Arbitrage: Where the fluctuation in odds available allows a punter to back both sides and guarantee a win.
Banker: Almost guaranteed winner, in permutation bets the banker is a selection that must win to guarantee a return.
Bar: The Price is the minimum odds for any of those selections not quoted in the betting.
Co-Favourites: Three or more horses share the status of favourite
Doubling-up: The player doubles the size of his previous bet.
Drift: When the odds on a horse lengthen.
Favourite: The horse considered most likely to win.
Joint Favourites: When bookmakers cannot separate two horses or teams for favouritism.
Jolly: The favourite.
Longshot: The outsider or unfancied runner.
Martingale: Betting system based on doubling-up.
Nap: The selection that racing tipsters nominate as their strongest selection of the day.
Odds: The bookmaker's view of the chance of a competitor winning the race.
Odds-against: The odds are greater than evens.
Odds-on: Where the odds are shorter than evens, amount won is less than the amount staked.
Outsider: Horse with long odds also known as the rag or rags.
Pari-Mutuel: All bets are pooled and winners are paid according to size of pool, eg Tote
Place Terms: The returns for place bets are calculated as a proportion of the win odds. This varies depending on the number of runners.
Smart Money: Bets placed with inside information usually from the stable or yard.
Starting Price: The average available in the betting ring on the racecourse, shortly before the off.
Tote Returns: Returns from a tote pool and is calculated by taking the total stake in each pool and dividing it by the number of winning tickets.
Welsh-Welch: To fail to pay a gambling bet.

Betting Terms Or Sayings