Betting Glossary

  1. A
  2. B
  3. C
  4. D
  5. E
  6. F
  7. G
  8. H
  9. I
  10. J
  11. K
  12. L
  13. M
  14. N
  15. O
  16. P
  17. Q
  18. R
  19. S
  20. T
  21. U
  22. V
  23. W
  24. X
  25. Y
  26. Z

  1. A

    Accumulator
    A bet which includes multiple selections. These could be all in the same event, or across different events. To win the accumulator, all your bets must win.
    Active Bets
    An active bet is one that has yet to be settled. This is usually because the came is yet to start or is in progress. Active bets are shown in your betting slip and in your account.
    Against
    With Smarkets you can bet either for or against an event. Against is sometimes called 'lay' or 'laying' an outcome. In football betting against a team to win is the same as placing a bet for the opposition to win and for the draw.
    American Odds
    American odds (sometimes called Vegas or Money Line) are displayed as lines. They are shown with a + sign and a value which represents how much you would win for a 100 unit stake e.g. +200.
    Available balance
    The amount of funds available to you to place new bets or to withdraw. If you have unsettled bets (e.g. the matches are in progress) then your stake is tied up and can't be withdrawn until the match is over.
    Average Odds
    As the market is always changing, it is possible that you can have your bet part matched at one price (or odds) and then the market goes up and the rest of your bet is matched at better odds. We show the average odds on your betting slip but you can view the details of your bet in your account history.

  2. B

    Back
    To back a bet is to bet for something to happen e.g. to "back West Ham to win the Premiership". At Smarkets we use the term 'for' rather than 'back'.
    Betting Slip
    Traditionally this is the piece of paper handed to a bookmaker with the list of bets you want to make and their respective odds. At Smarkets we use this term for the area of the site which show your active (unsettled) and recently settled bets.
    Bookmaker (or Bookies)
    A bookmaker is a business which takes bets on the likelihood of an event taking place. A bookmaker usually gives worse odds (from a punters perspective) because they build in a margin for risk. Bookmakers don't allow betting against an event and do not allow betting during a match.

  3. C

    Cancelled Bet
    If a bet is unmatched by other users then the bet can be cancelled. If your bet is partially matched, then only the unmatched portion can be cancelled.
    Commission
    Commission is a fee taken from your net winnings by the service that provides the bet. At Smarkets we take 5% of your winnings but if you don't win a bet then you won't pay any commission. The amount of commission is shown in your account history page.
    Contract Group
    Contract groups represent various possible event outcomes. For example, for the event Ashes 2010, one contract group may be "series winner" which has a single outcome (England, Australia, or a draw). Another example for the Ashes may be "final series score". A single outcome possibility (e.g. "England to win the Ashes 2009") is called a "contract."

  4. D

    Decimal Odds
    Odds can be displayed in different ways, in the UK they are usually shown either as fractional (3 to 1) or decimal (0.25).

  5. E

    Evens
    If the event you are backing has a 50/50 chance of winning then it is described as "evens" or "even money". In fractional terms this would be shown as 1 to 1 and if you bet £10 you would return £20 (including your stake) if your bet won.
    Exposure
    If you have money allocated to a bet this is called your "current exposure" or the amount that you are exposed to lose.

  6. F

    Favourite
    Favourites are the team most likely to win an event. e.g. Manchester United are favourite to win the Premiership.
    Form
    A team or players recent performance is referred to as their "form". If a team team is on form they will be more likely to perform well.

  7. G

    Green Up (or Greening Up)
    Because Smarkets functions like a stock market, the odds change over time. For example, if Arsenal score during a football match, the odds that Arsenal will win that match suddenly become more likely. If you had placed a bet for Arsenal before they scored the goal, you can actually place an opposing bet against Arsenal and make a small profit regardless of the outcome (rather than just holding out and hoping Arsenal wins). To put it another way, you bet £10 at 25% for Arsenal. They score a goal, and now the odds are 50% for Arsenal. You now place a £20 bet against Arsenal. You make an instant £10 (minus the relevant commission) with no risk.

  8. H

    Half-time/Full-time
    As well as betting on the winner of a match, you can also bet on which team will be leading at half time and full time. These bets usually have higher returns than match winner bets because they are harder to predict.
    Hedge
    To hedge a bet is to make a combination of bets on either side of an outcome. This means that is one bet lost, the other one would win.

  9. I

    In Play
    In play betting is an industry term meaning you can bet during a match.

  10. L

    Lay
    To lay a bet is to bet against something taking place. In a football match, if you bet against a team to win, you are in effect betting for the opposition to win and for a draw. At Smarkets, we use the term "against" rather than "lay".
    Long Odds
    If an event is unlikely to happen then it will have large, or long odds e.g. 200 to 1. Long odds are higher risk and have higher potential return.
    Loss Limits
    Many sites offer the ability to set a limit to the amount of money you can loose in a certain time period. Smarkets is committed to responsible gaming and we offer this feature in the your account section.

  11. M

    Market
    A market is style of betting. In market betting a group of people place money on what they think the likelihood is of an event taking place. The fans change the current position of the market as their opinions change. Market betting is the fairest style of betting because the group decides the value rather than a bookmaker trying to make maximum profit. A market is also the term for a specific bet. "Arsenal to Win" is a market. Fans choose to either bet for, or against the likelihood of Arsenal winning.
    Matched Bet
    When you place a bet, you are in effect saying "I think that Manchester United at 20% likely to win" and other fans take the opposite position. If you win, you take their money, and vice versa. When another fan takes your bet it is termed 'matched' and you cannot cancel or withdraw your funds. There could be a change that another fan will only match part of your stake (e.g. they may only bet £5 when you bet £10) in this case a bet is called "partially matched".
    Money Line
    Money Line is another term for American odds.

  12. O

    Odds
    The likelihood of an event taking place is called it's odds. There are many ways of expressing odds such as fractional, decimal, American and probability.
    Over/Under
    An over/under market is a bet for a value above, or below a certain number. In football betting this is usually the number of goals scored. For example, "West Ham to score over 2 goals".

  13. P

    Part Match Bet (or Partially Matched Bet)
    This is when other fans match only part of your stake. For example, you place £10 and other fans only bet £5 against you. This would result in you having a partially matched bet. You can cancel the unmatched portion of your bet at any time or you can wait for other fans to match you. The unmatched portion of your bet will be returned to you once the event is settled.
    Price
    Price is another term for odds. Price is used more in stock markets.
    Punter
    Punter is a term for a person placing a bet.

  14. R

    Return
    The amount of money you win if your bet is successful. Your return includes your initial stake. For example, if you bet £10 at 1 to 1 (or evens) then you'd win £10 + your original stake of £10. Your return would be £20.

  15. S

    Short Odds
    If an event is likely then the odds will be small or short. Short odds have smaller potential returns.
    Spread Betting
    This style of betting is one based on whether a market will move above or below a line. A spread is a range of outcomes and spread betting allows the better to say "I think this will increase over time" rather than say "I think this will end at this specific value".
    Stake
    The amount of money you place is called your stake.

  16. U

    Unmatched Bet
    A bet is unmatched until other fans bet against you. Normally bets are matched in a few seconds but if you have set odds that other fans don't want then your bet could remain unmatched. You can cancel unmatched bets and your money will be refunded.

  17. V

    Vegas Odds
    American odds are sometimes called Vegas odds.