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P
| Parlay | US term for accumulator. A bet with two or more teams where all the teams must win for the bettor to be successful. |
| Past Performance | What has occurred previously to the forthcoming games. |
| Past Post | To make a bet after an event has started. |
| Patent | A Canadian-type bet consisting of seven bets on all the permutations of three selections. The bet splits into three singles, three doubles and a treble. You only need one bet to be come in to get some return. |
| Payout | What you get back from the bookmaker - your winnings and returned stake. |
| Perms | Shortened form of permutations. |
| Permutation | All the possible combinations of a number of selections. In other words this amounts to the total number of ways in which you can combine your selections. For four selections, 1,2,3,4 you can combine the horses as follows: one four-times win bet (1234), four win trebles (123, 124, 134, 234), six win doubles (12, 13, 14, 23, 24, 34) and four win singles 1, 2, 3 and 4. These permutations are used in bets such as Double, Treble, Patent, Trixie, Yankee and Canadian. |
| Pick or Pick'em Game | A game where neither team is favored. |
| Picks | Betting selections chosen by an expert. |
| Place | For a horse race, you can bet on a win or a place. In all fields, the place may be 1st, 2nd and/or 3rd. |
| Placed | If a horse comes first, second or third (but not necessarily all of them, the range depends on the size of the field), the selection is said to have been 'placed'. |
| Player | Another term for punter, bettor, gambler. |
| Point Spread | The points allocated to the underdog to level the margin of the favourite in a mismatch. |
| Pony | A £25 bet. |
| Post Time | Scheduled starting time of an event. |
| Post-up | US term for deposit betting. |
| Practical Hold Percentage | The amount won by a bookmaker divided by the total amount booked. |
| Press | To bet a larger amount than usual. |
| Price | Another term to indicate the line, i.e. the odds or point spread. |
| Proposition | A bet on a particular aspect of a game or on a non-sports event. |
| Pulled Up | When a horse fails to finish the race and is 'pulled up' by the jockey before the finish. This is usually because they are so far behind the rest of the runners or sometimes because of an injury or lameness. |
| Punt | To bet or a bet (as in "I had a punt on that one"). |
| Punter | UK term for someone who places a bet ("bettor" in the US). |
| Puppy | Underdog. |
| Push | A game that is tied after the point spread is factored in. Neither side wins and all money is returned to the bettors. |
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