(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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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."
