Tutorial 6

Glossary

Odd – Represents the probability of an event happening. The greater the odd is the lesser is the probability of that event to happen. As an example: In a football match between France and Norway, the odd for France would be much lower than the odd for Norway, since there is a very high probability for France to win the match. The earnings from a bet are also calculated with the odds. Let, as a hypothesis, the odd for France be 2.0. By betting 20€ we’d be winning 40 € (20€ as profit), so, the formula to calculate profit is Profit = Value of bet * (odd – 1).

Freebet Stake Not Returned – It is a type of bonus on which the amount offered is not returned after the bet, meaning you get to keep only the profit if you win at the bookmarker that gave you the free bet. Example: Football match, France vs Norway. By betting 20€ on France with an odd of 2.0, the winnings would be 40€, but instead of keeping the 40€ (Profit + Bet Value) you will only be entitled to the profit , 20€. Usually this kind of bonuses is given with no withdrawing conditions.

Freebet Stake Returned – It is a kind of bonus that works as if you have deposited the money. Usually this kind of bonus attaches withdrawing conditions.

Stake – A stake is the quantity of money or other goods that is risked on the outcome of a sports event. When you lose a Back bet, you only lose the amount of the bet you have placed (you only lose your stake). However, in case you lose a Lay bet, you will lose the bet’s liability instead of losing your stake.

Liability (only for Lay bets): It is the amount that you will lose in case your bet is lost. That value will be used to pay the profit to whom backed the bet.

Liability = Total value – Bet Value

Example: Lay bet, 20€ at the odd of 2.5, the liability will be 30 € , (20*2.5) – 20.

Back bet or Normal bet – Bet in favor of an event.

Lay bet - Bet against an event happening, the same as betting on something not to happen. When you Lay a bet, you are corresponding to the bet of someone who backed the result you are betting against. If the outcome that you betted against does not happen, say you hypothetically bet against Brazil and it loosed or draw, whoever backed Brazil loses and you win the bet. The profit will be the same amount of the bet, which means that if you bet 20€ and you win, your profit shall be 20€ minus the Betfair commission. If by chance the event that you betted against occurs, you will have to pay whoever backed that same event, hence the liability.

Greenbook - When you place a back bet and a lay bet on an event at same outcome, and your lay bet’s odd is lower than the back bet’s odd, you guarantee your profit. This situation is only possible if you place your lay bet firstly and then wait for the back odd to reach the wanted level, or vice versa. 

If you come across a term that you don't understand, or that you think might be confusing for someone using the site for the first time, please contact us and we will add a definition on this page.


 

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