| Arbitrage | Where the fluctuation in odds available allows a punter to back both sides and guarantee a win. |
| Banker | Almost guaranteed winner, in permutation bets the banker is a selection that must win to guarantee a return. |
| Bar | The Price is the minimum odds for any of those selections not quoted in the betting. |
| Betting Tax | Tax on a bookmaker's turnover, tax is no longer paid by the punter. |
| Co-Favourites | Where three or more horses share the status of favourite. |
| Doubling-up | After a loss the player doubles the size of his previous bet. |
| Drift | When the odds on a horse lengthen. |
| Evens | Odds of 1 to 1 |
| Favourite (fav) | The horse considered most likely to win and therefore has the shortest or lowest odds known as the jolly. |
| Joint Favourites (jt-fav) | When bookmakers cannot separate two horses or teams for favouritism, they are made joint favourites. |
| Jolly | The favourite. |
| Longshot | The outsider or unfancied runner. |
| Martingale | Betting system based on doubling-up. |
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