Knowledge Base
Glossary
Plain-English definitions for the terminology used across Pitch Notes.
- 1X2
- A three-way market where you pick either the home team to win (1), a draw (X), or the away team to win (2).
- Accumulator
- A parlay where winnings from each winning selection roll over onto the next, multiplying the potential payout.
- American Odds
- A format that uses a plus sign for underdogs and a minus sign for favorites to indicate payouts.
- Arbitrage
- Placing bets on all possible outcomes at different odds to guarantee a profit no matter the result.
- Asian Handicap
- A spread that gives one team a virtual advantage or disadvantage, removing the draw as an option.
- Back Bet
- Betting that a specific outcome will happen, the opposite of a lay bet.
- Bankroll Management
- The practice of setting limits on how much you wager to protect your funds from big losses.
- Bet Builder
- An online feature that lets you combine different markets from the same match into one custom bet.
- Bet Slip
- The digital record that lists your chosen selections, the odds, your stake, and the potential payout.
- Cash Out
- An option that lets you settle your bet early, either locking in a profit or limiting a loss.
- Decimal Odds
- A format that shows the total amount returned for each unit wagered, including your stake.
- Dutching
- Splitting your stake across several outcomes so that you earn the same profit regardless of which one wins.
- Edge
- Your perceived advantage over the bookmaker's odds, often based on research or inside information.
- Fractional Odds
- A format that shows the profit you make for each unit wagered, expressed as a fraction.
- In-Play
- Betting that happens after the match has started, with odds that change as the game unfolds.
- Juice
- The extra amount a bookmaker adds to the odds, often called the vig.
- Kelly Criterion
- A formula that tells you what percentage of your bankroll to bet based on how much edge you have.
- Lay Bet
- Betting that a specific outcome will not happen, typically done on a betting exchange.
- Margin
- The built-in advantage a bookmaker includes in the odds to ensure they make a profit over time.
- Matched Betting
- Using free bets and bonuses from bookmakers to remove risk and secure a guaranteed profit.
- Odds
- The number that tells you how much you can win relative to your stake.
- Over/Under
- A bet on whether the total number of goals (or points) in a match will be higher or lower than a set number.
- Parlay
- A single bet that combines two or more selections; every selection must win for you to get a return.
- Stake
- The amount of money you place on a bet.
- Value Bet
- A wager where you believe the odds offered are higher than the true chance of the outcome.