A bookmaker’s dictionary is a very useful tool to help less experienced gamblers navigate the betting world. Bookmakers and gamblers use many industry-specific terms – abbreviations, loanwords and other slang names.
A bookmaker’s dictionary is a very useful tool to help less experienced gamblers navigate the betting world. Bookmakers and gamblers use many industry-specific terms – abbreviations, loanwords and other slang names. There are many of these, which is why a comprehensive bookmaker’s glossary is a place that many players visit not only at the beginning of their adventure with a bookmaker.
Below you will find a betting dictionary that explains around 130 terms used in the betting industry. Some of these are basic terms that every player needs to know, others are highly specialised terms that apply to the game at a higher level. This glossary of bookmaking terms is therefore a useful aid for players of all levels.
Abbreviated notation for a 3-way bet where the bets can be: home team win (1), draw (X) or visitors win (2). Alternatively, but much less frequently, the notation “102” is also used, where a tie is marked with a “0”. This type of betting is available on football, handball or basketball matches, among others.
3 for 3
A “3 for 3” situation occurs when teams playing a two-match series agree that one of them will win the first match and the other will win the second match. By doing so, they secure 3 points each in the standings.
An accumulator is a simple bet placed on 1 slip which consists of 2 or more individual events (multi-event bet). By betting correctly on the events on an accumulator, you will win more than by betting on them on single bets. This is because the overall odds of an accumulator are equal to the product of the odds on the individual events added to the bet. However, in order for the accumulator to be a winner, all the events bet on must be correct – 1 wrong type means that the entire bet is lost. The risk is therefore much higher than in singles.
Information supporting the correct prediction of the outcome of a sporting event, e.g. statistical data, sports analysis, expert commentary, etc.
Betting on a distant event in time, a type of long-term betting. The term used to apply only to horse or dog races and meant betting on the outcome of a race before the participants were allocated starting numbers. If the selected participant does not take part in the race, the bet is lost. Nowadays, ante post betting is also defined as betting on the final results of a sporting event before it has even started, often when there is no official list of participants (or on other distant events such as presidential election results).
The budget that a player is expected to spend on betting over a certain period of time (e.g. a week or a month). Players should not exceed a set bankroll.
Bet hedging is a form of securing the outcome of a game by placing an additional bet, the opposite of the first bet.
Betting Wizard, a feature that allows players to create tailor-made bets for themselves. This type of bet allows multiple events from a single match to be combined. By automating the process, new bets can be constructed quickly and easily.
A promotion whereby if a player bets incorrectly on an event on an accumulator coupon, the bet will be settled as a win. Most often only 1 mistake can be made, although there are some promotions that allow more mistakes.
A statement of the player’s winnings and stakes at a particular bookmaker. The balance can be positive (the player’s profit), negative (the player’s loss) or zero.
A player’s loss through which the bookmaker makes a profit.
A bonus at a bookmaker can take many forms, but generally speaking it is a bonus given by the bookmaker to players. The purpose of the bonus is to encourage players to play, make a deposit or register a player account. It is important to know that each bonus is subject to conditions for its realisation (including turnover conditions), which are described in the terms and conditions of a given promotion.
This type of bonus is given to the player in return for depositing funds into an account at the bookmaker. A deposit bonus increases the amount of the deposit – most often this consists of doubling it (100% deposit bonus).
A bonus offered in connection with an important sporting event, such as the World Cup or Wimbledon.
A bonus awarded to new players in exchange for registering an individual online account with a bookmaker. The welcome bonus is most often a deposit bonus, but it can also be cashback, freebet, ‘tax-free play’ or a package consisting of several different bonuses.
Cashback (risk-free betting)
A bookmaker’s promotion whereby, in the event of an unsuccessful bet, a player is refunded part or all of his stake (after deduction of gaming tax already deducted). Cashback is also referred to as risk-free betting or insurance against losing. Usually, the refund is realised in the form of a bonus, so the player can only withdraw the refunded amount after the player has made the required turnover with it.
Cashout means the possibility to close a bet before all the events placed on it have been resolved. The option of early settlement of a bet is only possible for AKO bets on which all already resolved events are won. However, the bookmaker pays out a smaller win in such a situation than if all the events bet on had been completed and correctly predicted.
A chalk player is a bettor who bets on winning strong favourites, i.e. bets with low odds. The English word ‘chalk’ means chalk, so this way of playing is ‘chalk betting’.
A cheater is a bettor who repeatedly bets on events after they have been decided, taking advantage of loopholes in the bookmaker’s system. Bookmakers impose individual, low stake limits on such players.
A method used to protect a player from a total loss when betting on a selected event. Covering consists of placing 2 of the 3 available betting options – the ones that seem the most likely. If the first option is correct, the player should make a profit, and the second option should return the bet. If the 3rd variant of the bet proves to be correct, the player suffers a loss.
A bet proposed by the player to the bookmaker – if the decision is positive, the bet is added to the bookmaker’s public offer. This is known as a custom bet or a bet on request.
The period of time from when a player orders a bet until it is accepted by the bookmaker. It usually amounts to a few seconds. Bookmakers deliberately introduce such a delay in response to delays resulting from data transmission.
A clean account
The result of a match in which a team has not lost a single goal, and therefore its goalkeeper has a clean sheet.
A situation where 2 or more participants are in the same position. Then the settlement is usually as follows: half the bet is won (50% of its stake is used to calculate winnings) and half is lost.
Funds with which a player credits his personal account with a bookmaker and can then place bets with it.
GNI (non-draw bet)
GNI stands for “draw no bet” and literally means “draw no bet”. When placing a GNI bet, a player can only predict a win for one of the two teams or one of the players, so it is a draw no bet. If the match ends in a draw, the stake is returned (the bet is cancelled). The odds for GNI bets are lower than in 1X2 bets, as there are only 2 variants for the outcome of the match, so the probability of hitting the bet increases.
A drop in odds.
An AKO bet on which a player has placed a bet on exactly 2 events. For a bet to be successful, both selections must be hit.
A procedure that disperses and spreads the risk of loss of funds placed by placing multiple bets with lower stakes rather than one or more with high stakes.
A bet in which a player determines not only the winner, but also who will place next. In horse racing, the bet is on first to fourth place, while in other sports such as car racing or football, it is usually only on the first 2 places.
Edge is the advantage a player can gain over a bookmaker and vice versa. The bettors search for erroneous odds issued by bookmakers, thus finding valuebets. The advantage is primarily gained by the one (player or bookmaker) who has better information on the factors that may influence the course of a particular match.
A favourite is a player or team whose chances of winning a game or tournament are significantly higher than those of their opponents. Bookmaker odds for the favourite to win are usually very low. There may be multiple favourites within a tournament, and 1 favourite or no favourite within a single match.
A fix is a fixed sports match or other arranged situation. It is known as a set-up for financial gain.
Fixed odds are fixed odds on the main outcome of an event, for example, a “win / draw / lose” type.
Freebet (no deposit bonus, free bet)
Freebet means, translated from English, a free bet. It is a type of bookmaker bonus, thanks to which the player receives free money to play (without making a deposit). For a freebet you have to play once. In case of a win obtained from the bonus funds, the amount of the winnings is reduced by the bonus amount. Of course, in the event of a loss, the player does not lose his money. The operation of free bets is discussed in this text.
FT (Full Time)
FT is an abbreviation for Full Time and stands for regulation match time. Normally, bookmaker bets on e.g. football matches are accepted for the regular FT time, i.e. 90 minutes – except of course for special cases such as bets on overtime.
A betting exchange involves the placing of bets between players. In this arrangement, the bookmaker only allows these bets to be placed and charges for them, but does not set the odds. The betting odds depend on how many people place their bets on a particular event and particular types of bets, so they fluctuate according to supply and demand.
Playing against drops
A way of playing that involves betting on those events for which the odds begin to fall. As long as the odds continue to fall, the bet becomes a valuebet. When playing on the stock market, such a bet can also be sold at the current (lower) odds. It is also possible to make a counter bet before the match starts.
A type of bet used to equalise the odds in a match where there is a clear favourite. The procedure involves adding or subtracting virtual goals or points from one of the teams or players – these are added to the weaker side or subtracted from the stronger side. In this way, the chances of both teams / players are theoretically equalised. As a rule, handicaps have better odds than conventional bets, e.g. on the winner of a match, and enable players to bet on weaker teams to win as well. The basic types of handicap are the Asian handicap and the European handicap (see below).
The Asian handicap is a 2-way bet, i.e. you cannot bet on a tie here (a tie results in a return of the betting stake). This type of handicap is distinguished by half and quarter values (e.g. +0.5, +0.25, -1.5), although total values are also possible. There are different types of Asian handicap.
The bookmaker’s margin is the fee charged by the bookmaker for accepting a bet, i.e. its commission. The margin is expressed in percentage terms. The higher the bookmaker’s margin, the lower the odds and the lower the players’ winnings.
Payout means the difference between the amount of the stake on a particular event and the bookmaker’s margin (100% – margin). As the payout value increases, the bookmaker’s offer thus becomes more attractive to players. If a player finds a set of bets on 1 event for which the total payout is above 100%, he will obtain a surebet.