PROVIDING YOU WITH ALL THE BEST BETS
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The gambling industry can provide consumers with a fun and exciting way to win money while playing games or following the top sporting fixtures, but it can be a daunting place for beginners.
The days of smokey, windowless bookmakers filled with undesirables are a thing of the past and betting operators have gone a long way by transforming them into modern, welcoming locations. However, stepping into a bookmaker or casino, or visiting an online betting operator can be confusing for those not accustomed to the different terms that are used in this environment.
The Most Common Betting Terminology
The main thing to understand if you are new to betting is that staff in land-based betting facilities and online customer service teams are more than happy to help. One way you can prepare is by learning some of the most common terms you are likely to hear.
Bookmaker
A bookmaker is an operator or individual who takes bets and pays out on winners in different markets. A bookmaker or bookie will typically operate from an LBO (licensed betting office) or at a racetrack where they are sometimes called turf accountants.
Gamstop
Gamstop is a voluntary self-exclusion service in the UK that licensed online operators must sign up for. A register is created for consumers who have decided to self-exclude, and operators must check this when new customers sign up for an account.
Consumers also have a choice of non Gamstop betting sites which operate in external jurisdictions. These options can often offer a great selection of betting markets, competitive odds and promotions, and a variety of payment methods.
Favourite
The favourite is a term given to the selection that is most likely to win. This can be in any type of market including racing and sports and bookmakers decide the odds based on the likelihood of selections performing well.
Joint favourites and co-favourites are when there is more than one selection with the same price leading the market.
Odds
The betting odds determine how much a bettor would get back if their selection wins. For example, if a customer bets £1 on a 10/1 shot they would receive £11 back. This would include the £10 winnings and £1 stake.
Handicap
Handicap betting can refer to different things in different betting markets. In sports betting, a handicap bet can alter the odds of a market with examples including football teams to win minus a goal. In this scenario, the team would have to win by two clear goals for the bet to come up.
Handicap horse racing events level the field by allocating weights to horses based on their ability.
Even Money
Even money refers to betting odds that would return the same amount as the stake and it can also be shown as 1/1 or evs/
Over/under
The over/under market is most commonly found in sports betting and allows consumers to bet on whether markets will finish under or exceed pre-defined amounts. In football, over/under markets are available for goals scored, bookings, and corners.
Prop bet
A prop or proposition bet allows bettors to place a wager on a specific event taking place in a sports match without explicitly backing an outright winner.
Betting on corners and bookings in a football match is a prop bet, and some markets also offer novelty prop bets like who will win the coin toss.
Bankroll
A bankroll is the amount of money a consumer budgets towards their gambling. This should always be an amount the player is comfortable losing and setting limits for individual bets can be a good bankroll management technique.
Accumulator
An accumulator bet, also known as an accy, acca, or parlay, is a bet that has more than one selection with all selections having to win for the bet to be successful.
Doubles refer to a bet with two selections that must win for the bet to be successful with trebles, four-folds, five-folds, and other levels of accumulator all available.
Multi-cover bets are also available with multiple selections, but unlike an accumulator that has only one stake associated with it, these bets will require multiple stakes.
A Trixie is a three-selection bet that includes all variations of doubles and the treble, making 4 bets in total which all need their own stake. A patent is the same bet but also includes singles, totalling seven bets.
The more selections chosen in an accumulator, the more individual bets would make up full cover options with four selections having either 11 or 15 bets depending on whether you want singles.
Underdog
While the favourite is the selection that is most likely to win, an underdog is the selection that is more likely to lose. This means that underdogs typically have higher odds, but handicap betting can help to even these odds by giving underdogs an advantage.
Ante Post
Ante-post betting markets are those made available in advance of an event. Ante-post markets are most commonly made available for major racing events like the Grand National or sporting events like the World Cup.