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Betting Terminology Used by Bookies and Exchanges

Do you know ante-post from arbitrage? Have you reached the bookmaker's limit or are you paying the juice? Simple betting terms for your notebook!



Published on
Updated on 06 December 2017
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Here are some common terms that bookies and exchanges use:
 
Accumulator - This is a group of bets on two or more results. The punter will win if all the results are successful.
 
Action - This term refers to any type of bet.
 
Ante Post - An “ante post” bet is a bet that you will place in advance. The time period involved here can range from several days to multiple years. This term was first used by people who bet on horse races.
 
Asian Handicap - This term is popular among people who bet on football games. It allows 1/4, 1/2, and 3/4 goal starts.
 
Bar - It is the estimated minimum odds of unmentioned horses.
 
Banker - This is a desired pick. Often, combination bets rely on the existence of one or more banker bets.
 
Beard - This is a person that you can hire to place bets on your behalf. People who want to hide their identities often work with a beard.
 
Betting Exchange - This betting system relies on a P2P (or peer-to-peer) network. It allows you to match the wagers set by others. You may also use this system to place your own bets.
 
Bookmaker - A bookmaker, also known as a “bookie”, is a company that accepts bets.
 
Canadian - It is a group composed of 5 selections divided into 26 bets. The selections involve different events. This kind of bet consists of an accumulator, 5 fourfolds, 10 trebles, and 10 doubles. You will win if at least two of your selections succeed.
 
Cash Out - This option allows you to settle bets prematurely. You can use it to protect the winnings you’ve earned during the course of an event.
 
Chalk - This is the favorite entry in the event.
 
Chalk Player - This is a player who often bets on the “chalk”.
 
Circled Game - This is an event where the bookie limits the betting.
 
Combination Bet - This is a betting strategy where you will put two or more bets on a selection. This strategy can help you maximize potential profits and reduce risks.
 
Dime - The slang for $1,000.
 
Dog - This is an entry that will likely lose the contest.
 
Dog Player - This is a punter who often bets on an underdog.
 
Dollar - The slang for $100.
 
Doubles - This is an accumulator that consists of two selections. You will win if both of the selections are successful.
 
Double Action - This is a bet that gets activated if the previous one wins, ties, or gets cancelled.
 
Double Chance - A situation where the bookmaker reduces the outcomes of a match.
 
Drift - The increase of a selection’s price.

Dutching - The process of spreading your intended stake on two or more outcomes of a single event.
 
Edge - This is the advantage of the punter on a particular bet.
 
Evens - This is a situation where both the teams have a 50/50 chance of winning.
 
Exposure - The highest amount of money that sports books can lose in an event.
 
Favorite - The person or team that is likely to become the winner of the contest.
 
Fifty Cents - The slang for $50.
 
First Goalscorer - This bet involves the first player to score in an event.
 
Fold - A representation of a selection.
 
Form - A measure or indication of a team’s current performance.
 
GamCare - A national center in the UK that focuses on the social effects of betting/gambling.
 
Getting Down - The process of placing a bet.
 
Goliath - It consists of 8 selections divided into 247 bets. The selections involve various events.
 
Handicap - Something that a bookmaker uses to make an event more attractive.
 
Handicapper - Someone who bets, rates, and analyzes races and/or sporting events.
 
Hedging - A strategy where you will bet on the outcome that opposes your original pick. It can help you minimize losses or secure winnings.
 
Heinz - It consists of 6 selections divided into 57 bets.
 
Hook - A 1/2 point added to the betting lines for sporting events.
 
IBAS - A service that aims to solve disputes between bookies and punters.
 
Juice - The amount that the bookmaker earns.
 
Lengthen - The process of increasing the odds. Bookmakers do this when an outcome gets minimal activity.
 
Limit - This is the highest amount that you can bet before the bookie alters the points and/or the odds.
 
Line - The odds on an event.
 
Lock - The likely winner.
 
Longshot - An entry in the event that is unlikely to win.
 
Match Betting - A betting market where both teams have winning odds.
 
Monkey - An informal term that means £500.
 
Nap - The best bet for a specific time period, according to a tipster.
 
Nickel - The slang for $500.
 
No action - This is a situation where the bettor didn’t win or lose any money.
 
Number Spread - This index spread relies on the total number of goals, points, and runs, scored during an event.
 
Parlay - This is another term for ”accumulator”. It is commonly used in the United States.
 
Patent - It has 7 bets in 3 selections. The selections are made in various events. Here, you will get 1 treble, 3 doubles, and one single per selection. You will win if at least one of your selections succeeds.
 
Pick ‘em - An event where there is no favored team.
 
Pony - The term bookmakers use when referring to £25.
 
Price - This is the odds offered by the bookmaker for a particular selection.

Punter - A person who places bets.
 
Runner - A person who bets on behalf of another individual.
 
Sharp - A skilled bettor.
 
Sides - The individuals or teams playing in the event.
 
Singles - This is the most basic type of bet. Here, you will back a single outcome.
 
Square - An inexperienced punter.
 
Straight Bet - This is a bet on a single participant in the event.
 
Tic-tac - A sign language that bookmakers use.
 
Tie - A situation where you won’t win or lose any money because the final scores of the event were equal.
 
Tout - A person who earns money by sharing his knowledge regarding sports betting.
 
Trebles - A bet that involves 3 selections across various events.
 
Underdog - The person or team that will probably lose.
 
Wise Guy - This is a term used to refer to knowledgeable bettor or handicapper.


Section: Sportsbook Bookmakers or Betting Exchanges

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