Whatever you enjoy betting on, football or horse racing, darts or golf – betting terms can often be confusing. Do you back a forecast or acca, bet in-play or ante-post? What is Acca Insurance or a Multiple Bonus? That’s why we’ve produced a betting glossary on Bookie Radar to help you understand some of the most commonly used gambling terms.
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.
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)
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.
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. Check our Free Bets page for Bookmaker's Latest promotions for new customers and more loyalty bonuses.
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.