This post is a comprehensive guide to betting lingo & jargon for beginners: for navigating the cricket betting arena.
This diving into the world of betting, especially cricket betting, comes with its own set of terms and jargon. Familiarizing yourself with this betting lingo is crucial for a better understanding of the odds, strategies, and overall dynamics of the betting landscape.
Delving into the realm of cricket betting is an exhilarating venture, but understanding the intricacies of the betting world is paramount for a successful experience. In this comprehensive guide, we unravel the jargon and terminology that encapsulates the vibrant landscape of cricket betting.
Here’s a concise guide to some key terms you might encounter. Go through all the betting terms you need to know before you bet on cricket matches!
Bookmaker
The entity or individual who sets and accepts bets, calculating odds and potential payouts. Companies like bet365, William Hill, Betfair and 1XBet are some of the more well-known bookmakers around.
Here’re some of the best cricket bookmakers in India.
Odds
The numerical representation of the likelihood of a particular outcome in an event. Read more about what the different types of odds are in our article here.
Wager
The amount of money placed on a bet.
Bankroll
The total amount of money a bettor has set aside for betting. You will encounter this term when you deep-dive into understanding and learning about cricket betting and try to understand bankroll management.
Favourite
The team or outcome with the lowest odds is considered most likely to win. India were 1/8 odds going into their 2023 World Cup game against Netherlands and were the ‘favourite’.
Underdog
The team or outcome with higher odds is considered less likely to win. Continuing with the example above, the Netherlands were the underdog in that encounter.
Handicap
A method used by bookmakers to level the playing field by giving a virtual advantage or disadvantage to certain teams. Handicap betting is a very well-known form of sports betting.
Over/Under
Betting on whether the total score of a game will be over or under a certain predetermined number.
Moneyline
The odds are expressed in terms of a money value, indicating the amount you can win or need to stake for a specific outcome.
Accumulator/Bet Parlay
A single bet that links together multiple individual wagers for a higher payout. All bets must win for the accumulator to be successful. E.g. – in a series between India and England, if one has an accumulator or an Acca bet of India winning the series, Kohli be the top India batter in the first Test, Buttler be the top England batter in the second Test & Over 300 Runs in the First Innings of the third Test, then all these four bets need to come right for the punter to win the Accumulator.
Read more about cricket accumulator betting here.
In-play betting (Live Betting)
Placing bets on an event while it is in progress. Our exhaustive guide on how exactly does in-play betting in cricket work is here.
Hedging
Placing bets on the opposite side of an existing bet to reduce potential losses or guarantee a profit.
Vig or Juice
The commission taken by the bookmaker on a bet is usually built into the odds.
Steam
A rapid and significant change in the odds due to heavy betting activity.
Units
A standard measurement for the amount wagered is often used in bankroll management.
Futures
Bets placed on the outcome of an event in the future, like tournament winners.
Push
A tied or drawn bet where the original wager is refunded.
Chalk
Refers to the favourite in a game, often associated with heavy public support.
Lock
A bet predicted to be an easy win.
Dead Heat
Applied when two or more participants finish equally.
Steam Chaser
A bettor who follows line movements and tries to bet on the side that has seen significant action.
Closing Line
The final odds are offered before an event begins.
Square
An inexperienced or recreational bettor.
Sharp
An experienced and knowledgeable bettor.
Public Betting Percentage
The percentage of bets placed on a particular side is often used to gauge public sentiment.
Betting Exchange
A platform where bettors can match or bet against each other, with no need for a traditional bookmaker. Not all bookmakers provide betting exchanges. One of the more famous betting exchanges comes from the house of Betfair.
Understanding these terms will enhance your comprehension of cricket betting discussions, strategies, and analysis, making your cricket betting journey more enjoyable and informed.
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