Betting Dictionary

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Odds

Sometimes referred to as the 'price', the odds are the chance of a competitor or selection winning as given by a bookmaker. The odds are calculated directly from the probability value (in percent) of each selection or entry winning.

Odds are typically given as fractional or decimal figures. Fractional odds of 'five to one', for example, would be expressed 5/1 or 5:1. The same odds in decimal form would be 6. (click to edit)

Odds Against

The opposite of odds-on, this denotes odds better than evens for example 2/1 or 3/1 etc. (click to edit)

Odds On

Varies. In the UK an odds-on bet is a bet below evens, for example 1/2 is an odds-on bet - your winnings are less than your initial stake (plus you get your stake money back of course!). In Europe outside of the UK an odds-on bet is less than 2/1 and in the USA an odds-on bet is worked out in rverse. A US odds-on bet is preceeded by a minus sign and shows the amount you need to stake to win $x. (click to edit)

Off the board

A game on which the bookmaker will not accept action. (click to edit)

One dollar

$100.00 in sports betting action. (click to edit)

Open Race

Entrants are invited regardless of criteria. With Greyhounds, invitations to all trainers regardless where trained. (click to edit)

Outsider

The outsiders in an event are the longshots, the competitors who are not expected to win and usually have lengthy odds to match. (click to edit)

Over

A sports bet in which the bettor guesses that the combined point total of two teams will be above a specified total. (click to edit)

Over and Over

See Up and Down (click to edit)

Over-Broke

Where bets laid cannot achieve a profit. (click to edit)

Over-Round

When making a 'book' a margin is include so that the profit margin favours the book keeper. (click to edit)

Overlay

Where the odds offered by a book keeper appear to underestimate the winning chance of a runner.
(click to edit)

Overweight

When the jockey weighs more than required by the official handicapper. Sometimes occurs when a trainer offers a jockey a ride for experience, or to assess his/her talent. (click to edit)