Betting Terminology

Last Updated on 24/06/2020

Across the world, we use different terminologies for specific niche fields, for example medicine, sports, science, hobbies and more. Betting is a very old activity that humans have engaged with and for this niche, there is a betting terminology that has come into place. You might be having a general idea of popular betting terms, however, if you want to fully understand betting, having the betting terminology explained can prove valuable. To help you with your betting journey, our team of experts have devised this guide filled with all the different betting terminology words that are likely to come across during betting. 

Key Takeaways

Here are some key takeaways of betting terminology:

  1. Learn and gain a better understanding of the terms used very commonly in the betting stratosphere.
  2. Know about some very famous governing bodies in online betting.
  3. Some different terms are used while you make your bet on sports. Know how to spot the difference.
  4. Learn about the terms commonly used while devising or using preexisting betting strategies.

The central part of the guide to betting terminology

Consider the importance of betting terminology explained by placing yourself in this situation: You are going to bet on your favourite team, but instead of Decimal Odds this bookie offers you American odds. You instantly become clueless and place the bet you are not so sure of winning. To avoid doing that, read our betting terminology or betting glossary.

Throughout their betting careers that our experts have enjoyed, they have been stressing upon the importance of bettors getting their terms right. This factor can improve the chances of you winning since you will know every bit of the betting lingo. However, learning the betting terminology does not guarantee a win. If you know the lingo of your bookie you feel more confident when placing your bets.

Most used/Widespread Betting Terminology

Some of the betting terminology words and phrases which are very frequently used in the field of gambling are:

  1. American odds:The odds system, which is based on the money line system devised by the Americans, is known as American Odds. The odds here are typically represented by a positive or a negative determiner in front of the teams. This gives a clear distinction between the underdogs and the favourites usually.
  2. Binary Betting:This combines the spread and fixed-odds betting systems. As the name suggests, you can necessarily get only two outcomes for your bet — either a 100 or a 0 and nothing in between.
  3. Bookie:It is a common term used for a bookmaker. Bookmakers are the person responsible behind setting the odds for any game.
  4. Chalk:The option which has the highest probability of winning is known as chalk. The determination of the chalk bet is done by calculating the implied probability from the odds.
  5. Juice:The cost of placing your bet, which is set by the bookie, is called juice.

Some of the terms which are most commonly used in sports betting

  1. Closing odds: Odds which are offered before the betting market closes is known as the closing odds.
  2. Cover: When the team which is more favourable in the given match wins by a margin more significant than even the ones which are dictated by the handicap, then that team is said to have covered the margin based on betting terminology.
  3. Dog: It is how the punter refers to the underdogs of the given contest. Underdogs are the side which is less likely to win in the particular match.
  4. Each-Way: The bets which are not only placed to determine the winner of the given match but also are for determining the ones who are going to place second or third, are known as each-way bets. This term is most commonly used in betting on horse or greyhound races.
  5. Elo Ratings: The rating metrics devised by the Hungarian born American master class chess player named Elo is known as Elo Ratings. Usually, it is used to determine and compare the skill levels of the people who are competing in the given said game.
  6. Walk-over: This is a very rare scenario which only occurs when the only one team or participant is present on the field.
  7. Void Bet: This is the bet which as the name suggests has been voided. The amount which you have staked in the bet that has been voided shall return back to you without any deductions.
  8. Trap Number: Usually in the races involving greyhounds the numbered box from which each greyhound begins their race is known as the trap number.
  9. Tic-Tac: It is the way in which bookies talk to each other during the course of the race.

Some of the most common governing bodies in online betting

  1. UK Gambling Commission: The UK Gambling Commission or UKGC for short, is the licensing body functioning out of the United Kingdom of Great Britain. The UKGC regulates any and every gambling activity inside of the UK.
  2. AGCC (Alderney Gambling Control Commission): The Alderney Gambling Control Commission, better known as AGCC, is the established body in ensuring a crime-free betting and gambling experience for everybody.
  3. The Isle of Man Gaming Commission: The Isle of Man gaming commission is another public governing body of the betting and gambling world. They have offices to regulate many betting operators, Casinos which are working out of the land and controlled machines made for gaming.
  4. The Malta Gaming Authority: The Malta Gaming Authority was aimed at controlling the various sectors of the whole betting industry. It was established in 2001 with a different name of Lotteries and Gaming Authority. The Malta gaming authority has developed into the well-known figure in the gaming and betting scenario, which we all know and respect.
  5. Gibraltar Regulatory Authority: GBA or Gibraltar Regulatory Authority has been one of the most trusted names in the world of betting since its inception from the Gibraltar Regulatory Act of 2000.
  6. Tote: The Horserace Totalisator Board better known as Tote is the body which operates from the UK to operate all the pool bets on all the racecourses.

Some of the fundamental terms which are often used in devising or learning about the various betting strategies

  1. Pre-match Betting: The type of betting which is done before the start of any game is known as Pre-match betting.
  2. In-play Betting: This is the betting terminology for sports betting where punters can bet on the occurrence of any event during the progression of the match
  3. First Half Bet: The bet made upon the outcome of the first half of any match is known as the first half betting.
  4. Arb or Arbitrage: This is a widespread and popular betting strategy among the punters. When you back all the sections in a given market with various bookies to gain the advantage of the pricing discrepancies offered by different bookies, this type of betting strategy is known as Arb or Arbitrage betting strategy.
  5. Handicap: This is a type of bet which is very common in sports where draws are very prevalent. To even out the odds and remove the possibility of the teams drawing a virtual advantage is given to the underdogs. This advantage is also known as a handicap.
  6. Hedging: When you bet on both sides in any given market to gain the advantage of the presence of the various pricing offered by the multiple bookies is known as hedging.
  7. Layoff: The reduction of liability of a bookie by placing his bet at a different bookie is known as laying-off or a layoff bet.
  8. Parlay: When you combine more than one bet effectively combine both the odds and the winnings is known as parlaying or placing a parlay bet.

What other betting guides and strategies are available?

If you want to learn more about the betting world, you can refer to guides such as what betting odds mean, how betting odds are calculated, how bookmakers make money, matched betting, how does accumulator betting work, how to make sure bets, and how to read betting odds, etc etc. If you want guides based on specific sports, you can go for Best Betting Odds for Football, Best Betting Odds for Golf or Best Betting Odds for Cricket. Gambling Guy provides you with comprehensive and easy to understand betting guides and strategies like Greyhound Betting Strategy, Value Bet Strategy, Inplay Tennis Betting strategy , helping you hone your betting skills and win even more bets.

Conclusion

In betting, you have to rely both on skill and a little bit of luck, and knowing the betting terminology will help you place smarter bets. Having had the betting terminology explained will enable you to understand the betting world better. Since most operators will be using such betting terminology in their bonus offers or in their in-play interface, it will help you understand where the odds are moving and what exactly the operator is referring to. Overall, understanding betting terminology will open doors to placing more complicated bets as you grow accustomed to betting.

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