Betting Terms
A glossary of all the betting terms you need to understand the world of online betting and gambling in general...
P
Parlay
US term for accumulator.Permutations (Perm)
It is also possible to perm selections. For example, if you have made 3 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 3 individual bets or lines. Similarly, if you have made 4 selections (A, B, C and D) you can also perm all the possible doubles from these four. Now the doubles are AB, AC, AD, BC, BD, CD; a total of 6 individual bets or lines.Patent
A Patent consists of 7 bets involving 3 selections in different events, i.e. a single on each selection, plus 3 doubles and 1 treble.Place Bet
A bet on the selection being placed, i.e. coming first, second or third (sometimes fourth or fifth depending on the number of participants). UK bookies usually offer each way rather than place bets.Placed
Refers to a selection coming second or third (sometimes fourth or fifth depending on the number of participants) in an event. The positions which are considered to be placed depends on the size of the field (e.g. in a race with only 5-7 participants, only second and third count as placed). The odds for bets on selections being placed is usually calculated as a fraction of the odds to win (e.g. in the race referred to above, second and third get odds at a quarter of the winning price)Price
See OddsProbability
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 (there?s an 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 |