Betting glossary: 51 sports betting terms as Latvian bookmakers write them

This is a sports betting glossary: 51 terms you meet on the bet slip, in the market list and in the bonus rules. The words come from the Latvian bookmakers' own interfaces and rules (Optibet, LVBet, OlyBet, Betsafe, Laimz, TonyBet), which we checked at the end of September 2026. Each English term carries the Latvian word in brackets, because a Latvian book shows you the Latvian interface first. Each entry is one or two sentences; where a term needs more, it is worked through in one of the lessons of our betting academy.

Bookmakers in Latvia work under a licence from the State Revenue Service (VID), and the register also shows what each one may run. For example, according to the VID register of licensed gambling organisers as of 3 November 2026, SIA "LVBet" is licensed to organise slot machines, bingo, roulette, card and dice games, betting and interactive gambling. According to the same register, Betsafe is run by SIA "Latsson Licensing", a Latvian company registered at Krisjana Valdemara iela 21-11, Riga.

The glossary has three parts, each in alphabetical order:

• Bet slip and bet types
• Markets
• Bonuses and maths

Bet slip and bet types

Accumulator (Kombinētā likme; also: multi, ekspresis). One bet on several selections that must all win; the odds are multiplied. Optibet's Latvian interface labels the tab "Multi", while its rules and the other books say "kombinētā likme". It is explained in our lesson on accumulators and system bets.

Banker (Sistēmas baņķieris). A selection in a system bet that sits in every combination, so it has to win. Both Optibet's and LVBet's rules define the term.

Bet Builder (Likmju konstruktors; also: Bet Builder likme, Betbuilder). A tool that combines several markets from one event on one slip, such as the winner and the number of goals. Optibet calls it "likmju konstruktors", OlyBet "Bet Builder likme", LVBet "Betbuilder".

Bet slip (Kupons; also: likmju kupons, likmju kartīte). Where you collect your selections and enter the stake before confirming the bet. LVBet writes "likmju kupons", Betsafe "likmju kartīte".

Cash out (Naudas izmaksa; also: priekšlaicīga izmaksa). Settling a bet slip before all its events have ended, for the amount the book offers at that moment. Watch the collision: in a casino glossary "cash out" means withdrawing money from your account, and Optibet's Latvian interface labels this feature "Naudas izmaksa", which literally reads as a money withdrawal.

Event (Notikums). The match or competition you bet on, such as a specific football game.

Live bet (LIVE likme; also: reāllaika likme). A bet placed while the event is running, with odds that move with the game. LVBet's rules call these "reāllaika likmes".

Max bet (Maksimālā likme; also: likmes limits). The largest stake a book accepts on one selection or slip. The limit can differ by market and by customer.

Max win (Maksimālais laimests). The largest amount a book pays on one bet, whatever the odds. The cap is in each book's rules.

Odds (Koeficients). The number your stake is multiplied by if the selection wins. Odds of 2.50 mean a 10 euro bet returns 25 euros in total.

Possible winnings (Iespējamais laimests). What the slip pays if every selection wins: the stake times the total odds. It includes the stake itself.

Pre-match bet (Pirmsspēles likme). A bet placed before the event starts. Some offers apply to pre-match bets only.

Selection (Izvēle; also: iznākums). One possible result of an event that you bet on, such as a home win.

Single (Vienkāršā likme). A bet on one selection. It wins or loses on its own, and the possible winnings are the stake times one set of odds.

Stake (Likme). In sports betting, the amount of money you put on the slip. A casino glossary often uses the same Latvian word for one spin or round, which is a different thing.

System bet (Sistēmas likme). One bet that splits into several accumulators; a "2 from 3" is three doubles. It can still pay when one selection loses, but the total stake is higher.

Total odds (Kopējais koeficients). The product of all the odds on an accumulator. Books set a maximum total odds, after which no more selections can be added to the slip.

Void bet (Anulēta likme; also: atgrieztā likme). A bet the book settles at odds of 1.00, for example when the event is cancelled. LVBet calls it "anulēta likme", while Optibet's interface uses two words: "Atgrieztā" (returned) and "Nav pieņemta" (not accepted).

Markets

1X2 (Mača rezultāts; also: spēles rezultāts). A bet on a home win (1), a draw (X) or an away win (2). OlyBet's rules state that it excludes overtime, shootouts and penalties.

3-way handicap (Trīs virzienu handikaps). A handicap on a whole number, such as -1, with three possible outcomes including a handicap draw.

Asian handicap (Āzijas handikaps). A handicap with quarter-goal steps, such as -0.25 or +0.75, where the stake is split in two halves on the neighbouring lines. One half can win while the other is refunded. The basics are in our handicap lesson.

Both teams to score (Abas komandas gūs vārtus). A market on whether each team scores at least once. The winner does not matter.

Correct score (Precīzs rezultāts). A bet on an exact final score, such as 2:1. The odds are high because there are many possible scores.

Dead heat rule (Dead Heat noteikums). The rule for when several competitors share one place. OlyBet's rules divide the odds by the number of competitors with an identical result.

Double chance (Dubultiespēja). A bet on two of the three outcomes at once: 1X, X2 or 12. The odds are lower because the chance of winning is higher.

Draw (Neizšķirts). A game that ends level; in the 1X2 market it is the "X".

Draw no bet (Likme bez neizšķirta). A bet on one team to win that is refunded if the game ends in a draw.

Half time / full time (Puslaiks/pilns laiks). One bet on two results: who leads at half time and who wins at the end.

Handicap (Handikaps). A virtual goal or point head start or deficit added to a team's score, such as -1.5 for the favourite. In Russian, Optibet writes both "фора" and "гандикап".

Match winner incl. overtime (Spēles uzvarētājs, ieskaitot papildlaiku). A two-way market that counts overtime and, where there is one, the shootout, so there is no draw.

Outrights (Ilgtermiņa likmes; also: uzvarētāji). Bets on the result of a tournament or season, such as the league champion. Optibet's interface calls the section "Uzvarētāji".

Over/under (Vairāk/mazāk; also: virs/zem, totals). A bet on whether the total goals or points end above or below a line, such as 2.5.

Overtime (Papildlaiks; also: pēcspēles metieni for a shootout). Time played after regular time when the score is level; in hockey a shootout can follow. A market's name usually says whether they count, as in Optibet's "Spēles uzvarētājs iesk. papildlaiku un pēcspēles metienus".

Regular time (Pamatlaiks). Playing time without overtime and shootouts. Most markets, including 1X2, are settled on regular time.

Special bets (Īpašās likmes). Markets outside the standard list, such as on a single player or an in-game event.

Winning margin (Uzvaras starpība). A bet on how many goals or points a team wins by.

Bonuses and maths

Acca boost (ComboBoost; also: Combo Boost, laimestu palielinājums). A percentage boost to an accumulator's winnings that grows with the number of selections. Under Optibet's rules a slip settled by cash out loses the boost; Betsafe calls it "laimestu palielinājums".

Acca insurance (Multi likmju apdrošināšana; also: kombinētā apdrošināšana). An offer that refunds part of the stake if exactly one selection on an accumulator loses. Optibet calls it "multi likmju apdrošināšana", Betsafe "kombinētā apdrošināšana".

Cashback (Naudas atmaksa). In sports betting it can be a one-off refund of your first bet, as at LVBet. A casino glossary uses the same Latvian word for a percentage of weekly losses, which is a different product.

Discount bet (Likme ar atlaidi). Optibet's welcome product since April 2026: a bet whose stake the book mostly pays, while the player pays at least 0.2%. A winning bet pays the stake times the odds minus the discount; if the bet is settled at 1.00 the discount is lost, and cash out is not available.

Early payout (Agrā izmaksa; also: agrīna izmaksa). An offer that settles a bet as won once your team reaches a set lead, even if it loses in the end. Betsafe uses the name for its promotions, OlyBet for a market, "Agrīna izmaksa (pamatlaiks)".

Free bet (Bezmaksas likme). A bonus bet that, if it wins, usually pays only the profit without the stake. Optibet's platform has this bonus type, but at the end of September no Latvian book's offer used the label.

Implied probability (Implicētā varbūtība). The probability hidden in the odds: one divided by the odds. Odds of 2.00 equal 50%, odds of 1.25 equal 80%.

Kelly criterion (Kellija kritērijs). A formula that sizes a bet as a share of your bankroll, if you know the true probability better than the book. An error in your probability estimate quickly makes it dangerous.

Margin (Marža; also: bukmeikera marža). The book's mark-up built into the odds: the implied probabilities of a market add up to more than 100%. How to calculate it is shown in our bookmaker margin lesson.

Minimum odds (Minimālais koeficients). The lowest odds at which a bet counts under a bonus or promotion's rules. Bets at lower odds do not count towards wagering.

Odds boost (Palielināti koeficienti; also: koeficientu palielinājums). A promotion in which the book raises the odds on a single outcome for a limited time. Under Optibet's rules bonus bets, such as a discount bet, cannot be placed on these outcomes.

Payout percentage (Izmaksas procents; also: atdeve). The share of stakes a market returns to bettors on average; it is the margin seen from the other side. Casinos call it RTP.

Risk-free bet (Bezriska likme; also: likme bez riska). An offer that refunds a losing stake, usually as bonus funds with their own conditions. At the end of September such offers were on the Laimz, Klondaika, Betsafe and TonyBet pages.

Value bet (Vērtīgā likme). A bet where your probability estimate multiplied by the odds is greater than one. The formula is simple; the hard part is estimating the probability better than the book.

Wagering (Apgrozījums; also: apgrozījuma prasības). The amount you must stake before bonus money can be withdrawn, usually stated as the bonus amount times a number. Sports bonuses often add a minimum odds rule.

Play within your limits

No term on this list turns sports betting into a source of income. Set a budget before you start and stop when it is spent. Our responsible gambling page lists tools that help, and you can add yourself to the State Revenue Service self-exclusion register at any time. The Centre for Disease Prevention and Control addiction helpline on 67037333 is anonymous. Betting is for people aged 18 and over only.