Betting has a vocabulary that assumes you already know it. This is the short version of our ninety-term glossary — the words that appear on a slip, in a set of terms, or in a review on this site, explained once.
Prices and markets
- Odds, price — the same thing. What the bookmaker will pay if you are right, expressed in decimal, fractional or American format.
- Implied probability — one divided by the decimal price. What the price says the chance is.
- Overround, margin, vig, juice — the amount by which a market’s implied probabilities exceed 100%. The bookmaker’s built-in edge.
- Market — one question about an event, with a price on each answer. Match result, total goals and first scorer are three markets on the same match.
- Line — the number a handicap or total is set at: −1.5, 2.5 goals, 228.5 points.
- Closing line — the final price before the event starts. The market’s best estimate.
Bets and settlement
- Single, double, accumulator — one selection, two, or several combined so every one must win.
- Each-way — two bets of equal stake: one to win and one to place. The place part pays a fraction of the win price.
- Push — a bet where the result lands exactly on the line. Stakes are returned.
- Void — a bet cancelled because the event did not happen as the rules require. Stakes are returned.
- Cash-out — an offer to settle a bet before the event ends, at a price the bookmaker sets. It carries its own margin.
- Settled — decided and paid. Main markets settle within minutes; some specials wait for official statistics.
Accounts and offers
- Qualifying bet — the bet you must place, at minimum odds, to unlock a welcome offer.
- Free bet, bonus funds — a free bet returns winnings only; bonus funds usually carry turnover requirements before withdrawal.
- Wagering, turnover — how many times a bonus must be staked before it can be withdrawn.
- Stake factoring, restriction — a limit on how much a specific account can bet, applied per market, usually after winning.
- Best odds guaranteed — in racing, being paid at the starting price if it is bigger than the price you took.
The full glossary on the guides page lists all ninety, and every term links to the guide that explains it properly.
