Decimal Odds – the price format commonly used in Continental Europe (sometimes known as European Odds) which shows the odds as the total returns including stake. When translating from fractional odds to decimal simply means adding 1 to the fractional value, 4/1 becomes 5.0, 4/5 becomes 1.80 etc
Dead Heat – a tie for a position. To calculate winnings for dead heats the stake is split by the number tied, so if two horses dead heat for first, the stake is halved and then settled as usual. For example a £10 stake on a 4/1 winner in a two-way dead-heat would return £25 (£5 stake x 5 (4/1))
Dividend – the returns for a unit stake in Tote betting. Usually represented as a monetary amount to a unit stake such as £1.
Double – a common multiple bet which involves two selections.
Double Result – a bet on the result at half-time and full-time. Sometimes called HT-FT market, it can be a way of getting improved odds in very one-sided football matches by backing a team to win at half-time and full-time.
Dutching – a method of staking on a number of selections, in the same betting market, which returns the same amount. Dividing odds by your desired win return lets you calculate stake amounts, for example Evens & 4/1 selections to a £10 win would stake £5 (10/2) and £2 (10/5)
Each-way – a bet where equal stakes are placed on the win and place part of a selection (ie £5 on the win, £5 on the place) The place return is quoted by the bookmaker for the market, in the case of horse racing place terms are dependent on the race type and number of runners.
Each-way multiples – a multiple bet where all selections count as both a win and place multiple. Also used in horse racing permutation bets, the number of selections is double the legs - for example an E/W Yankee (11 bets) is 22 bets.
Enhanced Odds – promotional odds offers where odds are inflated to attract new customers. Staking limits are applied (normally between £1 and £10) and winnings are usually paid as free bets.
Exchange Betting – a betting website that allows punters to back or lay selections in an event similar to a stock exchange. Betfair have the most popular exchange which is important as more activity (liquidity) means betting prices are competitive.
Extra Places – common promotion where bookmakers offer more places than standard place terms for Each-way bets. Commonly used in large-field horse racing handicaps such as the Grand National to offer more than the standard four places.
Favourite – the shortest priced selection believed to be the most likely to win. Often a favourite attracts a disproportionate amount of betting money which will often be unprofitable for a bookmaker.
Final Declaration – the finalised field for a horse race. In the UK, Flat racing runners are declared two days before the race and Jump racing runners one day (two days for Sunday racing) - exceptions apply to some graded jump races.
Fixed Price – taking the price when a bet is placed in horse racing as opposed to leaving it to return the SP (starting price). When bookmakers offer Best Odds Guaranteed then the price should always be taken, when not it depends if the punter believes the odds will shorten before the race.
Fold bets – a term used for the number of selections in an accumulator. Normally starts from four-folds (four selections) as double (2-fold) and treble (3-fold) are preferred terms.
Fractional Odds – price format commonly used by UK bookmakers to represent the betting odds in a fractional format; for example £10 at odds of 10/1 returns £110 (ten times the stake plus the stake) The equivalent Decimal Odds are 11.0.
Free Bets – promotional bets offered by bookmakers which do not include the original stake in returns. Often used to pay promotions for both new and existing customers – a £10 free bet at 4/1 would return £40 as opposed to the usual £50.
Furlong – a unit of distance used in horse racing (equal to 1/8 of a mile) - for example the Epsom Derby is run over 1 mile 4 furlongs. The word originates in Old English to signify the length of a furrow in one acre, furh (furrow) and lang (long)