> For the complete documentation index, see [llms.txt](https://learn.betdex.com/betdex-exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://learn.betdex.com/betdex-exchange/useful-information/glossary.md).

# Glossary

<table><thead><tr><th width="173.33333333333331">Term</th><th width="459">Meaning</th><th>Also</th></tr></thead><tbody><tr><td>Back</td><td>A bet with the outcome. If a customer backs Real Madrid, they are betting that they will win.</td><td></td></tr><tr><td>Bet</td><td>See wager</td><td>Wager</td></tr><tr><td>Competitions</td><td>A group of events under the same sport or group of sports. Example would be Champions League or PGA Tour.</td><td></td></tr><tr><td>Event</td><td>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</td><td></td></tr><tr><td>Exchange</td><td>A way of placing wagers against other customers. The Exchange is the platform which grants users the ability to do this</td><td>BetDEX</td></tr><tr><td>Ladder</td><td>A ladder or price ladder stipulates the available prices for an outcome.</td><td></td></tr><tr><td>Lay</td><td>A bet against the outcome. If a customer lays Real Madrid, they are betting that they thing Real Madrid will lose.</td><td></td></tr><tr><td>Margin</td><td>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.</td><td></td></tr><tr><td>Market</td><td>A market under an event with multiple potential outcomes. Example here would be ‘total goals’ in a particular event.</td><td></td></tr><tr><td>Matching</td><td>If a customer backs at a certain price and another lays at that price then this matches orders and becomes a matched order.</td><td></td></tr><tr><td>Odds</td><td>If a customer backs at a certain price and another lays at that price then this matches orders and becomes a matched order.</td><td>Prices</td></tr><tr><td>Order</td><td>A transaction for a customer to either back or lay a particular outcome.</td><td></td></tr><tr><td>Outcomes</td><td>An outcome is a single entity to wager on in a market. Ie Liverpool, Draw, Chelsea - these are all outcomes.</td><td>Selections</td></tr><tr><td>Prices</td><td>See Odds</td><td></td></tr><tr><td>Returns</td><td>The amount of money returned to the player in a wager, this includes the money originally staked.</td><td></td></tr><tr><td>Selections</td><td>See Outcomes</td><td></td></tr><tr><td>Stakes</td><td>The amount chosen to be wagered by the player</td><td></td></tr><tr><td>Trades</td><td>When orders are matched with corresponding back and lay wagers, they become a trade.</td><td>Matching</td></tr><tr><td>Wager</td><td>A sum of money staked against an outcome which will determine winnings. A Bet</td><td>Order, Bet</td></tr><tr><td>Winnings</td><td>The amount of money won by the player in a wager</td><td>Returns</td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr></tbody></table>