Sports Punters Glossary
November 17, 2006

New to punting? Don’t know how to walk the walk yet, but want to talk the talk? Check out our betting glossary.

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Favourite: The side that bookmakers think is most likely to win in a contest and therefore adjust odds accordingly. AKA Jolly.

Fixed Odds: A number set by a bookmaker to determine betting at the time of a wager. While the odds may fluctuate due to various circumstances, the odds that a punter gets when placing a wager cannot.

Forecast: A bet where the punter must correctly select the first and second place finishes. Can also be bottom two finishes or permutated (see Permutations).

Handicap: When a bookmaker adjusts the odds in order to make a one sided betting affair more attractive to bettors.

Index: The line set by a bookmaker which a favorite must win by and which an underdog must not lose by more than. AKA Pointspread.

Index Betting: Betting against a set line or spread. AKA Spread Betting.

Jolly: See Favourite.

LBO: Licensed Betting Office in the United Kingdom.

Long Odds: A number given by a bookmaker to a team that is unlikely to win.

Martingale: See Doubling Up.

Odds: A number that a bookmaker assigns a side based on whether they see them as a favorite or underdog.

Odds-on: A number given more often than not to a favorite that has a less than even payout.

Over/Under: A bet where the punter bets on whether the score will go below or above a number set by a bookmaker. AKA Total.

Permutations: Where a punter bets on all possible doubles.

Pointspread: See Index.

Punter: A person who bets or wagers.

Settler: A person employed by a bookmaker who handles buyouts.

Single: A single selection or bet that a punter picks to win.

Spread Betting: See Index Betting.

Thick ‘un: Slang for a big bet.

Total: See Over/Under.

Underdog: The side that bookmakers think is less likely to win a contest and therefore adjusts odds accordingly. Opposite of a favourite.

Value: Best odds offered on a bet or wager.

Welch: Not settling outstanding gambling debts.

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