is returned at a better SP (starting price) then you will receive the better price. Either way the punter can only benefit.

For example: It’s the morning time and I want to bet on Hi Ho Silver in the 3:15 at Ascot. The early price available to me is 20/1 so bet €10 at this price. At race time Hi Ho Silver goes off at 25/1 and would you believe it; he wins the race. Because the SP price is greater than the EP (early price) I will get paid at the SP. This means that I get €260 returned rather than the €210 I was expecting.

If the SP had been 16/1 I would have been paid at the EP of 20/1 so the best price is guaranteed.

GENIE SAYS: If you are betting on horses or greyhounds always do it with a book maker that offers Best Price Guaranteed.

Betting Ring
The area at the race track given over to bookmakers to display their odds.

Book
The bookmaker keeps a list of all competitors in the field and their price. The is collectively known as a book.

Bottle
Refers to odds of 2/1 in betting slang.

Burlington Bertie
Refers to odds of 100/30 (or 10/3) in betting slang.

Buy
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Carpet
Odds of 3/1 in betting slang.

Circled Game
Where a bookmaker restricts the betting allowed on the event by amount and sometimes by player. A bookmaker will restrict their liability in events where they suspect that someone may know something that they don’t.

Dead Cert
A participant or team is considered to be guaranteed of victory. Also referred to as a Lock.

Dead Heat
Where 2 or more participants finish level.

Double Carpet
Odds of 33/1 in betting slang.

Draw
The starting positions of a horse in the race. The number drawn represents the stall number from which the horse must start the race. It is only used in flat racing.

On racetracks with a bend or bends or where a strip of ground on one side of the track has better going, the horses drawn nearest the bending rail or in line with the favoured strip have an advantage. This is particularly true in handicaps and where a front-runner is among those with a favoured draw.

Drift
When the odds of an outcome are getting longer (higher) it is said to be on the drift.

Dutching
When a punter identifies and eliminates non-contenders and bets on the other selections in the exact proportions necessary to make a profit no matter which selection wins.

Early Prices
The night before a race the bookmaker will have odds available and these are known as early prices. Most bookmakers will keep their early prices right up until the off time of the race, although 20 minutes before the race goes off all bookmaker prices tend to fall into line as they all subscribe to the same price feeds that kick-in at that time.

See best price guaranteed

Edge
To have an advantage. For example: Being more knowledgeable than the bookmaker on a specific topic. Punters are always looking for an edge.

Evens
A straight bet. What you stake is the exact amount that you can win in profit. Yourself or the bookie will lose the exact amount of the stake… let’s hope it’s not you.

Fixed odds betting
Betting against a bookmaker as opposed betting on an exchange or doing spread betting. The amount that you bet is fixed and that is all that you can possibly lose.

Form
A rating of the recent performances of a horse, team or selection.

Grand
Slang for €/£1000.

Going
Refers to the underfoot conditions at the race track.

Favourite
The selection in a market with the lowest odds, i.e. the selection that is deemed most likely to win.

Field
The participants in a market. For example in a golf event all of the golfers who are participating are collectively referred to as The Field.

Handicap (horse racing)
A race in which the horses are penalised by adding to the weight they must carry or given allowances based on their past performance in an attempt to equalise their chances of winning. A horse that has been winning recently will have to carry additional weight in future races.

Handicap (sports)
It is the penalty in points (or goals or frames etc) that are added in order to give the underdog a better chance. Effectively it is a head start. For example if there is a football match; Arsenal vs Sunderland the bookmaker will allow the punters to bet on Arsenal (-1.5 goals) meaning that Arsenal must win by 2 ore more goals in order to beta the handicap. If Arsenal won by 1 goal or drew or lost then Sunderland would be deemed to be the winner of this market.

It is an extremely popular bet in markets that are particularly one-sided, such as New Zealand vs Italy in rugby union.

Handle
The amount of money taken by the bookmaker. Handle is an American term for turnover.

Turnover
The amount of money taken by the bookmaker.

Half Point Line
In order to only have 2 possible outcomes on a over/under market the bookmaker will often employ a half point line. For example: Basketball game total points market having 2 options – Over 198.5 or Under 198.5. If there are 198 or less points then the under 198.5 selection wins. If there are 199 or more points scored then the over 198.5 selection wins. There can in no circumstances be a ‘draw’ or ‘push’ result.

Hang Cheng
A form of football betting that is popular in Asia. Returns on a team winning are determined by half-goal handicaps.

Hedging
A bookmaker may choose to hedge their potential losses by betting on certain outcomes themselves; for example if a punter has a 10 leg accumulator and the first 9 legs have been a success the bookmaker, facing a potential large payout, may choose to offset part of the risk by betting on the 10th leg outcome with another bookmaker or betting exchange.

Punters using a betting exchange will be familiar with Hedging or Laying whereby they can take a guaranteed profit by offering some of their original bet to another punter at reduced odds.

Jolly
The favourite.

Juice
The commission taken by the bookmaker. It is a seldom used term outside of America.

Layers
Another name for bookmakers (those who lay a bet).

Lengthen
When the odds get bigger they are said to lengthen.

Lines
Another term for the odds offered by the bookie.

Live Betting or Betting In-Running
Betting on the outcome of an event that has already started.

Please see section on betting in-running

Lock
A selection that is expected to win easily.

Longshot
A selection with little chance of winning.

Maiden
In betting circle refers to a horse that has yet to win a race. When the horse wins its first race that is referred to as their maiden victory.

Money Line
A US term for straight match betting (without handicaps).

Nap
The best bet. Often a tipster will have several recommendations of what to bet on in a given period but they will use the term nap to refer to the one that they think is the best bet of all.

Novice
A horse running in its first race.

Nursery
A handicap race for 2 year olds only.

Odds
The prices offered to the punter on the participants in a race or event.

Odds Against
When a selection has odds of higher than evens then it is said to be odds against i.e. it is thought to have a less than 50% chance of winning.

Odds On
When a selection has odds of less than evens then it is said to be odds on i.e. it is thought to have a greater than 50% chance of winning.

Outsider
A participant that is given little chance of winning. Another term for underdog.

Overlay
When the odds are higher than they ought to be i.e. higher than the chance of the selection winning.

GENIES SAYS: Always bet on an overlay… and don’t forget to tell us if you see one.

Overround
The extent to which the odds expressed as percentage probabilities, for all the participants in a field, add up to more than 100 per cent. The excess over 100 per cent – the overround – provides the bookmaker with his expected earnings.

See section on advanced betting

Pitch
The bookmaker’s stand at a racecourse

Placepot
A daily tote pool bet. The punter must name a horse to placed in each of the first six races on a nominated card.

Points Spread
Another term for handicap.

Proposition Bet
A bet on a non-sport event. It may be on a non-sport aspect related to a sporting event. For example: betting on how many times Didier Drogba will feign injury in a match.

Push
If a bet is placed on a full point line handicap and one cannot bet on the draw then, in the event of a handicap tie, the original stakes are refunded. A push tends to apply to betting on American sports.

Sell
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Sharp
A smart bettor.

Spread
American term for handicap.

Stake
The amount of money that a punter bets on an outcome is referred to as the stake.

Starting Price
The odds of the horse (or dog) at the time the race goes off.

Steam
An influx of a lot of money on 1 side (or selection) causing the betting lines to move quickly.

Steamer
A participant (usually horse) which originally had high odds but on which there have been a number of bets causing the odds to fall dramatically.

To punters and bookmakers alike a steamer may be an indication that somebody knows something you don’t about this participant.

Sure-Thing
A bet that cannot lose.

Teaser
US term for a bet based on the point spread where the punter can adjust the line in his favour in return of reduced odds.

Tic-Tac
Sign language used by bookmakers at a course to communicate to each other and  the punters (those who understand them anyway).


Tipsters
These are people who consider themselves experts on selecting value bets in their chosen category. They offer advice on how to make a profit.

GENIE SAYS: One of the most important lessons in becoming a winning gambler is learning which tipsters to listen to and which to ignore.

Totals
US term for over/under bets

Tote
The Horserace Totalisator Board (Tote) enters all bets into separate pools and deducts operating costs and profit sharing what remains of each pool among those who picked the winners or winning combinations. Bets on Tote pools can be placed on course or by telephone to Tote directly.  Some bookmakers are licensed to take Tote bets.

Value
Refers to a situation where the odds offered on a participant are greater than the true odds of them winning.

GENIE SAYS: In each case value is very much up for interpretation. One person’s idea of value does not necessarily match that of another. It is up to you to decide what is good value; or learn to listen the right tipsters who regularly advise on genuine value betting opportunities.

Vigorish

American term for the bookies commission.

Void
A bet that is cancelled and the stake refunded.

Wager
Another term meaning ‘bet’

Weight
In racing it refers to the weight carried by each horse in a race. It includes the jockey and all equipment except the bridle and the jockey’s helmet.

If we have missed out on any additional betting terminology please let us know and we’ll be happy to update our guide.[:pt]

Betting Terminology

Amounts
We’ve all seen magicians who can turn a rabbit into a white dove but show me a man who can turn a pony into a monkey and then I’ll be impressed. Here is Genie’s run down on the terminology of betting amounts.
Score – 20 quid
Pony – 25 quid
Ton – 100 quid
Monkey – 500 quid.
Grand – 1000 quid
(If you really want to impress your mates with your knowledge of betting terminology you can tell them that the term monkey was adopted and brought back by Soldiers based in India during the British occupation. The Indian 500 rupee note had a picture of a monkey on it so became known as “a monkey”.)

Ante Post
Refers to bets placed before the day of a race (or event). It is a betting term mostly used in horse racing circles.

Up until approximate 24 hours before an important horse race the bookmaker will have their ante-post prices available. These prices have been set and manually kept up-to-date by the bookmaking trading team. The day of the event the bookmakers will switch the pricing over to feeds coming from one of the 2 major players, SIS and the PA.

Arbitrage
When a difference in the odds available (from all bookmakers) allows a punter to back both sides and guarantee a win. Someone whose partakes in arbitrage is referred to as an ‘arber’ or ‘scalper’.

Banker
A selection highly expected to win by the punter.

Bankroll
The amount of money that is available for gambling purposes

GENIE SAYS: Always differentiate your bankroll from other available funds.


Beard
Someone who places a bet on behalf of someone else.

Best Price Guaranteed
This is a recent development in racing circles. The betting term refers to a special offer that is of great benefit to the punters.

The offer encourages a punter to take an early or board price and if the horse (or greyhound) that you selected is returned at a better SP (starting price) then you will receive the better price. Either way the punter can only benefit.

For example: It’s the morning time and I want to bet on Hi Ho Silver in the 3:15 at Ascot. The early price available to me is 20/1 so bet €10 at this price. At race time Hi Ho Silver goes off at 25/1 and would you believe it; he wins the race. Because the SP price is greater than the EP (early price) I will get paid at the SP. This means that I get €260 returned rather than the €210 I was expecting.

If the SP had been 16/1 I would have been paid at the EP of 20/1 so the best price is guaranteed.

GENIE SAYS: If you are betting on horses or greyhounds always do it with a book maker that offers Best Price Guaranteed.

Betting Ring
The area at the race track given over to bookmakers to display their odds.

Book
The bookmaker keeps a list of all competitors in the field and their price. The is collectively known as a book.

Bottle
Refers to odds of 2/1 in betting slang.

Burlington Bertie
Refers to odds of 100/30 (or 10/3) in betting slang.

Buy
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Carpet
Odds of 3/1 in betting slang.

Circled Game
Where a bookmaker restricts the betting allowed on the event by amount and sometimes by player. A bookmaker will restrict their liability in events where they suspect that someone may know something that they don’t.

Dead Cert
A participant or team is considered to be guaranteed of victory. Also referred to as a Lock.

Dead Heat
Where 2 or more participants finish level.

Double Carpet
Odds of 33/1 in betting slang.

Draw
The starting positions of a horse in the race. The number drawn represents the stall number from which the horse must start the race. It is only used in flat racing.

On racetracks with a bend or bends or where a strip of ground on one side of the track has better going, the horses drawn nearest the bending rail or in line with the favoured strip have an advantage. This is particularly true in handicaps and where a front-runner is among those with a favoured draw.

Drift
When the odds of an outcome are getting longer (higher) it is said to be on the drift.

Dutching
When a punter identifies and eliminates non-contenders and bets on the other selections in the exact proportions necessary to make a profit no matter which selection wins.

Early Prices
The night before a race the bookmaker will have odds available and these are known as early prices. Most bookmakers will keep their early prices right up until the off time of the race, although 20 minutes before the race goes off all bookmaker prices tend to fall into line as they all subscribe to the same price feeds that kick-in at that time.

See best price guaranteed

Edge
To have an advantage. For example: Being more knowledgeable than the bookmaker on a specific topic. Punters are always looking for an edge.

Evens
A straight bet. What you stake is the exact amount that you can win in profit. Yourself or the bookie will lose the exact amount of the stake… let’s hope it’s not you.

Fixed odds betting
Betting against a bookmaker as opposed betting on an exchange or doing spread betting. The amount that you bet is fixed and that is all that you can possibly lose.

Form
A rating of the recent performances of a horse, team or selection.

Grand
Slang for €/£1000.

Going
Refers to the underfoot conditions at the race track.

Favourite
The selection in a market with the lowest odds, i.e. the selection that is deemed most likely to win.

Field
The participants in a market. For example in a golf event all of the golfers who are participating are collectively referred to as The Field.

Handicap (horse racing)
A race in which the horses are penalised by adding to the weight they must carry or given allowances based on their past performance in an attempt to equalise their chances of winning. A horse that has been winning recently will have to carry additional weight in future races.

Handicap (sports)
It is the penalty in points (or goals or frames etc) that are added in order to give the underdog a better chance. Effectively it is a head start. For example if there is a football match; Arsenal vs Sunderland the bookmaker will allow the punters to bet on Arsenal (-1.5 goals) meaning that Arsenal must win by 2 ore more goals in order to beta the handicap. If Arsenal won by 1 goal or drew or lost then Sunderland would be deemed to be the winner of this market.

It is an extremely popular bet in markets that are particularly one-sided, such as New Zealand vs Italy in rugby union.

Handle
The amount of money taken by the bookmaker. Handle is an American term for turnover.

Turnover
The amount of money taken by the bookmaker.

Half Point Line
In order to only have 2 possible outcomes on a over/under market the bookmaker will often employ a half point line. For example: Basketball game total points market having 2 options – Over 198.5 or Under 198.5. If there are 198 or less points then the under 198.5 selection wins. If there are 199 or more points scored then the over 198.5 selection wins. There can in no circumstances be a ‘draw’ or ‘push’ result.

Hang Cheng
A form of football betting that is popular in Asia. Returns on a team winning are determined by half-goal handicaps.

Hedging
A bookmaker may choose to hedge their potential losses by betting on certain outcomes themselves; for example if a punter has a 10 leg accumulator and the first 9 legs have been a success the bookmaker, facing a potential large payout, may choose to offset part of the risk by betting on the 10th leg outcome with another bookmaker or betting exchange.

Punters using a betting exchange will be familiar with Hedging or Laying whereby they can take a guaranteed profit by offering some of their original bet to another punter at reduced odds.

Jolly
The favourite.

Juice
The commission taken by the bookmaker. It is a seldom used term outside of America.

Layers
Another name for bookmakers (those who lay a bet).

Lengthen
When the odds get bigger they are said to lengthen.

Lines
Another term for the odds offered by the bookie.

Live Betting or Betting In-Running
Betting on the outcome of an event that has already started.

Please see section on betting in-running

Lock
A selection that is expected to win easily.

Longshot
A selection with little chance of winning.

Maiden
In betting circle refers to a horse that has yet to win a race. When the horse wins its first race that is referred to as their maiden victory.

Money Line
A US term for straight match betting (without handicaps).

Nap
The best bet. Often a tipster will have several recommendations of what to bet on in a given period but they will use the term nap to refer to the one that they think is the best bet of all.

Novice
A horse running in its first race.

Nursery
A handicap race for 2 year olds only.

Odds
The prices offered to the punter on the participants in a race or event.

Odds Against
When a selection has odds of higher than evens then it is said to be odds against i.e. it is thought to have a less than 50% chance of winning.

Odds On
When a selection has odds of less than evens then it is said to be odds on i.e. it is thought to have a greater than 50% chance of winning.

Outsider
A participant that is given little chance of winning. Another term for underdog.

Overlay
When the odds are higher than they ought to be i.e. higher than the chance of the selection winning.

GENIES SAYS: Always bet on an overlay… and don’t forget to tell us if you see one.

Overround
The extent to which the odds expressed as percentage probabilities, for all the participants in a field, add up to more than 100 per cent. The excess over 100 per cent – the overround – provides the bookmaker with his expected earnings.

See section on advanced betting

Pitch
The bookmaker’s stand at a racecourse

Placepot
A daily tote pool bet. The punter must name a horse to placed in each of the first six races on a nominated card.

Points Spread
Another term for handicap.

Proposition Bet
A bet on a non-sport event. It may be on a non-sport aspect related to a sporting event. For example: betting on how many times Didier Drogba will feign injury in a match.

Push
If a bet is placed on a full point line handicap and one cannot bet on the draw then, in the event of a handicap tie, the original stakes are refunded. A push tends to apply to betting on American sports.

Sell
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Sharp
A smart bettor.

Spread
American term for handicap.

Stake
The amount of money that a punter bets on an outcome is referred to as the stake.

Starting Price
The odds of the horse (or dog) at the time the race goes off.

Steam
An influx of a lot of money on 1 side (or selection) causing the betting lines to move quickly.

Steamer
A participant (usually horse) which originally had high odds but on which there have been a number of bets causing the odds to fall dramatically.

To punters and bookmakers alike a steamer may be an indication that somebody knows something you don’t about this participant.

Sure-Thing
A bet that cannot lose.

Teaser
US term for a bet based on the point spread where the punter can adjust the line in his favour in return of reduced odds.

Tic-Tac
Sign language used by bookmakers at a course to communicate to each other and  the punters (those who understand them anyway).


Tipsters
These are people who consider themselves experts on selecting value bets in their chosen category. They offer advice on how to make a profit.

GENIE SAYS: One of the most important lessons in becoming a winning gambler is learning which tipsters to listen to and which to ignore.

Totals
US term for over/under bets

Tote
The Horserace Totalisator Board (Tote) enters all bets into separate pools and deducts operating costs and profit sharing what remains of each pool among those who picked the winners or winning combinations. Bets on Tote pools can be placed on course or by telephone to Tote directly.  Some bookmakers are licensed to take Tote bets.

Value
Refers to a situation where the odds offered on a participant are greater than the true odds of them winning.

GENIE SAYS: In each case value is very much up for interpretation. One person’s idea of value does not necessarily match that of another. It is up to you to decide what is good value; or learn to listen the right tipsters who regularly advise on genuine value betting opportunities.

Vigorish

American term for the bookies commission.

Void
A bet that is cancelled and the stake refunded.

Wager
Another term meaning ‘bet’

Weight
In racing it refers to the weight carried by each horse in a race. It includes the jockey and all equipment except the bridle and the jockey’s helmet.

If we have missed out on any additional betting terminology please let us know and we’ll be happy to update our guide.[:it]

Betting Terminology

Amounts
We’ve all seen magicians who can turn a rabbit into a white dove but show me a man who can turn a pony into a monkey and then I’ll be impressed. Here is Genie’s run down on the terminology of betting amounts.
Score – 20 quid
Pony – 25 quid
Ton – 100 quid
Monkey – 500 quid.
Grand – 1000 quid
(If you really want to impress your mates with your knowledge of betting terminology you can tell them that the term monkey was adopted and brought back by Soldiers based in India during the British occupation. The Indian 500 rupee note had a picture of a monkey on it so became known as “a monkey”.)

Ante Post
Refers to bets placed before the day of a race (or event). It is a betting term mostly used in horse racing circles.

Up until approximate 24 hours before an important horse race the bookmaker will have their ante-post prices available. These prices have been set and manually kept up-to-date by the bookmaking trading team. The day of the event the bookmakers will switch the pricing over to feeds coming from one of the 2 major players, SIS and the PA.

Arbitrage
When a difference in the odds available (from all bookmakers) allows a punter to back both sides and guarantee a win. Someone whose partakes in arbitrage is referred to as an ‘arber’ or ‘scalper’.

Banker
A selection highly expected to win by the punter.

Bankroll
The amount of money that is available for gambling purposes

GENIE SAYS: Always differentiate your bankroll from other available funds.


Beard
Someone who places a bet on behalf of someone else.

Best Price Guaranteed
This is a recent development in racing circles. The betting term refers to a special offer that is of great benefit to the punters.

The offer encourages a punter to take an early or board price and if the horse (or greyhound) that you selected is returned at a better SP (starting price) then you will receive the better price. Either way the punter can only benefit.

For example: It’s the morning time and I want to bet on Hi Ho Silver in the 3:15 at Ascot. The early price available to me is 20/1 so bet €10 at this price. At race time Hi Ho Silver goes off at 25/1 and would you believe it; he wins the race. Because the SP price is greater than the EP (early price) I will get paid at the SP. This means that I get €260 returned rather than the €210 I was expecting.

If the SP had been 16/1 I would have been paid at the EP of 20/1 so the best price is guaranteed.

GENIE SAYS: If you are betting on horses or greyhounds always do it with a book maker that offers Best Price Guaranteed.

Betting Ring
The area at the race track given over to bookmakers to display their odds.

Book
The bookmaker keeps a list of all competitors in the field and their price. The is collectively known as a book.

Bottle
Refers to odds of 2/1 in betting slang.

Burlington Bertie
Refers to odds of 100/30 (or 10/3) in betting slang.

Buy
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Carpet
Odds of 3/1 in betting slang.

Circled Game
Where a bookmaker restricts the betting allowed on the event by amount and sometimes by player. A bookmaker will restrict their liability in events where they suspect that someone may know something that they don’t.

Dead Cert
A participant or team is considered to be guaranteed of victory. Also referred to as a Lock.

Dead Heat
Where 2 or more participants finish level.

Double Carpet
Odds of 33/1 in betting slang.

Draw
The starting positions of a horse in the race. The number drawn represents the stall number from which the horse must start the race. It is only used in flat racing.

On racetracks with a bend or bends or where a strip of ground on one side of the track has better going, the horses drawn nearest the bending rail or in line with the favoured strip have an advantage. This is particularly true in handicaps and where a front-runner is among those with a favoured draw.

Drift
When the odds of an outcome are getting longer (higher) it is said to be on the drift.

Dutching
When a punter identifies and eliminates non-contenders and bets on the other selections in the exact proportions necessary to make a profit no matter which selection wins.

Early Prices
The night before a race the bookmaker will have odds available and these are known as early prices. Most bookmakers will keep their early prices right up until the off time of the race, although 20 minutes before the race goes off all bookmaker prices tend to fall into line as they all subscribe to the same price feeds that kick-in at that time.

See best price guaranteed

Edge
To have an advantage. For example: Being more knowledgeable than the bookmaker on a specific topic. Punters are always looking for an edge.

Evens
A straight bet. What you stake is the exact amount that you can win in profit. Yourself or the bookie will lose the exact amount of the stake… let’s hope it’s not you.

Fixed odds betting
Betting against a bookmaker as opposed betting on an exchange or doing spread betting. The amount that you bet is fixed and that is all that you can possibly lose.

Form
A rating of the recent performances of a horse, team or selection.

Grand
Slang for €/£1000.

Going
Refers to the underfoot conditions at the race track.

Favourite
The selection in a market with the lowest odds, i.e. the selection that is deemed most likely to win.

Field
The participants in a market. For example in a golf event all of the golfers who are participating are collectively referred to as The Field.

Handicap (horse racing)
A race in which the horses are penalised by adding to the weight they must carry or given allowances based on their past performance in an attempt to equalise their chances of winning. A horse that has been winning recently will have to carry additional weight in future races.

Handicap (sports)
It is the penalty in points (or goals or frames etc) that are added in order to give the underdog a better chance. Effectively it is a head start. For example if there is a football match; Arsenal vs Sunderland the bookmaker will allow the punters to bet on Arsenal (-1.5 goals) meaning that Arsenal must win by 2 ore more goals in order to beta the handicap. If Arsenal won by 1 goal or drew or lost then Sunderland would be deemed to be the winner of this market.

It is an extremely popular bet in markets that are particularly one-sided, such as New Zealand vs Italy in rugby union.

Handle
The amount of money taken by the bookmaker. Handle is an American term for turnover.

Turnover
The amount of money taken by the bookmaker.

Half Point Line
In order to only have 2 possible outcomes on a over/under market the bookmaker will often employ a half point line. For example: Basketball game total points market having 2 options – Over 198.5 or Under 198.5. If there are 198 or less points then the under 198.5 selection wins. If there are 199 or more points scored then the over 198.5 selection wins. There can in no circumstances be a ‘draw’ or ‘push’ result.

Hang Cheng
A form of football betting that is popular in Asia. Returns on a team winning are determined by half-goal handicaps.

Hedging
A bookmaker may choose to hedge their potential losses by betting on certain outcomes themselves; for example if a punter has a 10 leg accumulator and the first 9 legs have been a success the bookmaker, facing a potential large payout, may choose to offset part of the risk by betting on the 10th leg outcome with another bookmaker or betting exchange.

Punters using a betting exchange will be familiar with Hedging or Laying whereby they can take a guaranteed profit by offering some of their original bet to another punter at reduced odds.

Jolly
The favourite.

Juice
The commission taken by the bookmaker. It is a seldom used term outside of America.

Layers
Another name for bookmakers (those who lay a bet).

Lengthen
When the odds get bigger they are said to lengthen.

Lines
Another term for the odds offered by the bookie.

Live Betting or Betting In-Running
Betting on the outcome of an event that has already started.

Please see section on betting in-running

Lock
A selection that is expected to win easily.

Longshot
A selection with little chance of winning.

Maiden
In betting circle refers to a horse that has yet to win a race. When the horse wins its first race that is referred to as their maiden victory.

Money Line
A US term for straight match betting (without handicaps).

Nap
The best bet. Often a tipster will have several recommendations of what to bet on in a given period but they will use the term nap to refer to the one that they think is the best bet of all.

Novice
A horse running in its first race.

Nursery
A handicap race for 2 year olds only.

Odds
The prices offered to the punter on the participants in a race or event.

Odds Against
When a selection has odds of higher than evens then it is said to be odds against i.e. it is thought to have a less than 50% chance of winning.

Odds On
When a selection has odds of less than evens then it is said to be odds on i.e. it is thought to have a greater than 50% chance of winning.

Outsider
A participant that is given little chance of winning. Another term for underdog.

Overlay
When the odds are higher than they ought to be i.e. higher than the chance of the selection winning.

GENIES SAYS: Always bet on an overlay… and don’t forget to tell us if you see one.

Overround
The extent to which the odds expressed as percentage probabilities, for all the participants in a field, add up to more than 100 per cent. The excess over 100 per cent – the overround – provides the bookmaker with his expected earnings.

See section on advanced betting

Pitch
The bookmaker’s stand at a racecourse

Placepot
A daily tote pool bet. The punter must name a horse to placed in each of the first six races on a nominated card.

Points Spread
Another term for handicap.

Proposition Bet
A bet on a non-sport event. It may be on a non-sport aspect related to a sporting event. For example: betting on how many times Didier Drogba will feign injury in a match.

Push
If a bet is placed on a full point line handicap and one cannot bet on the draw then, in the event of a handicap tie, the original stakes are refunded. A push tends to apply to betting on American sports.

Sell
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Sharp
A smart bettor.

Spread
American term for handicap.

Stake
The amount of money that a punter bets on an outcome is referred to as the stake.

Starting Price
The odds of the horse (or dog) at the time the race goes off.

Steam
An influx of a lot of money on 1 side (or selection) causing the betting lines to move quickly.

Steamer
A participant (usually horse) which originally had high odds but on which there have been a number of bets causing the odds to fall dramatically.

To punters and bookmakers alike a steamer may be an indication that somebody knows something you don’t about this participant.

Sure-Thing
A bet that cannot lose.

Teaser
US term for a bet based on the point spread where the punter can adjust the line in his favour in return of reduced odds.

Tic-Tac
Sign language used by bookmakers at a course to communicate to each other and  the punters (those who understand them anyway).


Tipsters
These are people who consider themselves experts on selecting value bets in their chosen category. They offer advice on how to make a profit.

GENIE SAYS: One of the most important lessons in becoming a winning gambler is learning which tipsters to listen to and which to ignore.

Totals
US term for over/under bets

Tote
The Horserace Totalisator Board (Tote) enters all bets into separate pools and deducts operating costs and profit sharing what remains of each pool among those who picked the winners or winning combinations. Bets on Tote pools can be placed on course or by telephone to Tote directly.  Some bookmakers are licensed to take Tote bets.

Value
Refers to a situation where the odds offered on a participant are greater than the true odds of them winning.

GENIE SAYS: In each case value is very much up for interpretation. One person’s idea of value does not necessarily match that of another. It is up to you to decide what is good value; or learn to listen the right tipsters who regularly advise on genuine value betting opportunities.

Vigorish

American term for the bookies commission.

Void
A bet that is cancelled and the stake refunded.

Wager
Another term meaning ‘bet’

Weight
In racing it refers to the weight carried by each horse in a race. It includes the jockey and all equipment except the bridle and the jockey’s helmet.

If we have missed out on any additional betting terminology please let us know and we’ll be happy to update our guide.[:pl]

Betting Terminology

Amounts
We’ve all seen magicians who can turn a rabbit into a white dove but show me a man who can turn a pony into a monkey and then I’ll be impressed. Here is Genie’s run down on the terminology of betting amounts.
Score – 20 quid
Pony – 25 quid
Ton – 100 quid
Monkey – 500 quid.
Grand – 1000 quid
(If you really want to impress your mates with your knowledge of betting terminology you can tell them that the term monkey was adopted and brought back by Soldiers based in India during the British occupation. The Indian 500 rupee note had a picture of a monkey on it so became known as “a monkey”.)

Ante Post
Refers to bets placed before the day of a race (or event). It is a betting term mostly used in horse racing circles.

Up until approximate 24 hours before an important horse race the bookmaker will have their ante-post prices available. These prices have been set and manually kept up-to-date by the bookmaking trading team. The day of the event the bookmakers will switch the pricing over to feeds coming from one of the 2 major players, SIS and the PA.

Arbitrage
When a difference in the odds available (from all bookmakers) allows a punter to back both sides and guarantee a win. Someone whose partakes in arbitrage is referred to as an ‘arber’ or ‘scalper’.

Banker
A selection highly expected to win by the punter.

Bankroll
The amount of money that is available for gambling purposes

GENIE SAYS: Always differentiate your bankroll from other available funds.


Beard
Someone who places a bet on behalf of someone else.

Best Price Guaranteed
This is a recent development in racing circles. The betting term refers to a special offer that is of great benefit to the punters.

The offer encourages a punter to take an early or board price and if the horse (or greyhound) that you selected is returned at a better SP (starting price) then you will receive the better price. Either way the punter can only benefit.

For example: It’s the morning time and I want to bet on Hi Ho Silver in the 3:15 at Ascot. The early price available to me is 20/1 so bet €10 at this price. At race time Hi Ho Silver goes off at 25/1 and would you believe it; he wins the race. Because the SP price is greater than the EP (early price) I will get paid at the SP. This means that I get €260 returned rather than the €210 I was expecting.

If the SP had been 16/1 I would have been paid at the EP of 20/1 so the best price is guaranteed.

GENIE SAYS: If you are betting on horses or greyhounds always do it with a book maker that offers Best Price Guaranteed.

Betting Ring
The area at the race track given over to bookmakers to display their odds.

Book
The bookmaker keeps a list of all competitors in the field and their price. The is collectively known as a book.

Bottle
Refers to odds of 2/1 in betting slang.

Burlington Bertie
Refers to odds of 100/30 (or 10/3) in betting slang.

Buy
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Carpet
Odds of 3/1 in betting slang.

Circled Game
Where a bookmaker restricts the betting allowed on the event by amount and sometimes by player. A bookmaker will restrict their liability in events where they suspect that someone may know something that they don’t.

Dead Cert
A participant or team is considered to be guaranteed of victory. Also referred to as a Lock.

Dead Heat
Where 2 or more participants finish level.

Double Carpet
Odds of 33/1 in betting slang.

Draw
The starting positions of a horse in the race. The number drawn represents the stall number from which the horse must start the race. It is only used in flat racing.

On racetracks with a bend or bends or where a strip of ground on one side of the track has better going, the horses drawn nearest the bending rail or in line with the favoured strip have an advantage. This is particularly true in handicaps and where a front-runner is among those with a favoured draw.

Drift
When the odds of an outcome are getting longer (higher) it is said to be on the drift.

Dutching
When a punter identifies and eliminates non-contenders and bets on the other selections in the exact proportions necessary to make a profit no matter which selection wins.

Early Prices
The night before a race the bookmaker will have odds available and these are known as early prices. Most bookmakers will keep their early prices right up until the off time of the race, although 20 minutes before the race goes off all bookmaker prices tend to fall into line as they all subscribe to the same price feeds that kick-in at that time.

See best price guaranteed

Edge
To have an advantage. For example: Being more knowledgeable than the bookmaker on a specific topic. Punters are always looking for an edge.

Evens
A straight bet. What you stake is the exact amount that you can win in profit. Yourself or the bookie will lose the exact amount of the stake… let’s hope it’s not you.

Fixed odds betting
Betting against a bookmaker as opposed betting on an exchange or doing spread betting. The amount that you bet is fixed and that is all that you can possibly lose.

Form
A rating of the recent performances of a horse, team or selection.

Grand
Slang for €/£1000.

Going
Refers to the underfoot conditions at the race track.

Favourite
The selection in a market with the lowest odds, i.e. the selection that is deemed most likely to win.

Field
The participants in a market. For example in a golf event all of the golfers who are participating are collectively referred to as The Field.

Handicap (horse racing)
A race in which the horses are penalised by adding to the weight they must carry or given allowances based on their past performance in an attempt to equalise their chances of winning. A horse that has been winning recently will have to carry additional weight in future races.

Handicap (sports)
It is the penalty in points (or goals or frames etc) that are added in order to give the underdog a better chance. Effectively it is a head start. For example if there is a football match; Arsenal vs Sunderland the bookmaker will allow the punters to bet on Arsenal (-1.5 goals) meaning that Arsenal must win by 2 ore more goals in order to beta the handicap. If Arsenal won by 1 goal or drew or lost then Sunderland would be deemed to be the winner of this market.

It is an extremely popular bet in markets that are particularly one-sided, such as New Zealand vs Italy in rugby union.

Handle
The amount of money taken by the bookmaker. Handle is an American term for turnover.

Turnover
The amount of money taken by the bookmaker.

Half Point Line
In order to only have 2 possible outcomes on a over/under market the bookmaker will often employ a half point line. For example: Basketball game total points market having 2 options – Over 198.5 or Under 198.5. If there are 198 or less points then the under 198.5 selection wins. If there are 199 or more points scored then the over 198.5 selection wins. There can in no circumstances be a ‘draw’ or ‘push’ result.

Hang Cheng
A form of football betting that is popular in Asia. Returns on a team winning are determined by half-goal handicaps.

Hedging
A bookmaker may choose to hedge their potential losses by betting on certain outcomes themselves; for example if a punter has a 10 leg accumulator and the first 9 legs have been a success the bookmaker, facing a potential large payout, may choose to offset part of the risk by betting on the 10th leg outcome with another bookmaker or betting exchange.

Punters using a betting exchange will be familiar with Hedging or Laying whereby they can take a guaranteed profit by offering some of their original bet to another punter at reduced odds.

Jolly
The favourite.

Juice
The commission taken by the bookmaker. It is a seldom used term outside of America.

Layers
Another name for bookmakers (those who lay a bet).

Lengthen
When the odds get bigger they are said to lengthen.

Lines
Another term for the odds offered by the bookie.

Live Betting or Betting In-Running
Betting on the outcome of an event that has already started.

Please see section on betting in-running

Lock
A selection that is expected to win easily.

Longshot
A selection with little chance of winning.

Maiden
In betting circle refers to a horse that has yet to win a race. When the horse wins its first race that is referred to as their maiden victory.

Money Line
A US term for straight match betting (without handicaps).

Nap
The best bet. Often a tipster will have several recommendations of what to bet on in a given period but they will use the term nap to refer to the one that they think is the best bet of all.

Novice
A horse running in its first race.

Nursery
A handicap race for 2 year olds only.

Odds
The prices offered to the punter on the participants in a race or event.

Odds Against
When a selection has odds of higher than evens then it is said to be odds against i.e. it is thought to have a less than 50% chance of winning.

Odds On
When a selection has odds of less than evens then it is said to be odds on i.e. it is thought to have a greater than 50% chance of winning.

Outsider
A participant that is given little chance of winning. Another term for underdog.

Overlay
When the odds are higher than they ought to be i.e. higher than the chance of the selection winning.

GENIES SAYS: Always bet on an overlay… and don’t forget to tell us if you see one.

Overround
The extent to which the odds expressed as percentage probabilities, for all the participants in a field, add up to more than 100 per cent. The excess over 100 per cent – the overround – provides the bookmaker with his expected earnings.

See section on advanced betting

Pitch
The bookmaker’s stand at a racecourse

Placepot
A daily tote pool bet. The punter must name a horse to placed in each of the first six races on a nominated card.

Points Spread
Another term for handicap.

Proposition Bet
A bet on a non-sport event. It may be on a non-sport aspect related to a sporting event. For example: betting on how many times Didier Drogba will feign injury in a match.

Push
If a bet is placed on a full point line handicap and one cannot bet on the draw then, in the event of a handicap tie, the original stakes are refunded. A push tends to apply to betting on American sports.

Sell
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Sharp
A smart bettor.

Spread
American term for handicap.

Stake
The amount of money that a punter bets on an outcome is referred to as the stake.

Starting Price
The odds of the horse (or dog) at the time the race goes off.

Steam
An influx of a lot of money on 1 side (or selection) causing the betting lines to move quickly.

Steamer
A participant (usually horse) which originally had high odds but on which there have been a number of bets causing the odds to fall dramatically.

To punters and bookmakers alike a steamer may be an indication that somebody knows something you don’t about this participant.

Sure-Thing
A bet that cannot lose.

Teaser
US term for a bet based on the point spread where the punter can adjust the line in his favour in return of reduced odds.

Tic-Tac
Sign language used by bookmakers at a course to communicate to each other and  the punters (those who understand them anyway).


Tipsters
These are people who consider themselves experts on selecting value bets in their chosen category. They offer advice on how to make a profit.

GENIE SAYS: One of the most important lessons in becoming a winning gambler is learning which tipsters to listen to and which to ignore.

Totals
US term for over/under bets

Tote
The Horserace Totalisator Board (Tote) enters all bets into separate pools and deducts operating costs and profit sharing what remains of each pool among those who picked the winners or winning combinations. Bets on Tote pools can be placed on course or by telephone to Tote directly.  Some bookmakers are licensed to take Tote bets.

Value
Refers to a situation where the odds offered on a participant are greater than the true odds of them winning.

GENIE SAYS: In each case value is very much up for interpretation. One person’s idea of value does not necessarily match that of another. It is up to you to decide what is good value; or learn to listen the right tipsters who regularly advise on genuine value betting opportunities.

Vigorish

American term for the bookies commission.

Void
A bet that is cancelled and the stake refunded.

Wager
Another term meaning ‘bet’

Weight
In racing it refers to the weight carried by each horse in a race. It includes the jockey and all equipment except the bridle and the jockey’s helmet.

If we have missed out on any additional betting terminology please let us know and we’ll be happy to update our guide.[:sv]

Betting Terminology

Amounts
We’ve all seen magicians who can turn a rabbit into a white dove but show me a man who can turn a pony into a monkey and then I’ll be impressed. Here is Genie’s run down on the terminology of betting amounts.
Score – 20 quid
Pony – 25 quid
Ton – 100 quid
Monkey – 500 quid.
Grand – 1000 quid
(If you really want to impress your mates with your knowledge of betting terminology you can tell them that the term monkey was adopted and brought back by Soldiers based in India during the British occupation. The Indian 500 rupee note had a picture of a monkey on it so became known as “a monkey”.)

Ante Post
Refers to bets placed before the day of a race (or event). It is a betting term mostly used in horse racing circles.

Up until approximate 24 hours before an important horse race the bookmaker will have their ante-post prices available. These prices have been set and manually kept up-to-date by the bookmaking trading team. The day of the event the bookmakers will switch the pricing over to feeds coming from one of the 2 major players, SIS and the PA.

Arbitrage
When a difference in the odds available (from all bookmakers) allows a punter to back both sides and guarantee a win. Someone whose partakes in arbitrage is referred to as an ‘arber’ or ‘scalper’.

Banker
A selection highly expected to win by the punter.

Bankroll
The amount of money that is available for gambling purposes

GENIE SAYS: Always differentiate your bankroll from other available funds.


Beard
Someone who places a bet on behalf of someone else.

Best Price Guaranteed
This is a recent development in racing circles. The betting term refers to a special offer that is of great benefit to the punters.

The offer encourages a punter to take an early or board price and if the horse (or greyhound) that you selected is returned at a better SP (starting price) then you will receive the better price. Either way the punter can only benefit.

For example: It’s the morning time and I want to bet on Hi Ho Silver in the 3:15 at Ascot. The early price available to me is 20/1 so bet €10 at this price. At race time Hi Ho Silver goes off at 25/1 and would you believe it; he wins the race. Because the SP price is greater than the EP (early price) I will get paid at the SP. This means that I get €260 returned rather than the €210 I was expecting.

If the SP had been 16/1 I would have been paid at the EP of 20/1 so the best price is guaranteed.

GENIE SAYS: If you are betting on horses or greyhounds always do it with a book maker that offers Best Price Guaranteed.

Betting Ring
The area at the race track given over to bookmakers to display their odds.

Book
The bookmaker keeps a list of all competitors in the field and their price. The is collectively known as a book.

Bottle
Refers to odds of 2/1 in betting slang.

Burlington Bertie
Refers to odds of 100/30 (or 10/3) in betting slang.

Buy
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Carpet
Odds of 3/1 in betting slang.

Circled Game
Where a bookmaker restricts the betting allowed on the event by amount and sometimes by player. A bookmaker will restrict their liability in events where they suspect that someone may know something that they don’t.

Dead Cert
A participant or team is considered to be guaranteed of victory. Also referred to as a Lock.

Dead Heat
Where 2 or more participants finish level.

Double Carpet
Odds of 33/1 in betting slang.

Draw
The starting positions of a horse in the race. The number drawn represents the stall number from which the horse must start the race. It is only used in flat racing.

On racetracks with a bend or bends or where a strip of ground on one side of the track has better going, the horses drawn nearest the bending rail or in line with the favoured strip have an advantage. This is particularly true in handicaps and where a front-runner is among those with a favoured draw.

Drift
When the odds of an outcome are getting longer (higher) it is said to be on the drift.

Dutching
When a punter identifies and eliminates non-contenders and bets on the other selections in the exact proportions necessary to make a profit no matter which selection wins.

Early Prices
The night before a race the bookmaker will have odds available and these are known as early prices. Most bookmakers will keep their early prices right up until the off time of the race, although 20 minutes before the race goes off all bookmaker prices tend to fall into line as they all subscribe to the same price feeds that kick-in at that time.

See best price guaranteed

Edge
To have an advantage. For example: Being more knowledgeable than the bookmaker on a specific topic. Punters are always looking for an edge.

Evens
A straight bet. What you stake is the exact amount that you can win in profit. Yourself or the bookie will lose the exact amount of the stake… let’s hope it’s not you.

Fixed odds betting
Betting against a bookmaker as opposed betting on an exchange or doing spread betting. The amount that you bet is fixed and that is all that you can possibly lose.

Form
A rating of the recent performances of a horse, team or selection.

Grand
Slang for €/£1000.

Going
Refers to the underfoot conditions at the race track.

Favourite
The selection in a market with the lowest odds, i.e. the selection that is deemed most likely to win.

Field
The participants in a market. For example in a golf event all of the golfers who are participating are collectively referred to as The Field.

Handicap (horse racing)
A race in which the horses are penalised by adding to the weight they must carry or given allowances based on their past performance in an attempt to equalise their chances of winning. A horse that has been winning recently will have to carry additional weight in future races.

Handicap (sports)
It is the penalty in points (or goals or frames etc) that are added in order to give the underdog a better chance. Effectively it is a head start. For example if there is a football match; Arsenal vs Sunderland the bookmaker will allow the punters to bet on Arsenal (-1.5 goals) meaning that Arsenal must win by 2 ore more goals in order to beta the handicap. If Arsenal won by 1 goal or drew or lost then Sunderland would be deemed to be the winner of this market.

It is an extremely popular bet in markets that are particularly one-sided, such as New Zealand vs Italy in rugby union.

Handle
The amount of money taken by the bookmaker. Handle is an American term for turnover.

Turnover
The amount of money taken by the bookmaker.

Half Point Line
In order to only have 2 possible outcomes on a over/under market the bookmaker will often employ a half point line. For example: Basketball game total points market having 2 options – Over 198.5 or Under 198.5. If there are 198 or less points then the under 198.5 selection wins. If there are 199 or more points scored then the over 198.5 selection wins. There can in no circumstances be a ‘draw’ or ‘push’ result.

Hang Cheng
A form of football betting that is popular in Asia. Returns on a team winning are determined by half-goal handicaps.

Hedging
A bookmaker may choose to hedge their potential losses by betting on certain outcomes themselves; for example if a punter has a 10 leg accumulator and the first 9 legs have been a success the bookmaker, facing a potential large payout, may choose to offset part of the risk by betting on the 10th leg outcome with another bookmaker or betting exchange.

Punters using a betting exchange will be familiar with Hedging or Laying whereby they can take a guaranteed profit by offering some of their original bet to another punter at reduced odds.

Jolly
The favourite.

Juice
The commission taken by the bookmaker. It is a seldom used term outside of America.

Layers
Another name for bookmakers (those who lay a bet).

Lengthen
When the odds get bigger they are said to lengthen.

Lines
Another term for the odds offered by the bookie.

Live Betting or Betting In-Running
Betting on the outcome of an event that has already started.

Please see section on betting in-running

Lock
A selection that is expected to win easily.

Longshot
A selection with little chance of winning.

Maiden
In betting circle refers to a horse that has yet to win a race. When the horse wins its first race that is referred to as their maiden victory.

Money Line
A US term for straight match betting (without handicaps).

Nap
The best bet. Often a tipster will have several recommendations of what to bet on in a given period but they will use the term nap to refer to the one that they think is the best bet of all.

Novice
A horse running in its first race.

Nursery
A handicap race for 2 year olds only.

Odds
The prices offered to the punter on the participants in a race or event.

Odds Against
When a selection has odds of higher than evens then it is said to be odds against i.e. it is thought to have a less than 50% chance of winning.

Odds On
When a selection has odds of less than evens then it is said to be odds on i.e. it is thought to have a greater than 50% chance of winning.

Outsider
A participant that is given little chance of winning. Another term for underdog.

Overlay
When the odds are higher than they ought to be i.e. higher than the chance of the selection winning.

GENIES SAYS: Always bet on an overlay… and don’t forget to tell us if you see one.

Overround
The extent to which the odds expressed as percentage probabilities, for all the participants in a field, add up to more than 100 per cent. The excess over 100 per cent – the overround – provides the bookmaker with his expected earnings.

See section on advanced betting

Pitch
The bookmaker’s stand at a racecourse

Placepot
A daily tote pool bet. The punter must name a horse to placed in each of the first six races on a nominated card.

Points Spread
Another term for handicap.

Proposition Bet
A bet on a non-sport event. It may be on a non-sport aspect related to a sporting event. For example: betting on how many times Didier Drogba will feign injury in a match.

Push
If a bet is placed on a full point line handicap and one cannot bet on the draw then, in the event of a handicap tie, the original stakes are refunded. A push tends to apply to betting on American sports.

Sell
A reference to spread betting whereby you gamble that an index based on the possible outcomes of an event will finish below the lower limit of the spread.

Sharp
A smart bettor.

Spread
American term for handicap.

Stake
The amount of money that a punter bets on an outcome is referred to as the stake.

Starting Price
The odds of the horse (or dog) at the time the race goes off.

Steam
An influx of a lot of money on 1 side (or selection) causing the betting lines to move quickly.

Steamer
A participant (usually horse) which originally had high odds but on which there have been a number of bets causing the odds to fall dramatically.

To punters and bookmakers alike a steamer may be an indication that somebody knows something you don’t about this participant.

Sure-Thing
A bet that cannot lose.

Teaser
US term for a bet based on the point spread where the punter can adjust the line in his favour in return of reduced odds.

Tic-Tac
Sign language used by bookmakers at a course to communicate to each other and  the punters (those who understand them anyway).


Tipsters
These are people who consider themselves experts on selecting value bets in their chosen category. They offer advice on how to make a profit.

GENIE SAYS: One of the most important lessons in becoming a winning gambler is learning which tipsters to listen to and which to ignore.

Totals
US term for over/under bets

Tote
The Horserace Totalisator Board (Tote) enters all bets into separate pools and deducts operating costs and profit sharing what remains of each pool among those who picked the winners or winning combinations. Bets on Tote pools can be placed on course or by telephone to Tote directly.  Some bookmakers are licensed to take Tote bets.

Value
Refers to a situation where the odds offered on a participant are greater than the true odds of them winning.

GENIE SAYS: In each case value is very much up for interpretation. One person’s idea of value does not necessarily match that of another. It is up to you to decide what is good value; or learn to listen the right tipsters who regularly advise on genuine value betting opportunities.

Vigorish

American term for the bookies commission.

Void
A bet that is cancelled and the stake refunded.

Wager
Another term meaning ‘bet’

Weight
In racing it refers to the weight carried by each horse in a race. It includes the jockey and all equipment except the bridle and the jockey’s helmet.

If we have missed out on any additional betting terminology please let us know and we’ll be happy to update our guide.[:]

Favourite-Longshot Bias in Betting

· ·

Favourite-Longshot Bias Explained

It is an important point to note that bookmakers tend to make less margin from bets that are odds-on (less than 1/1) compared to prices that are odds against (bigger than 1/1). This is best illustrated using an example:

The true 100% lines odds on an event happening are 1/3 (=75%) so the bookmaker offers a price of 1/4 on this. Should a customer back this selection 100 different times with a stake of €1 on each then he will expect to win 75 times out of the 100 with a return of €1.25 on each winning bet giving an expected return of €93.75. This results in an expected profit for the bookmaker of €6.25 from a stake of €100.

Similarly the true 100% lines odds on an event happening are 4/1 (=20%) so the bookmaker offers a price of 3/1 on this. Should a customer back this selection 100 different times with a stake of €1 on each then he will expect to win 20 times out of the 100 with a return of €4 on each winning bet giving an expected total return of €80. This results in an expected profit for the bookmaker of €20 from a stake of €100.

Conclusion

This indicates that there is more margin built into the odds against prices in general making it increasingly difficult to make it profitable at these prices.

Maximise your returns

Discover Promotions, Offers and Specials to maximise your returns.View Offers