This handy alphabetical guide to betting terminology and betting terms will help you tell a Yankee from a Super Heinz and everything in between. If you have any questions about these terms or anything else betting-related, please just drop us a line at firstname.lastname@example.org
Accumulator: A multiple bet where the winnings from the first event or ‘selection’ are placed on the next and so on. All bets must be placed together in advance and all must be successful to win; an accumulator is ‘all or nothing’ and are generally thought to include four or more selections (3 being a treble, 2 a double).
Alphabet bet: A combination bet consisting of 26 separate bets over six selections: two patents (seven bets each), one Yankee (11 bets) and a six-fold accumulator.
Ante-post bet: A bet placed well in advance, in return for better odds. However, unless otherwise specified, you lose your money if your choice pulls out or is cancelled.
Banker: A horse or equivalent with extremely good chances of winning.
Bar/bar price: The shortest odds for a runner without a quoted price in an early betting summary.
Betfair SP: A bet placed on the Betfair exchange for a horse or equivalent at the starting price calculated by Betfair. The odds are calculated by matching SP backers with SP layers on the Betfair exchange. The odds are not known at the time the bet is placed. Betfair SP has been shown to consistently exceed industry SP.
Bank: The amount of money a gambler dedicates to his/her betting or a particular system, e.g. a person risking £1,000 in total to a system may be said to have a (betting) bank of £1,000.
Canadian/Super Yankee: A combination bet made up of five selections in different events, totalling 26 bets altogether: ten doubles, ten trebles, five four-fold accumulators and one five-fold accumulator.
Double: A multiple bet on two different selections, with the winnings from the first carried over onto the second. Both have to be successful in order to win anything (see ‘accumulator’).
Dutching: Backing more than one selection in the same event with the intention of making the same profit on each selection if they win.
Each way: A bet for a horse to win and place, with the same amount on each outcome.
Favourite: The horse thought most likely to be the winner, with the lowest odds as a result.
Fold: The number of selections in an accumulator.
Forecast: A bet on the top two or three finishers in a race. A straight forecast is the top two in the right order; a reverse forecast is the top two in either order, and a combination forecast names three choices, two of which must finish first and second.
Hedging: Placing a second bet in the same event so as to reduce your risk of losing money.
Heinz: A combination of 57 bets (the name comes from the 57 varieties in Heinz beans) over six selections in different events: 15 doubles, 20 trebles, 15 four-fold accumulators, six five-fold accumulators and one six-fold accumulator.
Goliath: A combination of 247 bets over eight selections: 28 doubles, 56 trebles, 70 four-folds, 56 five-folds, 28 six-folds, eight seven-folds and one eight-fold accumulator.
Jackpot: A bet where you have to name the winner of every race selected.
Joint favourite: When two horses are equally considered most likely to win; if more than two horses are joint favourite, they are described as co-favourites.
Jolly: Another name for the favourite.
Lucky 15: Fifteen bets over four selections, comprising four singles, six doubles, four trebles and a four-fold accumulator.
Lucky 31: Thirty-one bets over five selections, comprising five singles, ten doubles, ten trebles, five four-folds and one five-fold accumulator.
Lucky 63: Sixty-three bets over six selections, comprising six singles, 15 doubles, 20 trebles, 15 four-folds, six five-folds and one six-fold accumulator.
Nap: The strongest selection of the day according to a tipster or tipsters.
Nb (next best): The tipsters’ second strongest selection of the day.
NRNB: Non-runner no bet. An ante post bet where you get your money back if your horse does not run.
Odds: The chances of a horse winning, for example, two to one (2/1).
Odds on/odds against: A bet where your potential profits are less or more, respectively, than the amount you originally bet.
On the nose: Betting on a horse to win.
Patent: A combination bet on three selections adding up to seven bets in total: three singles, three doubles and a treble.
Place: The position of the horse at the close of the race. If you bet on a horse to place, it must finish among a specified number of horses in front; in other words, the top two, top three, top four or occasionally the top five.
Punt: A bet.
ROI: Return on Investment. A simple metric used to compare different betting systems or tipsters. ROI measures the amount of return on an investment relative to the investment’s cost. Expressed as a percentage, e.g. a system risking £1000 to make £200 profit would be said to a 20% ROI.
Strike Rate: The percentage of winners a particular horse, tipster or system has, e.g. a tipster winning 57 out of every 100 bets is said to have a 57% strike rate.
Super Heinz: A combination of 120 bets over seven selections: 21 doubles, 35 trebles, 35 four-folds, 21 five-folds, seven six-folds and one sevenfold accumulator.
Treble: Like a double or an accumulator, but in this case a multiple bet made up of three selections all in different events, where the winnings are carried over so all three bets have to win for it to be a success.
Tricast: A bet that names the three winning horses in one race in the correct order.
Trixie: A bet on three selections made up of three doubles and a treble.
Yankee: A combination bet on four selections in different events adding up to eleven bets altogether: generally six doubles, four trebles and a four-fold accumulator.