Fixed odds bet – a form of wagering where the punter knows the exact odds he/she will receive when they place a bet.Multi betting is discussed in detail later in the guide. The multi bet odds equal the product of the individual selection odds. If a least one of the outcomes does not occur then the bet automatically loses.

Multi bet ( multiple, accumulator, parlay, all-up) – a bet that includes simultaneous selections on two or more outcomes for two or more events.

Examples include a bet on the Warriors to win the NRL Premiership, a bet on Federer to beat Nadal, and a bet on Dan Carter to score the first try in a rugby game.

Single bet ( straight up bet) – a bet on a single outcome within a particular event or tournament.

For this reason with a lay bet you are essentially playing the role of the bookmaker. Unlike back bets, you double your money (minus commissions) if you are correct, and have to pay out at the agreed odds if you are wrong. Your lay bet wins if anyone except Tiger Woods wins, and loses if Tiger Woods does win. For example you could lay a bet against Tiger Woods to win a golf tournament.

Lay – bet that an outcome will not occur.

For example, if you bet on Arsenal to beat Chelsea, you are backing Arsenal.

Back – bet that an outcome will occur.

Clients can back a bet at the available odds, or lay a bet and play the role of the bookmaker.

Betting exchange – a service that provides a marketplace in which odds are set.

Bookmaker ( book, bookie, sportsbook, betting agency) – a company that offers betting odds and is licensed to accept wagers.

The primary intent is to win additional money.

Sports betting – a form of gambling that entails placing a wager on the outcome of a sporting event.

Popular synonyms are provided in brackets. Here the emphasis is on the terminology used in Australia. Because many countries use their own terminology, there exist numerous synonyms for many terms. The following is a list of common sports betting terms. You are here: Home > Beginner’s Guide > Glossary > Sports Betting Terms

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Sports betting terms for dummies