Gambling Glossary - Online Casino School

Action

The entire sum wagered in a full gambling session by the gambler.

Bag

English high-rollers are familiar with this term, the UK slang for 'thousand'.

Banker

The dealer in card games is called the Banker, as he is the keeper of the bank.

Basic Strategy

Every game either has a winning strategy or is believed to have one… Basic Strategy is the statistically correct way to play Blackjack.

Bet

Another word in casino lingo for wager or a gamble

Betting Limits

Different casino games have minimum and maximum betting limits, amounts required to place or that cannot be exceeded.

Entering a game after examining the minimum and maximum betting limits will save the player the inconvenience or potential loss that is involved in getting into a game with too little at stake, or too much.

Cold

Gamblers win some and lose some. An unsuccessful session or a bad day at the casino is called a Cold.

Double Up

A gambling tactic according to which the player doubles the bet following a loss. The idea is based on an expectation that probability for a win is greater at this point. This will allow the player to win back his or her money. It is also known as the Martingale System.

Down card

A card dealt facing down and remains face down.

Even Money Bet

As the name implies, this is a bet with 1:1 odds. Winning such a bet means the player gets back the same amount that was wagered, on top of the original wager.

Face Cards

The King, Queen and Jack in a suit of cards.

Flat Betting

A system of betting in which the same amount is always wagered, no raising or lowering to speak of.

Gross Winnings

Always a nice thing to be able to count, the gross winnings are the total payout from the gambling session, which takes into calculation also the player's stake.

Laying the Odds

Together with Taking the Odds, the two are the main forms of gambling. Laying the Odds means placing a wager on a likely winning outcome (mainly in sports betting, but not only) in spite of a payoff less than the amount wagered.

Martingale System

Originally referring to betting strategies from 18th century France, today it means mainly the betting technique that calls for the player to double up after a loss as a way to recover the loss in the next turn, mainly in Roulette but used in all gambling games.

Maximum Bet

Online casinos may limit the maximum amount a player is allowed to make, called the maximum bet. Alternatively, the term refers to the option at slot machines that bets the maximum number of coins.

Odds

In online gambling, odds stand for the amount a bet pays off, not the statistical chance that a player will win. For example, 2 to 1, 10 to 1, and so on.

Progression Betting

A betting strategy that determines the size of the bet each time according to an already calculated formula.

Single

As the name suggests, nothing complicated is meant by this term. A single is a simple bet, also called straight bet, on only one event or selection.

Suit

Cards in a card deck come in one of four suits, or types: Clubs, Spades, Hearts and Diamonds.

Taking the Odds

Together with Laying the Odds, the two are the main forms of gambling. Taking the Odds means placing a wager that is smaller in amount than the payoff, if indeed the wager is successful and the player wins.

Wager

A bet, a gamble.