### Parlay

US term for accumulator.

### Patent

A patent consists of seven bets involving three selections in different events; i.e. a single on each selection, plus three doubles and one treble.

### Permutations (Perm)

A bet that covers a range of different outcomes. For example, if you have made three selections (A, B and C) you can perm all the possible doubles. In this case all the doubles possible are AB, AC and BC; a total of three individual bets or lines. Similarly, if you have made four selections (A, B, C and D) you can also perm the doubles as AB, AC, AD, BC, BD, CD; a total of six individual bets or lines. This can taken the form of various designed perms.

### Place Bet

A bet on the selection being placed; i.e. coming first, second or third (sometimes higher depending on the number of participants or bookmaker special offers). UK bookies usually offer each way rather than place bets.

### Placed

Refers to a selection coming second or third (or sometimes higher) in an event. The positions considered placed depend on the size of the field (e.g. in a horse race with 5-7 participants, only second counts as placed). The odds for bets on selections being placed is usually calculated as a fraction of the odds to win. Horse racing is usually 1/4 or 1/5 the odds, while place terms on a tennis tournament are generally 1/2 (reaching the final deemed to be placed). Place terms for individual bookmakers are found below the odds tables.

### Placepot

A special bet on the Tote where a placed horse must be named in each of the first six races on a card.

See Odds.

### Probability

The odds are an indication of what the odds layer thinks is the probability of a participant winning an event. If you were to add up the probabilities of each participant they have to total exactly 100% (one participant - but only one - must win). You can calculate the probabilities from the odds, as seen in the example table below. To calculate the percentage, divide 100 by the sum of the two parts of the ratio and then multiply the result by the second part of the ratio. For 11-4 this works out as 100 divided by 15 (11 plus 4) equals 6.666. This multiplied by 4 gives 26.67 Converting the odds to percentages is particularly useful for calculating the over-round.

 Odds (all odds against) Percentage / Probability 1-1 (Evens) 50.00 5-4 44.44 7-4 36.36 2-1 33.33 11-4 26.67 4-1 20.00 5-1 16.67 6-1 14.29 7-1 12.50 11-1 8.33 16-1 5.88 20-1 4.76 33-1 2.94 100-1 0.99

### Punter

Someone who places a bet.