Betting Terms Explained: A-Z Guide

Betting Terminology
January 23, 2023

The betting industry has so many different betting terms that it uses for what bettors can do. If you thought that it’s simply about wagering on which team will win, think again. In this guide, we’ll go through all the betting terminology you need to know.

Whenever you place a bet, you’ll see the odds listed. If you want to change the format of those odds, you can head over to our betting odds converter page.

A-Z Sports Betting Glossary

Without further ado, let’s get into all the betting terms explained. Don’t forget to bookmark this page for future reference.

  • ACCA – What is an ACCA bet? It’s when you wager on two or more results in the same bet slip. You have to get them all correct to win.
  • Ante-post Bets – Horse and dog racing bets placed before the market has opened.
  • Alphabet Bets – An alphabet bet covers 26 different bets for each letter of the alphabet.
  • Arb Betting – When you place wagers on a variety of different outcomes in the same event.
  • Asian Handicap Bets – Teams are handicapped based on form, meaning stronger teams have to score more goals or points than weaker teams to win the bet.
  • Bet Builder – A bet builder is when you combine different scenarios into the same bet. This could include the result and the first goal scorer.
  • Bet Hedging – When you bet on opposite outcomes to limit risk.
  • BTTS – BTTS stands for Both Teams to Score.
  • Against the Spread Bets – This is when you bet on the underdog to win the game or to lose by a certain number of points.
  • Canadian Bets – a five selection bet that encompasses a range of events. These include doubles, trebles, and accumulators.
  • Correct Score Bets – When you correctly guess the result of a game.
  • Corner Bet – This is when you stake on the number of corners in a game of soccer. See our corner betting page for more info.
  • Draw No Bet – The meaning of draw no bet is when you bet on a team to win but if the match ends in a draw, you get your money back.
  • Double Bet - This is when two outright bets are combined into one bet. You need to win both legs to win the bet.
  • Double Chance Bet - This is when you bet on two possible outcomes in an event that has three possible outcomes. For example, you could bet on the home win and the draw in a football match.
  • Each Way Bets – Each way bets are used in horse racing to cover the three finishing places.
  • Expected Value – This is an equation to see how much you can expect to win based on placing the same bet multiple times. It involves multiplying your probability of winning against your probability of losing.
  • Fixed Odds – The amount of money you stand to win doesn’t change after the bet is made.
  • Flag Bets – A combination wager consisting of 23 bets.
  • Forecast Bet – When you correctly guess the order that two or more racers will finish.
  • Goliath Bet – One of the biggest wagers you can make, consisting of 247 different bets.
  • Half Time/Full Time Bet – Bet on the correct score or result at half time and full time.
  • Handicap Bet – When a stronger team has to prevail by a certain amount for the bet to win.
  • Heinz Bet – This is a huge bet that involves 57 selections in six different events.
  • Super Heinz Bet – This has double the number of bets than in the Heinz bet.
  • In Play Bets – When you stake on live actions in the games.
  • Lay Bets – Placing opposite bets on the same match.
  • Lucky 15 – 15 bets of equal value in four different events.
  • Lucky 31 – 31 bets in five events.
  • Lucky 63 – 63 bets from six events.
  • Matched Betting – When you lay your bets off at another exchange.
  • Nap Bets – The tipster’s number one choice in a day.
  • Non Runners – When a selection is named in the betting markets but doesn’t actually feature in the race.
  • Parlay Bets – When you link different bets together in a multiple.
  • Over/Under Bets – This is when you stake on the number of times an event will happen. For example, you could guess whether there will be over or under a certain number of points in an NFL game.
  • Patent Bet – Seven bets on three different events.
  • Place Betting – When you bet on correct the finishing places in a race.
  • Placepots Bets – When you pick a horse to place in the first six races of a race meeting.
  • Pony Bets – A slang term meaning to stake £25 on the outcome of an event.
  • Round Robin Bets – This is a parlay bet consisting of several smaller combinations, meaning you don’t have to win all the selections to get a return.
  • Spread Bets – Any type of bet that’s based on the accuracy of the wager, rather than a straight win or lose scenario.  
  • Starting Price Bets – The odds on individual horses or dogs at the start of a race.
  • Tipster – A bet tipster is an expert who gives advice about who to wager on.
  • Tote Betting – Betting on an event with a group of people, and it works like a lottery. Anyone with a winning ticket gets a percentage of the prize pool.
  • Top Scorer Bets – When you stake on who you think will score the most goals over a season.
  • Treble Bets – A combined bet of three different results.
  • Tricast Bet – Selecting the first, second, and third placed finishers in a race in the correct order.
  • Trixie Bets – Four bets from three selections.
  • Value Bets – When you think something has a better chance of happening than the bookies’ odds reflect.
  • Yankee Bets – 11 bets across four events.
  • Super Yankee Bet – 26 bets across five events.

If you need more information and detail about all these betting terms, check out our subscription plans for more expert advice.

Featured Posts