Glossary
Australian sports betting glossary
Plain-English definitions for 41+ AU sports-betting terms. Linked to the free Krok Odds calculator for every term that has one.
A
Accumulator
#- A UK term for a multi-leg bet where every selection must win. Identical to a "multi" or "parlay". Combined odds equal the product of every leg.
American odds
#- A North American odds format. Positive numbers (+200) show profit on a $100 stake; negative numbers (−150) show the stake required to win $100. Decimal is standard in Australia, not American.
Arbitrage (Arb)
#- Backing every outcome of a market across two or more bookmakers so combined stakes return a guaranteed profit regardless of result. Requires combined implied probability under 100%.
Asian handicap
#- A handicap-betting variant that removes the draw by splitting stakes across half- and quarter-goal lines (e.g. −0.25, −0.75). Common in soccer markets at AU bookies.
B
Backing
#- Placing a bet on an outcome to happen. Opposite of "laying" (betting against). Standard at every AU corporate bookmaker.
Bankroll
#- The total pool of cash a punter has dedicated to betting. Sensible staking (Kelly, flat-unit) is sized as a fraction of bankroll, not session balance.
Best Of The Best (BOB)
#- A TAB tote-based exotic horse-racing pool that pays out for picking three winners across nominated races. Operated by Tabcorp.
Betfair Exchange
#- The only major betting exchange operating in Australia. Users back and lay against other users at chosen odds; Betfair takes a 5–6.5% commission on net winnings per market. Often the sharpest hedge venue.
Bonus bet
#- A promotional credit issued by an AU bookmaker. Almost always Stake-Not-Returned — only the profit (if any) is paid as cash. Realistic cash conversion: 60–80% of face value.
Bookmaker margin (overround)
#- The total implied probability above 100% baked into a bookmaker market. A 5% margin on a 2-way market means the book holds a 5% edge on average. AU singles average 4–6%; multis compound to 12–25%.
C
Cash out
#- A bookmaker feature that lets a punter settle an open bet early at the book's offered price. Always includes their margin — typically 5–15% worse than manually hedging at a competing book.
Closing line value (CLV)
#- The difference between the price you took and the closing price at the same book or a sharp market. Sustained positive CLV is the single strongest indicator of long-term +EV betting.
D
Decimal odds
#- Total payout per $1 staked, inclusive of stake. The default odds format at every Australian bookmaker. 2.50 means $1 staked returns $2.50 (a $1.50 profit).
Dutching
#- Splitting stake across multiple selections in the same market so any winning selection returns the same payout. Common in horse racing and multi-runner futures markets.
E
Each-way
#- Two equal bets — one on the runner to win, one on it to place. AU bookmakers typically pay place dividends for top 2 (small fields) or top 3 (larger fields) at fixed each-way fractions.
Expected value (EV)
#- The average AUD outcome of a bet if it could be repeated infinitely. Positive EV means the price you took beats the true probability. Calculated as (true_prob × profit) − (1 − true_prob) × stake.
F
Fixed odds
#- Odds locked in at bet placement. Contrast with tote/pari-mutuel betting where the final dividend depends on the pool. All AU corporate bookmakers default to fixed odds.
Fractional odds
#- A UK odds format expressed as profit/stake (e.g. 5/2 = $2 returns $5 profit + $2 stake). Rare at AU books except for legacy racing displays.
Futures
#- Long-dated outright markets settled at the end of a season or tournament (e.g. AFL premiership, Melbourne Cup, NBA championship). Prices drift significantly — common hedging targets.
H
Hedging
#- Placing a bet on the opposing outcome of an existing winning ticket to lock in a guaranteed return. Useful for futures, live in-play swings, and bonus bet conversion.
I
Implied probability
#- The break-even win rate suggested by decimal odds: 1 / decimal_odds × 100. A 2.50 price implies a 40% chance; you need to win more than 40% to be profitable at that price.
K
Kelly criterion
#- A bet-sizing formula that maximises long-run bankroll growth. Full Kelly is volatile — most disciplined punters use quarter or half Kelly to dampen variance.
L
Laying
#- Betting against an outcome — only possible on Betfair Exchange in Australia. Liability equals (lay_odds − 1) × stake.
Limited account
#- When a bookmaker reduces or caps a customer's max-stake size — often after consistent +EV play, promo extraction, or arbing. Every AU corporate book limits aggressively.
Line shopping
#- Comparing the same market across multiple bookmakers and taking the sharpest price. The single most underrated edge in AU recreational betting.
Live (in-play) betting
#- Betting while an event is in progress. In Australia, in-play bets must be placed by phone or in-person under the Interactive Gambling Act 2001 — online in-play remains restricted.
M
Middle
#- A bet placed on both sides of a market with line movement between them, creating a window where both bets can win simultaneously. Rare but high-value when found.
Moneyline (Head-to-head, H2H)
#- A straight win-or-lose market on a team or player. Called "head-to-head" or "H2H" at most AU books.
Multi (Parlay)
#- An Australian term for a multi-leg bet where every selection must win. Combined odds equal the product of all legs. Margins compound — typically -EV vs equivalent singles.
O
Over/under (Totals)
#- A market on whether the combined score, goals, points or other counted stat finishes over or under a bookmaker-set line.
P
Positive EV (+EV)
#- A bet whose price exceeds the true probability of the outcome. Sustainable long-term profit comes from compounding small +EV edges, not single big wins.
Push
#- A tie that voids the bet — stake refunded. Common on whole-number lines in handicap and totals markets when the result lands exactly on the line.
S
Same-game multi (SGM)
#- A multi built entirely from legs within a single match. Legs are correlated, so bookmakers price SGMs with a much higher margin (often 15–25%) than standard multis.
Spread (Line betting)
#- A handicap applied to one side of a match to balance the market. AU bookies call it "line betting" or "handicap" — common in NRL, AFL and NBA markets.
Stake-Not-Returned (SNR)
#- A bonus bet condition where the stake is consumed even on a win — only the profit pays out. The default format for AU bookmaker bonus bets.
Stake-Returned (SR)
#- A bonus bet condition where stake + profit pay out on a win. Rare at AU corporate books — most issue SNR by default.
Steam (Steam move)
#- A rapid coordinated price movement across multiple bookmakers — typically triggered by sharp money or breaking team news. Following steam late usually catches the worse side of the line.
T
Tote (Pari-mutuel)
#- A pool betting system where all stakes form a pool, the house takes a takeout (typically 14–25% in AU), and the remainder is divided among winners. TAB tote is the legacy product alongside fixed-odds.
Turnover requirement
#- The total amount that must be wagered before bonus or deposit-match funds can be withdrawn. Common values: 1x for SNR bonus bets, 10–30x for deposit-match offers (largely banned in AU since 2018).
V
Vigorish (Vig, Juice)
#- Another term for bookmaker margin or overround. US slang; rarely used at AU books but standard in offshore and US-facing markets.
Put the terms to work
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