Betting Exchange Glossary

A

Accumulator

A multiple bet, which includes selections from a number of different markets. All the selections made must win for you to win the accumulator. Betting exchange web sites currently only offers selected accumulators.

Antepost

Antepost markets are markets that are available up weeks or months before an event. Regularly available on Horseracing or Greyhound racing, Antepost markets differ from the event market in that a selection which is withdrawn and takes no part is settled as a loser. No Reduction Factors are made on Antepost markets.

Asian Handicap

Asian Handicap is a form of soccer betting which is very popular in Asia (hence the name). "Handicap" means that one team receives a “virtual head start”, effectively leading the game by a differing amount or amounts before the game starts.

Simply put, Asian Handicaps are designed to eliminate the possibility of a draw in a Soccer match, reducing the match to two possible outcomes.

B

Back

To Back a selection is to place a bet for something to happen. For example to back Manchester United would be to place money on them to win their match. If they win, so does your bet.

Book Percentge

The Book Percentage gives a measure of the competitiveness of the prices on offer. It is calculated by adding up the individual percentage chance of every selection based on the price offered. It is often referred to as the “Overound”

When backing a selection the lower the book percentage is, the fairer the prices should be. This usually means looking for a figure close to 100%. On Occasion the percentage will go bellow this, in which case you could theoretically back every selection and guarantee a profit. However, this kind of market anomaly will usually correct itself very quickly.

C

Commission

Betting exchange sites charge a commission on your net winnings on a market, so you only pay commission if you are successful in a given market. If you have a net loss on a market you do not pay commission.

D

Decimal Odds

Odds on betfair are displayed in decimal (as opposed to fractional at BETDAQ) odds.Decimal odds include the unit stake 4/1 (fractional) for example is displayed as 5.0 in decimal odds. To quickly calculate your return on a bet, simply multiply your stake by your odds. £100 at 2.50 would therefore return £250. £20 at 5.00 would return £100 – these returns include your stake.

E

Exposure Limit

The maximum amount you can put at risk at any one time. This is in place as a protection measure, and can be changed by contacting the betting exchange helpdesk.

F

Favourite

The lowest priced selection in a market indicating general opinion believes it is most likely to win the event.

Forecast

A bet that involves predicting 1st and 2nd for a particular event.

G

Gamcare

To receive guidance and support about problem gambling, please visit the GamCare website www.gamcare.org.uk or call their confidential helpline on 0845 6000 133.

Green Book

A term used by traders when they have all possible results in a market returning them a profit.

H

Half time/Full time

A bet that predicts the situation of a match (e.g. Soccer match) at both half-time and full-time. In order to win the bet, both predictions must be correct. E.g. Draw – Arsenal is a selection for the match to be tied at half time, but for Arsenal to win the game. These bets do not include extra-time where relevant.

Hedge

To hedge is to make a combination of bets such that, if one bet loses, another wins minimising your loss, or locking in a profit. For example, if you have a bet at 10.0 that Chelsea will win the FA Cup and they shorten to 3.0, you might “hedge your bet” by betting against Chelsea to ensure that you are covered should they win or lose.

I

In Play

In-play betting involves betting while an event is in progress. At the start of selected events, unmatched bets are cancelled and an in-play market is opened. This allows you to bet right up until the final whistle of a match, the final game of a tournament or the winning post of a race.

J:

K:

L

Lapsed bets

Unmatched bets that have been cancelled by the bettingexchange, for example, at the start of an event, when the event is turned in-play.

Lay

To lay a bet is to back something not to happen. For example to lay Manchester United to win their match is to back them NOT to win. If you were to lay them, you would win your bet if they either lost or drew their match.

Liability

The amount you can lose on a given bet. (Also known as risk)

M

Market

The market is where you place a bet on an event. Any given event, such as a soccer match, may have a number of different markets: for example, Match Odds, a Handicap and First Goalscorer markets. This is the place to view the odds and have a bet.

Market Base Rate

The Market Base Rate is the maximum commission rate on a particular market.

Match Odds

A Match Odds market is where to bet on the result of a given match.

Matched Bets

A matched bet is a bet that has been made between two users, a backer and a layer. When one user's offer is agrees to by another, the bet is matched. Once a bet is matched it cannot be edited, amended or cancelled, other than by the betting exchange.

N

Non-Runner

A non-runner is a selection that is withdrawn from an event. Ensure that you check the rules on each market so that you are aware of how non-runners are treated and any applicable Reduction Factor.

P

Partially Matched Bet

Due to the dynamic nature of the exchange, sometimes not all of the bet you asked for is available by the time you submit the bet. The unmatched part of the bet can be amended or cancelled as per normal until it is matched by another user.

Payout

The payout is the amount that you receive if your selection wins an event.

Place Markets

Place Markets allow you to back or lay any selection to be placed (that is, come 1st, 2nd, 3rd etc, dependent of the terms) in a particular race or event. Different place terms apply to different markets, so it is vitally important that you check the Rules of the market for how many places are to be paid are before you place a bet.

Q

R

Range Betting

A range bet is a market where you take a position on whether will be greater or less than a defined range. An example might be the Total Corners in a football match as per the example below. You might think that there will be more than 10.4 corners. You select a stake/point scored, and would win that stake for each corner taken over and above the range (10.4). Equally you would lose the same stake for each corner less than the range.

Reduction Factor

For betting exchange horseracing markets the exchange guard against possible non-runners with a system of Reduction Factors (similar to Rule 4 with traditional bookmakers). Each horse is allocated a Reduction Factor, based on its likely chance of winning the race. Should a horse be declared a non-runner, the Reduction Factor will be applied to the prices of all matched bets, for both backers and layers.

This is to ensure that layers are not unfairly treated and exposed to large liabilities when the chances of other horses winning have improved. The Reduction Factors are designed to be fair to both backers and layers.

S

Settlement

Settlement occurs when a result of an event is known. At this point, the betting exchange confirm the result and then settle the market accordingly.

Special Bets

A collection of events not defined as sport. Popular markets such as the Academy Awards, Eurovision Song Contest and Big Brother can be found in this section.

Stewards' enquiry

In certain circumstances, the stewards of a racecourse will investigate an objection or suspected infringement of the Rules of Racing. This may involve the result of a race being amended, and therefore bets are not settled until the outcome of the enquiry is known

T

U

Unmatched bets

If all or part of your bet is not matched at the time of placement, the remaining amount will be posted on the exchange as an offer to bet at the same odds. You can choose to amend this immediately and accept lower odds with the remaining amount, or leave it in the expectation that it too will be matched at the original odds.

V

Void bets

Matched bets that have been cancelled by the exchange due to a change in market conditions. For example, in horseracing, all bets on a non-runner are declared void and will appear on your statement as void bets.


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Betting Exchange Glossary A Accumulator A multiple bet, which includes selections from a number of different markets. All the selections made must win for you to win the accumulator. Betting exchange web sites currently only offers selected accumulators. Antepost Antepost markets are markets that are available up weeks or months before an event. Regularly available on Horseracing or Greyhound racing, Antepost markets differ from the event market in that a selection which is withdrawn and takes no part is settled as a loser. No Reduction Factors are made on Antepost markets. Asian Handicap Asian Handicap is a form of soccer betting which is very popular in Asia (hence the name). "Handicap" means that one team receives a “virtual head start”, effectively leading the game by a differing amount or amounts before the game starts. Simply put, Asian Handicaps are designed to eliminate the possibility of a draw in a Soccer match, reducing the match to two possible outcomes. B Back To Back a selection is to place a bet for something to happen. For example to back Manchester United would be to place money on them to win their match. If they win, so does your bet. Book Percentge The Book Percentage gives a measure of the competitiveness of the prices on offer. It is calculated by adding up the individual percentage chance of every selection based on the price offered. It is often referred to as the “Overound” When backing a selection the lower the book percentage is, the fairer the prices should be. This usually means looking for a figure close to 100%. On Occasion the percentage will go bellow this, in which case you could theoretically back every selection and guarantee a profit. However, this kind of market anomaly will usually correct itself very quickly. C Commission Betting exchange sites charge a commission on your net winnings on a market, so you only pay commission if you are successful in a given market. If you have a net loss on a market you do not pay commission. D Decimal Odds Odds on betfair are displayed in decimal (as opposed to fractional at BETDAQ) odds.Decimal odds include the unit stake 4/1 (fractional) for example is displayed as 5.0 in decimal odds. To quickly calculate your return on a bet, simply multiply your stake by your odds. £100 at 2.50 would therefore return £250. £20 at 5.00 would return £100 – these returns include your stake. E Exposure Limit The maximum amount you can put at risk at any one time. This is in place as a protection measure, and can be changed by contacting the betting exchange helpdesk. F Favourite The lowest priced selection in a market indicating general opinion believes it is most likely to win the event. Forecast A bet that involves predicting 1st and 2nd for a particular event. G Gamcare To receive guidance and support about problem gambling, please visit the GamCare website www.gamcare.org.uk or call their confidential helpline on 0845 6000 133. Green Book A term used by traders when they have all possible results in a market returning them a profit. H Half time/Full time A bet that predicts the situation of a match (e.g. Soccer match) at both half-time and full-time. In order to win the bet, both predictions must be correct. E.g. Draw – Arsenal is a selection for the match to be tied at half time, but for Arsenal to win the game. These bets do not include extra-time where relevant. Hedge To hedge is to make a combination of bets such that, if one bet loses, another wins minimising your loss, or locking in a profit. For example, if you have a bet at 10.0 that Chelsea will win the FA Cup and they shorten to 3.0, you might “hedge your bet” by betting against Chelsea to ensure that you are covered should they win or lose. I In Play In-play betting involves betting while an event is in progress. At the start of selected events, unmatched bets are cancelled and an in-play market is opened. This allows you to bet right up until the final whistle of a match, the final game of a tournament or the winning post of a race. J: K: L Lapsed bets Unmatched bets that have been cancelled by the bettingexchange, for example, at the start of an event, when the event is turned in-play. Lay To lay a bet is to back something not to happen. For example to lay Manchester United to win their match is to back them NOT to win. If you were to lay them, you would win your bet if they either lost or drew their match. Liability The amount you can lose on a given bet. (Also known as risk) M Market The market is where you place a bet on an event. Any given event, such as a soccer match, may have a number of different markets: for example, Match Odds, a Handicap and First Goalscorer markets. This is the place to view the odds and have a bet. Market Base Rate The Market Base Rate is the maximum commission rate on a particular market. Match Odds A Match Odds market is where to bet on the result of a given match. Matched Bets A matched bet is a bet that has been made between two users, a backer and a layer. When one user's offer is agrees to by another, the bet is matched. Once a bet is matched it cannot be edited, amended or cancelled, other than by the betting exchange. N Non-Runner A non-runner is a selection that is withdrawn from an event. Ensure that you check the rules on each market so that you are aware of how non-runners are treated and any applicable Reduction Factor. P Partially Matched Bet Due to the dynamic nature of the exchange, sometimes not all of the bet you asked for is available by the time you submit the bet. The unmatched part of the bet can be amended or cancelled as per normal until it is matched by another user. Payout The payout is the amount that you receive if your selection wins an event. Place Markets Place Markets allow you to back or lay any selection to be placed (that is, come 1st, 2nd, 3rd etc, dependent of the terms) in a particular race or event. Different place terms apply to different markets, so it is vitally important that you check the Rules of the market for how many places are to be paid are before you place a bet. Q R Range Betting A range bet is a market where you take a position on whether will be greater or less than a defined range. An example might be the Total Corners in a football match as per the example below. You might think that there will be more than 10.4 corners. You select a stake/point scored, and would win that stake for each corner taken over and above the range (10.4). Equally you would lose the same stake for each corner less than the range. Reduction Factor For betting exchange horseracing markets the exchange guard against possible non-runners with a system of Reduction Factors (similar to Rule 4 with traditional bookmakers). Each horse is allocated a Reduction Factor, based on its likely chance of winning the race. Should a horse be declared a non-runner, the Reduction Factor will be applied to the prices of all matched bets, for both backers and layers. This is to ensure that layers are not unfairly treated and exposed to large liabilities when the chances of other horses winning have improved. The Reduction Factors are designed to be fair to both backers and layers. S Settlement Settlement occurs when a result of an event is known. At this point, the betting exchange confirm the result and then settle the market accordingly. Special Bets A collection of events not defined as sport. Popular markets such as the Academy Awards, Eurovision Song Contest and Big Brother can be found in this section. Stewards' enquiry In certain circumstances, the stewards of a racecourse will investigate an objection or suspected infringement of the Rules of Racing. This may involve the result of a race being amended, and therefore bets are not settled until the outcome of the enquiry is known T U Unmatched bets If all or part of your bet is not matched at the time of placement, the remaining amount will be posted on the exchange as an offer to bet at the same odds. You can choose to amend this immediately and accept lower odds with the remaining amount, or leave it in the expectation that it too will be matched at the original odds. V Void bets Matched bets that have been cancelled by the exchange due to a change in market conditions. For example, in horseracing, all bets on a non-runner are declared void and will appear on your statement as void bets. W X Y Z
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