Gambling is the wagering of something of value on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration, risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.
Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the tote after the totalisator, which calculates and displays bets already made.
Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting.
Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If the bettor's prediction is correct, they receive a payout based on the fixed odds. This means that the potential winnings are known at the time of placing the bet, regardless of any changes in the odds leading up to the event.
A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays out bets on sporting and other events at agreed-upon odds.
In probability theory, odds provide a measure of the likelihood of a particular outcome. When specific events are equally likely, odds are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics.
A betting exchange is a marketplace for customers to bet on the outcome of discrete events. Betting exchanges offer the same opportunities to bet as a bookmaker with a few differences. Gamblers can buy and sell the outcome, and they can trade in real-time throughout the event, either to cut their losses or lock in profit. Bookmaker operators generate revenue by offering less efficient odds. Betting exchanges normally generate revenue by charging a small commission on winning bets.
Vigorish is the fee charged by a bookmaker for accepting a gambler's wager. In American English, it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang which was itself a loanword from Russian.
A betting strategy is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine. Betting systems are often predicated on statistical analysis.
Sport Select is a group of sports betting games offered by Canada's lottery corporations. In Quebec, the program is known as Pari sportif; in Ontario and Atlantic Canada, it is known as Pro-Line while in British Columbia, it is known as Sports Action. However, the rules for the games are similar in all provinces. Initially created to offer betting primarily on the North American major professional sports leagues, Sport Select has expanded to offer betting on competitions such as the English Premier League and college sports.
Sports betting is the activity of predicting sports results and placing a wager on the outcome.
Handicapping, in sport and games, is the practice of assigning advantage through scoring compensation or other advantage given to different contestants to equalize the chances of winning. The word also applies to the various methods by which the advantage is calculated. In principle, a more experienced participant is disadvantaged, or a less experienced or capable participant is advantaged, in order to make it possible for the less experienced participant to win whilst maintaining fairness. Handicapping is used in scoring many games and competitive sports, including go, shogi, chess, croquet, golf, bowling, polo, basketball, and track and field events. Handicap races are common in clubs which encourage all levels of participants, such as swimming or in cycling clubs and sailing clubs, or which allow participants with a variety of standards of equipment. Often races, contests or tournaments where this practice is competitively employed are known as Handicaps.
Asian handicap betting is a form of betting on football in which teams are handicapped according to their form so that a stronger team must win by more goals for a bet on them to win. The system originated in Indonesia and gained popularity in the early 21st century. It is a form of spread betting. Handicaps typically range from one-quarter goal to several goals, in increments of half- or even quarter-goals.
A tipster is someone who regularly provides information (tips) on the likely outcomes of sporting events on internet sites or special betting places.
In gambling, Dutching is sharing the risk of losing across a number of runners by backing more than one selection in a race or event. One needs to calculate the correct stake to place on each selection so that the return is the same if any of them wins. Although not foolproof, because handicapping is still involved, there have been successful bettors throughout history who have applied this system. This is not to be confused with what constitutes a Dutch book which is when a bookmaker goes overbroke.
The Tote is a British gambling company founded in 1928. It is one of the world’s largest pool betting operators. Its product offering also includes sports betting and online casino. Business operations are led from its headquarters in Wigan.
In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound ledger and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'.
Advantage gambling, or advantage play, refers to legal methods used to gain an advantage while gambling, in contrast to cheating. The term usually refers to house-banked casino games, but can also refer to games played against other players, such as poker. Someone who practices advantage gambling is often referred to as an advantage player, or AP. Unlike cheating, which is by definition illegal, advantage play exploits innate characteristics of a particular game to give the player an advantage relative to the house or other players. While not illegal, advantage play may result in players being banned by certain casinos.
An odds compiler is a person employed by a bookmaker or betting exchange who sets the odds for events for customers to place bets on. Apart from pricing markets, they also engage in any activity regarding the trading aspects of gambling, such as monitoring customer accounts and the profitability of their operations.
Financial betting refers to the wagering on the price development of a financial instrument at some later date relative to the current price or level of the instrument, against odds offered by a bookmaker. Maximum potential pay-off of the wager is known when the bet is taken and as a corollary risk is known beforehand by being limited to the initial stake.
