A bet with a single stake on four selections or more multiplied together, all of which have to win to generate a return. Also known as a parlay.
Across the board:
A combination wager in three parts on one horse in US racing; we bet on the win, place and show for your chosen runner.
A general term to describe betting involvement in a sporting event; if we have action, we have financial interest in the outcome.
Usually used in poker to describe staking all your remaining chips on a single hand. Also refers to betting in an event where no refunds are allowed.
Betting on an event with more than one bookmaker where the variation in odds they offer means that a return is guaranteed.
Describes a contender that has been supported by a large number of wagers. When we have wagered on an outcome, we have backed it.
A general term for a contender who is seen as certain to win; also, the selection in an accumulator that we are most confident will succeed.
The price used to refer to all contestants in an event that are not specifically quoted. “Ten to one bar” means all other runners are 10/1 (+1000) or longer.
A person who bets, either regularly or in a specific instance.
General term for a sportsbook; an individual or organization that compiles odds on an event and accepts bets on it. Also, the odds on a particular event.
Slang term for a bookmaker or sportsbook.
An individual or organization that offers odds on a sporting event and accepts bets on it. Bets were traditionally recorded in a book, hence the term.
In spread betting, the upper limit of a spread at which we buy, as opposed to selling at the lower limit.
A multiple bet with five selections that covers all 26 combinations. Also known as a Super Yankee. At least two must win for us to get a return.
Chalk / chalk player:
A slang term to describe a bettor who habitually bets only on favorites. The “chalk” is a slang term for the favorite.
An event in which the number of markets available is strictly limited, either because of injuries to key players, bad weather or rumors of foul play.
A general term for a multiple bet in which all combinations are covered; we have to stake separately on each of those combinations.
Two or more wagers where the outcome of one affects the other; for example, betting on the points spread in the first half and the match as a whole.
To beat the spread. If we wager on a favorite who wins by more than the margin of the spread, we have “covered the spread”.
The result of a horse race where two runners cannot be separated at the finish line, even by a photograph.
In pool betting, a fixed sum that is declared by the pool that will be returned for every $1 wagered on that outcome.
A single bet on two outcomes, with the winnings from the first rolling on to the second selection. Both must win for the bet to collect.
A betting strategy under which we double our stake each time we back a loser, until we pick a winner again.
The result of a sports event in which both sides record the same number of goals or points. Also the process by which horses’ starting gates are decided.
The process by which the odds on a contender in a sporting event become longer. The opposite of shortening.
Dutching is the strategy of betting on more than one outcome or contender in the same event in the hope of increasing our chances of a winner.
Essentially two bets in which we back a runner/player to: finish first and/or in a place (usually 2nd to 3rd). We have to double or halve our stake to cover both bets.
A betting price that rates the chance of a particular outcome at exactly 50-50. If we back a winner at this price our profit is the same amount that we staked.
Generic description of bets such as trifectas and jackpots where we can wager on multiple races and one runner or more in each.
The contestant in an event with the best chance of winning and, therefore, the shortest odds.
Any of a group of contenders not specifically quoted in the odds. “Ten to one the field” means all unnamed runners are that price or longer. Similar to Bar.
The traditional method of betting whereby a wager is staked at a particular price and the payout is at that price, regardless of later fluctuations.
A particularly complex combination wager on four selections that involves 23 bets on all possible straight-up bets/singles, two-parlays/doubles, three-bet parlays/trebles and a four-timer.
Term to describe the number of bets in a parlay (accumulator), such as four-fold and five-fold. Also, the act of discarding our hand during a game of poker.
A bet that invites us to select the first two or three finishers in a race, either in a specific order or in any sequence.
Any multiple bet that enables us to cover all the combinations of a number of selections, such as a Yankee or a Heinz.
Bets on events taking place some time in the future; particularly used to describe long-term season wagers such as championship or conference winners.
A massive full-cover wager on eight selections. When you add all the combinations together you have a grand total of 247 bets.
A single over/under bet on the total number of points or goals scored, usually in baseball or ice hockey, in all the matches on a single day.
A method by which runners in a horse race are weighted to give all the same chance; a bet where the sportsbook gives one contender a start to even the odds.
Hedging is placing a bet on the other side of our original bet to limit our potential losses.
A full-cover multiple wager on six selections that involves 57 combination bets; it’s named after the Heinz company’s famous “57 varieties” advertising slogan.
Also known as spread betting, this involves buying at the top end of a spread set by a sportsbook, or selling at the lower.
The term used when two contenders in a race/event are both rated as having the equal-best chance out of all the runners/competitors/teams.
Slang term for the cut, or margin, that a sportsbook takes out of every betting market. Also known as the vig, or vigorish.
Lay a bet:
The action of a sportsbook in striking a bet with a bettor; a method also used by exchange bettors when they believe a runner/competitor/team will not win.
The opposite of shorten. What happens to the odds of a selection when it becomes less fancied to win; similar to drifting.
Description of a bet that is considered absolutely certain to win. A bet even more certain than a lock is known as a mortal lock.
A description of the odds that are quoted on a selection which has very little chance of succeeding in a race/event.
A selection that is considered to have an extremely small chance of winning a particular event and will, therefore, start at long odds.
Lucky 15 / 31 / 63:
A series of combination wagers that also include the straight up (single) bets on – in this particular case – a Yankee, Canadian and Heinz respectively.
A sportsbook’s profit on a market. The difference between 100 per cent and the total percentage probability of all the odds quoted on an event.
This is a two-way market in which we pick the winner of an event (three-way for sports that include a tie, such as soccer). Also the term for the betting format used in this context.
Any bet that includes more than one selection. This includes a wide range of wagers, including parlays/accumulators and full-cover bets.
A tipster’s most confident selection. The name originates from the French card game ‘Napoleon’, whereby a ‘Nap’ is the best hand you can be dealt.
The numbers that display the probability of a particular outcome and that determine how much we win if our selection is correct.
Describes the price for a selection that stands to win us more money than our stake.
Describes the price for a selection that will win us less money than our stake; of course, we will still get our stake returned if we win.
Off the board:
A term, often shown as OTB, that demonstrates a sportsbook is not taking bets on that event at this time.
On the nose:
A bet to win, rather than an each-way or place bet. Believed to derive from boxing, where the nose is the target.
Contenders in a race or match that have only a small, or outside, chance of winning.
The situation in which a sportsbook offers odds on a particular outcome that are too long for it to be able to make a profit.
Also known as a totals bet. We decide if a particular outcome, such as points scored in a game, will be over or under the number set by the sportsbook.
A bet in which we combine several outcomes with a single stake. Also known as an ‘accumulator’ in the UK and Ireland, a ‘multiple’ in Europe and a ‘multi-bet’ in Australasia.
A multiple bet of seven wagers on three selections; three straight up bets (singles), three two-bet parlays (doubles) and a three-bet parlay (treble).
Slang term for selections.
PK or pick:
Also known as “pick ‘em”, a term describing a match in which the teams are so closely matched that their odds to win are identical.
A bet on a selection to finish in the first three or four in a race/event; the odds will be smaller than for a win bet.
The margin, set by a sportsbook, by which the outsider starts ahead, and by which the favorite has to win for you to “cover the spread”.
Another term for the odds on a particular selection in an event.
The outcome when neither the bettor nor the sportsbook wins on a particular wager. The bet is refunded when a ‘push’ occurs.
A bet in which we have to pick two runners to finish first or second in either order. It’s a pool bet, so our winnings depend on the dividend declared.
The amount that we receive from the sportsbook on a successful bet.
A bet on three selections in which we stake on each to win and also on “any-to-come” two-bet parlays (doubles) that are activated only when one selection wins.
A complicated wager closely related to a patent. It involves 10 bets on three selections; three two-bet parlays (doubles), a straight up bet (single) and six any-to-come – also known as up-and-down doubles.
The opposite of lengthen; what happens to odds when a lot of money is staked on an outcome, leading the sportsbook to contract the price.
The simplest bet you can have. One stake on one outcome, such as the winner of a race or match.
Single states about:
A bet on two selections in different events; a return on each single is used to fund another single on the other selection.
Six dollar combine:
A bet on US horse racing that entails a $2 wager across the board – on the win, place and show.
Term for the cash invested by people or teams seen as being particularly knowledgeable about betting or the event in question.
The sportsbook sets a spread – such as the total number of goals scored in a soccer match – and you buy at the top, or sell at the bottom.
The range of an outcome – such as the number of points in a basketball game – set by a sportsbook for the purpose of handicap, over/under, or spread betting.
A “steam move” happens when odds change suddenly when a lot of money is wagered on one particular result. Some bettors try to “chase steam”.
Also known as a Canadian, a combination wager on five selections that includes 26 bets – 10 two-bet parlays (doubles), 10 three-bet parlays (trebles), five four-bet parlays (four-folds) and one five-bet parlay (five-fold).
Describes a selection that is seen as an absolute certainty by the people who wager on it. Similar to a Mortal Lock.
“System bet” is a generic term for combinations such as a Trixie, Yankee or Heinz. Also a term for bettors who have a “system” for making selections in a particular sport.
Another term for the profit made by a sportsbook; also called juice, the margin, the cut, the house edge or the vig.
This happens in spread or handicap betting. When the outsider is given their virtual advantage by the sportsbook, they are “taking points” from the other contender.
Similar to a parlay in that we combine wagers on more than one event; with a teaser, we can adjust the point spreads in exchange for a smaller return.
Selection made by people or organizations with a perceived expertise in a particular sport or event; also used to describe any betting selection.
Also known as over/unders, a bet where we choose whether the total times something happens in a match is more or fewer than the number set by a sportsbook.
Generic term for pool betting on sports, derived from totalisator; winnings are dictated by dividends declared by the organization running the pools.
A single bet on three events. In the US, a three-bet parlay. The winnings from each roll on to the next selection. All three must win for the wager to be successful.
A combination bet on three selections that comprizes of four bets; three two-bet parlays (doubles) and a three-bet parlay (treble). At least two must win for us to get a return.
The real, mathematical probability of something happening.
The outsider in a sporting event, especially a two-sided contest such as a football or basketball match; the contender less expected to win.
A complicated wager on nine selections in eight three-bet parlays (trebles); the selections are placed in a 3x3 grid – the one at the center should be your most confident pick.
The concept that suggests a bet has been struck at a price that is longer than the actual probability of it succeeding.
Originally, the cut taken by a sportsbook from a bettor’s winnings; now generally used as a synonym for the margin, juice, cut or take.
To succeed in a sporting event; also, to be successful in wagering on its outcome.
A bet on our selection to finish first, rather than in a place; also known as the Moneyline, or On The Nose.
The number of points, goals or lengths by which a contender or team triumphs; important in the context of over/unders, handicaps and spread betting.
A full-cover combination wager on four selections, comprising 11 bets; six two-bet parlays (doubles), four three-bet parlays (trebles) and one four-bet parlay (four-fold).