Glossary Of Terms

Betfair and Bet Angel sometimes use terms and phrases unique to trading on the sports exchanges. See below or search for a term you would like to see a definition of.

  • Stands for Application Programming Interface. The API allows software developers to produce betting applications that can be used to enhance our betting experience on Betfair.
  • When you place a back bet you are betting on something to win. If you back at odds of 2.00 for £10, you will win £10 with a stake of £10 if your selection goes on to win.
  • Betfair trading is a way of profiting from backing and laying at different odds on the Betfair exchange. You profit if you lay at a lower price than you back at. This is because the liability on the lay bet is lower than the profit on the back bet.
  • Betfair trading software is specially designed software for trading on Betfair. You can use it to perform many actions, some quite complex, quickly, easily and faster than using the standard Betfair web site. Some advanced software, like Bet Angel, can even be fully automated.
  • The 'book' is the entire market you are currently looking at and every selection in it. The word book comes from the word bookmaker as it was a bookmaker how would traditionally make the 'book'.
  • The book percentage is the percentage you get in a market when you add up all the individual selections in a market and convert them to their implied chance. Something priced as decimal odds of 2.00 will convert to an implied chance of 50%. Two selections would add up to total book percentage of 100%. In a market where only one selection can win you would expect the book % to be at or near 100%.
  • Making a book or bookmaking is the way of lay all selections in the market for a guaranteed profit. This is the way traditional bookmakers make money, by creating a 'book' that is overround and represents a payout of more than 100% when the maximum payout possible on the underlying event is 100%
  • The term BOT is short for roBOT and is basically a computer program that can replicate manual betting activities. If you repeatedly do the same trades over and over again (e.g. lay every horse in every race at 1.3 and cancel once one is matched), Bet Angel has some automation available that can automate this for you – allowing you to concentrate on other betting opportunities.
  • Cash out is in effect the same as greening or hedging. It is simply a way for you to close your current market position for a profit or loss at the current available price. Cashing out may also hedge your position so you have an equal profit and loss across all selections in the market.
  • Dutching is the process of placing one or more back bets into a market for a pre-defined profit if any of those selections win. It is achieved by spreading the losses across the remaining selections.
  • When placing a bet into the market, the price you want may not be available. The software can be set to cancel the bet ('kill') unless it is accepted ('filled'). Time periods can be set for this process.
  • This is the same thing as cash-out or hedging. When you Green or 'Green out' or 'Green up' your position on the Betfair exchange or Betdaq will show a green amount which will represent your profit regardless of who goes on to win the underlying event.
  • This is the same thing as cash-out or hedging. When you Green or 'Green out' or 'Green up' your position on the Betfair exchange or Betdaq will show a green amount which will represent your profit regardless of who goes on to win the underlying event.
  • This is a type of display that the betting application uses to present the available prices and liquidity. The grid layout is displayed horizontally across the screen much as you would expect to see on the traditional Betfair or Betdaq website.
  • When you hedge a position when trading you are spreading the profit or loss across the entire book in the market. This makes your profit or loss equal on each selection. This reduces your profit on the individual selection you are trading but ensures you win whatever the result.
  • A vertical display of the market prices showing the odds, traded amounts, amounts available. Can also indicate last price traded and direction of price.
  • A lay bet is where you bet against something happening. If you lay £10 at odds of 3.00 then you will win £10 if the selection goes on to lose, but lose £20 if it goes onto win. Laying carries more monetary liability than backing but is less likely. When lay you win the backers bet if the selections loses, but the backer wins the layers liability if it wins.
  • The ability to place a pre-defined bet into the market with a single click without having to confirm the bet. This saves a lot of time.
  • When placing any bet into a market you should always have the latest market data. With Bet Angel the prices are automatically refreshed for you. You set the speed of update to satisfy your trading style.
  • This feature is used to automatically close out your position for a loss should the market move against you.
  • Every price increment in on the Betfair or Betdaq exchange is referred to as a “tick” so the decimal price 2.0 is one tick shorter than 2.02. With Tick Offset enabled in your betting app, you can automatically place an opposing order as soon as your initial bet is matched.
  • The process of buying and selling. In the betting exchange this is the equivalent of laying and backing.