BetGizmo for Betfair

 
Betfair Trading
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Term Definition
Accumulator

A parlay or accumulator is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher payoffs than placing each individual bet separately since the difficulty of hitting it is much higher. If any of the bets in the parlay loses, the entire parlay loses. If any of the plays in the parlay pushes, the parlay reverts to a lower number of teams with the odds reducing accordingly.

 
All Weather RacingThis is Flat racing which takes place on a artificial surface.
 
Also RanAny selection not finishing 1st, 2nd, 3rd or 4th in a race or event.
 
Ante PostThis is a bet that is placed on future major sporting events, usually prior to the day of the event itself. In return for the chance of better odds, an Ante Post price means you will lose your money if your selection does not take part in the event.
 
Any to Come betWagers which include conditional bets, i.e. if part of the wager produces a sufficient return then a predetermined amount may be wagered on one or more of the other selections.
 
ArbitrageWhere a variation in odds available allows a punter to back both sides and guarantee a win.
 
Asian HandicapA type of bet where one team is given a handicap make the odds of beating the handicap around evens and the odds of not beating the handicap around evens. Popular in Asia.

 
BackedWhen a lot of money is taken on one particular selection, it is said that this selection has been 'heavily backed'.
 
BankrollThese are the funds available to a 'punter'.
 
Bar Odds for an event are often quoted for a number of participants and then there is the statement, 20/1 bar or 33/1 bar. This means that there are other participants or likely participants in the event who are outsiders priced at 20/1 or longer in the first example or at least 33/1 in the second example.
 
BeardA friend or acquaintance or contact who's used to place a bet for someone so that the bookmaker won't know the identity of the bettor. Many top handicappers and persons occupying sensitive positions use this method for wagering.
 
Best Price Percentage Price percentages are used to calculate over-roundness. A completely fair book is classified as 100% overround. However the ‘bookmakers’ profit margins mean the figure is almost always above 100%. But, if one aggregates the best prices from different bookmaking firms on any event, the percentages become lower. On some occasions, when odds greatly differ from firm to firm, the best price percentage may even drop below 100% showing that the best book on that event is actually in the punter's favour.
 
Betfair APIThe Betfair API ( Application programming interface ) enables direct connection to the Betfair sporting system, this enables applications such as BetGizmo to provide a customised interface, functionality and specialised operations not otherwise accessable to customers using the Betfair web interface.
 
Betfair bot

A Betfair Bot ( short for robot ) is a software application that regularly interrogates the Betfair website looking for profitable betting scenarios. When a favourable betting position is found the Bot will either place the bet or notify the user.

 
Betfair Scalping

The advent of the betting exchange has given rise to a new type of gambler - the Betfair scalper. Scalpers are generally not concerned with the final outcome, in as much as an exposure to an outcome occurring or not occurring, but instead bet on both sides of a proposition in equal amounts prior to the start of the event. If the gambler can back at longer odds than is layed they will make a positive trade or spread. A negative trade or spread can be achieved if the layed price is higher than the backed price.

Profit is achieved if the bettor has a positive trade and the event occurs. The bettor will gain the value of the spread times the staked amount. This occurs because the amount received from the back is higher than the payout for the layed amount in the case of a positive trade. If the event does not occur the Betfair scalper will not lose any money as they have no outright exposure to the event and have backed and layed in equal amounts. This as seen as "riskless" in outcome, however, there is risk inherent in making a negative trade if the layed price is higher than the back price.

Furthermore with the advent of fixed price betting, there is an opportunity to make an intra-market trade as opposed to an inter-market trade where all bets are made on the same exchange. This opportunity can be achieved where the bettor lays at a low amount on a betting exchange and then backs an event with a bookie or another exchange at a higher price. This must be done simultaneously or else the opportunity could quickly cease to exist with liquid markets quickly correcting prices and bookies trying to avoid being arbitraged.

Almost all betting exchanges charge commission on net winnings only, which suits the scalpers's high turnover, low profit strategy.

The profit or loss for a scalper will typically be no more than 10% of the total amount of his combined back and lay stakes - so to make meaningful amounts of money a scalper needs to commit a relatively large amount of capital. The Betfair scalper therefore runs the risk of having a large unwanted bet on an event if he is unable to close his position before the event starts (e.g. if there are technical problems with the exchange).

 

 
Betfair systemsMost systems for "winning" on Betfair are based on regular systems that were available before the advent of betting exchanges.
 
Betfair TradingThe advent of the betting exchange has given rise to a new type of gambler - the Betfair trader or arbitrageur. Betfair traders are generally not concerned with the final outcome, in as much as an exposure to an outcome occurring or not occurring, but instead bet on both sides of a proposition in equal amounts prior to the start of the event. If the gambler can back at longer odds than is layed they will make a positive trade or spread. A negative trade or spread can be achieved if the layed price is higher than the backed price.

Profit is achieved if the bettor has a positive trade and the event occurs. The bettor will gain the value of the spread times the staked amount. This occurs because the amount received from the back is higher than the payout for the layed amount in the case of a positive trade. If the event does not occur the trader will not lose any money as they have no outright exposure to the event and have backed and layed in equal amounts. This as seen as "riskless" in outcome, however, there is risk inherent in making a negative trade if the layed price is higher than the back price.

Furthermore with the advent of fixed price betting, there is an opportunity to make an intra-market trade as opposed to an inter-market trade where all bets are made on the same exchange. This opportunity can be achieved where the bettor lays at a low amount on a betting exchange and then backs an event with a bookie or another exchange at a higher price. This must be done simultaneously or else the opportunity could quickly cease to exist with liquid markets quickly correcting prices and bookies trying to avoid being arbitraged.

Almost all betting exchanges charge commission on net winnings only, which suits the trader's high turnover, low profit strategy.

The profit or loss for a trader will typically be no more than 10% of the total amount of his combined back and lay stakes - so to make meaningful amounts of money a trader needs to commit a relatively large amount of capital. The trader therefore runs the risk of having a large unwanted bet on an event if he is unable to close his position before the event starts (e.g. if there are technical problems with the exchange).
 
Betfair trading softwareIt is possible to perform Betfair trading directly from the Betfair web site. However, Betfair trading software tools like BetGizmo enhance and support Betfair traders trading activities and enable stock exchange style sporting trades using the fast Betfair API.
 
Betfair Trading SystemsBetfair trading systems are system based methods of sports trading on Betfair to increase the chance of making profitable trades.
 
Betfair winnersUnlike bookmakers, Betfair will never limit or close your account just because you are winning. This is because you are winning from other Betfair users and not Betfair themeselves.
 
Betting exchangeThe term betting exchange is used to describe a form of bookmaking in which the operator offsets its risk perfectly through technology, such that the effect to the customer is that customers are seen to bet between themselves. Coined because of its apparent similarities to a stock exchange - it is often defined as "a stock exchange for bets" - it is therefore commonly seen as a peer-to-peer gambling website, when in fact it is more closely described as "many-to-many" (i.e. very few bets are actually just one person on one side and one on the other). Equally, it is often suggested, or commonly believed, that the operator is merely acting as a broker between parties for the placement of bets, rather than a bookmaker, although the reality is that bets are being accepted and offered simultaneously through technology, and the legal contract for the bet is with the operator itself and not between customers. Most betting on a betting exchange has been a form of fixed odds gambling, although recently the phenomenon has also been established in the spread betting markets.
 
Betting exchangesThe term betting exchange is used to describe a form of bookmaking in which the operator offsets its risk perfectly through technology, such that the effect to the customer is that customers are seen to bet between themselves. Coined because of its apparent similarities to a stock exchange - it is often defined as "a stock exchange for bets" - it is therefore commonly seen as a peer-to-peer gambling website, when in fact it is more closely described as "many-to-many" (i.e. very few bets are actually just one person on one side and one on the other). Equally, it is often suggested, or commonly believed, that the operator is merely acting as a broker between parties for the placement of bets, rather than a bookmaker, although the reality is that bets are being accepted and offered simultaneously through technology, and the legal contract for the bet is with the operator itself and not between customers. Most betting on a betting exchange has been a form of fixed odds gambling, although recently the phenomenon has also been established in the spread betting markets.
 
Betting pool

A betting pool, sports lottery, sweep or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a pool (from which taxes and a house "take" or "vig" are removed), and then make a selection on some outcome, usually related to sport. The pool is evenly divided between those that have made the correct selection. There are no odds involved; each winner's payoff depends simply on the number of gamblers and the number of winners. In an informal game, the vig is usually quite small or non-existent. (True parimutuel betting, which was historically referred to as pool betting, involves both odds calculations and variable wager amounts.)

Contestants predict the outcome of sporting events that take place at a later time. The concept was introduced in 1923 by Littlewoods Pools where it was known as toto[clarify] and based on football (soccer) matches. Today in England, sports lotteries are more commonly referred to as football pools. American sports lotteries often do not require contestants to purchase a lottery ticket or make an initial wager. Hockey pools are common in North America, and footy tipping in Australia.

 
Blind BetThis is a bet made by a racetrack Bookmaker to draw other Bookmakers' attention away from his sizeable betting on another horse, avoiding a shortening of the odds on the other horse.
 
Board Prices This refers to the currently available odds displayed on the boards of on-course bookmakers. It is from these that the starting price for horse races is derived.
 
BookThe list of odds available in a given market.
 
Book is closedThe race has probably started, and no more bets will be accepted.
 
BottleOdds of 2 to 1.
 
Bottom sheetA bookmaker's accounting of gambling debts.
 
Boxed in A horse that cannot overtake another horse because it is blocked by other horses.
 
BrokeThe outcome of too many losing bets.
 
Canadian betA wager on five selections and consisting of 26 separate bets: 10 doubles, 10 trebles, 5 fourfolds and a fivefold accumulator. A minimum two selections must win to gain a return.
 
Closing lineThe final list of point spreads offered before game time.
 
Combination forecasts ( CFC )You may bet on three or more horses in a race, and any two of these have to finish first and second in any order to get some return on your bet. If you choose four horses, then effectively you are placing 4x3 = 12 separate bets (or "lines") to get a return if any two of your selections finish first and second. If you choose 5 horses, you'll be pacing 5x4=20 lines on the bet to (hopefully) achieve a return. The bet is priced per line, so the larger the number of horses you choose, the lower chance of your winnings exceeding your stake.
 
Concessions Special terms offered by bookmakers more generous than normal to attract more bettors - the bookmakers equivalent of hold a sale.
 
CoverIn sports betting, beating the spread by a required number of points. To "cover the spread".
 
Dead HeatWhere two or more competitors finish tied. For non-pari-mutuel betting purposes in a dead heat, full odds are paid to half the stake (one third if a triple dead heat, etc.).
 
Decimal odds

Favoured in continental Europe, Australia and Canada, decimal odds differ from fractional odds in that the bettor must first part with their stake in order to make a bet, the figure quoted would the winning amount that would be paid out to the bettor. Therefore, the decimal odds of an outcome are equivalent to the decimal value of the fractional odds, plus one, and even odds would be quoted as 2. The 4/1 fractional odds discussed above would be quoted as 5, while the 1/4 odds would be quoted as 1.25. This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on. Decimal odds are also favoured by betting exchanges because they are the easiest to work with for trading.

Decimal odds are also known as European odds, or continental odds in the UK.

Table FRACTIONAL TO DECIMAL CONVERSION

Fraction
Decimal Fraction DecimalFraction Decimal
1/10
1.10
Evens
2.00
11/2
6.50
1/9
1.11
11/10
2.10
6/1
7.00
1/8
1.13
6/5
2.20
13/2
7.50
1/7
1.14
5/4
2.25
7/1
8.00
2/13
1.15
11/8
2.37
15/2
8.50
1/6
1.17
6/4
2.50
8/1
9.00
2/11
1.18
13/8
2.62
17/2
9.50
1/5
1.20
7/4
2.75
9/1
10.00
2/9
1.22
15/8
2.87
10/1
11.00
1/4
1.25
2/1
3.00
11/1
12.00
3/10
1.30
11/5
3.20
12/1
13.00
1/3
1.33
9/4
3.25
14/1
15.00
4/9
1.44
12/5
3.40
16/1
17.00
1/2
1.50
5/2
3.50
20/1
21.00
8/15
1.53
13/5
3.60
25/1
26.00
4/7
1.57
11/4
3.75
33/1
34.00
8/13
1.62
14/5
3.80
50/1
51.00
4/6
1.67
3/1
4.00
66/1
67.00
8/11
1.73
100/30
4.33
100/1
101.00
4/5
1.80
7/2
4.50
150/1
151.00
5/6
1.83
4/1
5.00
200/1
201.00
9/10
1.90
9/2
5.50
500/1
501.00
10/11
1.91
5/1
6.00
1000/1
1001.0
 
Double betA bet on two selections; both of which must win to gain a return.
 
Doubling upA system where the player who has lost the previous bet doubles the size of the bet hoping to win back the money lost.
 
Draw no betA bet where the draw returns your stake. This is exactly the same as a +0 Asian Handicap.
 
DriftWhen the odds on a competitor "lengthen", they are said to have "drifted" or be "on the drift".
 
Each Way

Each Way is a wager offered by bookmakers consisting of two separate bets; a win bet and a place bet. For the win part of the bet to give a return the selection must win or finish first in the event. For the place part of the bet to give a return the selection must either win or finish in one of the predetermined 'places' for the event.

Staking
Because an each-way wager comprises two bets, the total staked is twice the unit stake. For example, a £5 each-way single would cost £10, as indeed would a £5 each-way treble comprising as it does of a £5 win treble and a £5 place treble.

Settling the bets
Calculation of returns uses either decimal odds or (fractional odds + 1).

Example 1
£50 each-way on a football team 'to win the cup' at 9-2 and  the odds a place 1,2.

•           Returns for the win part of the bet would be £50 × 5.5 = £275

•           Returns for the place part of the bet would be £50 × 2.5 = £125

•           If the team 'won the cup' the total returns would be £275 + £125 = £400 and if the team was beaten in the final the returns would be £125. If the team did not reach the final the wager would be lost.

Example 2
A £10 each-way single on a 10-1 selection in a horse race and paying  the odds a place 1,2,3 would cost £20.

•           Returns on the win part of the bet would be £10 × (10/1 + 1) = £110

•           Returns on the place part of the bet would be £10 × (10/4 + 1) = £35

•           Total returns would be £110 + £35 = £145 if the horse won the race, but just £35 if the horse only finished second or third.

 

 
EdgeAn advantage that one believes might improve one's ability to predict the outcome of a game.
 
EvensA bet where the odds are 1/1 fractional or 2 decimal. Basically you double your money if you bet on this and it wins.

 
ExposureThe maximum amount of money a sportsbook stands to lose on a game.
 
Favourite (fav)The competitor considered most likely to win and therefore has the shortest or lowest odds.
 
First GoalscorerA bet placed on a player to score the first goal in the event.
 
Fixed gameA game in which one or more participants willfully manipulate the final outcome of a game.
 
Fixed odds

It is customary with fixed odds gambling to know the odds at the time of the placement of the wager (the "live price"), although this category also includes wagers whose price is determined only when the race or game starts (the "starting prices"). It is ideal for a bookmaker to price up a book such that the net outcome will always be in his favour, i.e. the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. The excess over 100% (or overround) represents profit to the bookmaker in the event of a balanced book. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked, or he may earn more than mathematically expected. An imbalanced book may arise since there is no way for a bookmaker either to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis of his own personal view and knowledge.

With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the "true odds."

In making a bet where your expected value is positive, you are said to be getting "the best of it". For example, if you were to bet £1 at 10 to 1 odds (you could win £10) on the outcome of a coin flip, you would be getting "the best of it" and you should always make the bet. However if someone offered you odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, then you would be getting "the worst of it" because the chance is only 1 in 52 that the ace will be chosen. It is mathematically disadvantageous to make a bet where you are getting "the worst of it."

When making a bet where you must put more at stake than you stand to win, you are laying the odds or laying the bet. So, for example, if you bet £1000 that it will rain tomorrow, and if you win you will only win £200 but if you lose you will lose your entire £1000, then you are laying a bet. It is possible that you could be getting "the best of it" or "the worst of it" when you lay a bet; the fact that you are laying a bet does not necessarily mean you are getting "the worst of it". A lay bet is a bet that something won't happen, so if you lay £50 on a horse then you are betting the horse won't win.

 
Flag betA wager on four selections and consisting of 23 separate bets: 6 doubles, 4 trebles, 1 fourfold and 6 up-and-down bets. It may be considered to be a Yankee to which 6 up-and-down bets have been added. One winning selection will guarantee a return.
 
Forecast In a forecast you elect to name, and bet on, the correct order of first and second horses in a race. A reverse forecast means that you are specifying the first two horses to finish, irrespective of which order they come in - so that if you get the right two horses, you will win.
 
Fractional odds

Favoured by bookmakers in the United Kingdom and Ireland, fractional odds quote the net total that will be paid out to the bettor, should he win, relative to his stake. Odds of 4/1 (read "four-to-one" or less commonly now as "four-to-one against") would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1/4 (read "one-to-four", or "four-to-one on"), the bettor will make £25 on a £100 stake. Should he win, the bettor always receives his original stake back, so if the odds are 4/1 you would actually receive a total of £500 in return (£400 plus the original £100). Odds of 1/1 are known as evens or even money. Unusually, odds of 10/3 is read as "one-hundred-to-thirty".

Fractional odds are also known as British odds, UK odds or in that country, traditional odds.

Table FRACTIONAL TO DECIMAL CONVERSION

Fraction
Decimal Fraction DecimalFraction Decimal
1/10
1.10
Evens
2.00
11/2
6.50
1/9
1.11
11/10
2.10
6/1
7.00
1/8
1.13
6/5
2.20
13/2
7.50
1/7
1.14
5/4
2.25
7/1
8.00
2/13
1.15
11/8
2.37
15/2
8.50
1/6
1.17
6/4
2.50
8/1
9.00
2/11
1.18
13/8
2.62
17/2
9.50
1/5
1.20
7/4
2.75
9/1
10.00
2/9
1.22
15/8
2.87
10/1
11.00
1/4
1.25
2/1
3.00
11/1
12.00
3/10
1.30
11/5
3.20
12/1
13.00
1/3
1.33
9/4
3.25
14/1
15.00
4/9
1.44
12/5
3.40
16/1
17.00
1/2
1.50
5/2
3.50
20/1
21.00
8/15
1.53
13/5
3.60
25/1
26.00
4/7
1.57
11/4
3.75
33/1
34.00
8/13
1.62
14/5
3.80
50/1
51.00
4/6
1.67
3/1
4.00
66/1
67.00
8/11
1.73
100/30
4.33
100/1
101.00
4/5
1.80
7/2
4.50
150/1
151.00
5/6
1.83
4/1
5.00
200/1
201.00
9/10
1.90
9/2
5.50
500/1
501.00
10/11
1.91
5/1
6.00
1000/1
1001.0
 
Full cover betA wager consisting of all possible doubles, trebles and accumulators across a given number of selections. These include: Trixie, Yankee, Canadian or Super Yankee, Heinz, Super Heinz and Goliath. A double may be thought of as a full cover bet with only two selections.
 
FuturesFutures are odds offered on winners of sporting events in advance of the event itself, e.g. the Super Bowl, the World Series, the Stanley Cup, and the NBA Championship, etc. See also 'Ante-post'.
 
GambleTo risk money on the outcome of an event.
 
Gamblers Anonymous(www.gamblersanonymous.org) - A support group that assists problem gamblers and addicted/compulsive gamblers.
 
Goliath betA wager on eight selections and consisting of 247 separate bets: 28 doubles, 56 trebles, 70 fourfolds, 56 fivefolds, 28 sixfolds, 8 sevenfolds and an eightfold accumulator. A minimum two selections must win to gain a return.
 
Greening upLaying a single profitable position to lock in a profit irrespective of event outcome. Called greening up or getting an all-green book, due to the color of your P&L on all selections on the Betfair screen.

Greening up is achieved by dividing the potential profit on the profitable selection if it wins by the best available to Lay odds of that selection and Laying the result of this calculation.

This operation transfers some of that value on the profitable selection to all the other selections ensuring money is won whatever the outcome of the event.
 
HandicapA method used by bookmakers to make a seemingly one-sided event more attractive to bet on. Commonly used in rugby and American football.
 
HandicapperOne who determines the conditions and sets the odds that will equalize two teams in an upcoming game.
 
HedgingA bet made by a cautious bookie on a horse on which he has accepted large bets - in order to cut his losses if the horse wins (also known as a "lay-off bet").
 
Heinz betA wager on six selections and consisting of 57 separate bets: 15 doubles, 20 trebles, 15 fourfolds, 6 fivefolds and a sixfold accumulator. A minimum two selections must win to gain a return. It is named for the '57 varieties' advertising slogan of the H. J. Heinz Company.
 
Holding your ownStaying close to even.
 
In PlayWhen an event is in play it indicates that a sporting event has begun. Markets can be traded whether they are in-play or not but the odds move much more violently and erratically when in play so the in-play symbol ensures that you are aware of the state of the market.
 
Joint favorite In a situation where two horses are regarded with equal favor by the bookies (i.e. they have a supposedly equal chance of winning), they are said to be joint favorites.
 
Lapsed betsUnmatched bets that have been cancelled by Betfair, for example, at the start of an event, when the event is turned in-play.
 
lay betting

Contrary to bookmaker and totalisation systems, betting exchanges offer the opportunity to lay, which is to bet that a selection will not occur. This is the position bookmakers have traditionally taken when offering a bet to somebody to back that the outcome will win.

For example, if someone thinks Team A will win a competition, he may wish to back that selection. A bookmaker offering the punter that bet would be laying that selection. The two parties will agree the backer's stake and the odds. If the team loses, the layer/bookmaker keeps the backer's stake. If the team wins, the layer will pay the backer the winnings based on the odds agreed.

As every bet transacted requires a backer and a layer, and the betting exchange is not a party to the bets transacted on it, any betting exchange requires both backers and layers. Of course, the distinction is moot: A layer is always simply backing that the event will not occur. Laying the home team is the same as backing the visiting team to win or draw. Laying one horse in a race is just the same as backing all of the other horses to win.

 
LayingContrary to bookmaker and totalisation systems, Betfair offers the opportunity to lay, which is to bet that a selection will not occur. This is the position bookmakers have traditionally taken when offering a bet to somebody to back that the outcome will win.

For example, if someone thinks Team A will win a competition, he may wish to back that selection. A bookmaker offering the punter that bet would be laying that selection. The two parties will agree the backer's stake and the odds. If the team loses, the layer/bookmaker keeps the backer's stake. If the team wins, the layer will pay the backer the winnings based on the odds agreed.

As every bet transacted requires a backer and a layer, and Betfair is not a party to the bets transacted on it, then Betfair requires both backers and layers. Of course, the distinction is moot: A layer is always simply backing that the event will not occur. Laying the home team is the same as backing the visiting team to win or draw. Laying one horse in a race is just the same as backing all of the other horses to win.

 
Laying horsesThis is a generic tern that refers to the method of Laying on Bet exchanges like Betfair.

Contrary to bookmaker and totalisation systems, betting exchanges offer the opportunity to lay, which is to bet that a selection will not occur. This is the position bookmakers have traditionally taken when offering a bet to somebody to back that the outcome will win.

For example, if someone thinks Team A will win a competition, he may wish to back that selection. A bookmaker offering the punter that bet would be laying that selection. The two parties will agree the backer's stake and the odds. If the team loses, the layer/bookmaker keeps the backer's stake. If the team wins, the layer will pay the backer the winnings based on the odds agreed.

As every bet transacted requires a backer and a layer, and the betting exchange is not a party to the bets transacted on it, any betting exchange requires both backers and layers. Of course, the distinction is moot: A layer is always simply backing that the event will not occur. Laying the home team is the same as backing the visiting team to win or draw. Laying one horse in a race is just the same as backing all of the other horses to win.

 
LayoffA bookmaker's bet with another bookmaker made in order to help equalize the excess action he has accepted from his customers.
 
LengthenWhen a bookmaker sees little activity on a particular outcome, they may choose to lengthen or increase the odds available.
 
Long OddsOdds (e.g. 100 to 1) offered against a competitor unlikely to win.
 
LongshotThe outsider or unfancied runner, usually against which "long odds" have been offered.
 
Lucky 15 betA wager on four selections and consisting of 15 separate bets: 4 singles, 6 doubles, 4 trebles and a fourfold accumulator. Equivalent to a Yankee plus 4 singles. One winning selection will guarantee a return. The 'Lucky' part of the name of this and other similar bets comes from the bookmaker's practice of offering bonuses for one or more winners; usually including 'double the odds' for only one winning selection.
 
Lucky 31 betA wager on five selections and consisting of 31 separate bets: 5 singles, 10 doubles, 10 trebles, 5 fourfolds and a fivefold accumulator. Equivalent to a Canadian plus 5 singles. One winning selection will guarantee a return.
 
Lucky 63 betA wager on six selections and consisting of 63 separate bets: 6 singles, 15 doubles, 20 trebles, 15 fourfolds, 6 fivefolds and a sixfold accumulator. One winning selection will guarantee a return.
 
Match OddsA Match Odds market is where to bet on the result of a given match.
 
Matched BetA matched bet is a bet that has been made between two bettors, a backer and a layer. When one bettor's offer is agrees to by another, the bet is matched. Once a bet is matched it cannot be edited, amended or cancelled, other than by Betfair.
 
Matched betting

Matched betting is a form of betting similar to arbitrage betting which can be used as a way of extracting free bets or cashback offers from bookmakers at very low risk.

Free bets and cash back
In order to attract new customers many bookmakers offer free bets or cashback offers.

With free bet offers a free bet will be provided after signing up and wagering an amount. The free bet is usually to the value of the initial wager up to a maximum limit.

Other bookmakers will pay a commission for every new signup that wagers above a set amount. Cashback websites can be used to collect the commission from your own sign up.

Theory
A common technique is to back an outcome at a bookmaker and lay the same outcome at a betting exchange. By both backing and laying the same outcome either the back will win or the lay.

For example consider a football game between Team A and Team B. Betting on the match result there are three possible outcomes, Team A wins, Team B wins or a draw. For the outcome where Team A wins a bookmaker offers odds of 3.0 while a betting exchange allows us to lay the same outcome also at odd of 3.0. 

The back
We wager £50 on Team A winning at the bookmaker at odds of 3.0. If team A wins will will get a return of £50 x 3.0 = £150. If Team A does not win we lose the bet and get a return of £0.

The lay
When laying at the betting exchange we act as the bookmaker to another persons wager effectively betting against the outcome that we lay. As we wagered £50 on Team A winning at the bookmaker we will lay this outcome at the betting exchange.

We lay £50 on Team A winning at the betting exchange at odds of 3.0. If Team A wins we lose and pay out £50 x 3.0. If Team A loses we win and keep the £50.

The outcome
Either Team A wins or they do not win. We either win the back and lose the lay or lose the back and win the lay. The results of either outcome are shown in the following table.

Team A wins   Team A does not win
Back    £150    -£50
Lay      -£150   £50
Total    £0        £0

In this example as the odds were identical and there were no additional costs we lost nothing on the bet. In practice that is rarely the case. Betting exchanges make money by acting as a broker and charging commission. In addition the odds at the betting exchange will usually be higher than at the bookmaker. Both these factors mean the outcome will usually be a small loss. Many match bettors use a spreadsheet to help determine the value of the lay stake and calculate the outcome of a bet.

This technique can be used to both unlock free bets and cashback and to extract the value of the free bet.

Stake returned vs stake not returned
Many free bet offers will not return the stake in the winnings. So if you were to make a free bet of £50 at odds of 3.0 on an outcome you would stand to win £50 x 3.0 - £50 = £100. In the bettors' slang a stake not returned free bet is often referred to as an SNR bet while a stake returned free bet is referred to as an SR bet.

 In order to maximize the return of a stake not returned free bet high odds are desirable. As the odds increase the percentage winnings represented by the stake decreases as does the loss.

 
MiddlingBetting on both teams in a game at different point spreads, in the hope that the final score comes in between so that both bets can be won.
 
Moneyline odds

Moneyline odds are favoured by American bookmakers. There are two possibilities, the figure quote can be either positive or negative.

Moneyline odds are often referred to as American odds. Moneyline refers to odds on the straight-up outcome of a game with no consideration to a point spread.

Positive figures
If the figure quoted is positive, the odds are quoting how much money will be won on a $100 wager (this is done if the odds are better than even). Even odds are quoted as $100 . Fractional odds of 4/1 would be quoted as $400, while fractional odds of 1/4 cannot be quoted as a positive figure.

Negative figures
If the figure quoted is negative, then the moneyline odds are quoting how much money must be wagered to win $100 (this is done if the odds are worse than even). Even odds are quoted as -$100. Fractional odds of 1/4 would be quoted as -$400, however fractional odds of 4/1 cannot be quoted as a negative figure.

 
Multiple betA double, treble or accumulator. A linked series of win singles where all the return from the first selection is automatically staked on the second selection as a win single and so on until all selections have won, thus giving a return, or until one selection loses in which case the whole bet is lost.
 
NapA tipster’s best bet of the day.
 
Non RunnerA non-runner is a selection that is withdrawn from an event. Ensure that you check the rules on each market so that you are aware of how non-runners are treated and any applicable Reduction Factor.
 
Odds If a horse is very likely to win, the odds may be shorter than evens, for example, 4/5 - which means that the bookie thinks the horse is more likely to win than not to win by a ratio of 5 to 4. Such odds are expressed as 8/11, and pronounced as 11 to 8 on). What it means in practice is that you have to stake more than you will win - so, for example, odds of 8/11 mean you will win £8 for every £11 staked - and get a return of £19.
 
Odds againstA bet where the odds are greater than evens.
 
Odds onWhere the odds are shorter than evens (e.g. "4 to 7"). If the selection wins, the amount won is less than the amount staked.
 
Off the BoardA term used to show the bookmaker is no longer accepting bets on an event.
 
Outsider Anything that is unlikely to win - by a long way! Outside chances do sometimes win...but they are priced long because they don't have much chance, and over time, the bookie will take your money off you if you bet on outsiders.
 
Over roundIn theory a betting book should be 100%, so a toss of a coin would be even money heads, even money tails. However the bookmakers' profit margins mean the figure is usually above 100%. In cases where it is less (one bookmaker betting 11/8 against on Horse A, another going evens on Horse B in a two horse race) this is referred to as 'over-broke'.
 
Over underA wager on the number of points, goals, runs etc. for both teams combined. The bettor is wagering on whether this total will go over or under this number. Also used in boxing, over or under number of rounds.
 
OverlayA situation in which the odds on a game favor the bettor, rather than the house.
 
Pari mutuelA betting system in which the amount of money paid out to winners is based upon the total pool of bets.
 
Parlay

A parlay or accumulator is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher payoffs than placing each individual bet separately since the difficulty of hitting it is much higher. If any of the bets in the parlay loses, the entire parlay loses. If any of the plays in the parlay pushes, the parlay reverts to a lower number of teams with the odds reducing accordingly.

 
Partially Matched BetDue to the dynamic nature of the exchange, sometimes not all of the bet you asked for is available by the time you submit the bet. This often happens in busy markets – we do have tens of thousands of customers worldwide – or when you deliberately ask for a larger bet than the amount currently available on the screen. The My Bets tab will display two parts – a matched and an unmatched portion of your bet. The unmatched part of the bet can then be amended or cancelled as per normal until it is matched by another user.
 
Patent betA wager on three selections and consisting of 7 separate bets: 3 singles, 3 doubles and a treble. Equivalent to a Trixie plus 3 singles. One winning selection will guarantee a return.
 
PercentagesBookmakers set their odds according to percentages, the lower the percentage, the better deal the punter is getting. If the bookies were not aiming to make a profit, they would operate at 100% but because they want to make money from bookmaking they typically operate at 110% with their prices.

 
Place betA bet that produces a return only if the selection finishes first or within a predetermined number of positions (places) of the winner of an event. The return is often based on a fixed proportion of the win odds of the selection (e.g. 1/5 the odds a place 1,2,3). It is rare for bookmakers to offer the opportunity to bet solely on a selection finishing in a place without at least an equal bet on the selection to win (see Each-Way below). Exceptions include betting at Parimutuel-style odds in pool betting (aka. 'betting on "The Tote"' in the UK). Horse racing offers the following place odds for races with a given number of runners:

All races
Less than 5 runners: all up to win - i.e. the horse must win, but the odds for 1st place are the same as the win odds.
5-7 runners: 1/4 the odds a place 1,2.
8-11 runners: 1/5 the odds a place 1,2,3.

Non-handicap races
12+ runners: 1/5 the odds a place 1,2,3.

Handicap races
12-15 runners: 1/4 the odds a place 1,2,3.
16+ runners: 1/4 the odds a place 1,2,3,4.
 
Point spreadA form of handicapping in which oddsmakers predict how many points one team needs against another in order to even out the public betting on a particular game.
 
PropositionA special wager offered by the sports book on unique and various topics. These wagers can be on sporting events, politics, and even trial outcomes. The wagers use the money line format of pay off odds and might included who scores the first touchdown in the super bowl, who will win the next presidential election, or whether or not O. J. will be found guilty.