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Betting Terms Glossary

Ever wonder what ‘On the Nose’ means? Or perhaps you want to know how an Alphabet Bet works. If you want to keep your finger on the pulse of the gambling industry, this betting terms glossary for Aussie punters makes for essential reading. Our betting experts have compiled a comprehensive list of some of the most commonly used betting phrases and terminology. We look at everything, from Rule 4s to accumulators, so if there is anything you need to know about betting terms, you will likely find the answer if you keep on reading.

1X2 Betting

1X2, or win-draw-win betting, is a very popular betting option for Aussie punters. The 1X2 market applies when a draw is a possible result. By far the most common 1X2 wagers placed are on soccer matches. Where extra time is a possibility, 1X2 bets are settled on the result at the end of standard time (90 minutes).

The 1 in the 1X2 bet is the home team, the X represents the draw, and the 2 is the away team. 1X2 bets are also pretty popular with rugby union punters in Australia. You can combine 1X2 selections in accumulators where significant returns are possible for small stakes. However, we recommend sticking to singles if at all possible, as multi-leg accas are extremely difficult to land consistently.

Accumulator  (4-fold/5-fold/etc)

An accumulator is a wager that combines a number of selections in one bet and can include selections from many different sports. It doesn’t matter whether you have 2 legs or 12 legs in an accumulator, every single selection has to win, or else your bet will be a loser.

Accas give you the chance to win potentially massive money for relatively small stakes, but the more legs you include, the more likely it is mathematically that one will let you down. Football accumulators are favoured by many, and Aussie punters love placing accas on other sports like cricket, rugby league and rugby union. Footy accumulators are popular too.

Alphabet Bet

An Alphabet bet is so called as it consists of 26 separate bets, the same as the number of letters in the alphabet. The Alphabet bet contains six different selections and is made up of four different multiple bets. You will need to find a minimum of two winners to get a return.

Your six legs are split into two Patents (7 Bets x2) with three selections in each one. Four of the selections (Legs 2,3,4 and 5) are combined in a Yankee (11 bets). The Alphabet Bet also includes a 6 leg accumulator (1 bet). For maximum returns, all your selections must win.

Ante Post/Futures Bets

An ante-post or Futures bet as it is commonly known in Australia, is a bet placed long before an event is due to start. Consequently, you can usually get much better odds than you would if you waited until closer to the event, especially with horse racing futures bets. However, with bigger odds come bigger risks.

If you place a futures bet on a horse for the Melbourne Cup a few months before the race and your selection gets injured or doesn’t make the race, you lose your money. Ante-post each way betting is also available. If you back a horse e/w in a futures market and the terms at the time you place the bet are 1/4 odds 4 places, those terms will stand even if there is only 5 runners in the race.

Arbitrage Betting

Arbitrage betting is a wagering technique that we do not encourage at Aussiebet. Arb betting is a way of betting on multiple outcomes of one event in a way that ensures you will pocket a profit whatever the outcome is.

Arb betting requires you to find differences in odds between betting sites. You can back and lay on the exchange to take advantage of any pricing errors but proceed with caution. If your bookie catches you arbitrage betting, your account will be closed pretty quickly.

Asian Handicap

The Asian Handicap is an alternative to regular handicap betting that is very popular with soccer punters. With Asian Handicap bets there are more ways to win (or lose less) than when betting on traditional handicap markets. If the Asian Handicap is ‘0′, if your team wins, you win your bet, if they lose your stake is lost and a draw results in you getting your money back.

You can bet on the Asian Handicap in increments of 0.25. As an example, say you backed Arsenal +0.25 in the Asian Handicap vs Spurs. If Arsenal win, you win your bet. If Spurs win, you lose, but if it is a draw, you will win half your bet. Conversely, if you backed Spurs -0.25 then a draw would result in you losing half your stake.

It gets even more complicated when you back a team + or – 0.75. If you go -0.75, you need a 2 goal or more victory to win your bet. A 1 goal margin will result in a half win, while a draw would result in a loss of stake. If you back a team +0.75 a 2+ goal defeat will result in a losing wager. A 1 goal loss would result in a half loss of stake, while a draw or win gives maximum returns.

Betting Exchange

A betting exchange is where punters take out the middle man and bet directly against each other. The company hosting the betting exchange makes their money via commission. Betfair operates the best-known betting exchange in Australia.

Using a betting exchange gives punters the ability to not only back, but they can also lay too. This has been a huge game changer in the gambling world as now punters essentially get to play as the bookmaker. In play exchange betting is massively popular too and using a betting exchange is an exciting way to wager.

Betting Perms (Permutations)

A perm bet, or betting permutation, is a combination bet and Aussie punters love them. You combine a number of selections, and the number of bets depends on the amount of selections you include. Some of the most popular betting perms include Canadian Bets, Lucky 15s, and Goliaths.

Unlike accumulator bets, you don’t need every single selection to win in order to get a return. You can place betting perms that include singles (Lucky 15s), and in that scenario, only one winner is needed to get a return.

Betting Site / Bookmaker

The betting site or bookmaker is the place where you place your wagers. Most Aussie betting sites provide odds on a wide range of sporting bets. However, you can also bet on other things like TV shows, politics and even e-sports with many Australian bookmakers.

So, what makes a solid Aussie betting site? Well, you should check out our reviews to see which ones are the best. Palmerbet and Unibet Australia are two of our favourites due to the selection of sports and quality of odds.

Both Teams To Score (BTTS)

A BTTS, or both teams to score wager is associated with soccer. If you think the result of a game is too hard to predict, both teams to score bets provide an alternative way to bet. It doesn’t matter what team wins, or even if it is a draw, what matters is whether one or both teams score.

A both teams to score bet is a wager where you bet on either yes, both teams will score or no, both teams won’t score. BTTS wagers can also be combined with 1X2 bets, and we love those types of bets. If you fancy a team to win strongly, but they have a leaky defence, you will get generous odds if you back them to win and both teams to score.

Canadian Bet

The Super Yankee, or Canadian Bet as it is also known, is a permutation wager. You need to pick out five selections, and they are combined in a number of multiple bets. If you want to get a return from a Canadian Bet, you will need to find two winners from your five picks. To get the maximum return, all five of your selections need to win.

So, what is a Canadian Bet made up of? Well, there is a total of 26 separate bets, so a $1 win Super Yankee will cost you $26. If you decide to go each way, it will cost you $52. In our opinion, Canadian bets are not a viable option for punters serious about making a long term profit. You might get the occasional big win, but overall the odds are stacked in the bookie’s favour. The table below illustrates exactly how a Canadian Bet works…

Wagers Contained In A Canadian Bet

No. Of Bets Bet Type
0 Singles
10 Doubles
10 Trebles
5 4-Folds
1 5 Folds

Cards Bet

A Cards bet is a wager on whether a player will be booked during a game. However, with Cards Index betting you can bet on the overall amount of cards shown during a match, either for one team or both teams combined. A Cards Index bet is an over/under type of wager where you bet on whether there will be more or less cards than the total set out by the betting site.

Unibet Australia have a good variety of Cards markets available for all major soccer matches. You can bet on Total Cards (Under/Over), Total Cards for either team (Under/Over), Will there be a Red Card (Yes/No), Most Cards and Cards Line/3-way line.

Cash Out

More and more Aussie betting sites have introduced a Cash Out facility. This tool allows you to cash out or settle a bet before the event you are betting on has concluded. The bet is usually settled relative to the in-play odds currently available. So, if you back a team to win a footy match and they are in the lead with a few minutes left, you can take a reduced payout and eliminate the chance of a comeback that results in you losing your bet.

With most Australian betting sites you can cash out early on singles and multis across a wide range of sports. If there are in-play odds available on an event, you should be able to cash out early. Some bookies allow early cash outs on perm bets too. It is a very useful tool, but it can tempt you into cashing out too early, and that can cost you money. Only use Cash Out when absolutely necessary, or your profits could take a big hit.

Clean Sheet Betting

Clean sheet betting is when you bet on a team to complete a soccer match without conceding a goal. Most soccer fans love to see lots of goals in a game, but if you like solid defensive football, then you could make money from placing Clean Sheet wagers.

You can sometimes find good value in this market, especially if you carry out the correct research. As an example, if you spot a team that is missing their most creative player or top scorer, it could be worth backing their opponents to keep a clean sheet. A win to nil or a clean sheet will result in you winning your clean sheet bet.

Combination Bet

A combo or combination bet is a bet that combines a number of selections into separate bets. A combination bet differs from a Multi/Acca in that you don’t need every selection to win to get a return. In fact, with some combination bets, you only need one winner to guarantee a small return.

Possibly the best-known Combination bets are Lucky 15s (4 selections), Lucky 31s (5 selections) and Lucky 63s (6 selections). Each of those wagers only requires you to get one winner, and you can see exactly how each one works below.

Bets In A Lucky 15/31/63

  • Lucky 15: 4 x Singles, 6 x doubles, 4 x trebles and 1 x 4-fold.
  • Lucky 31: 5 x singles, 10 x doubles, 10 x trebles, 5 x 4-folds and 1 x 5-fold.
  • Lucky 63: 6 x singles, 15 x doubles, 20 x trebles, 15 x 4 folds, 6 x 5-folds and 1 x 6-fold.

Corner Bet

Corner betting is available for soccer only. If you place a corner wager, you are betting on how many corners will be awarded during a match. You can bet on the number of corners awarded to one team, or you can bet on the total corners of both teams.

Over/Under corner betting is available from a number of Australian betting sites. This is when you bet on whether the total corners will be more or less than the amount defined by the bookie pre-game. If a game is too tough to call to justify a bet on the 1X2 market, corner betting is a more than useful alternative.

Correct Score

A correct score wager requires you to predict the exact final score of a match accurately. Correct score betting is available across a massive selection of sports, but the most commonly bet on correct score markets are in low scoring sports like soccer, darts or snooker.

In higher scoring sports like Australian Rules footy, one day or 20/20 cricket or rugby league and union, predicting the correct score is very difficult. However, placing winning correct score bets is not impossible for soccer matches and the odds are usually rewarding if you get it right.

Doubles Bet

If you combine two selections in a multi, it is commonly known as a double bet. A doubles bet requires you to predict the outcomes of two events correctly. If one selection lets you down, you wave goodbye to your stake. Both legs must win for you to get a return. If you place a $10 double on two selections at 2/1 and 3/1 you will get a return of $110 if both legs win.

Each way doubles are another option for horse racing punters, and with those wagers, your stake is split on the win and place markets. Therefore, a $25 each way double will set you back $50. If your first selection wins, your entire returns go onto the second selection. With an each way double, if one selection is placed and the other wins, you only get paid on the place part of the double bet.

Double Chance Bet

A double chance bet does exactly what it says on the tin! It gives you twice as much chance as winning as you are betting on 2 of 3 possible outcomes. The 1X2 market was explained earlier, and a Double Chance bet enables punter to bet on either 1X, 2X or 12.

A 1X double chance bet is a wager placed on the home team (1) and the draw (X). A 12 double chance bet is a wager on either team to win so the only way you can lose is if the match ends in a draw. A 2X double chance wager is a bet on the away team and the draw. Odds will be less generous than in the regular 1X2 market, but you have a much better chance of winning.

Draw No Bet

A draw no bet wager is another popular bet type with soccer punters in particular. With a draw no bet wager you can bet on either team to win, and if the match ends as a draw, your stake is refunded.

Where draw no bet wagers can be useful is if you fancy a team to win but think that their opponents could sneak a draw. Draw no bet wagers can also be combined in multiples and accas, but we recommend sticking to singles. It will enhance your prospects of profit in the long term.

Dutching

Dutching is a wagering model that ensures a profit on a race or event, no matter what the final result is. In a horse race, for example, you would back every horse for a different stake so that whichever horse wins, you will make a small profit.

The formula for Dutching is 1-R, but a Dutching Calculator will do the job for you. Dutching is not an approach that betting sites like to see and your account could be at risk if they suspect you are dutching.

Each Way Bet

If you want to bet on the place and win markets of a race or event, the each way bet is a handy way of doing so without having to place separate bets. If you place an each way bet, half of your stake goes on the win market, while the other half goes onto the place market. To get a return, your selection must at least place while for maximum gains, a win is required.

Each way terms can vary quite considerably between betting sites, so it pays to shop around. Horse racing each way terms are dependent on the race type and the number of runners. For the most part, it is usually 1-2-3 places at 1/5 odds or 1/4 odds. Therefore, if you back a horse for $10 each way at 12/1 for 3 places at 1/4 odds, you have $10 on the win at 12s and $10 on the place at 3/1. Each way betting is available in the outright markets for lots of other sports too.

Enhanced Odds

Enhanced odds offers are where bookies give you a better price than the one they were initially offering. The frequency of enhanced odds offers are dependent on how regularly your betting site runs those types of specials and promotions.

Australian betting sites cannot advertise enhanced odds offers to new or unsigned customers. Check our bookie reviews to find out more about the best Aussie enhanced odds offers.

Even Odds

An even odds wager is a bet placed at odds of 2.0 (1/1). Simply put, you will double your money if you manage to place a winning even odds wager. If your selection doesn’t win, you will lose your initial stake.

As an example, let’s say you put $20 on Melbourne Victory to beat Sydney FC in the A-League. If the Victory manage to win, you will pocket a total of $40, $20 in profit and your stake of $20. If the match ends in a draw or a defeat for Melbourne, you wave goodbye to your stake.

Favourite

According to the bookmakers, the favourite is the team, player or horse/greyhound that is most likely to win a given event or race. As such, the favourite will be the shortest odds, and the bookmaker’s traders consider form, stats and conditions when coming up with the price.

Some punters love backing favourites, but in the long run, you will end up in the poorhouse following that approach. The key to making money from backing favourites is to recognise when a bookmaker has underestimated the likelihood of a team/player/horse winning. In cases like this, a 2.0 shot can represent serious value if you think 1.5 are the correct odds.

First Goalscorer

A first goalscorer bet is a wager placed on a player to score the opening goal in a soccer match. For you to win, your player must score the first goal. With most Aussie bookies, own goals don’t count in this market. So, if the first goal in a match is ruled as an own goal, don’t worry because you’ll still get paid if your player scores the next goal.

However, you can also place similar bets on Aussie Rules, Rugby League and Union (First Try scorer) and NFL (First Touchdown Scorer). It is possible to place bets on the overall first goalscorer in a match, while you can also place wagers on the first scorer for individual teams and again, own goals don’t count.

Form

You often hear experts talking about form, whether it is ‘studying the form’, ‘the form horse’ or ‘the form pick’. Basically put, form is the historical data that shows how a team, player or horse have performed previously. It can be a very good indicator of how they will perform on the day.

For football punters, form includes things like previous results, head to head statistics and goals scored and conceded. In horse racing, things like course form, race distance and previous runs on slow or good ground are all critical. If you can get your head around weighing up the form it will massively increase your chances of turning a profit.

Goal Line Betting

If you bet on the ‘Goal Line’ you will be placing a wager on the number of goals that will be scored in a soccer match. The ‘Line’ is the predefined number of goals set by the bookie. You bet on whether there will be more (over) or less (under) goals scored than the ‘Line’.

This wager type applies to lots of other sports too. You can bet on the ‘Points Line’ in rugby and Aussie Rules, and line betting is also available for NFL, Ice Hockey, basketball and a whole lot more. If you aren’t sure who will win a match but you think it will be high (or low) scoring, goal line betting is a good alternative to 1X2 betting.

Goliath Bet

A Goliath Bet is a wager that contains 8 different selections and 247 separate bets. So, a $1 Goliath Bet would set you back $247, and a $1 e/w Goliath costs twice as much as that. There are no single bets in a Goliath wager, so you will need to find at least two winners to get any sort of a return.

The bets contained in a Goliath are as follows: 28 x double bets; 56 treble bets; 70 4-folds; 56 5-folds; 28 6-folds; 8 7-folds; 1 8-fold. You will need to land all 8 winners to get the maximum return, not an easy task as finding one winner can be difficult enough!

Halftime Bets (Halftime result)

The most common pre-match sports bets are placed on the final outcome. However, if you want to change it up a bit, you can bet on the halftime result. Halftime bets can be placed on any sport where there is an interval halfway through. For soccer, you can bet on three outcomes at half time, the home team to win, the away team to win, or the draw.

Alternatively, for sports with three periods or 4 quarters, you can bet on the result after each period or quarter.  Where halftime result bets come in handy is when you recognise a team has a reputation for starting games really fast before fading late on. Backing them to be winning at halftime could be a speedy route to riches!

Halftime Fulltime Bet

The halftime/fulltime bet is a wager placed on the outcome of a match at halftime and then at fulltime. Again, you are basically betting in the windrawwin market at both half time and full time. You have to predict both outcomes to win your bet correctly.

Halftime/Fulltime betting is available on a large number of sports, including soccer and rugby. If you fancy a team to win a match comfortably and score early, you will get better odds on them to be winning at halftime and full time than you would get backing them to win in the 1X2 market.

Handicap Betting

Handicap betting is when a bookie applies a handicap to level the playing field. Handicap betting is useful when two teams that are not evenly matched are playing. The odds will usually be very short for the favourite, while the underdogs will be a huge price. If this scenario occurs in soccer, the bookies will apply a handicap to the favourites. The size of the handicap depends on the odds.

So, the hotter the favourite, the bigger the handicap will be. The reverse applies to underdogs as they will be given a head start and again, the handicap depends on the odds. In soccer, the handicap is + or – one or more goals, in rugby it is + or – points and so on for other sports.

Handicapper

In horseracing, the handicapper is one of the most influential figures in the sport. The handicapper is the man (or woman) that decides what rating a horse should be awarded after each run. The better a horse is, the higher its rating will be, and the more weight it will carry in handicap races.

If you think the handicapper has underestimated (or overestimated) the rating of a horse, this is where shrewd punters make a killing. If you believe a horse is rated too high and has too much weight, you should lay it. On the other hand, if you think a horse is better than his handicap mark, backing it to win is the way to go.

Hedging Bets

Hedging bets is a way of wagering that reduces the risk of loss and guarantee a profit, no matter what the result of an event may be. If you back a player in a golf tournament to win and he is leading heading into the final day, you may want to place a hedging bet to cover yourself in case he throws his lead away.

Using betting exchanges has made placing hedging bets a whole lot easier as you can lay as well as back. Hedging requires you to take advantage of odds movements, rather than differences in odds like Arbitrage Betting. Hedging bets certainly reduces risk, but it also reduces potential winnings.

Heinz Bet

A Heinz Bet is a combination bet that is structured the same as Yankee Bets. There are 57 separate wagers contained in a Heinz Bet, the same number of varieties as the famous food company of the same name. Just like with a Yankee bet, you will need to find at least two winners to get a return.

You can place win or each way Heinz Bets. A straight $1 win Heinz costs $57, while a $1 e/w Heinz will set you back $114. There are six selections contained in a Heinz, and they are combined in separate wagers as follows: 15 Doubles; 20 Trebles; 15 4-folds; 6 5-folds; 1 6-fold.

In Play Betting

In play betting is wagering on an event or match that has already started. Unfortunately, due to the Interactive Gambling Act, you will not be able to bet in-play online with Australian betting sites. However, many betting sites still display live odds on their websites, and you just need to pick up the phone to place an in-play bet.

If you are looking for a quality in-play betting site, there are a number of things to watch out for. The quality of the software is very important as in play betting is very dynamic, and odds need to refresh regularly. Also, check to see if there is a cash-out option available as this can come in very handy when you are in-play betting.

Lay Betting

Thanks to the advent of betting exchanges, it is now possible for punters to lay as well as back. This has put a huge amount of power in punters’ hands as they can now basically play the role of the bookmaker.

If you lay a team, player or horse, you are betting on them to lose. As an example, say you lay a horse at even money for $20. If the horse wins the race, you lose your $20 stake. However, if any other horse in the race wins it, you will get $40. Theoretically at least, it should be easier to find losers than winners, so placing lay bets can be a profitable way to wager.

Live Streaming

A whole host of Australian betting sites are now offering live streaming of sports to their customers. What sports are available to stream depends on the bookmaker. Most bookies, including Ladbrokes Australia, have live streaming of Aussie and European horse racing.

For other sports like snooker, cricket and even football, Bet365 Australia has live streaming available. You don’t even need to place a bet to stream live sports with Bet365, all you need to do is open an account, and once you have a positive balance, you can stream live sports.

Long Shot Bet

When you place a long shot bet you are betting on an outsider or underdog. A long shot bet refers to the long odds associated with outsiders. Loads of punters concentrate on backing favourites only, but if you want to make a profit from betting in the long run, backing winning long shots will help you do exactly that.

In all sports, but especially horse racing, upset results are pretty common. The trick is to predict when these upsets are most likely to happen. In racing, big handicaps with massive fields can be happy hunting grounds for long-shot bettors. We recommend backing long shots each way whenever possible.

Lucky 15 Bet

The Lucky 15 bet is one of the most popular combination wagers out there. In a Lucky 15 you pick four different selections, and they are combined in a total of 15 different bets. Unlike a Yankee, which also contains 4 selections, you only need to find one winner to get a return. Many bookies pay double or treble the odds for one winner, so make sure to shop around before placing your Lucky 15 bet. Below is a table illustrating the different bets contained in a Lucky 15.

Bets Contained In A Lucky 15

Bet Type No. Of Bets
Singles 4
Doubles 6
Trebles 4
Four Folds 1

Match Betting

Match Betting is when you bet on one team or another to win a match. Similar to 1X2 betting, the team (or player) you back has to win for you to win your bet. In sports like NFL and Ice hockey where draws are not common, match betting is a straight bet on either team. If there is a draw, most bookies will void your bet.

Match betting is also common in individual sports and not just team sports. In cycling, for example, match betting is available with some Aussie betting sites for each stage. You bet on one cyclist to beat another during the stage. The cyclist you bet on doesn’t need to win the race. He just needs to finish in front the rider you have backed him to beat.

Multiple Bets

A multiple bet, more commonly known as an accumulator, is a bet that has more than one selection. With multiple bets, there is no room for mistakes. Every selection you include has to win for you to get a return. The more selections you include increases the likelihood of you losing, so stick to placing multiples with as few legs as possible.

You can place win or each way multiples, and the cost doubles for an each way multiple wager with your stake split evenly between the place and win markets. If you place an each way treble and two legs win and the other leg is placed, the win part of the bet loses, and you only get paid on the place part of the bet.

NAP Bet

When you see the word NAP next to a betting tip, it is an indication of confidence. If a tipster posts multiple selections, the one they are most confident about is known as their NAP bet. The word NAP is derived from Napoleon, an unbeatable hand in the card game of the same name.

Next Best Bet

You will often see the words NB beside selections too. This is the term used to describe the second strongest fancy held by a tipster, and NB stands for Next Best. If you manage to find a quality tipster, backing their NAP bets and NB bets provide a quick route to profit.

Non Runners

If your horse is a non-runner, it means that it has been withdrawn from the field after it has been declared. If you back a horse ante-post and it is a non-runner, you will only get your stake back if it has been declared for the race.

Non-runners affect more than just punters that have backed the non-runner. If the horse that is taken out is 14/1 or shorter, a rule 4 deduction is applied to winning bets placed before the horse was declared a non-runner. The size of the deduction depends on the price, check our Rule 4 section further below for more details.

Odds

Bookmakers compile odds on sporting and other events. The odds are meant to represent the chance of a certain outcome. In horse racing, the favourite is the one that is expected to win the race so that horse will be priced up at shorter odds than the rest of the field. The bigger the odds, the more you win.

The bookies odds are formed in a way to ensure that theoretically, they will win money no matter what the result. This is known as the overround, and the closer the overround is to 100%, the better it is for bettors. The higher the overround, the worse the value of the odds are for punters.

Odds Against

An odds against bet is a bet placed at odds bigger than evens (2.0). An odds on bet is one placed at odds less than 2.0. Plenty of punters love backing hardened favs at odds on, but in the long run, you will find it challenging to make a profit betting in this fashion.

For us, you will have a much better chance of making money if you place value ‘odds against’ bets. No matter what the bet type or odds, finding value is the absolute key to making a profit. If you can consistently place value bets, you will be pocketing a tasty profit in no time.

Odds Line

The Odds Line is a handicap type bet and it applies mostly to US sports like NFL, Basketball and Ice Hockey. In these sports, ties are very rare, so in the regular match betting markets you can only back either team and not the draw. The odds line gives the favourite for a match a handicap while the underdog gets a head start.

As an example, say you back the Packers -7 points vs the Browns in the odds line market. If the Packers manage to win by more than 7 points, they have ‘covered the spread’, and your bet is a winner. If they win by less than 7 points, or lose, then your bet is returned as a loser.

Odds-On

If you place a bet at odds on it means the odds are less than 2.0 or evens. Odds on shots have a great chance of winning, but you need to risk a lot to win big in comparison to backing odds against selections.

As an example, say you placed a bet on wonder mare Winx to win a race at odds of 1.1 (1/10). If you wager $100 at 1.1, you will pocket a paltry profit of $10. If you wanted to win $100, you would need to risk $1000.

On The Nose

In horse racing, a straight win bet is often known as backing a horse ‘On The Nose’. If you back a horse on the nose, you need him to finish first past the post to win your bet. Anything less than a victory results in you losing your bet. Only back a horse on the nose if you are supremely confident, otherwise back it each way.

Outright Betting

If you place an outright bet, you are betting on a player or team to win a tournament outright. The vast majority of outright betting is done in advance of the tournament starting. However, with in-play betting becoming ever more common, you can now place outright bets after the event has begun.

Outright win and each way betting is available. With outright win bets, only victory will do for you to win your wager. If you place an each way outright bet, your player or team needs to finish in the places as defined by the bookie. For major soccer tournaments, it is usually 1/2 odds for 2 places. When there are big fields for golf, some Aussie bookies pay out on as many as 8 or 9 places for each way outright bets.

Outsider Bet

If you place an outsider bet, you are betting on a selection with big odds. The underdog can win more often than people realise and backing outsiders can often be a profitable approach to gambling. The trick is to find outsiders that are overpriced, and if you can do that,  you should have no problem beating the bookies.

The best thing about betting on outsiders is that risks are relatively small for greater rewards. If you back a long shot at 11.0 (10/1) and it wins, you would have only needed to risk $10 to make a $100 dollar profit. To win $100 on a 2.0 (1/1) shot, you would need to risk $100. If you are betting on outsiders in horse racing, stick to each way wagers.

Over Under Bet

On over-under bet is a wager that can be placed on a massive range of sports and events. As the name implies, you are betting on whether there will be under or over (more or less) goals, cards or points than the amount specified by the bookie.

As an example, in soccer matches there is over under betting available on a wide selection of markets. The total goals market is a good example, where you bet on whether there will be over or under a certain amount of goals in a match. Over under bets are useful when you are struggling to predict the outcome of a match, but if you think it will be high (or low) scoring, an over or under bet is a good alternative to match or 1X2 betting.

Over Round

The profit margin for every market formed by a bookmaker is known as the over round. The higher the over round, the better it is for the bookies. Working out the over round is a great way to see which bookie is offering the best value odds in a market. In 1X2 markets this formula calculates the over round: (1/Home Odds) x 100 + (1/Away Odds) x 100 + (1/Draw Odds) x 100 = Overround.

To illustrate the importance of working out the overround we looked at the odds on offer for a recent soccer match between Hearts and Dundee with Bet365 Australia and Unibet Australia. With Bet365, the 1X2 odds were 1.70 (1), 3.90 (X) and 4.50 (2), an over round of 106.69%. With Unibet, it was 110.77%, so clearly, the best place to have a bet on that match is with Bet365 Australia.

Parlay

When you place a parlay bet you combine a number of selections that must all win. The minimum amount of legs in a parlay bet is 2, and the Parlay bet is essentially very similar to a regular acca or multiple bet. The biggest difference between those two wager types is that if one of your parlay selections ends in a draw or a tie, that leg is void and the rest of your bet stands. In an acca, if you back a team to win and it ends as a draw, your bet is a loser.

Patent Bet

A patent bet contains three selections, and they are combined in 7 separate bets. The structure of a patent bet is very similar to a Trixie, bar one significant difference. The patent contains three single wagers, so you only need to find one winner to get some return. With a Trixie, two winning legs are needed.

The patent bet contains a total of 7 bets. Three singles, three double bets and a three-leg accumulator. For the maximum payout, all of your legs need to win, while if you pick two winners, you will also get a decent return.

Points Line

The points line (or spread) as it is commonly called in the USA is the amount of points that the bookies think a team will win (or lose) by. It is similar to the handicap market and is more common in sports where ties are a rarity. If you bet on the points line, your team will need to cover the spread. The more closely two teams are matched, the less the points line or spread will be.

Simply put, if you back the LA Lakers to beat the Boston Celtics and the Lakers are -4.5 points in the line, they will need to win by 5 points or more to cover the spread. A 4 point win or defeat results in you losing your bet. Alternatively, if you back the Celtics +4.5, they need to lose by 4 points or less (or win) for you to collect.

Price Boosts

A price boost is when a bookie decides to boost or enhance your odds for a given bet. Some Australian betting sites have regular price boost offers, but due to regulations, they can’t offer price boosts to new customers as part of sign-up offers.

Australian punters need to sign up with a bookie first before they can check for price boost promotions. You will find all information about price boost offers on the bookies’ promotion page once you are signed up and signed in.

Round Robin Bet

The Round Robin bet is a parlay type wager with three legs, and it consists of 10 separate bets. These include 3 doubles, 1 treble and 3 ‘up and down’ single wagers. Unlike with a parlay, you can still get a return if one of your legs lets you down.

An up and down single pairs bet consists of 2 bets. The opening part of the wager goes on your first selection. The stake on selection 2 depends on how the first leg goes. If it wins, it will be more. The reverse applies to the 2nd part of an Up and Down single, the size of the stake on your second leg depends on whether the first leg wins.

Rule 4

As we briefly touched on in our non-runners section, a Rule 4 is a deduction applied by bookies to compensate for non-runners at short odds. A rule 4 will only be applied if you placed your bet before the non runner was declared and before a new market has been formed. The size of the Rule 4 is directly related to the odds of the withdrawn horse.

As an example, say you bet $10 on a 12/1 horse in the morning, and that afternoon a 10/1 horse is taken out of the race. If your horse wins, the bookies will apply a Rule 4 deduction of $0.05 or 5%. So, instead of making a profit of $120 if your horse wins, after the rule 4 of 5% is applied, you will make a profit of $114.

Run Lines

In baseball betting the run line is the amount of runs that the bookie thinks a team will win (or lose) a match by. This is a handicap type wager where one team (the underdog) gets a head start. The favourite, on the other hand, starts the game minus a set number of runs and will need to win by more than the run line margin for you to win your wager.

Singles Bet

If you place a single bet you are placing a wager that stands on its own. Unlike with accas, you don’t need to rely on any other selections. You simply need the selection you bet on to win to get paid. Betting doesn’t get any simpler.

All too often punters overlook single bets and prefer to place big multis and accas. This is a foolhardy approach as sticking to single bets is by far a more sensible way to bet. In the long run, profiting from placing single value bets is very plausible, so we highly recommend sticking to singles bets wherever possible.

Specials Bets

A specials or novelty bet is when a bookmaker offers odds on an event or occurrence that they normally wouldn’t have prices for. Specials bets can apply to sports, politics or even reality TV shows.

Don’t be tempted by specials bets unless you have knowledge on the subject the odds are being offered on. Some Aussie bookies are better known than others for offering specials bets. Check out our extensive bookmaker reviews to find out more.

Spread Betting

Spread betting is a risky way to wager. Rewards can be high, but so can losses and you need to know your stuff before you start spread betting. With spread betting, your returns (or losses) depend not only on the result, but how emphatic the result is. So, if you get a spread bet very wrong, it could cost you a shed load of dollars.

Take spread betting on cricket as an example. Say for a 1 day international the betting site sets the spread for Team A at 290-300. If you buy at 300 and they score 360, you will multiply your original stake by 60.  However, if they score 160 runs you will have to absorb a huge loss – your original stake x 140.

Super Heinz Bet

The Super Heinz bet is a Heinz Bet, except with one more selection and a lot more separate bets. Unlike a Heinz which has 57 bets for 6 selections, a Super Heinz is made up of a massive 120 wagers for 7 different selections.

Just like with a Heinz bet, you will not get anything back if you only find one winner. To get any return, you need to find at least two winners. A Super Heinz has 21 double bets, 35 treble bets, 35 4-fold bets, 21 5-fold bets, 7 6-fold bets and a 7 leg multiple. If you do manage to pick 7 winners, you might be able to retire off the winnings!

Super Yankee Bet

Again, the super Yankee wager is the exact same as a regular Yankee except for the fact that it contains an extra selection. So, instead of 4 legs, you have 5 legs and instead of 11 separate bets, there are 26. Again, two winners minimum are required to get a return from a Super Yankee bet. You can check out the structure of a Super Yankee bet in the handy table below.

Bets Contained In A Super Yankee

Bet Type No Of Bets
Double 10
Treble 10
4-fold 5
5-fold 1

Treble Bet

If you place a treble bet you are placing a multiple bet with a total of three selections. Every selection has to win, or your treble bet will return as a loser. It is possible to place win only trebles and each way trebles too. A $10 win treble costs $10, but a $10 e/w treble will cost you double that at $20.

You can combine selections from any amount of sports and markets in a treble bet. For us, treble bets are a pretty risky proposition as finding one winner is difficult enough at times, let alone three! For that reason, we prefer to stick to singles.

Trixie Bet

A Trixie bet contains four separate bets across three selections. The Trixie bet consists of 3 doubles and a treble, so to get a return you must pick at least two winning selections. Anything less and you will lose your stake.

Both win and each way Trixies can be placed and horse racing punters are big fans of the latter type. A regular $1 win Trixie costs $4 to place, while for each way Trixies a $1 wager will cost you $8 as there is double the amount of bets.

Total Goals Betting

Betting on the total number of goals in a match is a popular way to wager with Aussie punters. Total goals betting requires you to accurately predict the amount of goals scored by both teams (or an individual team) in a soccer match.

Rather than trying to predict the precise amount of goals, you can bet on whether there will be more or less than a certain amount of goals in a soccer match. This is known as an over/under type wager, and we explained how those bets worked in our dedicated ‘Over Under’ section earlier on.

Value Bet

Value is king in the betting world. If you can regularly locate good value bets, it won’t take long for you to start making a serious amount of dollars. Value in betting means you are getting better odds than you should be getting. So, for example, if you see a horse that is 6/1 but on all known form you think it should be 3/1, backing it at 6/1 would represent serious value if your opinion is correct.

If the price of your selection shortens after you have backed it at 6/1, you are in an extremely strong position. In this scenario, you can utilise the betting exchange to lay off your horse at the shorter price, thus guaranteeing a return whether it wins or loses. Finding value is far from easy, but if you have a knack for it then the bookies better watch out!

Win Draw Win

The win draw win market is another name for the 1×2 market. WindrawWin markets are formed only for sports where a draw is a possible outcomes. In soccer, if a match is scheduled for extra time and penalties, the windrawwin market is settled on the final result after 90 minutes unless otherwise specified.

Yankee Bet

The Yankee bet is a hugely popular wager type with Aussie punters and it contains 4 selections. You can combine selections from a huge amount of sports in Yankee bets, and they can be win or each way. There is 11 separate wagers in a win Yankee, while for an each way Yankee the amount of bets is doubled to 22.

There are no singles contained in a Yankee bet, so you will need to pick at least two winning legs to ensure a return. In a Yankee bet, there is 6 doubles bets, 4 trebles and a 4 leg acca. For the max payout, you need every selection to be a winner. Two winners should generate a decent return, depending on the odds.