Betting Glossary: Every Term You Need to Know

A

Accumulator

A single bet that combines multiple selections into one wager. Every selection must win for the bet to pay out. The odds multiply together, so the potential return is higher than backing each selection individually — but one wrong pick and the whole thing loses. Also called a "multi" or "parlay" in some markets.

Against the Spread (ATS)

Betting on a team to cover the point spread rather than simply win the game. If a team is −6.5, they need to win by 7 or more to cover ATS. Common in American football and basketball betting.

American Odds

An odds format using plus and minus numbers. A minus figure (e.g. −150) shows how much you need to stake to win $100. A plus figure (e.g. +200) shows how much profit you'd make on a $100 stake. Predominantly used in the United States. See our guide to how betting odds work for a full breakdown.

Ante-Post

A bet placed well in advance of an event, often before participants are confirmed. Ante-post bets typically offer longer odds because you're accepting the risk of withdrawals or non-runners. Common in horse racing and tournament outright betting.

Asian Handicap

A handicap betting system that eliminates the draw by applying fractional goal advantages (e.g. −0.5, −1.5, −0.75). If the handicap is a whole number and the result lands exactly on it, the stake is refunded. Widely used in football betting to create closer to even-money propositions.

ATS

See Against the Spread above.

B

Bankroll

The total amount of money you've set aside specifically for betting. Good bankroll management — staking a consistent percentage of your total rather than chasing losses — is arguably the single most important discipline in sports betting.

Bet Slip

The interface on a betting site where you review your selections, enter your stake, and confirm your bet. The digital equivalent of filling out a paper coupon at a bookmaker's shop.

Betting Exchange

A platform where bettors wager against each other rather than against a bookmaker. The exchange takes a commission on winning bets instead of building a margin into the odds. Betfair is the most well-known example. Exchanges allow you to both back (bet for) and lay (bet against) outcomes.

Bookmaker

A company that sets odds, accepts bets, and pays out winnings. Also called a "bookie" or "sportsbook." The bookmaker builds a margin (overround) into their odds to ensure a theoretical profit regardless of the outcome.

Both Teams to Score (BTTS)

A market where you bet on whether both teams will score at least one goal during the match. It doesn't matter who wins — only whether both sides find the net. A popular football betting market because it keeps you invested regardless of which team is leading.

C

Cash Out

A feature offered by most bookmakers that lets you settle a bet before the event finishes. If your bet is winning, you can lock in a profit (usually less than the full potential payout). If it's losing, you can cut your losses and recover part of your stake. The cash-out value is determined by the bookmaker and includes their margin.

Closing Line

The final odds offered on a market just before it closes. Beating the closing line consistently — getting better odds than the market settles at — is widely considered the best indicator of long-term betting skill. It means you're identifying value before the market corrects.

Correct Score

A bet on the exact final score of a match. High odds because it's extremely difficult to predict precisely, but popular because of the potential returns. See our World Cup correct score betting guide for strategies and examples.

Coupon

A traditional term for a bet slip, originating from the paper forms used in high-street bookmakers. Still used colloquially, especially in the UK, to describe a collection of selections.

D

Dead Heat

When two or more participants tie for a position in a market. In a dead heat, your stake is divided by the number of tied participants and the bet is settled at the original odds on the reduced stake. Common in golf top-5 markets and horse racing.

Decimal Odds

An odds format where the number represents the total return per unit staked, including your original stake. Odds of 3.00 mean a £1 bet returns £3 (£2 profit plus £1 stake). The standard format across Europe, Australia, and Canada. Convert between formats with our odds converter.

Double

An accumulator with exactly two selections. Both must win for the bet to pay out. The odds of the first selection are multiplied by the odds of the second.

Double Chance

A market that lets you cover two of the three possible outcomes in a football match: Home or Draw, Away or Draw, or Home or Away. Lower odds than a straight win bet, but significantly higher probability of winning.

Draw No Bet

A market where you back a team to win, but your stake is refunded if the match ends in a draw. You lose only if the opposing team wins. Essentially a safety net — lower odds than a straight win bet but with the draw outcome removed.

Drift

When the odds on a selection get longer (increase) over time. A drifting price suggests less money is being placed on that outcome, or the bookmaker has adjusted the market. The opposite of "shorten."

E

Each Way

A bet that consists of two parts: one on the selection to win and one on the selection to place (finish in a specified top position). If your selection wins, both parts pay out. If it only places, you lose the win part but the place part pays at a fraction of the odds (typically 1/4 or 1/5). Common in horse racing and outright tournament betting.

Edge

The advantage one side has over the other. In betting, your edge is the difference between the true probability of an outcome and the probability implied by the odds. Finding a consistent edge is the goal of every serious bettor.

Even Money

Odds where the profit equals the stake — expressed as 1/1 (fractional), 2.00 (decimal), or +100 (American). A £10 bet at even money returns £20 (£10 profit plus £10 stake). Also written as "evens" or "EVS."

Expected Value (EV)

A mathematical measure of the average amount you'd win or lose per bet if you placed the same wager many times. Positive EV (+EV) means the bet is profitable in the long run; negative EV (−EV) means it isn't. The bookmaker's margin ensures most bets offered are −EV by default.

F

Favourite

The selection considered most likely to win, reflected by the shortest odds in the market. Being the favourite doesn't guarantee a win — it just means the market considers it the most probable outcome.

Fixed Odds

A bet where the odds are agreed at the time you place the wager and won't change regardless of what happens to the market afterwards. The vast majority of bets placed with traditional bookmakers are fixed odds.

Fold

A term used to describe the number of selections in an accumulator. A "four-fold" is an accumulator with four selections. A "ten-fold" has ten. The more folds, the higher the potential return — and the lower the probability of winning.

Fractional Odds

An odds format expressed as a fraction (e.g. 5/1, 11/4). The first number represents potential profit and the second represents the stake. At 5/1, a £1 bet returns £6 (£5 profit plus £1 stake). The traditional format in the UK and Ireland. Learn more in our guide to how betting odds work.

Futures

Bets placed on events that will be decided at a later date, such as who will win a league title, a tournament, or a season award. Essentially the same as ante-post betting. The term "futures" is more common in North America.

G

Golden Boot (Betting Context)

A market on the top goalscorer in a tournament. In the World Cup, Golden Boot betting is an outright market where you back a player to finish as the tournament's highest scorer. Dead heat rules usually apply if multiple players tie.

Group Betting

Betting on outcomes within a specific group stage of a tournament — such as which team will top the group, which teams will qualify, or the exact order of finish. Group betting markets are typically available well before a tournament begins.

H

Handicap

A bet where one selection is given a virtual advantage or disadvantage to level the playing field. A team given a −1 handicap starts the bet one goal behind; they need to win by 2 or more for the handicap bet to pay out. Used to create more competitive odds when one side is a heavy favourite.

Half-Time/Full-Time

A bet on the result at both half-time and full-time. For example, "Home/Away" means the home team leads at half-time but the away team wins the match. Nine possible combinations make this a high-odds market with correspondingly lower win probability.

Hedge

Placing a second bet to reduce risk on an existing wager. If you backed a team at long odds to win a tournament and they reach the final, you might hedge by betting on the opposition in the final. You guarantee a profit (or limit a loss) regardless of the outcome.

I

Implied Probability

The probability of an outcome as suggested by the betting odds. To calculate it from decimal odds, divide 1 by the odds (e.g. 1 ÷ 4.00 = 25%). Implied probability includes the bookmaker's margin, so the total implied probabilities of all outcomes in a market always add up to more than 100%. Understanding implied probability is fundamental to identifying value in odds.

In-Play (Live Betting)

Betting on an event while it's happening. Odds update in real time based on what's occurring on the pitch, court, or track. In-play markets include match winner, next goal, next corner, and hundreds of other options depending on the sport and bookmaker.

L

Lay Bet

A bet against a particular outcome. Instead of backing a team to win, you're betting that they won't win. Only available on betting exchanges, not traditional bookmakers. When you lay a bet, you take on the role of the bookmaker for that selection.

Line

The odds or point spread set by the bookmaker for a particular event. "The line on the match is −3.5" means the favourite is giving 3.5 points. Also used generically to refer to any set of odds offered on an event.

Lock

Slang for a bet considered a sure thing. In reality, no bet is ever truly a lock — the term reflects confidence, not certainty. Treat any claim of a "lock" with healthy scepticism.

Long Shot

A selection with a low probability of winning, reflected by long (high) odds. Long shots pay handsomely when they come in but lose far more often than they win.

M

Matched Betting

A technique that uses free bet offers and promotions from bookmakers to guarantee a profit regardless of the outcome. It involves placing a back bet with a bookmaker and a corresponding lay bet on an exchange. Not gambling in the traditional sense — it's exploiting the mathematics of promotional offers.

Moneyline

A bet on which team or player will win an event outright, with no point spread involved. The moneyline simply reflects the odds of each side winning. The term is predominantly used in North America. In the UK, the equivalent is a straightforward "match result" or "win" bet.

Multiple

Any bet that combines two or more selections. Doubles, trebles, and accumulators are all types of multiple bets. See also: Accumulator, Double, Treble.

N

No Bet

When a bet is cancelled and your stake is returned. This can happen due to a void selection in an accumulator, a walkover, or specific market rules being triggered (such as Draw No Bet when the match draws).

Novelty Bet

A bet on a non-sporting event, such as the outcome of a reality TV show, a political election, or the name of a royal baby. Novelty markets are offered by some bookmakers for entertainment value, but odds are typically poor because the bookmaker has less data to work with.

O

Odds

The numerical expression of the likelihood of an outcome and the return you'll receive if your bet wins. Odds can be displayed in fractional (5/1), decimal (6.00), or American (+500) format. Lower odds indicate a higher probability; higher odds indicate a lower probability. Read our complete guide to how betting odds work.

Odds-On

When the odds are shorter than even money, meaning your potential profit is less than your stake. In fractional terms, odds like 4/6 or 1/3 are "odds-on." In decimal, anything below 2.00. It indicates the selection is considered more likely to win than not.

Odds Against

When the odds are longer than even money, meaning your potential profit exceeds your stake. Fractional odds like 5/2 or 3/1 are "odds against." In decimal, anything above 2.00.

Outright

A bet on the overall winner of a competition or tournament, rather than on individual matches. Also called a "futures" bet in some markets. See our World Cup outright betting guide for a detailed look at how these markets work.

Over/Under

A market where you bet on whether a specific statistic (usually total goals, points, or runs) will be over or under a set number. "Over 2.5 goals" means three or more goals; "Under 2.5 goals" means two or fewer. One of the most popular football betting markets worldwide.

Overround

The bookmaker's built-in profit margin. When you convert all odds in a market to implied probabilities and add them together, they exceed 100%. The amount above 100% is the overround (also called the "vig" or "juice"). A market at 105% has a 5% overround.

P

Parlay

The North American term for an accumulator. A single bet that combines multiple selections, where all selections must win for the bet to pay out. See also: Accumulator.

Patent

A full-coverage bet on three selections consisting of seven bets: three singles, three doubles, and one treble. Unlike a straight treble, a patent pays out if just one of your three selections wins, though you need all three to win for maximum return.

Place

Finishing in one of the specified top positions in a market. In horse racing, "place" usually means top 2, 3, or 4 depending on the number of runners. In outright tournament betting, place terms often cover the top 2 or top 3 finishers.

Point Spread

A handicap expressed in points, primarily used in American sports betting. The favourite gives points (−6.5) and the underdog receives them (+6.5). Your bet wins or loses based on the final margin of victory relative to the spread.

Price

Another word for odds. "What price is Arsenal?" means "what odds are being offered on Arsenal?" Used interchangeably with odds in everyday betting conversation.

Prop Bet (Proposition Bet)

A bet on a specific occurrence within an event rather than the final result. Examples include first goalscorer, number of corners, number of cards, or whether a specific player will score. Props add variety and can be based on detailed knowledge of teams and players.

Push

When the result lands exactly on the line or spread, resulting in a tie between bettor and bookmaker. Your stake is refunded. For example, if the spread is −3 and the favourite wins by exactly 3, it's a push.

R

Return

The total amount paid back to you when a bet wins, including both profit and your original stake. A £10 bet at 3/1 returns £40 (return = stake × decimal odds).

ROI (Return on Investment)

A measure of betting profitability expressed as a percentage. ROI = (total profit ÷ total staked) × 100. A positive ROI means you're profitable overall; a negative ROI means you're losing money. Professional bettors typically target an ROI of 2–5% over large sample sizes.

Roll Over

A requirement to bet a certain amount before you can withdraw bonus funds or free bet winnings. For example, a 5x rollover on a £20 bonus means you need to place £100 in bets before withdrawing. Also called "wagering requirements" — see our wagering requirements guide for the full picture.

Round Robin

A bet type that covers all possible doubles (and sometimes trebles) from three or more selections. It provides broader coverage than a straight accumulator — you can still profit even if one selection loses — but requires a larger total stake.

S

Shorten

When the odds on a selection decrease over time. A shortening price suggests increased demand for that outcome or new information favouring it. The opposite of "drift."

Single

A bet on one selection in one event. The simplest form of bet. Professionals tend to favour singles because they offer better long-term value than accumulators — the bookmaker's margin compounds with every selection you add.

Spread

See Point Spread above. Can also refer to spread betting, where your profit or loss is determined by how right or wrong you are, rather than a simple win/lose outcome.

Stake

The amount of money you risk on a bet. Consistent staking — typically 1–5% of your bankroll per bet — is one of the most important aspects of responsible betting.

Steam

A rapid, significant move in odds caused by heavy betting activity. "Steam moves" often originate from sharp bettors or syndicates and cause multiple bookmakers to adjust their prices in quick succession.

Straight Bet

A single wager on one outcome. In American sports betting, this typically refers to a point spread or moneyline bet. The simplest and most common bet type.

Sure Bet (Arbitrage)

A situation where differences in odds between bookmakers allow you to back all possible outcomes and guarantee a profit regardless of the result. Also called "arbing." Bookmakers actively look for and restrict accounts that engage in arbitrage betting.

T

Tote

A pool betting system where all stakes on a market go into a pool. Winning bettors share the pool (minus the operator's commission). The final odds aren't known until betting closes, unlike fixed odds. Common in horse racing.

Treble

An accumulator with exactly three selections. All three must win for the bet to pay out. The odds of all three selections are multiplied together.

Trixie

A bet on three selections consisting of four bets: three doubles and one treble. Unlike a patent, a trixie does not include singles, so at least two of your three selections must win for any return.

U

Underdog

The selection considered least likely to win, reflected by the longest odds in the market. Backing underdogs can be a profitable long-term strategy if you identify situations where the market has underestimated their chances.

Unit

A standardised measure of stake size used to track betting performance. If your unit size is £10, a "2-unit bet" means you're staking £20. Using units allows you to compare results across different bankroll sizes and staking levels.

V

Value Bet

A bet where the odds offered are higher than the true probability of the outcome. If you believe a team has a 50% chance of winning but the odds imply only a 40% chance, that's a value bet. Consistently finding value is the foundation of profitable sports betting. Our World Cup betting strategy guide covers how to identify value in tournament markets.

Vigorish (Vig)

The commission or margin charged by the bookmaker. Also called "juice" or "the cut." The vig is built into the odds rather than charged separately. When you see both sides of a market priced at −110, the vig is the difference between what the bookmaker collects and what they pay out.

Void Bet

A bet that is cancelled and the stake returned. Bets can be voided for various reasons: an event is abandoned, a player withdraws, or market rules are triggered. In accumulators, a void selection is typically treated as a winner at odds of 1.00, meaning the rest of the accumulator stands.

W

Wager

Another word for a bet. "Placing a wager" simply means placing a bet. The term is more common in North American English.

Wagering Requirements

The number of times you must bet through bonus funds before you can withdraw them as cash. A £10 bonus with 10x wagering requirements means you need to place £100 in qualifying bets before withdrawing. See our complete guide to wagering requirements for tips on navigating these conditions.

Walk Over

When one participant withdraws from a head-to-head contest, giving the remaining participant an automatic win. Betting rules vary by bookmaker — some will void all bets on a walkover, while others may settle bets on the remaining participant as a winner.