Knowledge Base
Glossary
Plain-English definitions for the terminology used across Pitch Notes.
- Accumulator
- A single bet that links multiple selections; all must win for the bet to pay out.
- Arbitrage
- Placing bets on all possible outcomes of an event across different books to guarantee a profit.
- Asian Handicap
- A handicap given to a team that eliminates the draw option, adjusting odds to make both sides equally attractive.
- Back Bet
- A conventional bet that a specific outcome will occur, the opposite of a lay bet.
- Bankroll
- The total amount of money set aside for betting, separate from everyday finances.
- Bookmaker
- A company or individual that sets odds and accepts bets on sporting and other events.
- Cash Out
- A feature that lets you settle a bet before the event ends, locking in a profit or limiting a loss.
- Decimal Odds
- Odds expressed as a single number, showing the total return for each unit wagered (including the stake).
- Dutching
- Spreading your stake across multiple outcomes in the same event to secure a profit regardless of the result.
- Fractional Odds
- Odds shown as a fraction, indicating the profit relative to the stake (e.g., 5/1 means $5 profit per $1 bet).
- Futures Bet
- A wager placed on an outcome that will be decided later, such as which team wins the tournament.
- Hedge Betting
- Betting on the opposite outcome of an earlier bet to reduce risk or lock in a profit.
- In-Play Betting
- Placing a bet after a match has started, with odds that update as the game unfolds.
- Kelly Criterion
- A formula that calculates the optimal size of a bet based on the perceived edge.
- Lay Bet
- A bet that a particular outcome will not happen, typically used on betting exchanges.
- Moneyline
- A bet that picks which team will win a match, with odds shown as a positive or negative number.
- Moneyline Odds
- Odds displayed as either a positive or negative number, showing how much you win or need to stake per $100.
- Over/Under
- A bet on whether the total number of goals (or points) scored in a match will be higher or lower than a set number.
- Parlay
- A bet that combines two or more individual wagers into one, with all selections needing to win.
- Sportsbook
- A platform (online or physical) where bettors can place wagers on a variety of sports.
- Spread Betting
- A bet that involves a point handicap given to the underdog, making both teams have close to even odds.
- Stake
- The amount of money you risk on a single bet.
- Unit
- A standardized bet size, often a percentage of your bankroll, used to manage risk.
- Value Bet
- A wager where the odds offered are higher than the true probability of the outcome, giving an expected profit.