Accumulator:

A bet involving more than one horse with the winnings from each selection going onto the next.

Antepost:

Betting on an event well in advance of the day of the race - in the case of the Classics or big National Hunt events this could be a year or more before the race takes place.

Banker:

A selection that is fancied very, very strongly indeed. Will often be the cornerstone of combination bets.

Bar:

This shows what the lowest odds of horses not mentioned in the betting forecast are likely to be - '50-1 bar' means those not quoted are 50-1 or bigger.

Bets Odds Percentage:

The bottom line is that the odds available are balanced in favour of the bookmaker. A simple example is the toss of a coin where the chances of heads or tails are 50:50. However if the bookmaker were to offer even money on either event there would be no profit margin. Hence odds of 5-6 each of two would probably be offered. The Best Price Percentage figure at the bottom of most of our odds tables calculates the percentage in favour of the bookmaker (ie. 111 per cent means 11% in bookmaker's favour). Sometimes when firms wildly disagree the percentage will drop below 100% and therefore be in the punter's favour.

Board Prices:

This refers to the currently available odds displayed on the boards of on-course bookmakers. It is from these that the starting price is derived.

Co-Favourite:

A horse that shares its position at the head of the market with at least two other horses.

Drifter:

When the price of a selection moves out (gets bigger), often due to a lack of support. That selection is said to be “on the drift”.

Eachway:

Backing your selection to come placed (see place terms above for more information).

Favourite:

The selection that the bookmaker rates as most likely to win the event.

Handicap:

A race where each horse is allocated a different weight to carry based on current form and ability, the theory being all horses run on a fair and equal basis.

Joint Favourite:

When a bookmaker cannot split two selections for favouritism.

IBAS:

(Independent Arbitration Betting Service). An arbitration service which was launched to deal with betting disputes between punters and bookmakers.

Jolly:

Another term for the favourite in a race

Monkey:

Bookmakers slang for £500 Nap: Best bet of the day from a particular napster.

No Offers:

When bookmakers are unwilling to offer a price on a horse N/O is chalked up on their board.

Over Round:

In theory a betting book should be 100%, so a toss of a coin would be even money heads, even money tails. However the bookmakers' profit margins mean the figure is usually above 100%. In cases where it is less (one bookmaker betting 11/8 against on Horse A, another going evens on Horse B in a two horse race) this is referred to as 'over-broke'.

Pony:

Bookmakers slang for £25

Rule 4:

If a horse is withdrawn and there is insufficient time to form a new market the remaining horses in the race are subject to a deduction if they win or are placed. These are calculated according to the starting price as follows: 3/10 or longer odds - 75p in the £, 2/5 to 1/3 - 70p, 8/15 to 4/9 - 65p, 8/13 to 4/7 - 60p, 4/5 to 4/6 - 55p, 20/21 to 5/6 - 50p, Evens to 6/5 - 45p, 5/4 to 6/4 - 40p, 13/8 to 7/4 - 35p, 15/8 to 9/4 - 30p, 5/2 to 3/1 - 25p, 10/3 to 4/1 - 20p, 9/2 to 11/2 - 15p, 6/1 to 9/1 - 10p, 10/1 to 14/1 - 5p, 14/1 - unchanged

Starting Price:

This is often abbreviated to SP. These are the returned prices of the horses which form the basis of the pay out to winning punters if they haven't taken a specified price themselves.

Steamer:

A horse whose odds are continually shortened in the face of heavy support.

Tic-Tac:

The 'sign language' with which bookmakers on the racecourse communicate.

Tissue:

The betting forecast of how an on-course bookmaker thinks the betting on a race now open.