Glossary

I think that to make good bets, you have to know what you're talking about first. Therefore, I list all the terms related to sports betting in the section below. 

A.

Accumulator : A term that represents a combined bet in matched betting.

 

American odds : Odds presented in a positive or negative form. The odd of the favorites is expressed in negative form. For example, an odd of -180 indicates that you will need to bet 180 euros to win 100 euros. On the other hand, the odd of outsiders is expressed in positive terms. For example, an odd of + 210 indicates that if you bet 100 euros your potential net winnings are 210 euros. A negative U.S. odd is converted to a decimal odd as follows. Decimal odd = (100/US odd) + 1, in our example (100/180) +1 = 1.56. A positive American odd is converted into a decimal odd as follows. Decimal odd = (American odd/100) +1, in our example (210/100) +1 = 3.1. The corresponding probability can then be easily found using the decimal odds.   

Anti martingale : A betting system that consists of increasing the bets after each win. There are several types of them.

Application programming interface (API) : An application that enables the development of automated strategies for betting exchanges.

Asian handicap : A bet to add or remove goals from one of the two teams in order to make the odds more interesting or to secure the bet. The bet is refunded if the match ends in a draw after the handicap has been affected. 

Away no bet : Bet placed on the home team or the draw and refunded in the event of the team winning away from home.

B.

Back : Term related to the betting exchange which refers to betting on the realization of an event. For example, backing Barcelona means that we are betting on the victory of the latter. 
 

Banker : Term designating a special pick that can be combined with a system bet. For example, for a 2/3 system bet you can designate a match to act as a bank. In this case the system bet will be a winner if you were right about the bank and at least two other predictions.

Bankroll : Anglo-Saxon term refers to the player's capital reserved for sports betting.

Bet 1x2 : Three way bet. You can either bet on the team's victory at home, or on the team's victory away from home, or on the draw.

Betting exchange : Activity related to sports betting where players bet against each other. Unlike traditional bookmakers, betting exchange platforms do not set odds, it is the players who set them. These platforms are remunerated through a commission and not through a redistribution rate lower than 100% as do traditional bookmakers. The most well-known betting exchange platforms are Betfair, Matchbook and Betdaq respectively. 

Bonus : A benefit generally in cash received by a bookmaker as part of a promotion or registration. 

Bookmaker : This is a company offering sports betting. They can be found all over the world depending on the legislation of each country. For example Pinnacle or Betclic are bookmakers.

Bot : A software that automates all bets.

Bust out : This term means losing the bonus before meeting the requirements for the amount wagered. 

 C.

Canadian System : A bet that has five predictions from which twenty-six bets are made: ten double combinations, ten triple combinations, five quadruple combinations and one quintuple combination. You must be right on at least two predictions for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

Cash out: Option offered by some bookmakers that allows them to secure their gains or minimize their losses during a match.

Clean sheet : It is said that a team has made a clean sheet when it has not conceded a goal during the match.

Closed market : A market on which no more bets can be placed.

Commission : The commission is the method of remuneration of betting exchange platforms. It is usually applied once the outcome of the bet is known. 

D.

Dead heat : Dead heat is when two or more picks end up tied. This is most often seen in horse racing.

Delay : Delays are sometimes applied during live bets to avoid the occurrence of an important event such as a penalty for example so that users are not affected by delays in the broadcast of the signal.

Double chance : It's a two-way winning bet. For example, a 1x double chance bet is successful if the game ends with a team 1 win or a draw.

Draw no bet : Bet placed on the victory of one of the two teams with refund in case of a draw.

Dutching : Dutching is the selection of several possible events and the distribution of bets so that the profit is the same regardless of the outcome.


E.

Each way : Two bets of an equivalent stake placed on two different events. The first one is placed on the victory of a selection and the second one on the fact that the selection ends up at a certain place (1 to 4 for example). If the selection arrives first both win, and if the selection arrives 3rd only 1 bet wins.

English odds : Odds presented as a fraction, for example 3/2. With a bet of 100 euros, the potential gross profit is 100 *((3/2)+1) = 250 euros. The probability p associated with this odd is calculated as follows. P = 100/ (odds + 1), either in our example P = 100 / ((3/2)+1) =100 / 2.5 = 40%. An English odd can be converted into an European odd by adding 1.

European handicap : A bet to add or remove goals from one of the two teams in order to make the odds more interesting or to secure the bet. The bet is lost if the game ends in a draw after the handicap has been affected, unlike Asian handicap bets.

European odds : odds presented in decimal form, for example 2.4. With a bet of 100 euros, the potential gross profit is 100 * 2.4 = 240 euros. The probability p associated with this rating is calculated as follows. P = 100 / odds,   In our example P = 100 / 2.4 = 41.67%.

Exact score : Bet on the score of a match. It can be done over the entire game, or just over a half time for football and a third time for hockey.

Expected value : A mathematical concept that represents what can be gained on average over the long term. It is calculated by multiplying each gain by its respective probability and adding each of the terms.

Exposure : Represents the total amount at risk if all of the user's current bets lose.

Extra place : Term related to the bets each way. Typically each way bets make a profit when the horses reach at least a certain place. Sometimes bookmakers offer an "extra place" as part of a promotion which can be used as matched betting to make a profit.

Ex-equo : Term used to describe the fact that two participants arrive at the same place during an event.
 

F.

Factorial : n factorial is n! = 1 * 2 * 3 * 3 *... * n-1 * n. For example 3! = 1 * 2 * 3 * 3 = 6. 

Favourite : Team or player who according to the bookmakers has the best chance of winning the match. They are recognized by their generally low odds. 

G.

Goliath system : Bet with eight predictions from which 247 bets are made: 28 double combinations, 56 triple combinations, 70 quadruple combinations, 56 quintuple combinations, 28 sextuple combinations, 8 seventuple combinations and 1 eightfold combination. You must be right on at least two predictions for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

Green book : We talk about green book when we are in profit regardless of the outcome of the match.

Gross profit : A gross prfit is a profit made without deducting bets. For example, if you bet 100 euros on a 3.5 odds you will generate 100 * 3.5 =350 euros of gross profit.

Gubbing : A term that means not being able to receive any more promotions from bookmakers. In order to avoid this phenomenon it is advisable to make certain bets outside of the promotional offers offered to avoid attracting the attention of the bookmakers.

 H.

Half time/full time : Bet depends on the joint success of two events, the result at half time and the result at the end of the match. This bet can be placed on a result, a score or even a goal number. 

Hedge bet : This is a bet placed on the opposite event to the first bet placed. It is made with the aim of reducing a loss or guaranteeing a profit.

   

Heinz system : Bet with six predictions from which 57 bets are formed: fifteen double combinations, twenty triple combinations, fifteen quadruple combinations, six quintuple combinations and one sextuple combination. You must be right on at least two predictions for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

Home away : Bet on a team's victory before or after extra time. Unlike 1x2 bets where you need to be right before the end of the regulation time, a home away bet on a team's victory is also successful if the team in question wins after extra time. 

 Home no bet : Bet placed on the team away or on the draw and refunded in case of victory of the home team. 

 

K.

Kelly formula : A formula that determines the amount to be bet on each bet based on a confidence index. There are several versions of this formula, the main one being calculated as follows. Amount to bet = ( (estimated probability * decimal odd) -1 )/ (decimal odd- 1). For example, a rating of 2 corresponds to a probability of 100/2 = 50%. If we judge, through our analysis that the true probability is 55% then according to the kelly formula we should bet (0.55*2)-1/(2-1) = 0.1 or 10% of the bankroll. This example results in a risky outcome that involves too much of the bankroll, however we can reduce the risk by using the kelly fration which consists of betting only a small percentage of the amount suggested by the kelly formula.  
 

L.

Lapsed bet : A bet that is cancelled as a result of a change in market conditions.

 

Lay : Term related to betting exchange contrary to back, which refers to betting on the non-realization of an event. For example, to lay Barcelona means that you are betting on Barcelona not winning.

Lengthen : A term that refers to the increase in odds by a bookmaker in a certain market.

Liability : The amount you must pay if you lose a lay bet.

Live : Bet placed during the event.

Long-term bet : A bet whose outcome is only known after several weeks or even several months. For example, betting on the victory of the paris saint germain in league 1 at the beginning of the season is a long-term bet. 

Lucky 15 system : A bet that includes four predictions from which fifteen bets are formed: a single bet per prediction, six double combinations, four triple combinations and one quadruple combination. You must be right on at least one prediction for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

Lucky 31 system : A bet that includes five predictions from which 31 bets are made: one single bet per prediction, ten double combinations, ten triple combinations, five quadruple combinations and one quintuple combination. You must be right on at least one prediction for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

Lucky 63 system : Bet with six predictions from which 63 bets are formed: one single bet per prediction, fifteen double combinations, twenty triple combinations, fifteen quadruple combinations, six quintuple combinations and one sextuple combination. You must be right on at least one pick for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

M.

Martingale : A betting system that consists of increasing the bets after each losing bet. The best known is the geometric martingale, which consists in doubling your bet after each loss. 

Matched bet : A bet is said to be matched when a back bet and a lay bet have been placed at the same odds by two users.

Middle : A special betting strategy related to surebets that consists of placing two bets on two different bookmakers on the same event and market. The goal is to maximize your winnings when you win both bets and minimize your losses when you don't. Example: In soccer a middle bet could be to place an over 1.5 on one bookmaker and an under 2.5 on another. If the match ends with 2 goals, you win both bets and make a win. Otherwise you win every other bet and either lose some money in case of a negative middle or make a small profit in case of a positive middle.

Money line : Bet which consists in betting on the victory of a team during a match with two outcomes, i. e. without a draw. This type of betting is generally found on American sports. 

Mug bet : A bet that is placed to avoid the gubbing phenomenon.

N.

Net profit : A net profit is a profit made after deducting bets. For example, if you bet 100 euros on a 3.5 odds you will generate 100 * 3.5 -100 = 250 euros of net profit. This indicator is used to calculate ROI and ROC.

O.

Odds : The odds of an event is an index proposed by a bookmaker allowing you to know precisely the potential winnings of a bet. For example, a bet of 100 euros on a 2.4 odds will lead toa gross yield of 100 * 2.4 = 240 euros  in the event of a win.  

Outsider : Team or player who according to the bookmakers has the least chance of winning the game. They are recognized by their generally high odds.

Overround : This is the combined probability of all possible events in a market for an encounter. It is in theory 100%. When it is greater than 100%. The overhang represents the bookmaker's margin.

Over/under : Bet on the number of goals in the match. An over 2.5 bet is won when there are at least three goals in the game unlike the under 2.5 bet which is won when two or fewer goals are scored during the game. It is possible to secure this type of bet by using, for example, an over 2 or an under 2. In this case we will be refunded if exactly two goals were scored during the match.   

P.

Parlay : A bet made up of several single bets. To win this type of bet, you must have won on all single bets. Let's take the example of a parlay bet of three bets called respectively p1, p2 and p3 with respective odds c1, c2 and c3. The gross winnings will be equal to the bet * c1 *c2 *c3. 

Patent system : Bet that includes 3 predictions from which seven bets are formed: one single bet per prediction, three double combinations and one triple combination. You must be right on at least one pick for you to win a prize.  The exact amount of your winnings depends on the number of predictions that are correct.

Payout : The payout is the amount we win if our back bet wins. It is equal to the bet plus the net profit.

Player Redistribution Rate : The player redistribution rate and the percentage of bets actually paid to players. It can be found by analyzing the odds of each bookmaker.   

 

Polish middle : This is the opposite of the middle, you win money when you win every other bet and you lose if the middle wins. Example: Following the same example as above. We place an under 1.5 and an over 2.5 on different bookmakers. You win money except when the match ends on 2 goals. In this case you lose both bets. 

 

Q.

Qualifying loss : The agent that you lose when you place a bet to unlock a bonus.
 

R.

Return on Investment (ROI) : A very useful indicator in assessing a bettor's profitability, ROI = ((( net profit/ total amount bet) )* 100.

Return on capital (ROC) : The most important indicator used to determine the increase in capital over a given period. ROC =((capital at time t / capital at time t-1) * 100)-100. 

Return to player (RTP) : For each game an RTP is set to see how much money will be returned to you on average per wager. For example, a slot machine with an RTP of 97% means that for every $100 wagered you will get back an average of $97.

S.

Sharp bookmaker : A bookmaker whose odds are fixed by the flow of money generated by bets placed by punters who are usually experienced gamblers.


Single : A bet, regardless of the type, made on a single match.

 

Soft bookmaker : A bookmaker that targets less experienced bettors and where the odds move less quickly than other bookmakers.

Spread betting : Spread betting consists in betting from a range proposed by the bookmakers. For example, if the operator proposes a range of 9 to 12 corners for a team during a match, it will be possible to bet on the fact that the actual number of corners is lower than the minimum value of the range (9) or higher than the maximum value of the range (12).  

Success rate : It indicates the percentage of victory among the total number of bets made. Success rate = number of winning bets / total number of bets.

Super Heinz System : A bet that has seven predictions from which 120 bets are formed: twenty-one double combinations, thirty-five triple combinations, thirty-five quadruple combinations, twenty-one quintuple combinations, seven sixtuple combinations and one seventuple combination. You must be right on at least two predictions for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

 

Surebet : A technique consisting of betting on two different events that are poorly rated in order to generate a guaranteed profit.

System : Bet a little more secure than a parlay bet that tolerates a certain margin of error. For example, an X/Y system means that on Y bets you will win a prize if our ticket has X successes. On an X/Y system bet there is a combination of y!/((y-x)!*x!) bets (! meaning factorial, refer if necessary higher in the glossary). The gross winnings are calculated according to the bet and success of each combination as for parlay bets.

 

T.

Trigger bet : The bet placed to unlock the bonus.

Trixie system : A bet that includes three predictions from which four bets are formed: three double combinations and one triple combination. You must be right on at least two predictions for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.

 

Turnover : The sum of the total amount bet during a given period. If you place 20 bets at 100€, your turnover will be                          20 * 100 = 2,000€.

U.

Underdog : Team or player who according to the bookmakers has the least chance of winning the game. They are recognized by their generally high odds.

Unmatched bet : A back or lay bet proposal that hasn't found anyone to take the opposite position.  

V.

Valuebet : A subjective estimate that the odds of a bet are higher than they should be. For example, the odds for Barcelona's victory over Juventus are 1.9, I think it's 1.7 so I'm betting because it's profitable in the long term.  

Variance : A mathematical concept that reflects the variability of the results, more commonly referred to as chance.  It is calculated as follows. V = E(x^2) - E(x)^2 where E(x) represents the expected value.

Void bet : A matched bet that has been cancelled and refunded after the market conditions of an event change.     

W.

Wagering requirement : This is the minimum amount you must wager to release the bonus.

 

Win to nil : We talk about win to nil when a team wins the match without conceding a goal. 

Y.

Yankee system : A bet that includes four predictions from which eleven bets are formed: six double combinations, four triple combinations and one quadruple combination. You must be right on at least two predictions for you to win a prize. The exact amount of your winnings depends on the number of predictions that are correct.