Written by: Alex Windsor
Updated: July 19, 2024

If you are new to gambling, you might have heard gamblers or bookies use betting terms such as ‘’Banker’’ and ‘’Underdog’’. To help, and hopefully maximize your profits, understanding this terminology may prove important.

It can often affect your enjoyment not fully understanding the basics, even be slightly off-putting. However, you should not be intimidated by what seems to be a completely different language which seems to consist of plenty of strange slang terms. In fact, the opposite, you should embrace this new world and use it to your advantage.

The most vital and the initial terms you will need to understand are those used by bookmakers related to placing bets and odds. Once you fully understand the basics, it will increase your confidence.

Online Gambling

Casinos online nowadays have games available that are a million miles apart from your regular casino. With a large extensive selection of games and advanced new features you’ll be guaranteed to find a game that is right for you. Traditional casinos are well known for card games and casino slots, which are all also available on mobile gaming, however instead of booking a flight to Las Vegas you can take part from the comfort of your own home. So understanding this gambling jargon could prove to be extremely helpful.

You may have found yourself gambling on your favorite mobile gaming or online casino and perhaps you were unwilling to place a bet because of your lack of understanding of this lingo. Getting to grips with this will hopefully eliminate the fear and let you enjoy your experience.

What is an Accumulator

An accumulator bet is when a series of bets is combined. Every bet must win in order for you to win. If one of the bets loses, your whole wager is lost. So, we’ll take Premier League football as an example. You have 4 games you’d like to bet on, and by combining each match to one bet slip, will help improve your odds but your chances of losing are much higher. So, you want to bet on Manchester United to beat West Ham. The odds are not great but you are also confident Arsenal will beat West Brom, Stoke City will beat Sunderland and Aston Villa will beat Liverpool. The odds will increase as you now have four games on your bet slip.

Want an easy way to work out your odds? Use our accumulator calculator – it’s the best on the market.

Banker Bets

The banker is a bet that is a bet most likely to succeed. You’ll hear many people gambling regularly use the word ‘’banker’’ when they feel they are guaranteed they will win.

Placing a Bet

Putting a bet on is when you place a wager on what you feel is going to be the predicted successful outcome. You could also log in to an online casino also has areas for sports betting so you don’t have to visit a bookmaker to place a bet.


A bookmaker, turf accountant or ‘’Bookies’’ as it is commonly known, is an organisation or someone that offers you odds and facilitates gambling. Bookmakers will set and accept bets, create odds and payout winnings. Tip – if you gamble online make sure to search a variety of sites, as often online betting companies offer different odds. You’ll find regular websites will offer deals such as free bets and promotions so remember to shop around before placing your bets.

Each-way bet

An each-way bet is two bets in one. It is most commonly used on horse racing however you will come across it in all types of betting these days. We’ll use golf for an example. You’re confident that Tiger Woods is in very good form. You think he has a good chance of winning the US Masters or at least come in the top five. So you decide to bet on him each-way. One bet for him to finish first, and second bet for him to finish in the top five.

You won’t get the same odds if you were just to put one single bet on him to win outright but it will give you a better chance of success.

Fixed odds betting

Fixed odds is a very popular type of sports betting used throughout the world. When putting on a bet on a betting price, you are betting on odds that will already be fixed.

You’ll find different types of odds, for instance in the United Kingdom fractional odds is commonly used. For example when you get $10 on 10/1 odds, you’ll win $100. When the odds are very high the fraction will then be flipped. So for example, if you feel Joey O’ Shea was to win the World Badminton Championship and he was expected to win you might see odds around ⅓. You bet $3 you will only win $1. If you have a 50/50 chance of winning you’ll see the fraction at 1/1.

Typically in The United States, most of the European countries, Canada, New Zealand, Australia and Canada decimal odds are used. This is popular around the globe because of its simplicity. They show you two figures separated by a full stop, like 2.20, 7.4 or 3.40. The gambler will use the decimal odds to figure out which price is the best value for their bet. You have to multiply your stake by the decimal price. For example $10 x 3.80 = $38. The returns will include the original bet stake.

In-play betting

In-play betting has become a global phenomenon on betting sites these days. It allows you to place a bet on the outcome of a game that has already started. All good online betting sites have this option for you. Odds will constantly change throughout a game so it is very important during a game to keep an eye on the fluctuating figures being offered.

This is a very exciting feature that gets you more engaged in a game. The odds depend on the activities that happen during the game. You might find In-play betting is more for you as it gives you more time to analyze each team or players. Statistically, bookmakers that offer the best odds are in-play bets. Well worth considering the next time you decide you’re feeling lucky!

Alex, a ten-year iGaming industry veteran and Managing Editor at BettingTools specializes in sports betting and betting tools. He also provides insightful reviews, ensures the accuracy of all offers, and maintains content quality helping you make informed choices. Combining professional expertise with a passion for football and soccer, Alex ensures we offer you a reliable resource, focusing on betting tools to assist with odds, accas, and other betting strategies.