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ChessBookie Game:
Glossary
     

action
(Informal) A wager; having action means having a bet.
bad beat
An unfortunate loss, usually one that is not deserved.
back
To make a bet on a certain player or team. E.g., if you bet on Topalov, then you are "backing Topalov." Compare with lay.
bet
See wager.
bettor
One who places a wager; a gambler.
bookie
(Informal) Short for bookmaker.
bookmaker
One who accepts and pays off bets, as on a horserace or other sporting competition.
British odds
See fractional odds.
chalk
(Informal) The favorite or the most heavily bet contestant. The term originates from the days when the odds at a racetrack were written on slates with chalk.
chessbucks
The fictional money that is used in the Chessgames Bookmaker Game. Chessbucks have no cash value and are redeemable for nothing.
cold
A player or team on a losing streak; or a bettor on a losing streak.
daily double
A gambling event in which the outcome of two games must be predicted correctly in order to win.
dead heat
Two or more contestants finishing equal for first place in an event. All winning tickets are paid off, but at substantially worse odds.
decimal odds
A form of expressing odds in a single number (always greater than one) which represents the gross receipt on a winning one unit wager. For example, decimal odds of 3.0 means that if you wager $1 you stand to profit $2. Also known as European odds.
dime or dime bet
A bet of 1000 chessbucks.
drift
Odds that lengthen (e.g., 5:1 turning into 10:1) are said to drift.
even money or evens
A wager which pays even odds: you stand to win exactly what you are willing to lose. In decimal odds this would be expressed as 2.00. In fractional odds this would be 1:1.
event
A sporting competition which can be wagered upon.
exacta
See perfecta.
exotic
An unconventional bet, other than simply betting on winners and losers. For example, bets on which chess opening will be played, or on who will deliver the first check, are exotic bets, or simply "exotics." Also called a proposition bet.
favorite
The player or team deemed most likely to win an event. Compare with underdog.
fractional odds
A form of expressing odds using two numbers, separated by a colon (:). The number of the left is the potential profit if you wager the amount on the left. For example, For example, odds of 5:1 (read "five to one") means that for every one unit you stake, you stand to profit 5 units. Also known as British odds.
handicapping
The practice of being able study factors, such as fundamental abilities and past performances, to assign proper odds to the outcome of a sporting competition.
handle
The total of all betting pools for a certain event. The bigger the handle, the more interest there is in the event.
Hall of Fame
Winners of the Chessgames Bookmaker Game earn a spot on this page for others to admire.
head-to-head matchup
A gambling proposition which matches up one player against another, without regard to the other contestants participating.
juice
(Informal) The fee collected by a bookmaker for his services. Sometimes this also is used to refer to the interest of a loanshark.
lay
To bet against an outcome. For example, if Topalov is playing Leko, you might simultaneously bet on both Leko and Draw, in which case it would be said that you are "laying Topalov." Compare with back.
leg
The ChessBookie game is played in rounds called legs which last roughly 3 months each. Each leg has a champion, and the final leg of the year (the Winter Leg) is the Championship Leg which declares the ChessBookie World Champion for the year. For more information, see the ChessBookie Help Page.
loanshark
One who lends money at exorbitant interest rates, often to gamblers or people involved in shady activities.
longshot
A bet which is very unlikely to win, and usually pays large odds.
lose pool or loser pool
In parimutuel betting, the betting pool(s) for the losing outcome of an event. This is the money (minus the juice) that is distributed to the winners of the event. Also see win pool.
no action
A wager graded "no action" is a bet that is called off and can neither win nor lose. This is only done in exceptional circumstances, such as a cancelled event, or an incorrectly posted bet. All wagers graded "no action" are refunded and no juice is collected.
odds
A ratio expressing the amount by which the stake of a bettor differs from that of his potential winnings. Two popular methods of expressing odds are fractional odds and decimal odds.
overlay
A good bet, where the odds received exceed the actual probability of the bet winning. Compare with underlay.
parimutuel betting
A system of cooperative wagering in which the holders of winning tickets divide the total amount of the money bet on an event, after deductions (the juice) has been made. The public itself determines the final odds on an event, simply because if there are many winners, the payoff will be divided among a large number of people.
parlay
To bet an original wager, and its winnings, on a subsequent event; or a series of bets made in such a manner.
pool or betting pool
The total sum of money wagered on a specific player or team in a gambling event. The sum of all betting pools for the event is called the handle.
payoff date
See settlement date.
perfecta
A gambling proposition in which the the first and second place winners of an event must be predicted in the exact order. Sometimes called an exacta. Also see quinella.
pick three
A gambling proposition in which the outcome of three different events must be predicted correctly to win.
pick four
A gambling proposition in which the outcome of four different events must be predicted correctly to win.
post time
The time when betting for an event ceases, usually shortly before the event begins.
proposition bet
See exotic.
punter
(Informal, chiefly British) One who gambles; a bettor, or especially, a square.
puppy
(Informal) An underdog.
quinella
A wager in which the bettor must predict the first and second place winners, in any order. For example, if you bet on the "Carlsen-Kramnik quinella" you would win if Carlsen placed 1st and Kramnik came in 2nd, or if Kramnik placed 1st and Carlsen came in 2nd. Also see perfecta.
refund
Money returned for a ticket that has been cancelled. There are several reasons why tickets may be refunded.
rake
The house cut in casino poker, the house's cut of the sportsbook money, or more generally, another word for juice.
square
(Informal) An unsophisticated bettor.
settlement date or payoff date
The date for an event when winning bettors can expect payment. This usually is shortly after the competition is completed.
stake
The amount wagered by a bettor on an event. This is the amount of money that the gambler is willing to lose.
ticket
A paper slip indicating that its holder has paid for a wager. It should indicate the event bet, the player or team bet upon, and the amount wagered.
tout
One who claims to have exceptional knowledge about the outcome of a gambling event.
underdog
The player or team expected to lose. Compare with favorite.
underlay
A bad bet; a betting option that has more money bet on its happening than can be justified by the probability of it happening. See overlay.
upset
A win for the underdog against a favorite.
vig or vigorish
(Informal) Interest collected by a loanshark.
wager
As a verb, wager means to gamble money on the outcome of an event. As a noun, a wager is the bet itself.
wheel
A strategy used for quinella and perfecta betting where a number of tickets are purchased that include every possible position of a certain contestant. For example, in a six player event you might bet on the quinellas 1-2, 1-3, 1-4, 1-5, and 1-6, in which it would be said you are "wheeling player 1."
win pool or winner pool
In parimutuel betting, the betting pool(s) for the winning outcome of an event. Also see lose pool.












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