Horse racing betting has its own language. Terms such as SP, Rule 4, overround, BOG, drifter, steamer, each-way, lay and ante-post regularly appear on racecards, bookmaker sites and betting exchanges.
Some describe types of bets. Others explain odds, market movement or how a winning bet is settled.
This A-Z glossary explains the most important UK horse racing betting terms and links to more detailed British Racecourses resources where a subject needs a fuller explanation.
For terminology relating to the sport itself, including headgear, race types, jockey terms and racecourse language, see our separate horse racing terms glossary.
A-Z Horse Racing Betting Terms
A
Accumulator
An accumulator combines several selections into one bet.
Every selection must win for a standard accumulator to succeed. The winnings from the first selection effectively roll onto the second, then the third and so on.
A four-fold accumulator contains four selections.
Accumulators can produce large potential returns from relatively small stakes, but every additional selection creates another way for the bet to lose.
Our horse racing bet types guide explains accumulators alongside doubles, trebles and combination bets.
Ante-Post
An ante-post bet is placed before the final declarations for a race.
Ante-post markets can open days, weeks or months before major races such as the Grand National and Cheltenham Gold Cup.
Prices can be bigger than those available nearer the race, but traditional ante-post rules generally mean you lose your stake if your horse does not run.
That makes the bookmaker’s non-runner terms important.
Arbitrage
Arbitrage betting involves backing all possible outcomes at prices that mathematically create a return regardless of the result.
Opportunities can arise when different bookmakers or exchanges disagree sufficiently about the correct prices.
They can disappear quickly as markets adjust.
B
Back
To back a horse means to bet that a particular outcome will happen.
If you back a horse to win, you receive a return if it wins and lose your stake if it does not.
Backing is the opposite of laying.
Banker
A banker is a selection a bettor considers particularly strong.
The term commonly appears in multiple bets, Placepots and accumulators where the bettor wants to rely on one selection.
Calling a horse a banker does not make the result certain.
Bar
A bar price shows the shortest price available about any runner not individually listed in a betting forecast.
For example:
33/1 bar
means every runner not specifically named in the displayed market is available at 33/1 or bigger.
Our 33/1 odds explanation shows the potential returns and raw implied probability represented by that price.
Best Odds Guaranteed
Best Odds Guaranteed, normally shortened to BOG, is a bookmaker concession that can settle an eligible winning horse racing bet at the Starting Price if the SP is bigger than the qualifying fixed price originally taken.
For example, you back a horse at 4/1. It wins at 7/1 SP.
If the wager qualifies for BOG, settlement can use the bigger 7/1 price.
If the horse instead shortens to 2/1, the qualifying 4/1 price originally taken is retained.
Bookmaker eligibility rules, qualifying times, races and bet types vary. Our Best Odds Guaranteed guide explains how it works.
Bet Calculator
A bet calculator works out potential returns from a stake, price and bet type.
Calculators become particularly useful for each-way bets and larger multiples where manual calculations become more complicated.
British Racecourses has a free horse racing bet calculator.
Betting Exchange
A betting exchange is a marketplace where customers bet against each other rather than simply betting against a traditional bookmaker.
Exchange users can back an outcome or lay it.
Prices are determined by money available from other exchange users, while the exchange provides the platform and applies charges according to its rules.
Betting Forecast
A betting forecast is an estimate of the prices expected for a race.
It is not necessarily the price a bookmaker will actually offer and should not be confused with the official Starting Price.
Betting Odds
Betting odds are the price attached to a particular outcome.
They determine the potential return and can be converted into the raw implied probability represented by the price.
For example, fractional odds of 5/2 mean a £2 winning stake produces £5 profit plus the £2 stake returned.
Our main betting odds guide explains fractional and decimal odds, probability and returns.
Betting Ring
The betting ring is the area of a racecourse where on-course bookmakers operate.
Bettors can compare displayed prices and place bets directly with bookmakers.
The betting ring remains part of British racing culture, although the modern official Starting Price should not be described simply as an average of the prices displayed by on-course bookmakers.
Betting Without
A betting-without market removes a nominated horse from the purposes of settling that particular market.
A common example is:
Betting Without the Favourite
If the favourite wins and your selection finishes second, your horse can still win the betting-without market if it finishes ahead of every other qualifying runner.
Always check which runner or runners have been excluded.
Board Price
Board prices are fixed odds displayed by on-course bookmakers.
A bettor can accept a displayed board price rather than choose SP.
Book
A bookmaker’s book is the collection of bets and liabilities it holds on an event.
The term can also refer more broadly to the complete set of prices available on a race.
Bookmaker
A bookmaker accepts bets and offers prices on sporting outcomes.
Online bookmakers, betting shops and on-course bookmakers all operate within British horse racing.
British Racecourses compares operators specifically from a racing perspective on our best horse racing betting sites page.
BSP
BSP means Betfair Starting Price.
It is produced by the Betfair Exchange and differs from the official industry Starting Price.
BSP and SP can be similar, but they are created by different mechanisms and should not be treated as interchangeable.
C
Canadian
A Canadian is a multiple containing five selections and 26 individual bets:
10 doubles, 10 trebles, five four-folds and one five-fold accumulator.
There are no singles, so at least two selections need to win before any component can produce a return.
Cash Out
Cash out allows a bettor to settle an open bet before its normal conclusion when the bookmaker or exchange makes the facility available.
The amount offered depends on the current position of the bet and market.
Cashing out does not automatically improve a bet. You are accepting a new financial proposition instead of allowing the original wager to run to completion.
Closing Line
The closing line is the market price close to the start of an event.
In British horse racing, the official Starting Price can provide one useful closing-price benchmark, while exchange markets can provide another.
Closing Line Value
Closing Line Value, or CLV, compares the price you paid with a later closing market price.
If you back a horse at 10/1 and it eventually starts at 6/1, you obtained a bigger price than the later market.
That does not guarantee the horse will win.
CLV measures price movement rather than race results. Our Closing Line Value in Horse Racing guide explains how to record and assess it over a meaningful sample.
Co-Favourite
Co-favourite is another term for a joint-favourite.
Two or more horses share favouritism when they are available at the same shortest price in the market.
Combination Forecast
A combination forecast covers several selected horses to finish first and second in any order.
Increasing the number of selections increases the number of combinations and therefore the total stake.
D
Dead Heat
A dead heat occurs when the judge cannot separate two or more horses at the finish.
Bet settlement is adjusted when more than one selection occupies the same finishing position.
The precise return depends on the bet and number of horses involved in the dead heat.
Decimal Odds
Decimal odds display the total potential return per unit staked, including the original stake.
For example:
3.00
means a £10 winning bet returns £30 in total, consisting of £20 profit plus the £10 stake.
This differs from traditional UK fractional odds, which express potential profit relative to the stake.
Use our fractional-to-decimal odds conversion table to compare common prices.
Dividend
A dividend is the return declared on a pool bet.
The term is particularly associated with Tote betting.
Rather than taking conventional fixed odds, stakes are combined into a pool and the dividend is determined under the rules of the relevant bet.
Double
A double combines two selections.
Both must win for a standard win double to succeed.
The return from the first selection effectively becomes the stake on the second.
Drifter
A drifter is a horse whose odds become bigger.
For example:
3/1 → 4/1 → 6/1
The market price now represents a lower raw implied probability.
A drift does not prove that a horse will run badly. Market movement is information, not a race result.
Our betting odds drifting guide explains why prices lengthen and how to interpret them.
Dutching
Dutching means backing more than one outcome in the same market while calculating stakes to produce a planned return across the selected outcomes.
Simply backing two horses is not necessarily Dutching. The distinguishing feature is how the stakes are distributed according to the prices.
E
Each-Way
An each-way bet contains two bets: a win bet and a place bet.
A £10 each-way bet therefore costs £20.
The place return depends on the horse’s odds, each-way fraction and number of places being paid.
Enhanced place terms can alter the proposition, so the headline win price should always be considered alongside the place terms.
Edge
An edge is an advantage a bettor believes exists between the available market price and the actual probability of an outcome.
Suppose your analysis suggests a horse has a 25% chance of winning.
That represents fair decimal odds of 4.00, or 3/1.
If the market offers a materially bigger price, your assessment suggests potential value.
An edge depends on the accuracy of the underlying probability estimate.
Even Money
Even money, normally called Evens, is 1/1.
A £10 winning bet at Evens produces £10 profit plus the £10 stake returned.
The price represents a raw implied probability of 50%.
Expected Value
Expected value, commonly abbreviated to EV, measures the theoretical average financial outcome of a proposition based on the probabilities and returns assigned to it.
A bet can lose and still have been positive EV according to your original probability assessment.
A bet can also win despite being a poor value proposition.
The difficult part is estimating probabilities accurately.
Extra Places
Extra places are enhanced each-way terms where a bookmaker pays more finishing positions than would otherwise apply under its standard offer.
The number of places matters, but so do the place fraction and price offered.
F
Favourite
The favourite is the horse available at the shortest odds in the market.
It has the highest raw implied winning probability according to the current prices.
Favourite does not mean a certain winner, nor does it mean the horse necessarily represents value.
Fixed Odds
Fixed odds are the price accepted when placing a bet.
If you back a horse at 8/1 fixed odds, the bet normally remains at 8/1 even if the market subsequently moves, subject to applicable settlement rules such as Rule 4.
This differs from explicitly choosing to bet at Starting Price.
Fold
Fold describes the number of selections in a multiple.
A two-fold has two selections, a four-fold has four and a six-fold has six.
All selections in a standard accumulator must win.
Forecast
A forecast is a bet on the first two finishers in a race.
A straight forecast requires the two horses to finish first and second in the correct order.
A reverse forecast covers the same two horses in either order.
A combination forecast covers several runners across multiple first-and-second combinations.
Fractional Odds
Fractional odds are the traditional UK format for displaying betting prices.
At 4/1, every £1 winning stake produces £4 profit plus the stake returned.
At 5/2, every £2 winning stake produces £5 profit plus the stake returned.
Fractional odds can also be converted into decimal odds and raw implied probability.
H
Handicap
A handicap is a race in which horses carry different weights according to their official ratings and the conditions of the race.
The purpose is to give horses of different levels of ability a more competitive chance against one another.
A horse being well handicapped means an analyst believes its current mark may underestimate its ability. It does not mean the horse is certain to win.
I
Implied Probability
Implied probability converts betting odds into a percentage.
For fractional odds, the calculation is:
Denominator ÷ (Numerator + Denominator) × 100
At 4/1:
1 ÷ (4 + 1) × 100 = 20%
The individual price therefore represents a raw implied probability of 20%.
This should not automatically be taken as the horse’s true chance, because bookmaker markets include a margin.
In-Play Betting
In-play or in-running betting takes place after the race has started.
Horse racing prices can change extremely quickly during a race.
Delays between pictures, market information and bet placement matter, so in-running racing betting operates very differently from placing a bet before the off.
J
Joint-Favourite
Joint-favourites are two or more runners sharing the shortest price in a market.
If two horses both start at 3/1 and no runner has shorter odds, they are joint-favourites.
Results may show the abbreviation JF.
Jolly
Jolly is traditional British betting slang for the favourite.
L
Lay
To lay a horse means betting against an outcome.
If you lay a horse in the win market, you profit if it does not win and incur the relevant liability if it does.
Lay betting is primarily associated with betting exchanges.
It should not be confused with simply backing another horse in the race.
Liability
Liability is the amount you stand to lose when laying a selection.
Suppose you lay a horse at decimal odds of 4.00 for a £10 backer’s stake.
Your liability is:
£30
If the horse wins, you pay the £30 liability. If it loses, you receive the backer’s £10 stake before applicable exchange charges.
Understanding liability is essential before using a betting exchange.
Longshot
A longshot is a selection available at relatively large odds because the market prices it as less likely to win.
There is no official price at which a horse becomes a longshot.
Our favourite-longshot bias guide explains why a large potential payout should not be confused with value.
M
Market
A betting market is the collection of available outcomes on which bets can be placed.
The principal horse racing market is usually the win market, but other markets can include place, each-way, betting without, match betting, forecasts and winning distance.
Market Mover
A market mover is a selection whose price changes significantly.
A horse shortening from 12/1 to 6/1 is a strong market mover.
British Racecourses tracks notable shortening on our best backed horses today page.
Market movement does not guarantee that a horse will win.
Maximum Payout
Maximum payout is the highest amount a bookmaker will pay under particular rules or circumstances.
Limits can differ by bookmaker, sport, race, bet type and customer terms.
Anyone placing unusually large bets or multiples with very large theoretical returns should understand the applicable limits before betting.
Multiple
A multiple combines two or more selections.
Doubles, trebles and accumulators are common examples.
Our horse racing bet types resource explains the different structures.
N
Nap
A nap is a tipster’s strongest selection of the day.
The term does not mean the selection is guaranteed to win.
Non-Runner
A non-runner is a declared horse that does not take part in the race.
How your bet is treated depends on when it was placed and the applicable betting rules.
A standard day-of-race bet on the withdrawn horse will normally be void, while fixed-price bets on other horses can be subject to a Rule 4 deduction.
Traditional ante-post bets can be treated differently.
Non-Runner No Bet
Non-Runner No Bet, commonly shortened to NRNB, means the qualifying stake is returned if the selected horse does not run.
NRNB is particularly relevant to ante-post markets before major racing festivals.
Do not assume an ante-post market includes NRNB unless it explicitly says so.
O
Odds
Odds are the price of a betting outcome.
They determine the potential return and can be converted into a raw implied probability.
UK racing commonly uses fractional odds, while decimal prices are also widely displayed online.
Our main betting odds explainer covers conversions, returns and probability.
Odds Against
A horse is odds against when its fractional price is bigger than Evens.
Examples include 2/1, 4/1 and 10/1.
The potential profit is greater than the stake.
Odds-On
A horse is odds-on when the potential profit is smaller than the stake.
Examples include 1/2 and 4/6.
An odds-on price represents a raw implied probability greater than 50%.
Overround
Overround measures how far the combined raw implied probabilities in a bookmaker’s market exceed 100%.
Suppose all the prices in a market convert to probabilities totalling 112%.
The market has an overround of 12%.
Overround is one way of examining bookmaker margin, although it does not tell you which individual horse is correctly or incorrectly priced.
Our bookmaker overround guide explains the calculation in detail.
P
Patent
A Patent contains three selections and seven bets: three singles, three doubles and one treble.
Because singles are included, one winning selection can produce a return.
Place
A place bet requires the horse to finish within specified finishing positions rather than necessarily winning.
The number of qualifying places depends on the market and terms.
Place betting is also the second half of an each-way bet.
Placepot
A Placepot is a Tote pool bet requiring selections to be placed in each of six nominated races.
You do not need to select six winners. Your selections need to satisfy the qualifying place conditions in all six legs.
Price
Price is another word for betting odds.
A bettor saying “I took the price” normally means they accepted the fixed odds available at the time rather than choosing Starting Price.
Probability
Probability describes the chance of an event happening.
A probability can be converted into fair odds.
For example:
25% probability = 4.00 decimal = 3/1 fractional
Bookmaker odds contain market margin, so a quoted price should not automatically be treated as the true probability of an outcome.
Our How to Price a Horse Race guide explains how to create your own probabilities and fair odds.
Punter
Punter is a common British term for someone who bets.
R
Return
Return is the total amount paid back from a successful bet.
It includes:
Profit + returned stake
For example, a £10 win bet at 4/1 produces £40 profit and a total return of £50.
Do not confuse return with profit.
Return on Investment
Return on Investment, or ROI, measures profit or loss relative to the amount staked.
A simple betting calculation is:
ROI = Profit or loss ÷ Total stakes × 100
If you stake £1,000 over a period and finish with a £50 profit, the ROI is 5%.
A high strike rate does not necessarily produce a high ROI because the odds taken also matter.
Reverse Forecast
A reverse forecast requires two selected horses to finish first and second in either order.
It therefore covers both possible finishing orders.
Rule 4
Rule 4 is a deduction that can apply to winnings from certain fixed-price horse racing bets when another runner is withdrawn.
The withdrawal changes the race and can improve the chances of the remaining runners.
The size of the deduction depends on the price of the withdrawn horse at the relevant time.
Rule 4 should not be described simply as a penalty imposed whenever there is a non-runner. Its application depends on the circumstances and betting rules.
S
Score
A score is traditional British slang for £20.
Shortening
A horse is shortening when its odds become smaller.
For example:
8/1 → 6/1 → 4/1
The market price represents a higher raw implied probability at the shorter odds.
A horse that shortens substantially may be described as a market mover or steamer.
Our betting odds shortening guide explains why prices move and why shortening does not guarantee a winner.
Single
A single is one bet on one selection.
If you stake £10 on one horse to win, you have placed a £10 win single.
SP
SP stands for Starting Price.
It is the official price returned for a horse around the start of a race.
If you place a bet specifically at SP, that price is used for settlement.
Starting Price is also an important reference for BOG and for comparing an earlier fixed price with the market around the off.
Spread Betting
Spread betting differs substantially from conventional fixed-odds horse racing betting.
Rather than simply backing a binary outcome at fixed odds, a spread bet is settled according to how far the eventual result differs from the quoted spread.
Losses as well as profits can therefore vary according to the outcome.
Stake
The stake is the amount of money placed on a bet.
A £10 win bet has a £10 stake.
A £10 each-way bet consists of two £10 stakes and therefore costs £20.
Starting Price
Starting Price is the full term represented by SP.
It is the official price returned for a horse at the start of a race and can be used to settle bets where no qualifying fixed price has been taken.
Starting Price can also provide a closing-market benchmark when analysing the price obtained earlier.
Steamer
A steamer is a horse whose odds shorten substantially.
For example:
10/1 → 5/1
The term describes a notable market move rather than a guarantee about the result.
A steamer is not automatically a good bet at the new shorter price.
Straight Forecast
A straight forecast requires you to predict the first and second horses in the correct order.
If Horse A is selected to beat Horse B, they must finish:
1st: Horse A
2nd: Horse B
Reversing those finishing positions loses a straight forecast.
T
Tic-Tac
Tic-tac was the traditional system of hand signals used by racecourse bookmakers to communicate prices.
Electronic communication has made it far less important in modern betting rings, but the term remains part of British betting history.
Tip
A tip is a betting selection recommended by another person.
The existence of a tip does not establish that the price represents value.
A useful betting decision still requires consideration of the horse, race and available odds.
Tipster
A tipster provides betting selections or advice.
Tipsters can publish free selections, sell subscriptions or work for newspapers, broadcasters and racing services.
When assessing a tipster, long-term transparent results are more useful than isolated winning bets.
Tissue
A tissue is a set of prices created to represent a bettor’s or analyst’s assessment of the probabilities in a race.
Creating a tissue before looking closely at bookmaker prices can help separate your own assessment from the market.
Our guide to pricing a horse race explains how to turn probability estimates into fair odds.
Tote
The Tote operates pool betting.
Instead of taking fixed odds from a bookmaker, stakes from bettors are combined into a pool. The applicable deductions are made and the remaining pool is distributed according to the rules of the particular bet.
Treble
A treble combines three selections.
All three must win for a standard win treble to succeed.
Tricast
A tricast requires you to predict the first three finishers in the correct order.
A combination tricast covers several selected horses across multiple possible finishing orders, increasing the number of bets and total stake.
Trixie
A Trixie contains three selections and four bets: three doubles and one treble.
Unlike a Patent, it contains no singles.
At least two selections therefore need to win for a component of the Trixie to return.
V
Value Bet
A value bet is a wager where the available odds are bigger than your assessment of the outcome’s true probability justifies.
Suppose you believe a horse has a 20% chance of winning.
That corresponds to fair decimal odds of:
5.00
or 4/1.
If you can obtain 6/1, your assessment says the available odds are bigger than your fair price.
That does not guarantee the horse will win. The concept depends on whether your original probability assessment is accurate.
W
Wager
Wager is another word for bet.
Win Bet
A win bet requires the selected horse to win the race.
A £10 win bet at 4/1 produces £40 profit plus the £10 stake if successful.
If the horse finishes second, the standard win bet loses.
Win Only
A win-only market pays only if the selection wins.
Each-way betting may not be available in races with very small fields or on certain markets.
Y
Yankee
A Yankee combines four selections in 11 bets: six doubles, four trebles and one four-fold accumulator.
There are no singles.
At least two selections therefore need to win before any component produces a return.
Yap
Yap is old betting-ring slang for the price 6/5.
It is much less commonly heard than terms such as Evens, odds-on or jolly, but can still appear in traditional racing slang.
Common Horse Racing Odds Terms
Several terms describe the relationship between a horse and its market price.
Odds-on means the potential profit is smaller than the stake.
Evens means the potential profit equals the stake.
Odds-against means the potential profit is greater than the stake.
Favourite means the horse has the shortest price.
Joint-favourite means two or more runners share the shortest price.
Drifter means the horse’s price is getting bigger.
Steamer or shortener means the price is getting smaller.
Longshot means the horse is available at relatively large odds.
These descriptions tell you what is happening in the market. They do not tell you whether the horse represents a good bet.
Common Horse Racing Bet Types
The most basic horse racing bets are win and each-way, but British racing offers many other structures.
A single covers one selection.
A double combines two.
A treble combines three.
An accumulator combines several selections with all legs needing to win.
Forecasts concern the first two finishers in a race, while tricasts concern the first three.
Trixies, Patents, Yankees, Canadians and other combination bets split selections into groups of multiple wagers.
Tote bets such as the Placepot operate through pools rather than conventional fixed odds.
Our complete horse racing bet types guide is the better resource when you need the mechanics of individual bet structures.
Horse Racing Market Terms
Betting markets can move considerably before a race.
Imagine a horse opens at:
10/1
It is then backed to:
8/1
then:
6/1
and eventually:
4/1
The horse has shortened.
A bettor who secured 10/1 has obtained a bigger price than the later 4/1 market.
Now reverse the movement:
4/1 → 6/1 → 8/1 → 10/1
The horse has drifted.
These movements provide market information, but they need context.
A shortening horse is not automatically a good bet because the attractive earlier price may have disappeared.
A drifting horse is not automatically a bad bet because the bigger price may create a more attractive proposition.
Price and probability should be considered together.
Fixed Price, SP and BOG
Fixed price, SP and BOG are closely connected.
A fixed price is the price accepted when you place the bet.
SP is the official Starting Price returned around the off.
BOG can allow an eligible winning fixed-price bet to be settled at the bigger Starting Price when the bookmaker’s terms apply.
Suppose you take:
6/1
The horse wins at:
10/1 SP
Without BOG, a standard fixed-price bet remains at 6/1.
With qualifying BOG terms, the winning bet may be settled at 10/1.
If the horse instead starts at 3/1, the qualifying 6/1 fixed price is retained.
This is why the price available and the terms attached to it both matter.
Back and Lay Betting Explained
Traditional bookmaker betting primarily involves backing an outcome.
You believe Horse A will win and back Horse A.
Betting exchanges add the ability to lay an outcome.
You believe Horse A will not win and lay Horse A.
The important figure when laying is liability.
A lay bet can expose you to losses greater than the backer’s stake, depending on the odds.
Do not place exchange lay bets until you understand how liability is calculated.
Betting Price Versus Chance of Winning
Odds perform two jobs.
They determine potential returns and express a raw implied probability.
At 1/1, the raw implied probability is 50%.
At 3/1, it is 25%.
At 4/1, it is 20%.
At 9/1, it is 10%.
Those figures do not establish the horse’s true chance. They are the probabilities represented by the individual prices.
Bookmaker markets also contain an overround, meaning the combined raw implied probabilities will normally exceed 100%.
This is why race analysis should distinguish between:
How likely is this horse to win?
and:
Is the available price big enough?
Betting Terms You May See on a Racecard
Racecards also contain abbreviations with betting significance.
F can identify the favourite in results.
JF can identify a joint-favourite.
BF commonly means the horse was a beaten favourite on its previous run.
C means course winner.
D means distance winner.
CD means course-and-distance winner.
Form figures show finishing positions, while letters can record outcomes such as falls, pulled-up runs and unseated riders.
These are racing and form terms rather than pure betting terminology. Our horse racing form guide explains how to read them in context.
Betting Terms and Race Analysis
Knowing betting terminology helps you understand a market, but it does not replace analysing the race.
Before deciding whether a price represents value, consider the racing evidence: form, class, going, distance, course, draw, pace, handicap mark and opposition.
The market is one part of race analysis rather than a substitute for it.
Our professional horse race analysis guide provides a structured approach to putting those factors together.
Which Horse Racing Betting Terms Matter Most for Beginners?
New bettors do not need to memorise every multiple bet or piece of traditional betting-ring slang.
Start with the terms you will encounter most often.
Stake is the money being risked.
Odds are the price of the bet.
Return is the stake plus profit returned from a successful bet.
Win means the horse must win the relevant market.
Each-way consists of separate win and place bets.
Fixed price is the odds accepted when the bet is placed.
SP is Starting Price.
BOG is Best Odds Guaranteed.
Favourite is the shortest-priced horse.
Drifter describes a horse whose price gets bigger.
Shortener describes a horse whose price gets smaller.
Non-runner means a declared horse will not participate.
Rule 4 is a potential deduction following certain withdrawals.
Ante-post means betting before final declarations.
Back means betting for an outcome.
Lay means betting against an outcome through an exchange.
Once those make sense, concepts such as overround, CLV, expected value and exchange liability become much easier to understand.
Horse Racing Betting Terms FAQs
What does SP mean in horse racing?
SP means Starting Price. It is the official price returned for a horse around the start of a race and is used to settle bets explicitly placed at SP.
What does BOG mean?
BOG means Best Odds Guaranteed. Eligible winning bets can be settled at the Starting Price if it is bigger than the qualifying fixed price originally taken, subject to bookmaker terms.
What does EW mean in horse racing betting?
EW means each-way. An each-way wager contains a win bet and a place bet, so a £10 each-way wager costs £20.
What does NR mean?
NR means non-runner. The horse will not take part in the race.
What does NRNB mean?
NRNB means Non-Runner No Bet. If the horse does not run, the qualifying stake is returned rather than being lost under traditional ante-post rules.
What is Rule 4?
Rule 4 is a deduction that can apply to winnings from certain fixed-price bets when another runner is withdrawn. The deduction reflects the effect the withdrawal has on the remaining market.
What does odds-on mean?
Odds-on means the potential profit is smaller than the stake. Prices such as 1/2 and 4/6 are odds-on.
What does Evens mean?
Evens means 1/1. A £10 winning bet at Evens produces £10 profit plus the £10 stake returned.
What is a drifter?
A drifter is a horse whose betting odds are becoming bigger.
What is a steamer?
A steamer is a horse whose price shortens significantly in the betting market.
What is a nap?
A nap is a tipster’s strongest selection of the day. It does not mean the horse is certain to win.
What does it mean to back a horse?
Backing a horse means betting that the selected outcome will happen.
What does it mean to lay a horse?
Laying a horse means betting against the selected outcome, usually through a betting exchange.
What is betting liability?
Liability is the amount a layer stands to lose if a lay bet loses.
What is an accumulator?
An accumulator combines several selections into one bet. Every selection must win for a conventional accumulator to succeed.
What is a Yankee?
A Yankee is an 11-bet multiple involving four selections. It contains six doubles, four trebles and one four-fold accumulator.
What is a Trixie?
A Trixie uses three selections across three doubles and one treble.
What is a Patent?
A Patent uses three selections across three singles, three doubles and one treble.
What is a forecast?
A forecast is a bet involving the first two finishers. A straight forecast requires the correct order, while a reverse forecast covers either order.
What is a tricast?
A tricast requires the first three finishers in the correct order.
What is overround?
Overround is the amount by which the combined raw implied probabilities in a bookmaker market exceed 100%.
What is value betting?
Value betting means taking odds that are bigger than your assessment of the outcome’s true probability justifies.
What does beating SP mean?
You beat SP when the fixed price you take is bigger than the horse’s eventual Starting Price. Backing a horse at 10/1 that starts at 6/1 is an example.
What is Closing Line Value?
Closing Line Value compares the price taken with a later closing-market benchmark. In horse racing, SP can be one such benchmark.
What is a betting exchange?
A betting exchange allows customers to bet against each other. Users can both back and lay outcomes.
What is the difference between SP and BSP?
SP is the official industry Starting Price. BSP is Betfair Starting Price and is produced through the Betfair Exchange. They are separate prices calculated through different mechanisms.
Summary
Horse racing betting terminology becomes much easier once the main terms are grouped by what they describe.
Stake, return and odds explain the financial structure of a bet.
Win, each-way, forecast, accumulator and Placepot describe different bet types.
Favourite, drifter, steamer and market mover describe what is happening in the betting market.
SP, fixed price, BOG and Rule 4 affect how bets can be priced or settled.
Back, lay and liability are essential concepts when using betting exchanges.
Probability, overround, expected value and CLV help bettors analyse prices rather than simply trying to identify winners.
Knowing the terminology does not create an edge by itself. It gives you the vocabulary needed to understand a race market, compare prices and know exactly what you are betting on.
For the mechanics of individual wagers, continue to our horse racing bet types page. For pricing, probability and market terminology, the main horse racing odds resource is the better next step.
Readers looking for racing terminology rather than betting terminology can use our separate horse racing terms glossary.
