Are you lost with so much sports betting terminology? We present Wikiapuestas, the definitive dictionary to know the entire glossary of terms used in the world of betting. In the alphabetical index you can go directly to the word you are looking for.
More betting glossary
Accumulator (accumulator)
It is also popularly known as combination bet.
All in
Translated literally as "everything inside", it means betting all the money available in a single bet. The area in which this expression is best known is in poker. Regarding sports betting, performing an all in is strongly discouraged no matter how safe a bet seem. It is an extremely risky practice that can lead to errors such as overbetting.
Canceled or null bet
These are bets where a circumstance is given that resolves the bet returning the better the money they had played. For example, if we bet on a football match for a team with an Asian handicap of 0 and the match ends in a draw, our bet would be void.
Combined bets
Consists of combining two or more bets from different options into a single stake. This allows the odds to accumulate and multiply, increasing potential profits compared to betting on each option separately. The challenge is getting all the selected options correct in order to collect the accumulated stake.
An example of a combined bet would be to combine the 1.80 odds for Team X to win with the 1.90 odds for Athlete Y to win. The accumulation of odds would result in a total odds of 3.42 and to win, both chosen options would have to be correctly predicted.
Special bets
These are bets that are not part of the usual catalog of the betting house or that are not offered in all sports events. They are usually offered for big sports events or for other occasional events, not necessarily related to sports.
Live bets (direct)
These are bets that are made while the sporting event is being played.
Prematch betting
It means "pre-match betting". These are the bets that are placed before a sporting event begins. It is the most classic form of betting.
Back
In cross betting, "back" means betting in favor of the selection chosen in a market. It is equivalent to the bets placed in a traditional betting house.
For example, if we are offered odds of 2.00 for a back bet in a football match, this acts as a classic odds. Betting 10 dollars, we would receive 20 dollars in case of winning the bet.
Banker
A "banker" is a selection that is present in all the bets that are going to be made starting from a certain number of selections. It is used to simplify the combination systems based on the banker, but it implies that it must be guessed correctly in order to obtain benefits since it is present in all the bets that arise.
For example, if we have 4 selections A, B, C, and D and combine them to form doubles using B as the "banker", we would only bet on the following combinations: BxA, BxC, and BxD.
Bookie
Derivative form of the English word "bookmaker" used to refer to betting houses or a bookmaker.
Exchange Bookmaker
This is a betting house that focuses on cross-betting between its users. In this sense, its role is that of an intermediary between bettors, offering a platform to place bets while maintaining market liquidity in exchange for a commission. Currently, only Betfair Exchange and Carcaj offer exchange betting.
Traditional bookmaker
This is a betting house that bases its business on establishing bets for its users. In this way, the bettors play against the betting house itself. Its business model is based on deducting a small commission from the odds it offers.
Half time/end
Bet type that considers each time period of a match as a unit in itself in which you can bet. The different betting options presented by bookmakers arise from combining the results of each time period. For example, the bet “Draw/Draw” or “X/X” would mean that we are betting that the match will be tied at halftime and will also end in a tie.
Double Chance
It's a bet for markets where there are three possible outcomes, such as winner A, draw, and winner B. Out of the three options, two are combined into one odds and bet, either "winner A and draw", "winner B and draw", or "winner A and winner B".
Dutching
Betting method consisting of covering the most probable options within the same event. The amount of money assigned to each selection is done in such a way that all bets produce the same benefit. This method aims to obtain profits by reducing the risk of the most unlikely outcomes.
For example, in a soccer game you can bet on the results 2-1 and 1-2. If the odds of the first result are 3.00 and the odds of the second are 4.00, 10 units would be assigned to the first result and 6.67 units to the second result. This would produce the same profit of 20 units.
Freebet
It means "Free bet" and is part of the usual promotions that betting houses offer to their users. They consist of a free amount to place a bet with. In case of winning the bet, only the net profits are received, not the amount of the free bet. For example, if a betting house grants Philippines a free bet of 10 dollars and we bet it on a 2.00 odds, in case of winning, we would obtain 10 dollars in our account.
Winner and placed
I'm a type of bet that consists of betting on two different circumstances. The first is betting on the winner of a certain competition, and the second is betting on a possible position, usually among the top three, for a fraction of the winner's odds.
For example, let's imagine that participant A has odds of 10.00 as a winner and is paid placed at 1/3 1-2-3. Betting on winner and placed would involve making a bet at odds of 10.00 as a winner for participant A and another bet as placed among the top three positions (1-2-3) for participant A.
The placement fee is easily calculated by subtracting 1 from the winner's fee, then dividing by the fraction (1/3) and adding 1 to the resulting fee. In this case it would be 10-1=9, 9/3=3, 3+1=4. If we correctly predict the placement, we would win a bet with a fee of 4.00.
Greenbook
The situation that is achieved when profits are obtained in an event regardless of the final outcome. This expression is related to trading and taking advantage of changes in odds to close positions where a greenbook is produced.
Lay
It is a concept that involves betting against something happening and is framed alongside "back" in the context of cross-betting. In this type of bet, the bettor takes on a role similar to that of a bookmaker.
For example, making a bet of 10 units on a team's victory at a 3.00 odd means that the bettor puts 20 units at stake to win 10 units. In other words, they behave like a bookmaker who accepts 10 units in exchange for the risk of paying out the profit from the 3.00 odd if the bet wins.
Market
It is a way of referring to a group of bets that have a common point. For example, in soccer, the goal market is discussed, which includes bets related to the total number of goals, which teams will score, how many goals each team will make, at what time the goals will be scored, etc.
Market can also be referred to when the same bet offers different options to bet on. For example, the over/under goal market can be mentioned as it offers different options to bet on: over 2 goals, under 3.5 goals, etc.
Money line
It is a North American expression referring to betting on the outright winner of a sporting event. These are the odds with which any sporting event is typically presented, indicating the contenders and their respective odds for victory.
Money management
It refers to the different ways of managing the funds that are dedicated to betting. It is understood in a broad sense since it can encompass both the amounts to be played, the stakes to be assigned, the distribution of money among several betting houses, the limits to be set, etc.
Odds
It is the English term used to refer to odds, in the sense of the probability they express.
Outsider
It is similar to the concept of "underdog", but connotes that the selection is not only unfavored to win, but the probability of victory is extremely low.
If in a sports event participant A has odds of 1.80 and participant B has odds of 1.90, we would say that participant B is the underdog as he is not the favorite. If the odds change to 1.10 for participant A and 8.00 for participant B, we would refer to this participant as an outsider, as he practically has no chance of winning.
Parlay
See Accumulator
Pick
It's a selection to bet on. Basically, it's a specific bet.
Scorecast
It is a betting market where both the player who will score the first goal and the final result of the match are predicted. It is a combined bet on two situations: the first goal scorer and the final result.
A scorecast bet for a football match between the Argentina team and any other team could be Messi scores first and the final result is 2-1.
Spin & Bet
It's a gambling game linked to a bet in which the prize consists of applying a multiplier to the odds of said bet. Participating entails paying a percentage of the money allotted to the bet. Currently offered by Betstars.
Super quota (mega quota)
These are one-time promotions from betting houses consisting of a substantial improvement of odds for a certain sports event. Some of these promotions are restricted to new users who register with the house, but others are open to all users.
Trading
It is a very popular strategy in exchange betting. It consists of making a back and a lay on the same selection, taking advantage of the odds variations to obtain profits regardless of the final result.
For example, a back bet is placed in favor of a team by betting 10 units at odds of 1.90 and later a lay bet of 13.57 units at odds of 1.40 is made (so we risk 5.43 units). With this combination, if the team wins we gain a profit of 9-5.43 = 3.57 units. If the team doesn't win, we gain 13.57-10 = 3.57 units. Whatever happens, profits are made. This is known as "green book".
Underdog
It's the contender who isn't favored in the betting. It's easy to identify, as their odds are higher compared to their rival, who would be the favorite.
Unity
Form for referring in abstract to amounts of money. Usually, a bank of 100 units is taken as a reference, and bettors refer to as many units as a percentage of that bank they are playing. This way, privacy is preserved regarding the amounts of money that each person dedicates to betting.
Void
See Void Bet.