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| Odds | The return offered by the bookmaker on a selection to win. Basically odds represent the chance of your outcome winning - as defined by the bookmaker. So odds of 5/1 (which means 5 to 1) mean the bookmaker think it has a 1 in 6 chance of winning. |
| Odds against | A price where the odds are greater than evens (fractional) or 2.00 (decimal). |
| Odds compiler | The person who compiles and sets the odds. |
| Odds on | A price where the odds are less than evens (fractional) or 2.00 (decimal). |
| Oddsmaker | Another term for linemaker. |
| Off the Board | 1. The book is closed and bets are no longer being taken by the bookmaker. 2. A game on which the bookmaker will not accept bets. |
| Off-course Bookmaker | A bookmaker who is not present at the racecourse or other event - e.g. in a high street betting shop. |
| On-course Bookmaker | A bookmaker who is present on the racecourse or at the event. |
| On the Nose | A win bet. |
| Out | 1. A price moves out if the odds get longer. 2. Bookmaker, usually refers to an illegal bookmaker. |
| Outlaw Line | An overnight line not used by casinos or offshore establishments. |
| Outsider | Another term for underdog. |
| Over/Under | A bet on whether the total points or goals scored will be over or under a specified number posted by the bookmaker. |
| Overbroke | When the "book" results in a loss for the bookmaker. |
| Overlay | When the odds of a selection are high compared to its chance of winning (the odds are in favor of the bettor rather than the bookmaker). |
| Overround | Profit margin set by the bookmaker on every "book" he makes. In theory a betting book should be 100%. This means the book is totally round and that a bookmaker with a level book would break even. However bacause of the bookmakers' profit margins mean the figure is usually above 100%, this is known as over-round. The more over-round it is, the more in favour of the bookmakers the book is. In cases where it is less than 100% this is referred to as 'over-broke'. |
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