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Sports Betting Glossary |
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Sport in Australia has many definitions and below you will find some of the most common known sporting terms in our sports betting glossary. The A-Z Guide of Sports Betting Glossary terms All-in – With all-in betting there are no refunds given for scratched or withdrawn competitors or teams in an event where a bet is placed. All-up – A single bet is placed on more than one outcome and stake and winnings of the first selection are rolled over into the second selection and so on. Arbitrage – Where a differential in odds available allows a bettor to back both sides and guarantee a win. Asian Handicap – A form of soccer betting that eliminates the draw by implementing a handicap. ATS – ‘Against the Spread’ – taking points rather than betting with the spread and laying points. Backed – A bet selection where the odds have shortened. Bad beat - Losing under unusual or exceptional circumstances. Banker – A key selection in an exotic bet which must win/place to guarantee any return. Bank roll – The amount of credit in a bettor’s sportsbook account. Bet – A wager of any kind. Betting line – The betting proposition on a game and/or payoff odds on the bet. Bettor – Someone that makes a wager. Book – An establishment that accepts bets on Sports or/and Horse racing. Bookmaker – A person whp licensed to create markets and accept bets/wagers. Bookie – Slang for a bookmaker. Bonus – Rewards granted by bookmakers/sportsbooks for new signups and or members. Cover – Bet on a team to cover the number of points quoted on the line or spread. Doubling-up – After a loss the player doubles the size of his previous bet hoping to win back the money lost and make a profit. Draw – When two teams/competitors finish the game with the same score. Drift – Odds that have lengthened during betting. Event – Another term for a race, tournament, match or any betting contest. Extra-time – When a set period of additional playing time is added to an existing game when two teams finish on the same score. Favourite – The expected winner of an event, and the entrant with the lowest odds. Favoured – A team/contestant that is popular with the bettor. Field – All the competitors in an event. First Half bet – A bet made on the outcome of the first half of a game. Fixed game – A game in which at least one of the competitors/teams wilfully manipulates the outcome of the game. Fixed odds – If the odds are fixed when you make your bet, the odds remain the same until the settlement of the bet. Future– Future odds are odds provided on an event, well ahead of that event taking place. Half time bet – A wager placed only on the second half of a game. Handicap – A wager where the favoured side has points deducted and the underdog points added to even up the bet. Index Betting – Another term for spread betting. Lengthen – When a bookmaker lengthens the odds. The opposite to "Shorten". Lucky 15 – 15 bets involving 4 selections in different events (I.e. 4 singles, 6 doubles, 4 trebles and 1 fourfold). Lucky 31 – 31 bets consisting of 5 selections in different events (I.e. 5 singles, 10 doubles, 10 trebles, 5 fourfold plus 1 five-fold). Lucky 63 – 63 bets consisting of 6 selections in different events (I.e. 6 singles, 15 doubles, 20 trebles, 15 four-fold, 6 five-folds, and 1 six-fold). Margin – The amount a competitor in an event finishes in front of another competitor. Multiples – A multiple bet where two or more bets are chosen and all these selections must win for a payout. Odds – The bookmaker's evaluation of the chance of a team or competitor winning. Odds against – When the odds (e.g.$2.50 or 6/4) are greater than evens (e.g.$2.00 or1/1). Odds on – When the odds (e.g.$1.80 or 4/5) are less than evens (e.g.$2.00 or 1/1). Outsiders – A team or competitor that is not one of the favorites and is not expected to win. Overlay – A situation in which the odds on a game favors the bettor rather than the bookie. Over – A wager on whether the combined amount of points/goals by both teams in one match will be over the priced amount. Overtime – When a set period of additional playing time is added to an existing game when two teams finish on the same score. Over-under – The opportunity to bet on the combined amount of points/goals both teams will score in the match. A bettor can choose over or under the priced amount. Parlay – Also known as an accumulator or multiple bet. A multiple bet where two or more bets are chosen and all these selections must win for the accumulator to payout. Past Post – To make a bet after the event has started. Patent – A Patent is 7 bets involving 3 selections in different events, i.e. a single on each selection, plus 3 doubles, and 1 treble. Payout – Also known as winnings or return. A payout is what a bettor receives from the bookmaker as a result of winning the bet. Place – To wager on a team or competitor to finish in the top two, three, four or five in an event or tournament. Point Spread – Referring to the points given to the underdog to level the odds with the favourite. Postponed – When an event is cancelled and rescheduled for a later date. Price – Also known as the odds. A price is decided by the bookmaker to reflect the chances of that particular team/contestant winning or placing in an event field. Proposition bet – This type of bet is odds set by the bookmaker on unique and various topics. This can include politics, pop music, etc. Punter – Slang term for a person having a bet. Push – A push is when there is no winner or loser in a bet. Return – Total winnings on a bet. Round Robin - A series of parlays. A three-team round robin consists of one three-team parlay and three two-team parlays. Run down – All the betting information and lines for a specific, date, time, etc. Runner – This is a person that places bets on behalf of someone else in an effort to disguise the identity of the true person having the wager. Shorten – When a bookmaker reduces the odds. The opposite to lengthen. Single – Also known as a straight bet. Refers to a singular bet on one team, competitor or horse. Spread – Also known as a point spread. Referring to the points given to the underdog to level the odds with the favourite. Spread betting - Also known as action line or moneyline. The amount that must be wagered to win $100, or the amount won for a $100 wager. A bet is won or lost according to whether you correctly predict the result of an event. Returns or losses are calculated in proportion to how right or wrong the bettor is, and can lead to huge returns or losses. Stake – Another term for a bet wager. Straight bet – This is the name of a bet on just one team, competitor or horse. Sucker bet – A a betting line that has a large house edge. System - A mathematically based mechanical method of betting. Tie – Also known as push or draw. This is a bet where no money is lost or won because the teams/competitors score and finishing place were equal to the number of points in the given line. Total – A sports bet for the combined amount of goals, points or runs scored by all teams in a game or event. The bettor will wager on whether the total amount will be over or under a priced amount. Trebles - A triple bet on three events. A form of parlay or accumulator. Trixie - A Trixie consists of 4 bets involving 3 selections in different events, i.e. 3 doubles plus 1 treble. True Odds - The real odds of something happening as opposed to what bookmakers offer. Under – This refers to a Total bet, where the bettor wagers on whether the total amount of goals/points will be under a certain priced figure. Underlay - When the odds on a proposition are in favour of the house. Value – Getting the best odds on a betting proposition – those with the lowest bookmaker’s edge. Vigorish – Also known as juice, edge. This represents the bookmaker’s commission. Win Only – A bet on a competitor/team to win an event. This is also known as a straight bet or 'Money Line' betting. Yankee – A bet that consists of four selections, combining them into six doubles, four trebles and one fourfold - i.e. eleven bets.
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