A
A bet combining multiple selections into one wager. All selections must win for the bet to pay out. Also known as a multi or parlay.
A betting market where if a runner is scratched or withdrawn, your bet stands and is lost. No refund is given.
A bet placed well in advance of an event, typically before final fields are declared. Often offers better odds but with no refund if the selection is withdrawn.
B
To bet on a selection to win. The opposite of a lay bet.
A selection that a punter considers extremely likely to win, often used as the anchor of a multi bet.
A tote dividend option that pays the highest of the three Australian tote pools (SuperTAB, NSWTAB, UBET).
A product that pays the better of the fixed odds price or the best tote dividend.
C
A feature allowing you to settle a bet before the event has finished, locking in a profit or cutting a loss.
D
When two or more selections finish in an exact tie. Payouts are divided proportionally among tied selections.
An accumulator bet with exactly two selections. Both must win for the bet to pay out.
A strategy of backing multiple selections in the same event with calculated stakes to guarantee equal profit regardless of which selection wins.
E
Two bets in one: a win bet and a place bet. If your selection wins, both pay out. If it only places, only the place part pays.
A bet type involving multiple runners in a race, such as quinella, exacta, trifecta, or first four.
F
An exotic bet where you must pick the first four finishers in exact order.
Odds that are set at the time you place your bet and do not change, regardless of later market movement.
A way to bet on exotic bet types for less than the full unit cost. Your dividend is proportional to the percentage of the full bet you pay.
The historical performance record of a horse, greyhound, or team. Used to assess the likely outcome of a future event.
Bets placed on events that will happen in the future, such as a premiership winner or a season-long market.
H
A market where one selection is given a virtual advantage or disadvantage to level the playing field. Also known as line betting or spread.
A simple bet on which of two competitors will win, with no draw option. Also called match betting.
I
Betting on an event while it is in progress. In Australia, in-play bets must be placed by telephone under the Interactive Gambling Act 2001.
J
A market where you bet on which jockey will accumulate the most points across all races at a meeting.
K
A mathematical formula for calculating the optimal stake size based on your perceived edge and bankroll. Maximises long-term growth.
L
To bet against a selection winning. Only available on betting exchanges like Betfair. The layer takes on the role of the bookmaker.
One individual selection within a multi (accumulator) bet. Each leg must win for the overall bet to succeed.
A form of handicap betting where one team is given a points start to equalise the contest. Common in AFL and NRL.
M
The bookmaker's profit margin built into the odds, also known as the overround or vig. Lower margins mean better value for punters.
An Australian term for an accumulator or parlay. A single bet combining multiple selections where all must win.
N
A bet on a non-standard market, such as entertainment, politics, or special event outcomes.
O
The price at which a bookmaker offers a bet, reflecting the implied probability of an outcome. Expressed as decimal, fractional, or American.
A bet on whether the total (points, goals, runs etc.) will be over or under a specified number set by the bookmaker.
P
Another term for an accumulator or multi bet. Common in American usage.
A bet on a selection to finish in the top positions (typically 1st, 2nd, or 3rd depending on the field size).
Another word for the odds being offered on a selection.
A feature offered by some bookmakers that pays out on the first past the post result even if the official result changes after a protest.
Q
A bet requiring you to pick the winners of four nominated races at a meeting. Short for quadrella.
An exotic bet where you pick the first two finishers in any order.
R
The total amount paid back to the punter if a bet wins, including the original stake.
S
A multi bet where all selections come from the same match or event. Also known as SGM.
A multi bet combining multiple selections within the same horse race, such as picking the 1st and 2nd finishers.
Runners that have been withdrawn from a race. Your bet may be refunded or adjusted depending on the bookmaker's policy.
The official odds at the time the race starts, as determined by the on-course bookmakers or tote pool.
The amount of money placed on a bet.
T
Totalisator Agency Board. The official off-course betting operator in Australia, now part of Tabcorp.
Short for totalisator. A pool betting system where all bets go into a pool and the payout is determined by the total amount wagered.
An accumulator bet with exactly three selections. All three must win for the bet to pay out.
An exotic bet where you must pick the first three finishers in exact order.
V
When the odds offered by a bookmaker are higher than the true probability of an outcome. Finding value is the foundation of profitable betting.
W
The simplest bet type: a bet on a selection to finish first.