OddsHistory Learn — glossary of odds and markets
Short, no-nonsense explainers for the pricing concepts you see across the platform. Every article is written for the Australian market, uses decimal odds throughout, and links to the related sport-vertical view so you can see the concept in action on real prices.
Markets
- Win vs place markets in racing — what's the difference?
A win bet pays only if your runner finishes first; a place bet pays if it finishes inside the placings. Here's how Australian bookmakers structure both markets.
- Head-to-head (h2h) markets in betting — explained
A head-to-head market lets you back one of two outcomes — typically the home team or the away team. Here's how it works in AFL, NRL and cricket and how the prices relate to overround.
- Line betting (handicap) explained
A line bet (or handicap bet) gives one team a points start and asks you to back a side after that adjustment. Here's how AFL, NRL and cricket lines are priced and settled.
- Totals (over/under) betting explained
A totals bet asks whether the combined score in a game will be over or under a number set by the bookmaker. Here's how totals are priced and settled across AFL, NRL and cricket.
Pricing
- What is overround in betting?
Overround (a.k.a. book percentage, vig or margin) is the bookmaker's built-in profit margin on a market. Here's how to calculate it from decimal odds.
- Decimal odds vs fractional vs American — why Australia uses decimals
Decimal odds, fractional odds and American (moneyline) odds all describe the same prices in different formats. Here's how to convert between them and why AU bookmakers use decimal.
- Median odds, top, bottom and spread — the OddsHistory summary columns
The OddsHistory summary columns reduce a row of bookmaker prices into four numbers: top, median, bottom and spread. Here's what each one means and why median (not average) is the right anchor.
Movement
- Opening price vs closing price in betting
The opening price is the first published price for a market; the closing price is the last price before the event starts. Here's why the gap between them matters.
- How bookmaker price movement works
Bookmaker prices change in response to bets coming in, other operators moving, market news and risk. Here's how those forces actually move a price and what the patterns look like.