The Must Know Glossary of Betting Terms | LeoVegas NZ

Betting Glossary


Also known as an Acca. This is a bet that combines bets from multiple games, races, or events in a larger payout. The odds of each one get multiplied together while the person making the bet can choose the individual outcome of each. Usually, an accumulator bet must have four or more selections within it.

American Odds

These odds are also known as US odds or a moneyline bet. Primarily used in North America, they are applied when betting on the favourite or the underdog in an event. It allows only two possible outcomes.

It's characterised by a plus symbol attached to the underdog along with a value and a minus symbol attached to the favourites. The value shows how much you can win should you wager $100, though this changes slightly depending on if you are betting on the underdog or favourite.


This is a bet placed before an event or game has begun. The term comes from greyhound and horse racing when a bet is made before the course's betting has opened. Usually, this happens because the odds tend to be more favourable before an event. The downside is that more variables can change the form.

Asian Handicap

An Asian handicap is a betting method that originated in Indonesia. It works by ranking teams based on their current form. The bet involves predicting the number of points or scores that the winning team claims victory by. It's a form of spread betting and ismost popular with football.

Betting Strategy

A betting strategy is a tactic that uses mathematical probability to tip the house advantage in the favour of the player. Using a structured approach, bettors with a strategy may take certain decisions based on results that have already occurred.

They may also seek to minimise losses by gambling certain amounts at different times to claim back their bet amount.


The term “cover” generally means “cover the spread.” It's a phrase used to describe the result of a point spread wager. When the favourite covers, it wins by more than the spread. When an underdog covers, it loses by less than the spread or wins outright.

Decimal Odds

Decimal odds are one of the most popular betting methods in the world. They show the amount you would win if you bet $1. For example, 1.5 would mean for every dollar you bet, you would win $1.50 along with your original $1 stake.

Double Bet

A double bet is a simple multiple bet. It allows a wager to be placed on two events, games, races, or matches. If the person making the bet wins, they will receive a bigger payout than they would by making two single bets.


A draw is a result of no single player or team winning in a game. In betting, a Draw No Bet (DNB) result is a type of bet. For tied games, the bettor eliminates the possibility of a tie bringing any financial result. When this happens, the stake gets handed back but wins no money.


An each-way bet consists of two bets. This is for a win and a place. For example, an each-way bet in a horse race may pay out for the first place, but also if the horse comes second or third. In certain races that include various runners, this may even go up to fourth.

Both these bets are of equal cost, with the place bets paying out less than the win.

Even Money

An even money bet is when the potential winnings are the same as the original stake. When these bets win, the bettor will receive the stake back plus winnings of the same value. For example, a $10 even money bet would see $20 returned on a win, made of $10 original stake and then $10 in profit.


A favourite is a term used to describe the player or team that has the most chance of winning in a game, match, or event. This is taken from several factors, which can include past form, results, and the performance of others in the event. Favourites will have lower odds than others as they are expected to win.

Fractional Odds

Fractional odds are the most used odds in the UK. They show a fraction to work out the financial outcome of a bet, such as 7/2 or 5/1.

The easiest way to understand them is to take the first number as the amount you will win if you stake the second number. This amount does not include the stake, which is returned separately.

Futures (Outright)

A futures bet is a bet on an event, series or tournament that will take place in the future. These events do not happen on the day and do not cover single games or matches. For example, there may be a bet on who will win a season or tournament. It allows people to bet on many games without researching each one individually.


Handicap betting makes a contest more even in terms of betting. For example, if one team is leagues above the other or an athlete is of a much higher calibre, it can make betting more even. Stipulations are added based on certain outcomes, usually by a team winning by a certain score.

For example, if Barcelona played Hartlepool United in Football, a handicap bet may involve Barcelona having to win by five or more goals.


Live betting is the process of placing a bet on a game while it is in play. This can give more options for betting and favourable odds. They update regularly and can be followed online or through mobile devices. It's also known as in-play or in-running betting.

Money Line

A money line bet is one of the simplest of bets. It involves placing a bet on a team to win a game or match. If a tie occurs, the money wagered is usually returned as if the bet never took place. This is a term usually used with American odds.


Odds are a way to measure the likelihood of a particular outcome occurring. They are commonly used in statistics and gambling, where they can show how much money you will win depending on your stake and the outcome occurring. Different bookmakers may provide odds in different ways, such as decimal, fractional and American odds.


Over and under betting is a wager that the score for a game will be higher or lower than that determined by the bookmaker. The combined score of the two teams in a match is the most common type of over-and-under bet.


A parlay is when a gambler makes more than two wagers but puts them in the same bet. Should any of the individual events lose, then the whole bet is a loss. When all events occur, the payout is much bigger.

Prop (Proposition) Bet

A prop bet is any wager made on an outcome that is not tied to the final result of a game. It can relate to anything, from the first player to score a try in rugby to the amount of corners taken in a football match. While hard to predict, they often offer great odds.

Points Spread

A bet made on the margin of a win in a game. Favourites will be decided by a set number of points determined by the bookmaker, while the underdog will have a different value. The gulf between them is the perceived difference between the two teams.

Round Robin

A round robin is a type of bet that contains between three to ten selections. These are made up of smaller parlay bets. For example, if you bet on A, B and C to win a football game, you may also bet on A and B to both win games, A and C to both win games and so on. This results in a higher payout.

Spread Betting

Spread betting is any bet on the outcome of an event where the payoff is based on how accurate the wager is. This contrasts with bets made with a win or lose only outcome.

In sports betting, it is based on the point spread between the two teams in a game, deciding if the outcome will be above or below the spread.

Straight Bet

A straight bet is a wager made on a simple proposition, usually that a team will win. It does not give any regard to point spread or the difference between the teams.


A teaser bet allows a gambler to combine their bets on two different games. They can trade off a lower return in the event of a win for the ability to adjust the point spread in the games. It is a variation on a parlay bet.

Totals Bet

A type of over or under betting. It involves combining the total score of both teams and wagering if the amount will be above or below this.


A person or team who is not the favourite. They are not expected to win the match or event that is being bet upon.


Value betting is when a bet gets made that has identified an edge over the bookmaker or a competitor. The probability of an event happening is usually much higher than the odds reflected.