Gambling Glossary

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

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

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.

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.

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

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.

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.

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.

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.

In sports betting, Odds are the sportsbook's or bookmaker's view of the chance of a competitor winning (adjusted to include a profit).

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

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.

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.

A bet, a gamble.