Betting glossary: the terms you will meet, from accumulator to void
Basics5 minute readBy the TestedBookies editors
Forty terms that appear in betslips, bonus terms and reviews, defined in one line each. The ones that decide money are marked in bold on the pages that use them.
Key points
Most confusion at a betting site comes from four words: rollover, line, push and lay.
American, British and Asian sites use different words for the same things.
When in doubt, the term is defined here and linked from our guides.
Accumulator
A bet on several selections that all must win; odds and margins multiply. Called a parlay in North America.
Arbitrage
Backing every outcome of an event at different bookmakers so that any result returns a profit; leads to limited accounts.
Asian handicap
A two-way football market in which one side receives a goal start, in halves and quarters, removing the draw.
Bankroll
The money set aside for betting, separate from living money, from which stakes are sized.
Bet builder
A single bet combining several markets from one match, priced with an extra margin for correlation.
Bet delay
The seconds a live bet waits before acceptance, during which the price may change.
Cash out
Settling a bet before the end for an amount priced from the live market, less a haircut.
Closing line
The final price before an event starts; beating it consistently is the mark of a winning bettor.
Decimal odds
Total return per unit staked, stake included: 2.50 returns 250 on 100.
Double chance
A bet covering two of the three outcomes of a match.
Draw no bet
A bet refunded if the match is drawn; the Asian handicap at zero.
Each-way
Two bets in one: a win bet and a place bet at a fraction of the odds.
Edge
The advantage one side has over the other, expressed as a percentage of stake.
Exchange
A marketplace where bettors bet against each other; the operator charges commission on winnings.
Fractional odds
Profit per unit staked: 6/4 wins 6 for every 4 risked.
Free bet
A stake credited by the operator; usually the stake is not returned with winnings.
Handicap
A head start given to one side to balance a market.
In-play
Betting after an event has started; also live betting.
Juice
American term for the bookmaker’s margin; also vig.
Kelly criterion
A formula sizing stakes to the size of the edge; most bettors use a fraction of it.
Lay
To bet against an outcome, on an exchange, taking the role of the bookmaker.
Line
The handicap or total set by the bookmaker, as in a 2.5-goal line.
Liquidity
The money available to be matched on an exchange market.
Matched betting
Using free bets and an exchange to lock a profit whatever the result.
Moneyline
American term for a bet on the winner with no handicap.
Odds boost
A promotional increase in the price of a selection, usually with a stake cap.
Outright
A bet on the winner of a tournament or season.
Over/under
A bet on whether a total (goals, points) is above or below a line.
Overround
The sum of implied probabilities above 100 percent; the margin.
Push
A refund when the result lands exactly on a whole line.
Rollover
The turnover required before a bonus can be withdrawn; also wagering requirement.
Sharp
A bettor, or a bookmaker, whose prices are close to true probabilities.
Spread
American term for the points handicap.
Stake
The amount risked on a bet.
Steam
A fast market move caused by sharp money.
Unit
A fixed stake size, usually one to two percent of the bankroll.
Value
A price higher than the true probability justifies.
Void
A cancelled bet, stake returned.
Wagering requirement
See rollover.
Frequently asked questions
What is the difference between vig, juice and overround?
None; three words for the bookmaker’s margin.
What does "void" mean on my betslip?
The bet was cancelled and the stake returned, usually because the event did not take place as scheduled.
What is a unit?
A fixed stake size, typically one or two percent of the bankroll.