Betting Terminology & Types of Bets
Betting terminology and the many different types of bets can appear daunting to a newcomer, and anyone looking to place their first ever sports bet may find it all a little confusing.
So to get you prepared, we have compiled a list of some of the key terms and types of bets to help get you clued up in next to no time.
An accumulator is most commonly described as a combination of four or more single bets that combine to offer longer odds, with the possibility of bigger winnings. However, if one of those bets doesn’t win, then you will not be paid out.
A bet that is placed well in advance of the event taking place. In placing an ante post bet, you can often get bigger odds, therefore boosting your potential winnings.
It’s a popular bet in sports such as football and tennis where superior sides face inferior opponents and an Asian Handicap provides a balance to uneven match-ups.
To back is to place a bet on your selection to win.
A selection which is usually a heavy favourite for an event. Often bankers are used in accumulator bets in order to boost value where the risk of that selection losing is considered minimal.
Bar is a betting term used when contestants in any kind of race, tournament or contest that are not quoted individually in betting shows, simply because they are lower down in the market.
Best Odds Guaranteed (BOG)
A concession used by bookmakers whereby if you bet on a selection at an early price, but the SP is bigger, you will get paid out at the SP.
For example if you bet on a horse at 8/1 on the morning of a race, but it wins at a starting price of 10/1, with BOG, your bet swill be settled at 10/1.
Grosvenor Sport offer BOG on all UK and Irish horse racing, and you can find out more about it here.
A bookmaker is the organisation/company which offer you the opportunity to place a bet.
Cash out allows you to get money back on your bet before the event has finished. The amount you get back is determined at the time of you cashing out and depends on the likelihood of your bet winning.
This is often popular in football accumulators, when for example, four of your five selections have won, and you are set to make a profit, and you decide to cash out ahead of the final game taking place. Your winnings are then paid out, irrespective of that final result.
Where two or more selections tie in an event.
A format in which your odds can be displayed. Decimal odds include both your stake and winnings. For more on betting odds, click here.
Dutching is a betting strategy that involves the backing of multiple selections in the same event. The stake is split and placed in such a way so that whichever selection wins, an equal profit is made. If none of the selections win, all stakes are lost.
A single selection which is comprised of two bets – a ‘win’ bet and a ‘place’ bet. An each-way bet is often placed on a selection at larger odds, so a good profit can be made even if the selection doesn’t win the event.
Odds of 1 to 1, where you would effectively double your winnings if the selection comes out on top. E.g a £10 bet on odds of 1/1 would return £10, plus your original stake.
Fixed odds betting
Securing a bet at fixed odds means your potential returns are guaranteed and will not change, regardless of any market fluctuations following you bet being placed.
Fractional odds betting
A common format of UK betting, fractional odds give you your profit, excluding your stake.
For example: £10 at 4/1 = £40 (your profit), plus your stake back (£10) = £50 (your total return).
Handicap betting involves giving one selection a virtual deficit (handicap) to overcome at the start of an event. Conversely, choosing another selection in the same market will usually involve that selection effectively receiving a virtual start. If you chosen selections score is greater than its opponents after the handicap has been applied, your chosen selection is deemed the winner.
On most events, live betting can take place after the event has started.
Odds offered on a selection which is deemed unlikely to win e.g 100/1.
A selection which is deemed to the strongest selection of the day from a particular tipster/correspondent for whatever sport you are placing a bet on.
Non Runner No Bet
If your Antepost horse racing selection doesn’t take part in the event it is scheduled to, you will get your stake back if there is a NRNB concession on the race.
Another name for the price, and reflect the bookmaker’s thoughts on the possibility of that selection winning.
A betting price where the odds are less than Evens, meaning the selection is expected to win.
These bets are placed on the outcome of a whole competition e.g Premier League winner, Champions League winner, winner of Wimbledon tennis tournament.
Similar to long odds, this is the opposite of the favourite and is the selection that is least expected to win the competition/event.
A selection that finishes within the place terms for a particular event. As well as the winner, this may include the second, third, and fourth, or more depending on the sport/event.
The total amount you will receive for winning a bet.
How much money you have placed on a particular selection.
Starting Price (SP)
The final price of the selection before the event gets underway. With an online bookmaker you can opt to take the price on offer at the time in which you bet, or take your chances by backing the starting price – something which is uncertain at the time of the bet.
A term used for bookmakers who are trying to express odds with their hands, often used at horse racing meetings to inform other bookmakers of the prices of horses in crowded areas.
TYPES OF BETS
There a number of types of bet that can be placed, anything from singles to Yankees to Lucky 15.
Here is a guide through some of the more popular types.
Basic – Singles, Doubles, Treble, Accumulator
These are fairly straightforward ones with singles relying on just one selection with doubles (two selections) and trebles (three selections). Accumulators are most commonly described as a bet with more than three selections, where you need all selections to come in for the bet to be successful.
This consists of three selections in different events and are combined to produce four bets derived from a treble and three doubles.
A Yankee consists of four selections which are combined to produce 11 bets derived from 1 x four-fold accumulator, 4 x trebles and 6 x doubles.
A Canadian consists of five selections which are combined to produce 26 bets derived from 1 x five-fold accumulator, 5 x four-folds, 10 x trebles and 10 x doubles. Alternatively known as a Super Yankee.
This bet consists of three selections, and are combined to form 7 bets from 1 x treble, 3 x doubles and 3 x single bets.
This is where four selections are made, producing 15 bets deriving from 1 x four-fold accumulator, 4 x trebles, 6 x doubles and 4 x single bets.
Another to consist of five selections, but this time is combined to produce 31 bets derived from 1 x five-fold accumulator, 5 x four-folds, 10 x trebles, 10 x doubles and 5 x single bets.
Based on six selections and combined to produce 63 bets, drived from 1 x six-fold accumulator, 6 x five-folds, 15 x four-folds, 20 x trebles, 15 x doubles and 6 x single bets.
Sports betting is more popular than ever in the UK, and a leading trend is the accumulator – multiple bets on multiple events which can bring wins for little outlays.
Work out how much you can potential win using these type of bets with our bet calculator.