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Betting Terms Glossary
 
BETTING
 
Asian Handicaps Asian Handicaps are designed to eliminate the draw from the result as football is the only major sport where the draw plays a significant part of the likely result. This is achieved by giving a goal handicap to both teams and in the event of a 1 goal handicap still producing a draw then the bet is void and your money is returned. See Asian Handicaps
Back To place a bet for your selection to win (as opposed to 'Lay' which is accepting a bet for your selection to win, therefore you win when the selection does not win).
Bankroll Also known as 'roll' or 'wad' (colloq.) This is gambling money or risk money, as opposed to the money you live on.
Book Running a 'book' is the act of quoting odds and accepting bets on an event. Hence the term 'Bookmaker'.
Case money Emergency money.
Chase Having lost money on a bet, "chasing" is having another bet simply to try and get back the loss, usually on a random wager.
Drop Money lost.
Get on Have your bet accepted
Group bet Betting between a selected group of teams or players, not necessarily in direct competition with each other. For instance 5 players in one golf tournament, the winner of the group being the one placed highest at the tournament end.
Index Bet An Index Bet is one often placed with a spread betting firm. It will have a unit stake and a variable positive or negative outcome depending on how the market is made-up at the end of the event. See Spreadbetting.
Juice (U.S) See 'Vig'..
Lay Take a bet on a selction to win, like a Bookmaker, therefore you win when the selection does not win.
Line Betting It is an even-money paid bet where you take a position either side of two possible outcomes of the event. e.g. England runs vs. Australia may quote 225-230 (a bit like a spread), thats called the Line. Selling the Line means you win if they score less than 225 and Buying the line means winning if they score more than 230. This is popular in the U.S.
Match Bet A bet between two teams or people, not necessarily in competition with each other. e.g. two golfers who will be trying to win their tournament, not beat each other or be aware that the bet exists
Odds The ratio to which your bet will be paid if your bet wins. e.g. 3-1 means for every £1 you bet, you will receive £3 of winnings
On tilt Losing the ability to rationalise bets and betting wildly on everything.
Over In Over/Under betting, such as goals in football match, then the line most often will be 2.5 goals. Betting Over is betting that 3 or more goals will be scored.
Overlay This is a price offered on a particular result that is higher than the true odds of it actually happening.
Pool A pool is a sum of many collected as bets on a horse race. It is intended to be distributed amongst those punters that successfully wagered on the podium places.
Price Noun ~ The quoted odds for an event to happen (like a horse to win)
Verb ~ The process of giving Prices to possible results.
Shorten Odds that reduce, say from 10-1 to 8-1, are said to have shortened.
Tote "Tote" is short for Totalisator, a system introduced to Britain in 1929 to offer pool betting on racecourses.
True Odds The real odds of something happening as opposed to what the bookies offer.
Under In Over/Under betting, such as goals in football match, then the line most often will be 2.5 goals. Betting Under is betting that 2 or fewer goals will be scored.
Vig Vig is short for the word 'vigorish'. Also referred to as 'juice' (US). The edge that one side of a bet has to make their advantage.
White meat Profit.
 
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