Betting - Glossary
With so many markets across the gambling industry, it is useful to know a number of key terms.
You will often hear the following being discussed – Skrill provides a brief insight so you can join in with the discussion.
Ante-Post: Used to describe an event that will be happening in the future – generally more than one day before it takes place.
For example, bookies may take bets on the winner of the Cheltenham Gold Cup or Premier League months before – they will refer to this as an ante-post bet.
Backed in: When a selection is backed in so much that its odds get shorter.
For example, Rangers might have been 21/20 to beat Celtic at the beginning of the week. However, this could back in to evens if a high volume of players choose this selection.
Drift: The opposite of the above – when a selection’s odds get bigger.
For example, Many Clouds could have been 4/6 to win the Grand National at one stage. However, this might drift back to evens or 6/5.
Favourite: The shortest priced winner in the market – you would make the least profit from this selection winning. This is demonstrated below:
Manchester United – 23/10; Draw – 21/10; Manchester City EVS
At evens, Manchester City would be the bookies’ favourites to win because they are the shortest price.
However, these prices have no actual effect on players’ performances and do not mean that the favourites are guaranteed to win.
Outsider: A bigger price than the favourite and the least likely to win the event.
In the previous example, Manchester United would be outsiders as they are the longest price.
In-play Betting: This is where you choose selections after the event has started but before it has finished. This strategy is most commonly used in events with a time limit, such as football.
In-play betting means that the odds are influenced by how things are unfolding – they will not necessarily be the same as prior to the event.
This means that a side who were favourites to win beforehand could become outsiders if they fall behind during the game as are less likely to win.
Outright: Outright is often referred to when talking about eventual tournament champions.
For example, France are 3/1 outright to win Euro 2016 – this means that they are priced at 3/1 to lift the trophy.
Starting price: You will hear this term in horse racing – it is used to describe the exact odds of the runner at an event’s beginning.
Void Bet: When the selection did not run or the event was not completed. The postponement of an event is a common example – another famous showcase was the abandoned 1993 Grand National.
Be sure to keep these in mind when choosing your selections – they all affect the amount of money you could potentially win!