Battery.
Sometimes called Parlay. A bet in which the winnings of one bet are placed on the next bet. Wins piled up, giving huge theoretical returns. In reality, it’s not very profitable because it only takes one loss and your entire bet loses.
Arbitration.
Combination bets that guarantee a theoretical risk free profit. This sometimes happens when one of the bookies offers a price that does not match the rest of the alternative links . The odds don’t last long as the bookmakers will adjust their prices accordingly.
Asian Handicap.
This type of bet where one team is dealt a handicap makes the odds of beating the handicap around EVEN and the odds of not beating the handicap around EVEN. Popular in Asia.
Banker.
A bet that is very likely to win. Odds are usually less than 1.5 for this type of bet.
Betting Exchange.
A place where people bet against each other. The exchange takes a commission from every winning trade.
Book value.
Over round the bookie builds into the odds. For example a typical Football match will be booked to 110% which means that if you bet on all the results you will lose about 10%. Very similar to payout which is defined as 100 values/book. To find out the book value just use this formula, Book Value = 1 / outcome1_odds + 1 / outcome2_odds + …
Bet, city.
The person who accepts the bet.
Decimal odds.
Odds are expressed as decimals, with shares included in the overall price. For example the decimal chance of 3 equals the fractional chance of 2/1, as the stock is included in the former but not the latter.
Double.
Accumulator with 2 bets.
Double chance.
A bet offered in a 3 way market where you bet on 2 outcomes. For example you might bet on a home win or a draw. The odds are usually very poor but you are more likely to win the bet.
Do not withdraw bets.
Bet where the lottery returns your stake. This is exactly the same as 0 Asian Handicap.
Every way.
The type of bet where you can still win if your selection comes within 2/3/4 depending on the market. The bet is divided into 2, half placed on straight wins and half on, say the next 4 places. It is popular in horse racing but is used in football, in some markets, for example. First goal scorer.
European Handicaps.
Not to be confused with Asian Handicaps. This is where the team is given an initial goal but bets cannot be withdrawn. Three prices are quoted, as long as the team provides a handicap, one for the team with the handicap and one for withdrawing the handicap. For example if a team is given a +1 European handicap and the match is lost by a single goal, the bet still loses, unlike with Asian Handicaps where the stake is refunded. A +1 handicap is equivalent to a 0.5 Asian Handicap, a -1 handicap is equivalent to a -1.5 Asian Handicap.
EVEN.
Bet where the odds are 1/1 fraction or 2 decimal. Basically you double your money if you bet on this and it wins.
Fixed odds bet.
This is where you know what you will win or lose at the time of placing the bet. Your winnings and obligations are ‘fixed’. Compare with betting spreads.
Fractional odds.
This is a popular way of expressing opportunities in the UK. The shares are not included in the return. For example, 2/1 equals 3 decimal places, as it only expresses the winning part of the bet.
Goal lines, unders/overs, total goals.
All the same markets are centered around the total goals scored in a match. Under/overs usually means 2 goals or under, for unders and 3 goals or more for overs. Goal lines are practically the same as unders/overs but bets can draw. For example if the goal line is 3, a game with 2 fewer goals will win under, a game with 4 or more will win overs while a match with exactly 3 goals will void bets. Sometimes the goal line has a place in it, for example. 2.25, here is there are exactly 2 goals in the match, under bets will win half, while overs will lose half. The number of goals is usually expressed in 3 brackets, 0-1, 2-3 and 4+.
Half Time / Permanent worker, sometimes called double pay.
This is where you bet on what the results at half time and full time are.
Lay Bet a.
This is what the bet does when he accepts the bet. It is possible to place bets yourself on the betting exchange.
Odds against.
Bet where the odds are greater than EVEN.
Odds in.
Bet where the odds are less than EVEN.
Scorecast.
This is a bet where you predict the score of the first goal and the correct score. Good opportunity but getting this right is very difficult.
Spread bet.
An increasingly popular method of betting where returns are not fixed. You are on the difference between what the bookies define as the spread and what you think will happen. For example in a first goal market, the bookmaker may offer quotes from 26-29 minutes. You can go under (buy) or over (sell) this spread. If you bet down and the goal is to score in the 6th minute you win 20 (26-6) times your stake. However if it ends up scoring a goal in the 80th minute you will end up losing a lot of money.
Three-way bet or 1×2.
Bet on home win/draw/or away win. 1X2 because in store bets, you mark 1 for a home win, X for a draw and 2 for an away win.