Betting glossary: the terms you meet on a UK bet slip

Betting uses a vocabulary of its own, and a bet slip or a set of terms can read like a foreign language. This glossary explains the terms you meet on a UK bookmaker’s site in plain words, grouped by what they are about. Each entry says what the term means and, where we have a calculator or a guide on it, links there so you can see the figures.

Odds and prices

Odds. The price of a bet, which shows how much you are paid if it wins. In the UK they are written as fractions, decimals or, less often, American odds. All three describe the same price. Our odds converter moves between them.

Fractional odds. The traditional British format. 5/2 means you win £5 for every £2 staked, plus your stake back. 5/2 is 3.50 in decimals.

Decimal odds. The return for each £1 staked, stake included. At 3.50 a £10 stake returns £35, a profit of £25.

American odds. A format with a plus or minus sign. +150 means a £100 stake wins £150, and −200 means you need to stake £200 to win £100.

Evens. A price of 1/1, or 2.0 in decimals. A winning bet doubles your stake.

Odds-on. A price shorter than evens, such as 1/2, where the profit is smaller than the stake. The market thinks the outcome is more likely than not.

Odds-against. A price longer than evens, such as 3/1, where the profit is bigger than the stake.

Implied probability. The chance a price suggests, worked out as one divided by the decimal odds. Evens implies 50 per cent and 4/1 implies 20 per cent.

Margin. Also called the overround. The amount by which the implied chances of all outcomes in a market add up to more than 100 per cent. It is how the bookmaker is paid for taking the bets.

Market. The set of outcomes you can bet on for one question, such as the winner of a race or the result of a match.

Favourite. The selection with the shortest price in a market, the one the market thinks most likely to win. Favourites lose often.

Outsider. A selection at a long price, which the market thinks unlikely to win.

Shorten and drift. A price shortens when it gets smaller, for example from 5/1 to 4/1, usually because money is backing the selection. It drifts when it gets bigger.

Early price. A price offered before the day of an event, often on a racing market in the morning or the day before. It can be bigger or smaller than the price at the off.

Starting price. Often written SP. The price at the start of a race, set by the market. A bet taken at SP is paid at that price whatever it turns out to be.

Best Odds Guaranteed. Often written BOG. A promotion that pays a winning racing bet at the starting price if that is bigger than the price you took. See our Best Odds Guaranteed guide.

Price boost. A bookmaker raising a price above the market for a single bet or a short list of selections. It usually comes with limits on the stake.

Bets and bet types

Stake. The money you place on a bet. On a full-cover bet it is the amount on each bet, not the total.

Return. All the money you receive from a winning bet, stake included. The profit is the return minus the stake.

Single. A bet on one selection. It is the simplest bet and the easiest to budget for.

Double and treble. A double combines two selections in one bet and a treble combines three. Every selection has to win.

Accumulator. Also called an acca. A bet that joins several selections, with their odds multiplied together. Every selection has to win. Our accumulator calculator works one out.

Each way. Two bets of equal size, one to win and one to place. See our each way guide.

Place terms. The fraction of the win odds paid on the place part of an each way bet and the number of finishing positions that count, such as a quarter of the odds for the first three.

Forecast and tricast. Racing bets that name the first two finishers, or the first three, in the right order.

Full-cover bet. A bet that covers every combination of a set size across your selections, so one loser does not end it. Trixie, Patent, Yankee, Lucky 15 and larger bets are all full-cover bets. See the types of bets guide.

Trixie and Patent. A Trixie is three doubles and a treble on three selections, four bets. A Patent adds the three singles, seven bets.

Yankee and Lucky 15. A Yankee is eleven bets on four selections: six doubles, four trebles and a four-fold. A Lucky 15 adds the four singles, fifteen bets.

Canadian, Heinz and Goliath. Larger full-cover bets. A Canadian, also called a Super Yankee, is twenty-six bets on five selections, a Heinz is fifty-seven on six and a Goliath is two hundred and forty-seven on eight.

Bet builder. A bet that combines several outcomes from the same match into one price, such as a team to win and over 2.5 goals. The bookmaker prices the combination as a whole.

Ante-post. A bet on a future event, weeks or months ahead. In most cases the stake is lost if the selection does not take part.

In-play. Betting while an event is under way. Prices move quickly, and bets are accepted after a short delay.

Cash-out. Settling a bet early for an amount the bookmaker calculates from the live market. It is offered on selected bets and events and is rarely the full value of the bet.

Dutching. Splitting one amount across several selections so each pays the same if it wins. See our dutching calculator.

Outright. A bet on the winner of a whole event, such as a tournament or a league.

Racing terms

Non-runner. A horse that does not take part in a race after being entered. If your horse is a non-runner, your bet is void and the stake is returned.

Rule 4. A deduction from winnings when a horse is withdrawn after you have bet and after the final declarations. See our Rule 4 guide and calculator.

Final declarations. The point at which the list of runners for a race is confirmed.

Handicap. A race in which each horse carries a weight set by an official handicapper, to give every runner a chance. Handicaps with big fields often pay more places each way.

Going. The state of the racing surface, from firm and good to soft and heavy.

Dead heat. A tie for a position. The part of the stake that depends on the tied position is divided by the number of horses involved.

Board price. The price shown on a bookmaker’s racecard or page before the race.

Football and other markets

Match result. Also called 1X2: home win, draw or away win, settled on ninety minutes plus stoppage time unless the market says otherwise.

Both teams to score. Often written BTTS. The bet wins if each side scores at least once.

Over and under. A bet on whether a total, such as goals in a match, is above or below a line. Over 2.5 goals wins with three or more.

Correct score. A bet on the exact final score. It is difficult, and the prices are long.

Double chance. A bet that covers two of the three match results in one bet, at shorter odds than either alone.

Handicap market. A market that gives one side a head start, so the result is judged after the head start is added.

Accounts, safety and rules

Gambling Commission. The regulator of gambling in Great Britain. Its public register lists each licensed business, its licences and any regulatory actions. See our register check.

Licence number. The account number of a licensed business on the Gambling Commission register. A licensed bookmaker shows it in its footer or terms.

Verification. The checks a bookmaker makes on your identity, age and address, often before the first withdrawal. Uploading documents early avoids delays.

Void bet. A bet cancelled by the bookmaker, for example when a selection does not take part. The stake is returned.

Maximum payout. A limit on the amount a bet can return. Bookmakers set it in their terms, and it can be lower than the odds suggest.

Free bet. A bet placed with a credit from the bookmaker instead of your own money. The terms say whether the stake is returned with any winnings, and commonly it is not.

Wagering requirement. A condition in some offers that you must stake a set amount before winnings can be withdrawn. Read it in the offer’s terms.

Deposit limit. A limit you set on how much you can pay into your account over a day, week or month. Every UK-licensed bookmaker has to offer them.

Time-out and self-exclusion. A time-out is a short break from your account. Self-exclusion closes it for a period you choose.

GamStop. The UK scheme that blocks access to every licensed online gambling site for a period you choose.

GambleAware. A charity that offers free, confidential support for people affected by gambling.

Using the glossary with the rest of the site

The terms on this page are explained once and used throughout our horse racing and football pages, the bookmaker reviews and the calculators. If a bookmaker’s terms use a word that is not here, the terms win: they decide how your bet is settled, and the definitions above describe how the words are usually used.

Knowing the words does not make a bet better. Set a deposit limit before you start, bet within a budget you can afford to lose, and take a break if it stops being fun. Betting is for people aged 18 and over. For free, confidential support, contact GambleAware, and use GamStop if you want every licensed UK site blocked.