Betting Dictionary

BAGS: A Betting acronym for Bookmakers' Afternoon Greyhound Services. (click to edit)
Banker: The one highly expected to win. If you are using a permutation bet like a Yankee, then the Banker should be the one which appears in all permutations. (click to edit)
Bar Price: Bookmakers tend to quote the first few and then give the Bar Price. For example, in a horse race with a large field you might see a list of odds reading something like Lucky Luciano 2/1, Blue Streak 3/1, Red Devil 5/1, Monkey Nuts 6/1, 8/1 Bar. The "8/1 Bar" bit means all the other runners and riders are quoted at odds of 8/1 or more. (click to edit)
Baseball bet: See Wheeling (click to edit)
Beard: A surrogate bet placer. Basically someone used to place a bet for someone else. (click to edit)
Bees Wax: UK rhyming slang for "Betting Tax" - also "Ajax" or "Bees". (click to edit)
Betting Forecast: The odds predicted in advance of declaration by the bookies. (click to edit)
Betting Tax: In the UK, betting tax may be paid by the punter on either the amount staked at the time of placing the bet, or on the amount won if the bet wins. Usually Tax is paid by the punter with the stake as this is less than tax due on a win. 
 
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Betting-in-Running: Odds offered and accepted after a race or competition has started, for instance in a golf tournament lasting several days. (click to edit)
Bettor: American term for Punter - someone who places a bet. (click to edit)
Bias: Race tracks and sports venues tend to have advantages. Greyhound traps, one side of a horse racecourse or another may tend to favour. Equally a team playing on a ‘home’ pitch may be favoured. (click to edit)
Blind Bet: A bet made by a racetrack bookmaker to draw other bookmakers' attention away from his sizeable betting on another horse- and thus to avoid a shortening of the odds on the other horse. (click to edit)
Board/Show price: The betting prices relayed from a racecourse which may be used, regardless of the final returned starting price. (click to edit)
Book: A list of odds and competitors maintained by the bookmaker to ensure they make a profit on the outcome of an event. Creating and maintaining this book is known as "running a book" and anyone who does so is called a "bookie" or a "bookmaker". (click to edit)
Bookie: Someone who accepts bets from punters Short for Bookmaker. (click to edit)
Bookie's Round: The difference between the sum of the odds from the Bookmaker and the sum of the odds required for 'break even'. (click to edit)
Bookmaker: Someone who runs a book and accepts bets from punters. Often shortened to bookie. (click to edit)
Bottle: Odds of 2/1 in UK betting slang. (click to edit)
Box Bets: Exacta and trifecta bets can be “boxed”. This is a way of betting more than one combination of horses on a ticket. An exacta box of the 2-3-4 for $2 would cost $12 because it is actually 6 different $2 exacta bets. If any combination of 2, 3, and 4 officially come in first and second the player wins one of these bets and loses five, hoping the payoff is higher than the wager amount, which is generally the case except when dealing with heavy favorites. This is best explained with an example of a $2, 2-3-4 exacta box: 
» Bet 1 - $2 – Exacta 2-3 
» Bet 2 - $2 – Exacta 2-4 
» Bet 3 - $2 – Exacta 3-2 
» Bet 4 - $2 – Exacta 3-4 
» Bet 5 - $2 – Exacta 4-2 
» Bet 6 - $2 – Exacta 4-3 
This makes it easy to see how a $2 exacta box on three horse costs $12. The same principle applies to trifecta boxes. 
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Box Up: See Round the Clock (click to edit)
Bumper races: Horse racing – ‘Flat’ races run under ‘National Hunt Rules’. (click to edit)
Burlington Bertie: Odds of 100/30 in British betting lingo. (click to edit)
Buy: In spread betting, the buy price is the higher spread range. (click to edit)