Glossary

Bookmaker

A bookmaker is the company that takes the opposite side of all your bets. It’s the service they provide.

Odds

The odds define how much money you will receive in case you win your bet. There are different formats for displaying the odds. On this site, decimal odds are used most of the time.

The converter page gives you more information about different types of odds and allows to convert between them.

Overround

The Overround is a way to earn money for the bookmaker. Instead of laying wholesome odds, the odds are a bit lowered. For example in case of a truely equal match with both contestants having a chance of 50% of winning, the wholesome odds would be 2.0 in decimal odds. This would lead to each better receiving on average the same as het bet. But as bookmakers need to make a profit, the odds are lower, in the case of two equally likely outcomes the odds are lowered from 2.0 to values in the range of 1.8 to 1.97. The overround can be calculated by calculating how much money you would need to bet in order to receive one amount of money with certainty. For the case with two equelly likely outcomes and odds of 2.0, the money needed to win one unit with certainty would be one unit, 0.5 bet on each outcome, therefore the odds would be fair. For lower odds of 1.9 for example, you would need 1.053 units to win one unit with certainty, this difference is the bookmaker’s margin.

Surebet

A surebet is when there is a guaranteed win in betting on all possible outcomes simultaneously. Being able to do this at one bookmaker is usually due to an error on the bookmaker’s side. These bets are likely to be voided. But sometimes it is possible to exploit differences in odds between bookmakers. Then there is the chance to win with certainty.

Valuebet

A bet that is in the opinion of a bettor expected to pay out more than wagered.