J : Jackpot | Joint-favourite | Jolly | Jumps

K : Kelly Criterion

L : Lay Bet | Listed Race | Live Betting | Loyalty Bonus | Lucky 15/31/63

J

Jackpot – a tote pool bet which requires predicting the winner in a set number of races (normally six) at a meeting – if nobody predicts the winners, the pool is carried over to the next meeting. Scoop6 in the UK is a special market on Saturday racing which can produce a pool of six or seven figures .

Joint-favourite – two of more favourites at equal odds in an event. Often interchangeable with co-favourites.

Jolly – slang for the favourite. Probably derived from happiness or joy connected with the most popular horse in the race winning.

Jumps – a more informal name for National Hunt Hurdle and Chase races. Often colloquially termed as ‘over the jumps’

K

Kelly Criterion – often considered the optimum strategy for staking which balances an edge with the chance of ruin. A simple equation where the fraction of your bank to stake, f = (bp – q) / b, where b is the decimal odds-1, p is the probability of winning and q is the probability of losing (1-p)

L

Lay Bet  – in Betting Exchanges the odds available to oppose or take bets on a selection. Equivalent to the liability a bookmaker would take on a bet – commission is applied on any profits.

Listed race – a prestigious horse race just below Group or Grade level. Races include the Winter Derby Trial on the flat and Wetherby Mares Hurdle over jumps.

Live betting – another term for in-play betting. Often used by Continental European based bookmakers.

Loyalty Bonus – a bookmaker promotion which rewards customers for placing bets over a period of time. Paddy’s Rewards and Coral Bet&Get being popular promotions.

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Lucky 15/31/63 – popular permutation bet which includes singles on each selection. A Lucky 15 is a Yankee with four singles, Lucky 31 a Canadian with five singles and a Lucky 63 a Heinz with six singles.