Betting terminology

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  • Arbitrage

    It means to place bets on one or more market types at same or different betting exchanges or bookmakers so regardless of the final event outcome you get sure profit. This is usually possible when you get better odds at one bookmaker for one outcome and then place bets on other outcomes at other bookmakers.
  • B

  • Back

    Place bet on selection to win.
  • Betting bot

    Software program that works 24/7 and places bets automatically by your rules. Betting bots are capable of placing thousands of bets per day, trading, hedging, dutching, betting by staking plans, simulating and executing thousands of operations within a second to find selections to bet on and check all your rules. This is something that humans simply cannot do in such a short amount of time. Betting bots are perfect for automated betting on your tips and following other tipsters tips. You set them on VPS server and leave them working for days.
  • Betting exchange

    Betting exchange allows you to place Back or Lay bets, meaning that you are actually betting against other gamblers rather than against a bookmaker. By placing bets at your own odds you act as a bookie and if you accept other odds set by other users then you act as a customer.
  • D

  • Dutching

    Dutching method is used when you want to win your target profit if one of your selections wins. In this case amount of money that you will risk can be high if odds are low.
  • Drifter

    This is a selection whose odds increase over time as event is about to start e.g. odds of 2.5 two hours before start time go up to 3.5 five minutes before start time. Odds changed from 2.5 to 3.5 so this selection is drifter.
  • E

  • Even money

    Betting at decimal odds of 2.0, which means that you can win or lose same amount of money.
  • F

  • Favourite

    Selection that has highest chance of winning or with lowest odds e.g. selection with odds of 1.5
  • H

  • Handicap

    Form of betting where selections are handicapped according to their form e.g. stronger team must score more goals for your handicap bet to win.
  • Hedge

    Hedge method is used to place bet so that you get equal profit or loss regardless if your selection wins or loses. If odds move in your favour then you will get sure profit, but if odds move against you then you will get sure loss.
    Back £10 at odds of 3.0, so if odds go down to 1.5 hedge will get you sure profit, but if odds go up to 5.5 then you will get sure loss.
    Hedge is also known as green up, red up, trade out and cash out.
    In any case hedge cannot increase your exposure, it can only reduce it.
  • L

  • Lay

    Place bet against selection. This puts you in a position of bookmaker. If selection wins then you will pay backer his winnings.
  • O

  • Overround

    For detailed explanation it is best that you read Wikipedia page on Mathematics of bookmaking
  • P

  • Pony

    A pony is £25
  • R

  • ROI

    ROI is short for return on investment e.g. if you risk £100 to win £20 then your return on investmend is only 20%. This means that you are risking five times more money than you can win.
  • Removed runner

    Those are usually horse or greyhound selections that are removed from the race.
  • S

  • Start Price

    The start price is the odds for a selection that are declared at the start of event.
  • Selection

    Selection is a team, player, horse, greyhound or any other possible winner of event that you are betting on.
  • Steamer

    This is a selection whose odds decrease over time as event is about to start e.g. odds of 2.5 two hours before start time go down to 1.5 five minutes before start time. Odds changed from 2.5 to 1.5 so this selection is steamer.
  • V

  • VPS

    Virtual Private Server is a virtual machine (remote computer) that you connect to by using remote desktop connection. VPS runes its own operating system which means that you can install any software that you like on it and run it, just like you do at your own laptop/desktop computer. VPS with Windows operating system is perfect for running betting bots. We recommend Tagadab VPS servers.
  • Void bet

    Bet is voided when selection is removed or event is cancelled. In such case your stake is returned to you.
  • X

  • X

    Refers to "the draw" selection on football match odds markets. In such cases "1" is used for home team and "2" for away team, because of that such markets are called 1X2 or match odds.

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