Bet Betting Term Meaning
‘Bet’ is undoubtedly the most easily-understood, self-explanatory betting term you will encounter. In the simplest form, a bet involves two parties to make it happen: the customer, also known as the bettor or punter, is the person who places the bet and the bookmaker is the party which accepts it.
A bet is a transaction that takes place between a punter and a bookmaker. This can happen in many places including bricks and mortar betting shops, at sports events (horse racing and greyhound tracks), and online.
The bookmaker will offer a range of betting markets on sports and special events. These usually include football, horse racing, rugby, tennis, and most other major sports. Some bookies will also offer markets on political events such as the outcome of the next US Presidental election. Well-established bookies like bet365, Ladbrokes and Betfair offer thousands of betting markets across multiple sports whereas smaller bookmakers won’t offer quite as many.
Once a punter has found a market that appeals to them they’ll wager a stake and place a bet with the bookmaker. If the bet wins, the punter’s returns will be paid out according to their stake and the betting odds. If, however, the bet loses, the punter will lose their full stake. Let’s have a look at an example bet below so you understand how it works.
- Match result market: Man Utd to beat Man City @2.00.
- A £10 bet on this market and outcome would return £30.
- You’ll win £20 for the bet winning plus your £10 stake will also be returned.
The only time your stake may not be returned as part of your winnings is when you’re claiming a welcome bonus or free bet offer. Always check out the terms and conditions of such offers for more information.
Most Popular Bet Types
There are plenty of different types of bets. We’re keeping it plain and simple and look at the four you’re most likely to use:
(1) Single - This is a bet based on one outcome and one outcome only. For instance, the bet we outlined above.
(2) Double - A double bet consists of two selections combined. For instance, Chelsea and Arsenal both to win their respective matches. Double bets are slightly riskier as you’re relying on two bets winning instead of one.
(3) Trebles - Three bets are required to make a treble. It’s worth noting that you can also mix and match different markets. For example, Liverpool to win, over 2.5 goals to be scored in the Everton vs Spurs match, and both teams to score in the Real Madrid vs Barcelona game.
(4) Accumulators - Accas or accumulators are a single-wager bet involving several selections. The major advantage of an accumulator is that you can boost your odds dramatically. This type of betting comes with risks though. If you place a seven-fold accumulator bet, you need all seven selections to be correct in order for the bet to win. Even if you get six correct and only one bet loses, the entire accumulator loses.
In 2017 one lucky punter walked into a William Hill shop and placed a £1 bet on a twelve-team accumulator. Luck was on her side that day as she walked away with a bank-breaking £574,278.41.