{"id":575,"date":"2022-09-21T05:45:10","date_gmt":"2022-09-21T05:45:10","guid":{"rendered":"https:\/\/bfhubprod.wpengine.com\/hub\/?p=575"},"modified":"2024-08-21T16:43:40","modified_gmt":"2024-08-21T06:43:40","slug":"betting-glossary","status":"publish","type":"post","link":"https:\/\/www.betfair.com.au\/hub\/education\/betfair-basics\/betting-glossary\/","title":{"rendered":"BETTING GLOSSARY"},"content":{"rendered":"
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Arbitrage<\/strong><\/p>\n

Is a process through which gamblers aim to make a profit by betting on all possible outcomes of an event, at different odds.\u00a0Arbitrage\u00a0<\/em><\/a>betting involves taking advantage of the variation in odds offered on the Exchange or by different bookmakers and calculating an appropriate stake level that will ensure any losses are covered by winnings in all potential outcomes.<\/p>\n

Asian Handicap<\/strong><\/p>\n

A type of football market where two teams are given a handicap \u2013 positive or negative \u2013 before the game starts. The handicap is a figure such as +0.5 or +1.0 or +1.5, or -0.5 or -1.0 or -1.5. This figure represents a goals head-start or a goals deficit awarded to the teams before kick-off.<\/p>\n

Back Betting<\/strong><\/p>\n

Placing a\u00a0back bet<\/em><\/a>\u00a0is the traditional form of gambling \u2013 you believe a result will happen and bet on it happening, at odds you want to take. On the Betfair Exchange, bettors placing these bets are called \u2018backers\u2019.<\/p>\n

Betfair Starting Price<\/strong><\/p>\n

The Betfair Starting Price\u00a0(BSP)<\/em><\/a>\u00a0is the odds you get on a horse at the start of a race based on bets placed by backers and layers in the race market.<\/p>\n

Commission<\/strong><\/p>\n

Commission<\/em>\u00a0is the amount you are charged by Betfair on your net winnings on an Exchange market.<\/p>\n

Dutching<\/strong><\/p>\n

The process of backing a number of outcomes for a particular event, in order to ensure the same amount of profit if any of your selections win.<\/p>\n

Drift<\/strong><\/p>\n

If we say a selection in an Exchange market is on the drift or drifting, it means the odds on the selection are getting longer. Moves like this are brought to life on\u00a0Betfair Live<\/a>\u00a0\u2014 a tool used by punters to observe if money is for or against a particular outcome.<\/p>\n

Favourite<\/strong><\/p>\n

The selection that the markets sees as the most probable winner of a given event. The quoted odds reflect the extent to which the choice is favoured.<\/p>\n

Futures Betting<\/strong><\/p>\n

Odds for the winner of a specific future event often posted far in advance of it occurring. Examples include the AFL Grand Final winner, the Super Bowl winner or the Melbourne Cup winner.<\/p>\n

Green Book<\/strong><\/p>\n

Achieving a\u00a0green<\/em> book<\/em>\u00a0means creating a position on a market where you eliminate any risk and put yourself in the position to profit regardless of the outcome of the event.<\/p>\n

In-Play Betting<\/strong><\/p>\n

In-play betting \u2013 or \u2018in-running betting\u2019 on racing \u2013 involves placing a bet on a particular outcome after the event has started.<\/p>\n

Lay Betting<\/strong><\/p>\n

Lay betting is betting on something not to happen. For example, if you\u00a0Lay<\/em><\/a>\u00a0Manchester United to win, your bet will be settled as a winner if they lose or if the game ends in a draw \u2013 so two outcomes are playing in your favour. In racing terms, if you Lay Nature Strip, you are betting on any other runner in the race to win.<\/p>\n

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Liability<\/strong><\/p>\n

When you place a Lay bet your \u2018liability\u2019 is the amount you are risking if the event you are laying wins.<\/p>\n

Liquidity<\/strong><\/p>\n

The liquidity is the amount of money available for you to bet (back\/lay) at the relevant odds on a selection on the Exchange. You can bet all or part of that amount.<\/p>\n

Matched Betting (<\/strong><\/p>\n

Taking advantage of odds variation and promotions across bookmakers to make lock in potentially risk free profit.<\/p>\n

Overrounds<\/strong><\/p>\n

Term to describe when the\u00a0betting percentage<\/em>\u00a0of a market is above 100% and therefore providing an advantage to the bookmaker and the opposite to the bettor.<\/p>\n

Trading<\/strong><\/p>\n

Similar to what you would see in the stock market, but on the Exchange.\u00a0Trading<\/em><\/a>\u00a0involves placing multiple Back and Lay bets on the same market, with the hope of profiting from the fluctuations in odds.<\/p>\n

Third-Party Tools<\/strong><\/p>\n

Betting applications<\/em>\u00a0such as\u00a0Bet Angel<\/em>\u00a0and\u00a0Gruss<\/em>\u00a0that allow Betfair users to bet faster and with more information than other Betfair platforms. Popular with traders, these programs access the Betfair API directly.<\/p>\n

re information than other Betfair platforms. Popular with traders, these programs access the Betfair API directly.<\/p>\n\n <\/div>\n <\/div>\n \n \n \n \n \n \n \n

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\n\n \n \n \"\"\n \n <\/a>\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n","protected":false},"excerpt":{"rendered":"

New to Betfair or simply looking for a basic explanation for a bunch of keywords that you\u2019ve come across along your wagering journey? Our betting glossary is here to help.<\/p>\n

Below you\u2019ll find what we believe are essential terms and phrases for mastering The Game Within The Game<\/p>\n","protected":false},"author":33,"featured_media":46745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"tipster_notification_checkbox":false,"send_notification":false,"footnotes":""},"categories":[24],"tags":[],"brand":[],"class_list":["post-575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betfair-basics"],"acf":[],"yoast_head":"\nBetting Glossary | Betfair Betting Education | Betfair Hub<\/title>\n<meta name=\"description\" content=\"New to Betfair and want to know more about keywords you\u2019ve come across along your wagering journey? 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