-Outsider: The opposite of favorite.

-Parlay: (Also, Accumulator) A multiple bet. Making simultaneous selections on two or more games with the intent of pressing the winnings of the first win on the bet of the following game selected, and so on. All the selections made must win for you to win the parlay.

-Patent: A Patent consists of 7 bets involving 3 selections in different events. The bet includes a single on each selection, plus 3 doubles and 1 treble. Just one successful selection guarantees a return.

-Permutations: To 'perm' selections. For example, if you have made 3 selections (A, B and C) you can 'perm' all the possible doubles. In this case all the doubles possible are AB, AC, and BC; a total of 3 individual bets, or lines. Similarly, if you have made 4 selections (A, B, C and D) you can also 'perm' all the possible doubles from these four. Now the doubles are AB, AC, AD, BC, BD, CD; a total of 6 individual bets, or lines.

-Pick six: A proposition which challenges the bettor to pick six winners of six successive races (also known as "pick six" or "five-ten").

-Pick: The selections chosen by an expert to bet on (also known as "tips").

-Place: Finish in the top three, top four and sometimes also top five in a competition or event. A Place bet will win if the selection you bet on is among those placed. Different sportsbooks have different Place terms and you should check their rules before placing a bet.

-Point Spread: The start that the favorite gives the underdog. Also known as the "line" or "handicap".

-Pony: Bookmakers slang for £25.

-Pool: Total amount bet for win, place or show, or in a daily double.

-Price: Betting or gambling odds.

-Punter: UK term for someone who has a bet ("bettor" in the US).

-Return: Your total winnings on a bet.

-Round Robin:  A bet consisting of 10 bets (3 pairs of 'Single Stakes About' bets plus 3 doubles and 1 treble) involving three selections in different events. (US, A series of three or more teams into two-team wagers).

-Runner: Somebody who places bets for another person.

-Scalper: One who attempts to profit from the differences in odds from book to book by betting both sides of the same game at different prices.

-Scratch: The withdrawal of a competitor.

-Shorten: The opposite of 'Lengthen'. Referred to odds getting shorter, that is, less attractive to the bettor.

-Single: A Straight bet on one selection to win one race or event, also known as a straight-up bet.

-Single Stakes About: A bet consisting of 2 bets on two selections (1 single on each selection any to come 1 single on the other selection reversed).

-Steam: When a betting line starts to move quite rapidly, usually caused by many bettors betting on it.

-System: A method of betting, usually mathematically based, used by a punter or bettor to try to get an advantage.

-Taking: Betting on the underdog. In a match bet, the underdog is usually odds against, so the bettor is "Taking the odds".

-Teaser: A bet on two or more teams where the bettor can add or subtract points from the spread to make their bets stronger in return for reduced odds. All results must match the selections to win the teaser.

-Thick'un: A big bet.

-Tie: A push, stand-off or a draw.

-Tips: Picks. The selections and predictions of competitors performance for an event from an expert or observer.

-Totals: Sports bet on whether the total score will be over/under a given mark.

-Tote: Short for Totalisator. A system introduced to Britain in 1929 to offer pool betting on racecourses.

-Treble: A bet consisting of 3 selections, all of which must win for the wager to be successful.

-Trixie: A multiple bet consisting of 4 bets (3 doubles and 1 treble) with 3 selections in different events.

-Underdog: 1)A team or individual that is expected to lose. Also known as the dog.2) The team that receives a point start in a handicap.

-Union Jack: A bet consisting of 8 trebles on 9 selections A to I: ABC, DEF, GHI, ADG, BEH, CFI, AEI, and CEG

-Value: Getting the best odds on a wager.

-Win Only: Betting on a competitor to win an event. Also known as 'Straight Out' or 'Money Line' betting.

-Yankee: The term used for a bet that consists of four selections, combining them into six doubles, four trebles and one fourfold - i.e. eleven bets.