Glossary

what do all these things mean?

Term	Meaning	Also
Back	A bet with the outcome. If a customer backs Real Madrid, they are betting that they will win.
Bet	See wager	Wager
Competitions	A group of events under the same sport or group of sports. Example would be Champions League or PGA Tour.
Event	An event is a single game, match or sporting event which can have multiple markets against it. A single event for example could be Qatar v Ecuador in the World Cup
Exchange	A way of placing wagers against other customers. The Exchange is the platform which grants users the ability to do this	BetDEX
Ladder	A ladder or price ladder stipulates the available prices for an outcome.
Lay	A bet against the outcome. If a customer lays Real Madrid, they are betting that they thing Real Madrid will lose.
Margin	Betting margins are the difference between the odds (an implied probability) the customer is offered to bet at, and the true probability of the outcome.
Market	A market under an event with multiple potential outcomes. Example here would be ‘total goals’ in a particular event.
Matching	If a customer backs at a certain price and another lays at that price then this matches orders and becomes a matched order.
Odds	If a customer backs at a certain price and another lays at that price then this matches orders and becomes a matched order.	Prices
Order	A transaction for a customer to either back or lay a particular outcome.
Outcomes	An outcome is a single entity to wager on in a market. Ie Liverpool, Draw, Chelsea - these are all outcomes.	Selections
Prices	See Odds
Returns	The amount of money returned to the player in a wager, this includes the money originally staked.
Selections	See Outcomes
Stakes	The amount chosen to be wagered by the player
Trades	When orders are matched with corresponding back and lay wagers, they become a trade.	Matching
Wager	A sum of money staked against an outcome which will determine winnings. A Bet	Order, Bet
Winnings	The amount of money won by the player in a wager	Returns