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Betting Dictionary

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Pari-Mutuel

A means of gambling on races in which all bets are pooled and winners are paid according to size of pool and the number of other winners. Often shortened in US to mutuel. (click to edit)

Parlay

Another gambling term for an Accumulator bet. (click to edit)

Patent

7 bets covering 3 events. Consists of 1 - treble, 3 - doubles and 3 - singles. (click to edit)

Penalty

A horse may carry a penalty when it has won a race after the weights have been allocated for another race for which it is entered, dependant on the rules of this race. (click to edit)

Perfecta

In horse racing, a wager in which the player selects the two horses in a race to finish in 1st and 2nd places in exact order. See "Exacta" or "Exactor" (click to edit)

Permutation

To perm a bet is to bet on all possible combinations of a selection of bets. For example, tin a parlay bet (see above), 3 selections are permed to give 7 bets covering all possible betting combinations of those selections. (click to edit)

Pic Six (US)

A proposition which challenges the bettor to pick six winners of six successive races (also known as "pick six" or "five-ten"). (click to edit)

Pitch

The place where the bookie operates his stand from. (click to edit)

Place

To finish in the top 3, or sometimes 4 or 5 depending on the event and the bookmaker's terms. A "place bet" wins if your selection appears in one of those places. (click to edit)

Pointspread

The start that the favourite gives the underdog. Also known as the "line" or "handicap". (click to edit)

Pony

£25 GBP. (click to edit)

Postponement

A race that is run later in the day has bets that were placed for the original race time honoured. For next, or another day, providing the declarations stay the same, then, again, the bets will be honoured. (click to edit)

Price

Odds. (click to edit)

Puckline

Giving odds of a goal spread instead of using a Canadian Line, where both a goal spread and money line are played. (click to edit)

Punter

UK betting slang for a bettor, someone who places a bet with a bookmaker. (click to edit)

Puppy

The underdog (click to edit)