Betting Glossary

The growing global popularity of online gambling has brought forth a host of terms attributed to betting. These sports betting vocabulary are used to reference specific meanings that are relevant to betting, making it easier to place bets. It is also used to create a niche crowd and develop a betting lingo. Introduction of the words, however, has posed a significant challenge since a beginner or a novice might be confused with what precisely such terms mean. The betting glossary is a list of some of the most common words that might help you get familiarised with online betting.

Key Takeaways – Bullet points

Some of the key takeaways as to the importance of the betting glossary and growing need to be familiar with its terms are as follows:

  • Sports betting vocabulary are now used not only online but also by offline bookies
  • The words in a betting glossary explain a significant idea in a single word and hence, it’s useful to get used to this lingo.
  • It is important to be familiar with the terms as ignorance might impact your bet
  • The vocabulary is sports specific and if you are betting on a particular game, be sure to know the terms.

Betting Glossary – Guide

Initiation to the glamorous world of online betting can often be an overwhelming experience. Given the jargon being used, improving your sports vocabulary is something that you should always strive to achieve and this can easily be done through the betting glossary. There are quite a few advantages to being familiar with the lingo. For instance, you could be more at ease while you are involved in the gameplay, and if you use the betting glossary terms well enough, you might even unnerve your opponent. Here’s a list of some of the most common betting terms. Keep in mind though that this betting glossary list is by no means exhaustive, but merely representative of the most common betting terms.

General Betting Terms

  • Accumulator – One of the most common forms of bets available, these types of bets (also known as parlay bets) usually consist of two different individual bets. For the bettor to win the prize money, both the individual wagers have to be won.
  • Banker bets – These are sure shot bets. It is already well known that betting on favourites attracts lesser odds, banker bets are bets that are almost certain to bring in sure profits. The betting odds for these bets, however, are lower than 1.40. Such bets can also be combined under an accumulator bet to increase winnings.
  • Betting Exchange – What stock market is to the business community, the betting exchange is to the gambling community. The simple difference is that unlike shares, wagers and bets are traded.
  • Circled Game – This is mostly applied to US sports, according to the betting glossary. When the weather is terrible, or players are injured so as to affect the outcome of the game, the bookmaker regulates the betting activity. Such games are known as circled games.
  • Edge – Edge usually refers to the advantage that a punter will have going into a bet.
  • Fixed odds – Bets can be subject to fluctuating odds and therefore fixed odds is a type of bet which is set on predetermined odds. Whichever way the odds vary after the stakes have been placed should not affect your set odds. These types of bets help you get a definite estimation of your winnings since the odds are preset and fixed.
  • Fold – This term is used in relation to an accumulator bet. The term signifies the number of selections that the bet contains. For example, a bet involving four selections would be known as a four-fold accumulator. All the choices have to be won to get your winnings.
  • Underdog – In a contest, the underdog is usually termed as the side that the bookmakers do not expect to win. The odds on these teams are generally high since they have a lower chance of winning the outcome.

Sports Betting Terms

  • Ante-Post – This is a sports-specific betting glossary term related to horse racing. An ante-post is the odds offered on a race prior to the day of the race. When it comes to horse racing bets, this is one of the most common types of bet
  • Correct score – In games like football where the score can be a possible betting parameter to bet on and is typical of the game, correct score betting is extremely popular. The betting odds offered are based on the actual match odds of the game.For more information check out a well written guide on ‘What do betting odds mean?
  • Double Chance – In a football game, a double chance is offered when a bookmaker decides to reduce the three possible results of a football match – win, draw and lose to 2 – win or lose. The bets in double chance always operate at lower odds than conventional betting since there is a higher chance of either outcome occurring.
  • Double Results – Double results increase the number of possible outcomes of a football match. Since the bets are taken for both the half time as well as the full-time scores, the odds for this type of betting can be as high as 30/1 or higher.
  • Evens – These are a type of betting odds usually used to signify that there is no clear favourite. In a football match, for instance, if the bookmaker feels that there are no clear favourites or underdogs, the odds are set at 2.0. So if you were to bet $10, you would earn back $20 should you win the bet.
  • Forecast – Usually used in a race like horse or greyhound racing, the forecast is a bet that allows you to bet on who will emerge as the winner or the runner up of that race. These bets are also used for track events and overall results of major competitions like the English Premier League.
  • Place – A term usually associated with racing, place bets involve betting on the place a horse or a greyhound will secure in the top 3 positions.

Betting Authorities

  • GamCare – For all information including advice, practical help when it comes to the social impact of gaming, the UK national centre for information (also known as GamCare) may be consulted.
  • IBAS – Independent Arbitration Betting Service, an organisation that settles any form of gambling-related disputes that may arise between bookies and punters.

Terms Used In Betting Strategy

  • In-play betting – Betting on a live match while the game is still being played is known as in-play betting. Such bets could be placed on the outcome of the contest or various elements in play.
  • Line – When considering betting odds, the line is usually referred to as the current odds being given out on bets at that specific point of time. As the match progresses, the line value may change in keeping with the game.
  • Martingale – This is a form of betting strategy where a bettor continuously keeps on increasing the stakes of a new bet with each successive loss of a bet. The logic at work here is, when he wins a bet, the cumulative stake will negate all the losses he had faced before that bet.
  • Novelty Betting – These are bets which are not based on sports. These types of betting are increasingly becoming popular among people who are not sports fans per se. Such bets are made on trivia, elections and the like.
  • Outright bet – An outright bet is a conventional bet which is usually made on things like who will be the next prime minister, who will win the upcoming football world cup or which country will win the most number of medals at the Olympics. This bet involves a simple and straight selection to an event.
  • System bets – System bets are incredibly similar to accumulators in terms of the multiple events the bets need to be placed on. However, unlike as in an accumulator, all wagers placed under a system bet need not necessarily be won to qualify for some amount of winnings.
  • Value bets – Value bets are one of the best ways to maximise profit. These bets are made on events which the bookmakers may have misread and offered better odds to the favourites. The value bet is wholly dependent on a punter’s ability to perceive these bets as value bets since they involve a great deal of research.

What other betting/casino guides & strategies are available?

Familiarity with betting terms and the betting glossary is often a building block to efficient strategy building. If you are clueless about the different bets that you can place, you would be lost at sea while formulating your plans. Even while consulting sportsbooks, the betting glossary plays an integral part in understanding what the sportsbook is talking about. There are a lot of strategies you can seek to adopt once you are broadly familiar with the sporting terms. Strategies like Inplay betting Strategy, Best Tennis Betting Strategy, Best Greyhound Betting Strategy, Best cricket Betting Strategy, Best Golf Betting Strategy, Best value Bet Strategy, Best Football Betting Strategy and Best Horse Racing Betting Strategy, among others can help you with your sports bets.

Conclusion

There was a time when betting was a simple exercise devoid of such challenging sports betting vocabulary. However now, with the advent of online casino gaming, newer versions of betting terms are being introduced to the betting glossary almost every day. The biggest sportsbook around the world now offers close to 100 different forms on a single game. This massive increase in the diversity of gameplay has led to the introduction of betting glossary to save time by introducing jargons. By brushing up your knowledge on popular betting words you can increase your familiarity with bets available and place smarter bets.

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