Glossary—Betting Terms

This is a quick overview of most of the betting terminology used in the manual.
If you don’t find the term you are looking for, you might find it in Betfair’s glossary of terms.

Accumulator

A bet that requires several different selections all to win, often to provide a large payout.

Arbitrage

Backing all outcomes or backing and laying one outcome at odds which guarantee a profit regardless of the outcome.

Bet

To wager money on a pre-determined outcome to a match, race or competition.

Back Bet

To bet that a participant/team will win a competition, for example, to back Man United means you are betting they will win, you are supporting them.

Book Percentage

The profit or loss obtained by backing or laying all of the selections at the available prices. A 100% book makes no profit or loss.

Chasing

Betting on things you normally wouldn’t in order to recover losses.

Commission

A percentage of winnings that Betfair takes for providing their service, charged only on winning bets.

Decimal Odds

A representation of the amount returned to a unit stake including your stake, e.g. 5.0 where if you bet £1 and the horse wins you get £5 back and therefore win £4.

Drifter

A selection whose odds are getting bigger due to lack of support in the betting.

Even Money (Evens)

Denoted 1-1 or 2.0, an exact 50:50 chance of winning, e.g. on the toss of a coin.

Favourite

The selection with the shortest price and therefore theoretically the best chance of winning.

Fractional Odds

The traditional bookmakers odds, eg 4-1, where if you bet £1 and the horse wins you get £5 back and therefore win £4.

Green Book

To be in a position of winning money on the event regardless of the outcome.

Green Up

To adjust the stakes to produce a green book.

Hedge

To adjust the stakes so that all outcomes return as near to the same profit or loss as possible / A perennial green shrub that’s found on racetracks .

Lay Bet

To bet that a participant/team will lose a competition, for example, to lay Man United means you are betting they will lose.

Liability

The amount you will lose in the worst case scenario (e.g. if a back bet loses or a lay bet wins).

Matched Bet

Another punter has submitted the opposite bet or lay to yours at the same odds and matched your money. Matched bets cannot be cancelled.

Multiple Bet

A bet on several selections in different events, usually requiring at least 2 of them and often all of them to win.

Non Runner

A horse that was originally entered to run in the race but will not take part. Bets on non runners are void.

Odds

The value at which you will get paid (for a back bet) or pay out (for a lay bet) if the selection wins.

Odds Against

Odds which are greater than even money – the selection is thought to have a worse than 50:50 chance of winning.

Odds On

Odds which are less than even money – the selection is thought to have a better than 50:50 chance of winning.

Overlay

To skew the stakes so that you win more if one particular outcome loses.

Overround

The margin a bookmaker builds into their odds to ensure they make a profit on an event, usually expressed as a percentage.

P/L or P&L

Profit and Loss, the amount you win or lose on each outcome. These figures are shown in green (profit) or red (loss) on Betfair and on Evolution.

Red Book

To be in a position of losing money on an event regardless of the outcome.

Reduction Factor

An adjustment that Betfair makes to the odds of all bets matched prior to the withdrawal of a significant non runner.

Returns

The amount you get back if you win, including the stake.

ROI

Return on investment, usually expressed as a percentage.

Scratch

To back and lay at the same odds to cancel a trade which is not moving in the right direction. (“Scratch” is also sometimes used to denote a non-runner in a race).

SP

Starting price, the odds of the horse at the time the race started. Betfair calculate their own SP which is different from the standard one returned by the bookmakers.

Stake

The amount of money you place on your bet. For a back bet this is the same as your liability, for a lay bet it is the amount you will win (less commission) if your selection loses.

Steamer

A selection whose odds are shortening rapidly due to strong support in the betting.

Stop Loss

The largest amount you want to lose on a particular trade. Evolution has a stop loss tool to select this automatically.

Trade

To back and lay the same outcome with the intention of making a profit due to a difference in odds.

Underlay

To skew the stakes so that you win more if one particular outcome wins.

UnMatched Bet

A bet which has been submitted to Betfair at odds which are not available at present. The bet remains in the queue at the selected price until matched, and can be cancelled.

Void

A bet which had been cancelled because it is no longer valid, for example on a non runner or abandoned match. The stake is returned and it is as though the bet had never happened.