Help and reference·3 min read

Betting glossary

A quick reference for the words you'll see on cards, betslips and calculators.

Odds and returns

Decimal odds: what a winning £1 cash bet returns, including the stake. £10 at 3.00 returns £30: £20 profit.
Implied probability: 1 divided by decimal odds, before allowing for margin or fees.
Fair odds: odds based on an estimated chance, without a bookie's margin. The estimate can be wrong.
Expected value (EV): the average profit or loss you'd expect over similar bets if your probability estimate is right.
ROI: profit divided by the amount counted as staked. Check what the report includes.

Back: bet on an outcome to happen.
Lay: bet on that outcome not to happen.
Lay stake: what you can win on the lay before commission.
Liability: what you can lose on the lay if the selection wins.
Liquidity: money available to match at a price. It can change quickly.
Matched / unmatched: whether someone has accepted your exchange bet. It can be partly matched.
Market / line / period: what you're betting on, the exact number if there is one, and which part of the event counts.

Qualifying bet: a bet that meets an offer's rules to earn a reward.
Qualifying cost: the combined loss on the qualifying bets, including fees.
Stake not returned (SNR): a free bet where the payout doesn't include the token's stake.
Void: a bet cancelled under the site's rules. Your bet at another site may still stand.
Push: a tied result that usually returns your stake. Check the market rules.
Commission: a fee, usually on net exchange winnings in a market.
2Up: an eligible bet pays early when your team takes a two-goal lead.

Variance: the ups and downs between expected and actual results.
Closing line value (CLV): how your odds compare with a chosen closing price. It isn't cash profit.
Gubbing: losing access to a bookie's promotions.
Stake limit: a lower maximum bet allowed by the site.