Betting Terms Glossary
Betting on an exchange comes with its own vocabulary. Words like back, lay, liability, fancy and commission mean specific things, and if you only ever played at a traditional bookmaker some of them will be new. This A-to-Z glossary explains the terms you will meet on Silver Exchange in plain English, so you always know exactly what you are agreeing to before you place a bet.
It is written for adults (18+) who are getting started, and for anyone who wants a quick refresher on a single term. Use it alongside our cricket betting guide and our explainer on exchange vs bookmaker. The definitions below are evergreen — odds and prices move constantly, but the meaning of each term stays the same. If a term ever trips you up, our team is on WhatsApp 24×7 in English and Hindi.
How exchange betting reads on screen
On an exchange you see two prices for every selection: a blue back price and a pink lay price, each with the amount of money available to match. Learning to read that board is the first step, and most of the words in this glossary describe a part of it. Once the layout makes sense, terms like matched, unmatched, liability and cash out become much easier to follow.
Ready to see it live? You can create your Silver Exchange ID in minutes and watch the prices move on real cricket markets.
Exchange essentials
These are the core terms that make a betting exchange different from a bookmaker. Understand this first group and the rest of the glossary will click into place. For a fuller walkthrough, see exchange vs bookmaker.
- Back
- To back a selection means to bet on it to happen — for example, backing a team to win the match. If your selection wins, you collect; if it loses, you lose your stake. This is the bet most people are used to.
- Lay
- To lay a selection means to bet against it happening — effectively playing the role of the bookmaker. If you lay a team and it does not win, you keep the backer's stake; if it does win, you pay out at the agreed odds.
- Stake
- The amount of money you put on a bet. On a back bet your stake is the most you can lose. The potential profit is your stake multiplied by the odds, minus the stake.
- Liability
- The amount you stand to lose on a bet. On a back bet, liability equals your stake. On a lay bet it is larger — it is the payout you must cover if the selection wins, calculated as the backer's stake multiplied by the odds minus one.
- Decimal odds
- The odds format used on exchanges, shown as a single number such as 2.50. Your total return on a winning back bet is your stake multiplied by that number, so a 100 stake at 2.50 returns 250, of which 150 is profit.
- Matched bet
- A bet that has found an opposite party — a backer matched with a layer at the same odds. Only a matched bet is live; until it is matched, no money is at risk on it.
- Unmatched bet
- An order that is waiting for someone to take the other side at your chosen odds. It sits in the queue and does nothing until matched, and you can cancel it at any time before that happens.
- Commission
- A small percentage that the exchange charges on your net winnings in a market, rather than building a margin into the odds. You only pay commission when you come out ahead, never on losing positions.
- Cash out
- Closing your position early to take a profit or cut a loss before the event finishes, rather than waiting for the final result. The amount offered depends on how the odds have moved since you placed the bet.
- Trade out / Trading
- Backing and laying the same selection at different odds so that you lock in a position regardless of the outcome. Traders aim to profit from price movement, much like buying low and selling high.
- Green up
- The popular name for trading out so that you show a profit on every possible result. The phrase comes from the green numbers an exchange displays when each outcome is in the black.
- Market
- A single betting event you can bet on, such as Match Odds or Total Sixes. Each market contains one or more selections and has its own pool of back and lay money.
- Selection
- One of the possible outcomes within a market — for example, a particular team in a match-winner market. You back or lay individual selections, not the market as a whole.
- Runner
- Another word for a selection, borrowed from horse racing. In a three-way football market the runners are the home win, the draw and the away win.
- Suspended
- A market that has been temporarily paused so no new bets can be matched — usually around a key moment such as a wicket or a goal. Trading resumes once the odds have been updated.
- Settled
- A market is settled once the result is confirmed, winnings and losses are applied to balances, and the bet is closed. Settlement is final unless the market is later voided for a valid reason.
- Void
- A bet or market declared null, with stakes returned, because the event did not take place as expected — for example an abandoned match. A voided bet is treated as if it never happened.
- Position
- Your overall exposure in a market — how much you would win or lose on each selection given the bets you currently hold. Watching your position is central to trading and cashing out.
- Available to match
- The amount of money currently sitting at a given price, waiting for someone to take the other side. If you ask for more than is available, only part of your bet is matched and the rest stays unmatched until more money appears.
Odds & value
Odds are just a way of expressing how likely something is and how much it pays. This group covers the words people use when they talk about whether a price is good value or not, and which way a market is moving.
- Implied probability
- The chance of an outcome suggested by its odds. For decimal odds you find it by dividing one by the price — so odds of 4.00 imply a 25% chance. Comparing this with your own estimate is how you spot value.
- Overround / margin
- The amount by which a bookmaker's prices add up to more than 100%, representing their built-in profit margin. Exchanges keep this very low because prices are set by users rather than a bookmaker, which is why they often offer better value.
- Value bet
- A bet where you judge the true probability to be higher than the odds imply, so the price is in your favour over the long run. Finding value, not just picking winners, is what separates disciplined bettors from casual ones.
- Favourite
- The selection with the lowest odds, considered most likely to win. A short price reflects a high implied probability but a smaller potential profit.
- Underdog
- The selection with longer odds that is considered less likely to win. It pays more if it does, which is why upsets can be rewarding for backers.
- Drift
- When a selection's odds lengthen — get bigger — because money is moving away from it. A drifting price usually signals falling confidence in that outcome.
- Shorten / steam
- When a selection's odds shorten — get smaller — because money is piling in. A price that shortens quickly is often described as steaming.
- Price
- Simply another word for the odds on a selection. To "take a price" is to accept the current odds rather than wait for a better one.
- Even money
- Odds of 2.00 in decimal terms, where a winning bet returns exactly double your stake. It implies a 50% chance of the outcome happening.
- Odds-on / odds-against
- Odds-on means a price below 2.00, where you risk more than you stand to win because the outcome is likely. Odds-against means a price above 2.00, where the potential profit is larger than the stake.
Cricket & sports markets
Cricket has more bespoke markets than almost any other sport, and many of the terms below are specific to it. For how to actually use them, read our cricket betting guide and, in season, the IPL betting guide.
- Match odds
- The main market on who wins the match. In limited-overs cricket there are usually two selections, while a Test or football match may also include the draw.
- Bookmaker market
- A back-only market run with fixed prices alongside the main exchange, often used for outcomes the exchange does not list. Prices include a margin and there is no lay option.
- Fancy
- A bet on a specific in-game event rather than the final result — for example a player's runs or a team's total in a phase of play. Fancy markets are popular in cricket and are usually offered as back-and-lay lines.
- Session / over runs
- A type of fancy market on the number of runs scored in a set block of overs, such as the first six overs. You bet on whether the actual total will be over or under the quoted line.
- Toss market
- A simple market on which captain wins the coin toss before the match. It is a 50/50 outcome and settles as soon as the toss is made.
- In-play / live
- Betting that takes place while the match is in progress, with odds shifting ball by ball. In-play markets suspend briefly around key moments before reopening at fresh prices.
- Pre-match
- Betting placed before the event starts, while odds are relatively stable. Many bettors set a pre-match position and then manage it in-play.
- Outright
- A bet on the overall winner of a tournament or series rather than a single match — for example the winner of an entire league season. Outright bets can stay open for weeks or months.
- Handicap
- A market that gives one side a virtual head start or deficit to make an uneven contest more balanced. Your selection must overcome or protect that margin for the bet to win.
- Over/Under
- A bet on whether a number — such as total runs, goals or sixes — will finish above or below a line the market sets. It is one of the most common ways to bet on a statistic rather than a winner.
- Top batsman
- A market on which named batter will score the most runs for their team in an innings. Dead-heat rules usually apply if two players finish level.
- Method of dismissal
- A bet on how a particular wicket will fall — caught, bowled, lbw, run out and so on. It is a specialist market that rewards reading the conditions and the bowling.
- Man of the Match
- A market on which player will be named the official Man of the Match. Because the award is decided by a panel, results can occasionally surprise the form book.
Account, money & bonuses
These terms describe how money moves in and out of your account and how offers work. For the practical steps, see the deposits and withdrawals guide.
- Deposit
- Money you add to your betting account so you have funds available to place bets. On Silver Exchange you can deposit through UPI, popular wallets and bank transfer.
- Withdrawal
- Money you take out of your account and send back to your bank or wallet. Withdrawals are paid from your available balance once any pending bets are settled.
- Wallet / balance
- The pool of funds in your account that you can stake or withdraw. Your balance rises with deposits and winnings and falls with stakes and withdrawals.
- UPI
- Unified Payments Interface, India's instant bank-to-bank payment system used through apps on your phone. It is one of the fastest ways to fund a betting account.
- KYC / verification
- "Know Your Customer" — the checks that confirm your identity and age before you transact. Completing verification keeps your account secure and your withdrawals smooth.
- Bonus
- Extra funds or value credited to your account under the terms of a promotion. Bonuses almost always carry conditions you should read before opting in.
- Wagering / play-through
- A condition that says you must bet a bonus a certain number of times before you can withdraw winnings linked to it. Always check the wagering requirement so you know what a bonus really involves.
- Welcome offer
- A bonus aimed at new accounts, often matched to a first deposit. Like any bonus, it comes with terms such as a minimum deposit and a wagering requirement.
Responsible gambling
Betting should stay fun and affordable. These terms describe the tools and ideas that help you stay in control. If gambling ever stops feeling like entertainment, reach out to our team on WhatsApp or use the controls below.
- Deposit limit
- A cap you set on how much you can pay into your account over a day, week or month. It is a simple way to keep spending within a budget you decide in advance.
- Time-out
- A short, voluntary break from betting — for a set number of hours or days — during which you cannot place bets. It is useful for cooling off after a heavy session.
- Self-exclusion
- A longer or permanent block you place on your own account to stop yourself from gambling. It is a serious tool meant for anyone who feels their betting is becoming a problem.
- Responsible gambling
- The overall idea of betting only what you can afford to lose, setting limits, taking breaks and treating betting as entertainment rather than income. It underpins every other tool in this group.
- 18+
- Betting is strictly for adults aged 18 or over. Age verification exists to keep minors out, and accounts that cannot confirm age will not be allowed to bet.
Put the words into play
Now that the vocabulary makes sense, you can read any market on Silver Exchange with confidence. To go deeper, work through the cricket betting guide for how these terms apply ball by ball, and the exchange vs bookmaker explainer to see why backing and laying gives you more control. When you are ready, create your Silver Exchange ID and start small. Remember to bet responsibly — you must be 18+.
Frequently Asked Questions
What is the difference between back and lay?
To back a selection is to bet on it to happen, like backing a team to win. To lay a selection is to bet against it happening, taking the role a bookmaker usually plays. The exchange matches backers with layers, which is what lets you bet either for or against an outcome.
What does liability mean?
Liability is the amount you stand to lose on a bet. On a back bet it is simply your stake. On a lay bet it is larger: it is the payout you must cover if your selection wins, worked out as the backer's stake multiplied by the odds minus one.
What does cash out mean?
Cash out lets you close a bet early, before the event finishes, to lock in a profit or limit a loss. The amount offered depends on how the odds have moved since you placed the bet, so it can be more or less than your original stake.
What is a fancy market in cricket?
A fancy is a bet on a specific in-game event rather than the final result, such as the runs scored in a set block of overs or a player's total. Fancy markets are popular in cricket and are usually offered as back-and-lay lines you bet over or under. See our cricket betting guide for examples.
What is commission on an exchange?
Commission is a small percentage the exchange charges on your net winnings in a market, instead of building a margin into the odds. You only pay it when you finish ahead, never on losing bets, which is part of why exchanges can offer better value than a bookmaker.
What is the overround?
The overround, or margin, is the amount by which a bookmaker's prices add up to more than 100%, representing their built-in profit. Exchanges keep this very low because prices come from real demand rather than a bookmaker. There is more on this in our exchange vs bookmaker explainer.
What are decimal odds?
Decimal odds show a price as a single number, such as 2.50. Your total return on a winning back bet is your stake multiplied by that number, so a 100 stake at 2.50 returns 250, of which 150 is profit. It is the standard format used across the exchange.
Who can use this glossary and the exchange?
The glossary is free for anyone to read, but betting on Silver Exchange is strictly for adults aged 18 or over. Always bet responsibly and only with money you can afford to lose. If you need help, our team is on WhatsApp 24×7 in English and Hindi.
Know the lingo? Put it into play.
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