The Gambling Dictionary

| October 12, 2010 | 3 Replies

Accumulator – A Saturday afternoon favourite, where you group together a number of outright bets (usually on football matches) for a potentially huge payout. Regularly let down by a last minute equaliser from a player that hasn’t scored since 1997.

Ante-post – Betting on an event well in advance, thus leaving yourself open to a whole host of pitfalls, such as injuries, suspensions and Gary Megson taking over as manager.

Arbitrage – Opportunities to make a guaranteed profit, when two bookmakers have a big difference of opinion and as a result offer significantly different odds on the same selection.

Asian handicap – An alternative handicap system devised by bettors for bettors. Made in China.

Back – The player/team/horse that you put your money on. Therefore also the player/team/horse that you will be directing most of your venom towards should they dare to slip up.

Bankroll – The pot o’ gold that you give yourself to bet with. Can be found at the end of rainbows.

Betting exchange – Allows you to back, lay and set your own odds. The people’s bookmaker.

Bookmaker – The enemy.

Commission – What betting exchanges charge on any net profit. It’s usually about 5% but given that you’ve just made a net profit, you won’t really care.

Dutching – Backing two or more selections in one event in an attempt to guarantee a winner.

Each-way – The grandmothers favourite. The selection can now finish second (or in some cases third, fourth or fifth) and still win. This makes the bet safer but the odds considerably smaller.

Forecast starting price – The expected starting odds for a horse or greyhound.

Form – How well a player/team/horse has performed recently. Usually preceded by the word ‘poor’ when referring to the Scottish national team.

Handicap bet – Where one team is handed a head start. Not literally. That would be unfair.

In-play – The opportunity to bet during a live event. Requires quick speed of thought and an even quicker internet connection.

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Lay – Betting on a selection to lose. Often results in a mild feeling of guilt upon realising that you have just celebrated a horse ploughing head first into a fence.

Lay off – Laying a bet at shorter odds than you had previously backed, in order to guarantee a profit. The sensible but mildly unsatisfying way to win a bet.

Liability – The amount you will have to pay-out if your lay selection actually wins.

Match bet – A bet between two participants taking part in the same event, which is unrelated to the main outcome. In other words it’s a sub-plot. Like Ian going out to buy a kettle in Eastenders.

Non-runner – Dimitar Berbatov. Also refers to a horse or greyhound that has been pulled out of the race.

Odds – The chance offered for the selection to win. Not to be confused with the actual chance of the selection winning.

Odds against – The odds given to the underdog i.e. the player or team that ALWAYS wins in an American sport’s film.

Odds on – A selection that is priced at shorter than evens e.g. 8/13.

Punt – Another way of saying bet. Often used when referring to outsiders that have little chance of winning the event e.g. “I’m gonna have a punt on England to win the World Cup”.

Rule 4 – A mysterious rule that only horses and people under 5ft can understand. Has something to do with non-runners and refunds.

Scorecast – A stadium favourite where you bet on both the first goal scorer and the match result. Usually accompanied by a dodgy pie and an over-priced, watered down, pint of lager.

Spread betting – Betting on the number of points, goals, runs etc. Profits can be big but so can the losses.

Stake – The amount you wish to risk on a bet, unless you are laying or spread betting, in which case the amount you actually risk is your ‘liability’.

Staking plan – A cash, points or percentage based system, used to ensure that your betting remains consistent and hopefully, profitable.

Trade – Another way of saying ‘lay-off’.

Value bets – A price that is good value for money i.e. when the layer has underestimated a team’s chances.

72-hole match bets – A match bet for posh people with bad dress sense i.e. golfers.

2 and 3-ball bets – The same as above but based on one round of golf rather than four.

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Comments (3)

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  1. Paul Reynolds says:

    Just had a quick glance here today – BOOKMARKED IT. I enjoy the letters so I’m sure I’ll be coming back here any time soon.

  2. Bob Grimes says:

    Hello again,
    I am having a problem working out the various stages of multiple bets, I am ok up to four selections, say for a yankee, but I have been looking at your accumulators and I am wondering if it is worth backing the multiples of 4 and 5 winners in a six selection bet, is there a way of working out quickly, how many four folds and five folds there are in a six selection accumulator, I keep trying but always lose the thread.is there a specific formula please, sorry to be so dim.

    Regards

    Bob Grimes

  3. Nigel says:

    Hi Bob,

    I think this is what you are looking for …

    http://www.olbg.com/school/horse_racing_bets.php

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