Betting Encyclopedia

Balance
Betting diary:
Betting exchange
- Back
- Lay
Bookmaker
Head to Head Statistic
Key rate
Limits
Odds
Odds comparison
Paying in Bonus
Spread
Stake
Surebet
Tipster
Type of Bets
- Single Bet
- Accumulators
  - Progressive parlay
  - Trixie
  - Patent
  - Yankee
  - Lucky 15
  - Canadian
  - Lucky 31
  - Heinz
  - Lucky 63
  - Super Heinz
  - Goliath
Unit
Value Bet
Yield

Balance:

Winnings or losses(positive or negative balance) in shape of units or money over a certain timeframe.

Betting diary:

To keep an acurate record of your wins and losses over a longer period of time a betting diary is strongly recommended. Data like date, time, sport, type of bet will be stored. This will help when analyzing your betting behaviour. You can easily see which sports or type of bets have won you money and which have lost you money. You can find out your strong points and eradicate your weaknesses. Tipstersworld offer a unique evaluation system of your bets to help you keeping your books always up to date.

Betting exchange:

A betting exchange is a platform where users can request their own odds for an individual event. The system is similar to the stock exchange where shares (bets) are „sold“ and „bought“. Unlike with the classic boookmaker, at a betting exchange users can bet for an outcome (BACK) and against it (LAY). The bet is valid as soon as one person or more have matched the offered odds for a bet. Effectively users are betting with each other, using the betting exchange only as an operator to overlook the process. Due to the user vs. user system the odds are usually higher than the odds offered by the classic bookmaker. Betting exchanges make their money by keeping a certain percentage of the winning money of users. Highly successful gamblers prefer the betting exchange in order to play a certain system or to avoid limitations set by the classic bookmaker. Most commonly known betting exchanges are Betfair, Betdaq and Betsson

Back:

A standard bet FOR an outcome of an event. The odds are being offered by other users (wanting to bet against the outcome) and if accepted the bet becomes valid (BACK STANDARD). If offered odds are not satisfactory the user can request his own odds whereby the bet now moves to the „Lay“ area (BACK SPECIAL). The bet is again only valid until one or more users fully match the requested odds by betting against that predicted outcome. Up until the bet is matched it can be cancelled by the user. The contrary to Back an event would be to Lay an event. Back special is effectively nothing else than to offer a Lay bet.

Lay:

A bet AGAINST the outcome of an event. The winning odds are always 2.0 (minus commission of betting exchange) as you are now offering a bet (you become the bookmaker). The possible loss is depending on the matched odds which are offered by users wanting to bet for the outcome (LAY STANDARD). Low odds mean a possible low loss and high odds mean a possible high loss. If the odds are not low enough the user can request lower Lay odds (LAY SPECIAL). This request now moves to the „Back“ area. It needs to be matched by one or more users who are betting for the outcome. The bet is not valid until fully matched and can be cancelled. Lay special is effectively nothing else than to offer a Back bet.

Bookmaker (Bookie):

Betting office who offer bets to fixed odds.

Head 2 Head:

Statistics which compare only the performance of 2 teams with each other over a certain period of time.

Key rate:

The Key Rate describes the proposed winning margin of a bet by the bookmaker. A higher Key Rate means less margin for the bookmaker and a lower Key Rate means a higher wining margin. The Key Rate varies from 90% (bad bookmaker) to 97% (good bookmaker). A value of 100% would mean a „fair bet“ but is not achieved as the bookmakers want to make a living. To calculate the Key Rate of a bet use the following formula:

Most Odds Comparison services have the Key Rate listed as well.

Limits:

Most bookmakers will set limits to very successful gamblers. That means the gambler can only bet a certain amount as his maximum stake. Bookmakers are trying to protect their earnings with these limits for professional gamblers. That gambler will have to move on to a different bookmaker or use a betting exchange.

Odds:

The price set by the bookmaker in relation to the likelihood of the possible outcome of an event. Higher odds give a smaller likelihood and smaller odds give a higher likelihood of the wanted result. It‘s the job of each gambler to judge the accuracy of odds in relation to the likelihood of the outcome. This is known as value. (Please see Betting ABC )

There are 3 different format of odds:

Decimal Odds

Mostly used in Europe. The stake is being multiplied with the odds and the result is your win + your stake.

Sample: Stake €10 x odds 2,1 = Payout €21 (net profit €11)

American Odds

American odds can either start with a minus sign (f.i.: - 150) or a plus sign (f.i.: + 150). Depending on the +/- sign there are 2 ways of reading these odds.

Positive odds show the winnings if the stake was $100.

Sample: With a stake of $100 at odds of +150 the payout would be $150 (net profit $50)

The american odds of +150 are equivalent to decimal odds of 1,5. Negativ odds show how much stake is needed to gain NET winnings of $100.

Sample: With odds of -150 stake of $150 is needed to win $100 net profit.

To convert negativ american odds to decimal odds use the following formula:

American odds of -150 are equivalent to decimal odds of 1.67.

Fractional (english) Odds

Mostly used in Great Britain. Displayed in fractions (f.i. 1/5). The stake is being multiplied with the odds (like the decimal odds) but the result is already the net profit of the bet. The fraction displays the relation between the possible net profit (1/5) and the stake (1/5).

Sample: Stake £10 * odds 1/5 = net profit 2 £
To convert fractional (english) odds to decimal odds use this formula:

Fractional (english) odds are equivalent to decimal odds of 1.2

Odds comparison:

Is a comparison service of various bookmakers (their odds) to a specific event.

Bookmakers have different odds due to their Key Rate and the differently judged likeliness of an outcome. This can vary so much that SUREBETS are being created. To make a longterm profit with betting it is advised to have an account with a number of bookmakers.

Paying In Bonus:

Most bookmaker offer goodlooking paying in bonuses in particular for new customers. The bonus can look like this : „100% to max €100“ or similar. Almost all bookmaker attach very strict conditions to the bonus. Please read through the terms and condition of each bookmaker when accepting their bonus.

Spread:

Commonly used in America as a name for handicap. With this type of bet the draw is neutralized. In Europe known as 2 way bet, Handicap bet or Asian Handicap bet.

Stake:

The amount of money at risk per bet. At Tipstersworld stake will be displayed as units (1-10)

Surebet:

A surebet is at least 2 placed bets with seperate bookmakers on different outcome for the same event, which creates a winning by any outcome. Bookmakers create different odds due to them judging the likelihood of an outcome differently. The Key Rate for a surebet would be above 100%.

Sample:

Bookmaker A offers the over 2,5 for odds of 1,9.
Bookmaker B offers the under 2,5 for odds of 2.2.

That creates a Key Rate of: 101,96 %

The stake would be placed according to the odds, in our example:
53,66 % on over 2,5 Bookmaker A 46,34 % on under 2,5 Bookmaker B The winning would be 1,95 % by any outcome.

To help with the calculation of the percentual stake there is a Surebet calculator on our partner site www.Wettportal.com.

Surebets should only be used by experienced gamblers as there are several risks such as short notice change of odds, technichal issues at bookmakers, set stake limits, different policies for the postponement of events or cancellation of bets.

Tipster:

Tipsters are people who offer their sports betting tips and their sports betting knowledge to other people. Within the community all Tipsters can take advantage of each other's experience and knowledge. That is the fundamental idea of Tipsterbook.com.

Type of Bets:

Generally one decides between Multi bets (accumulators) and Single bets. Please see the table for further clarification. Table of type of bets!

Single Bet:

A bet on the outcome of an event(usually the winner). Odds will be multiplied by the stake to get the winnings. There are 3 main types of bets here:

3 Way (3 possible results) 1X2:

The most popular type of bet for football. The tipper predicts the outcome to be either a home win (1), a draw (X or 0) or an away win (2). Please be careful with american sports events. In America the guest team will be named first, contrary to the rest of the world. The bet is for regular time of play only.

2 Way (2 possible results):

With this bet there are only 2 possible outcome. Bookmakers usually create these typeof bets with a handicap for a team(goal advantage). These type of bets are very popular at hockey, basketball or baseball as the result includes the possible overtime or penalty shoot out.

Outright winner (X possible results)

This type of bet can be found for sports such as motorsport, horse racing, athletics, swimming, winter sports......Basically every sports with more than 2 teams/competitors. Is also being used for tips of the winner of tournaments with more than 2 teams/ competitors.

Double Chance (DC):

This bet has advanced from the standard 3 Way bet (1X2). As the name indicates, one can bet on 2 possible outcomes to win the bet.

1X – Winning bet by Home win or Draw. Losing bet by Away win.
X2 – Winning bet by Draw or Away win. Losing bet by Home win.
12 – Winning bet by Home win and Away win. Losing bet by Draw.

Over/Under:

A bet on more or less goals/baskets then the set number by bookmaker.

Bookmaker usually use for Football a number of 2.5 goals. When betting under 2.5 goals a maximum of 2 goals may be scored in that game and the bet is won. If 3 goals are scored the bet is lost and vice versa for the over 2.5 bet. All other over/under values (0.5/ 1.5/ 3.5/ 4.5/ 5.5 ...) work similar.

A little more complicated are bets on over/under the goal value of 2,0/ 2,25/ 2.75. The result of the bet is not always lost or won but can also be stake return, half stake return or half won bet. The possible outcome of the bet is being set by the digit after the comma. Regardless of the type of winning/ loss the principle of how this bet is being won or lost is just like the usual over/under X.5 bet.

Please see below for an example:

Handicap Bet (HC):

The bookmaker gives a fictional disadvantage to a player/team usually the favourite.

For example Manchester United versus Werder Bremen:

Manchester are the favourite and receive a 1 goal handicap by the bookmaker (Handicap ManU 0:1). The bet on Manchester is won if Manchester are winning by 2 goals (to overturn the handicap). If Manchester only win by 1 goal the fictional result would be a draw and therefore the bet on the draw would win. If the result would be a draw or even a win for Werder Bremen the handicap bet on Bremen would win.

The Handicap Bet is based on the usual 3 way (1X2) bet. Here is the example:
Win Manchester 1,35
Win Bremen 8,25
Draw 4,55

Handicap Bets are very popular at sports like Basketball, Hockey or Handball as their are many more points scored than in football.

Asian Handicap (A HC):

Nil Handicap (pk):

The easiest of all Handicaps. The Draw would result in the stake return (Draw no Bet). The Bet on Milan is won with any victory of Milan. The Bet on Barcelona is won with any victory of Barcelona.

This type of AHC (AHC0) can also be recreated with 2 normal 3 way bets(1X2). The stake should be split as follows:

pk Barcelona 68,2 % of stake on 1 (Barcelona)
Payout with ANY victory of Barcelona 31,8 % of stake on X (Draw) secures a return of stake with ANY Draw
pk Mailand 68,2 % of stake on 2 (Mailand)
Payout with ANY victory of Milan 31,8 % of stake on X (Draw) secures a return of stake with ANY Draw