Key facts
- Decimal odds show your total return per $1, stake included. At $3.00, a $10 win returns $30, of which $20 is profit.
- Implied probability is 1 divided by the decimal odds. Add up a market's implied probabilities and the excess over 100% is the bookmaker's margin.
- On the TAB, a flexi bet pays the percentage of the dividend your stake covers: $15 on a $60 trifecta box is 25%.
- Tote commission varies by bet type. TAB's published rates run from 14.25% on place pools to 25% on the Big 6.
- In-play sports betting online is banned in Australia, and licensed bookmakers cannot take credit cards or crypto.
Using this betting glossary
This betting glossary covers 75 terms Australian punters run into, grouped into odds, racing, sport, exchanges and strategy, and accounts and rules. Racing definitions follow the TAB's own help pages where rules differ between bookmakers. Linked terms go to our full guide on that bet type, and our hub on bet types explained puts them in context.
Odds and prices
Odds are a price and a probability at the same time. These terms describe both sides.
| Term | Definition |
|---|---|
| Decimal odds | The standard Australian format: what $1 returns if the bet wins, stake included. $3.00 turns $10 into $30. |
| Fractional odds | The British style, such as 2/1, showing profit against stake. 2/1 equals decimal $3.00. Our odds converter switches between formats. |
| Return | Everything paid back on a winning bet: profit plus your stake. |
| Profit | Return minus stake. At $3.00, a $10 bet makes $20 profit. |
| Even money | Odds of $2.00: double your stake back. |
| Odds-on | Any price below $2.00, so the profit is smaller than the stake. |
| Favourite | The runner or team with the shortest odds in a market. |
| Roughie | An outsider with long odds. |
| Implied probability | The chance a price suggests: 1 divided by the decimal odds. $2.50 implies 40%. |
| Overround | How far a market's implied probabilities total above 100%. Two runners at $1.90 each total 105.3%, which is the bookmaker's margin. |
| Value | A price longer than the true chance deserves. Only possible if your own estimate is better than the market's. |
| Expected value | The average profit or loss per bet over many repeats: probability times payout, minus stake. |
| Flucs | Short for fluctuations: a runner's opening fixed price and every move since. |
| Firmer | A runner whose odds are shortening as money comes for it. The TAB calls these movers. |
| Drifter | A runner whose odds are lengthening. The TAB shows movers and drifters from 15 minutes before the scheduled start. |
Racing
Racing has its own vocabulary, much of it built around the tote and exotic bets.
| Term | Definition |
|---|---|
| Win | Your runner must finish first. |
| Place | Your runner must finish in the paid places. On the TAB that is first to third with 8 or more starters, and a fourth dividend applies with 16 or more. |
| NTD | No third dividend: with 5 to 7 starters only the first two places pay. With 4 or fewer starters, TAB place bets are refunded. |
| Each way | Two equal bets on one runner, one to win and one to place. |
| Quinella | Pick the first two finishers in either order. |
| Exacta | Pick the first two finishers in the exact order. |
| Duet | Pick any two of the first three finishers, in any order. |
| Trifecta | Pick the first three finishers in order. Boxing five runners covers 60 combinations, so a full $1 box costs $60. Our boxed trifecta calculator prices any box. |
| First Four | Pick the first four finishers in order. |
| Box | Covering every order of your chosen runners in one exotic bet. |
| Standout | Fixing one runner in a set position while others fill the rest. |
| Roving banker | A runner that must finish somewhere in the placings of your exotic, in any of the paying positions. |
| Flexi | Betting less than the full cost of an exotic and receiving that percentage of the dividend. On the TAB, percentage = stake divided by the $1 cost, times 100. |
| Quaddie | Pick the winners of four races nominated by the TAB. The minimum stake is 50 cents. |
| Running double, daily double, treble | Pick the winners of two (doubles) or three (treble) nominated races. |
| Big 6 | Pick the winners of six nominated races. |
| Tote | Pool betting: all bets go into a pool, commission comes out, and winners share the rest. TAB's published rates include Win 14.50%, Trifecta 21.50% and Big 6 25%. |
| Dividend | What the tote pays per $1 unit on a winning bet, known only after the race. |
| Fixed odds | A price locked in when you bet, subject to scratchings and dead heats. |
| Scratching | A runner withdrawn before the race. Win and place bets on it are refunded. |
| Deductions | Cuts to fixed odds winnings after a scratching, set by a published schedule. In Tabcorp's table, a scratched runner priced $2.01 to $2.05 triggers a 46 cent in the dollar win deduction. |
| Dead heat | Two or more runners tie for a placing. On the tote the win pool is split between them; for fixed odds sports bets, TAB's rules divide the payout by the number of tied competitors. |
| Futures | Bets placed well before an event. At the TAB, an All In bet on a runner that is later scratched is lost, while Final Field bets are refunded. |
| Jump | The moment a race starts. |
Sport
Sports markets range from a simple winner to dozens of player and in-game outcomes.
| Term | Definition |
|---|---|
| Head to head | Pick which side wins the match. |
| Line | A handicap: your team must beat the other side after the line is applied. TAB rules set a points start at a half point unless stated, so a line bet cannot tie. |
| Margin | Pick the winner and the range of points it wins by. |
| Over/under | Bet whether a total, such as match points, lands above or below a set number. Also called totals. |
| Multi | Several selections combined, with the odds multiplied. Legs at $1.80, $2.10 and $1.50 combine to $5.67. Every leg must win. Try the multi bet calculator. |
| Leg | One selection inside a multi. |
| Same game multi | A multi built from outcomes in one match. TAB offers it pre-game only, with up to 20 legs and no cash out, and refunds the stake if a leg is voided. |
| Prop bet | A bet on something inside a game rather than the result, such as a player's stats. |
| First goal scorer | Pick who scores first. TAB's first try scorer rule needs the try in regulation time. |
| Disposal | In AFL, a kick or handball. Most disposals markets settle on the official AFL statistician's count. |
| In-play | Betting after a match has started. Online in-play sports betting is banned in Australia; it is only allowed when placed wholly by phone. |
| Cash out | An offer from the bookmaker to settle your bet early, for an amount the bookmaker sets. |
| System bet | Several selections combined into every possible smaller multi, so you can still collect if one leg fails. |
| Void | A bet cancelled and the stake refunded, such as when an event is called off before it starts. |
Exchanges and strategy
These terms come from betting exchanges and from the maths of staking.
| Term | Definition |
|---|---|
| Betting exchange | A marketplace where punters bet against each other and the exchange takes commission. Betfair Australia is licensed in the Northern Territory. |
| Back | Betting that a selection will win, the normal kind of bet. |
| Lay | Betting that a selection will not win, taking the bookmaker's side. |
| Liability | What a layer stands to lose if the selection wins: the backer's stake times the odds, minus that stake. |
| Exchange commission | A fee on net winnings. Betfair's base rate is usually 8% on Australian racing and 6% on most sport, so $100 net profit costs $8 on racing. |
| Hedging | Placing a second bet against your first to lock in a result or cut a potential loss. |
| Arbitrage | Backing every outcome at different bookmakers when the combined prices guarantee a small profit. Bookmakers' terms let them limit stakes or refuse bets, which can end it quickly. |
| Matched betting | Using a back bet and a lay bet together to extract value from a promotion. |
| Dutching | Splitting a stake across several selections so each returns the same amount. |
| Kelly criterion | A formula for sizing a bet from your edge and the odds. It only helps if your estimated edge is accurate. |
| Bankroll | The money set aside for betting, separate from bills and savings. |
| Unit | A standard stake size, often a small fixed share of your bankroll. |
Accounts and rules
Australian law shapes betting accounts more than most punters realise.
| Term | Definition |
|---|---|
| Licensed bookmaker | A provider licensed by an Australian state or territory and listed on ACMA's register. Only these can legally take online bets from Australians. |
| Bonus bet | Promotional credit. On the TAB, a winning bonus bet pays only the profit and most expire in 7 days. |
| Inducement | An offer meant to get you betting. Licensed providers cannot offer any incentive to open an account or refer a friend. |
| Credit ban | Since 11 June 2024, licensed wagering providers cannot accept credit cards, credit-linked funds or crypto. |
| Deposit limit | A binding cap on new money into your account. Lowering it applies at once; raising it takes 7 days. |
| Activity statement | A monthly email summary of your bets, wins and losses that licensed providers must send. |
| Bet limit | A cap a bookmaker places on what you can stake. TAB's conditions allow it to set limits and refuse bets. |
| Self-exclusion | Blocking yourself from betting. BetStop covers every licensed Australian online and phone bookmaker at once. |
| Punter | Anyone who bets. |
| Stake | The amount you bet. |
Related glossaries
For terms from the casino floor, see the casino glossary, and for reels, features and jackpots, the pokies glossary.
Pundit tip: the single most useful term here is overround. Work it out for a market before you bet and you will know how much the price is stacked against you.
Betting should stay within money you can afford to lose. Free, confidential help is on 1800 858 858, any time, and on our gambling help Australia page.
Frequently asked questions
What does overround mean in betting?
The amount by which a market's implied probabilities add up to more than 100%. Two runners both at $1.90 each imply 52.6%, a total of 105.3%. The extra 5.3% is the bookmaker's built-in margin.
What is the difference between a quinella and an exacta?
A quinella needs the first two finishers in either order. An exacta needs them in the exact order. Because the exacta is harder to land, it usually pays more.
What does NTD mean on the TAB?
No third dividend. In races with 5 to 7 starters, the TAB pays place dividends on the first two only. With 8 or more starters it pays three places, and with 4 or fewer, place bets are refunded.
What is a bonus bet?
A promotional bet credit. On the TAB, if a bonus bet wins you receive the winnings only, not the bonus stake, and most bonus bets expire after 7 days.
What is a lay bet?
A bet that something will not happen, made on a betting exchange. You take the bookmaker's role: if the selection loses you keep the backer's stake, and if it wins you pay out their winnings, which is your liability.
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