BetFame Blog | Basic Terms In Soccer Betting Explained

November 28,2019
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Kenneth Nicholson

Basic Terms In Soccer Betting Explained

If you’re new to betting, you’ve probably already realized that it’s all a lot more complex and multifaceted than you initially thought it would be. It’s a lot more than just picking the outcome you think is more likely to occur. You’ll probably come across several terms and phrases you’ve never heard before, but since there are actual real-world consequences to your actions when you bet, you can’t afford to merely wing it. To ensure that you aren’t accidentally led astray, here’s a glossary of basic terms in soccer betting.

Basic Terms In Soccer Betting

Here’s a list of some of the terms you will come across as you begin your journey into soccer betting:

1. Bookmaker

Also known as the bookie, a bookmaker is a person or organization that accepts bets on matches. They are also in charge of providing odds on all the various outcomes that could potentially occur, and they pay out your winnings as well.

2. Odds

Betting odds are essentially a number that indicates the probability of an event occurring. They are also used to calculate expected profits if the bet is successful. Odds can be in the form of decimals (1.20, 3.17…) and are often referred to as European odds. It can be in the form of fractions (2/1, 4/2..) which are also called UK odds. And then we have Moneyline or US odds, which are written as a whole number with a positive or negative sign (+200, -350).

3. Vigorish

Also known as the vig or juice, the vigorish is the cut that the bookie makes from your bet. This means that even if you win, the bookie will get a small percentage of your payout. This is how sportsbooks make their money.

4. Market Favorite

The team that is the most likely to win, or the outcome that has the highest chance of occurring is known as the favorite. Since the bookies know which side would win, they set the odds in such a way that the payout on a successful favorite bet has a very small profit margin. Betting on a favorite is usually low risk, but it also yields low profits.

5. Underdog

The underdog is the side that has a lesser chance of winning. Underdog bets usually see high odds, which means that small stakes could yield big profits.

6. Market

Market is a term you’ll see quite often. It's just another word for the type of bet. As you may already know, there are several betting markets - 1x2, Both Teams To Score and Over/Under just to name some of the more popular ones.

7. Betting exchange

Placing a bet with a betting exchange is very similar to gambling with a bookmaker. But instead, they allow you to make bets with other individuals just like you, rather than a bookmaker. As a result of this, you can also lay a bet, which means you can bet against an outcome occurring. This means that you can bet on an outcome to lose, rather than just backing it with a regular bookmaker.

8. Fixed odds

Fixed odds bets are not subjected to movements or changes in odds. Instead, your potential profits will be calculated based on the exact odds at the time you placed your bet, regardless of what happens.

9. In-play

Like the name would suggest, in-play betting allows the punter to place a bet while a match is going on. Making a wager after an event has started is much more convenient as the outcome will be easier to predict.