Cricket betting has its own vocabulary. Walk into a discussion about exchange betting without knowing the terms and you’ll lose money just from misunderstanding what a market is offering. This glossary covers 30 essential terms — from basic back/lay to advanced concepts like the over-round and trading positions. Bookmark it and come back as you encounter new terms on Playinexch.
Match and Market Terms
1. Back Bet
Betting FOR a selection to happen. If you back India to win and India win, you collect your winnings. Shown in blue on Playinexch. The standard form of betting most people already know.
2. Lay Bet
Betting AGAINST a selection. You win if the selection does NOT happen. Shown in pink on Playinexch. You take the role of the bookmaker — offering odds to a backer on the other side.
3. Match Odds
The main market for the match winner — which team wins the match. In limited-overs cricket, ties are typically treated as a third outcome alongside the two teams. In exchange betting, you can back or lay any of the three outcomes.
4. In-Play (Live) Betting
Placing bets during the match, after it has started. Prices change with every ball, wicket, and run. In-play betting on Playinexch is continuous — markets don’t close until match settlement.
5. Session Market
A market on the number of runs scored in a defined period — typically 6 overs (powerplay), 10 overs, or 15 overs. You bet on whether the team will score over or under a set total. Popular in subcontinental exchange betting.
6. Fancy Market
Specialised markets unique to the Indian exchange ecosystem. Includes player runs (will Virat score 30+), team runs milestones, wicket markets, method of dismissal, and various micro-markets not found on international bookmakers.
7. Tournament Outright
A market on who wins the entire competition — the IPL winner, the World Cup winner, the series winner. Settled at the end of the tournament, not match by match. Can be traded in-play as the tournament progresses.
8. Decimal Odds
The odds format used on Playinexch. Shows your total return per unit staked including stake: bet ₹1,000 at 2.50 = ₹2,500 return (₹1,500 profit). To find profit only: multiply stake by (decimal – 1).
Exchange and Market Mechanics
9. Order Book
The real-time display of all available back and lay prices and the money behind each. Blue side shows back offers; pink side shows lay offers. The order book is the engine of the exchange.
10. Spread
The gap between the best available back price and best available lay price. A tight spread (1.84/1.86) indicates a liquid market. A wide spread (2.00/2.40) indicates thin liquidity and higher cost of trading.
11. Liquidity
The amount of money available to be matched in a market. High liquidity = easy to get large bets matched at the displayed price. Low liquidity = hard to get large bets matched, prices move when you bet.
12. Matched Bet
A bet that has found a counterparty and is now confirmed active. Until matched, it sits in the order book as an unmatched order. Only matched bets are at risk or will pay out.
13. Unmatched Bet
An order placed in the book that hasn’t yet found a counterparty. It shows as pending. If not matched before the market closes, it expires with no financial consequence.
14. Commission
The platform’s fee charged on net winning positions. Typically 2-3% on Playinexch. Applies only to winning bets — not to losing bets or your stake. The primary revenue model of an exchange.
15. Green Book
A position where you profit regardless of which outcome happens. Achieved by backing at one price and laying at a better price — the profit is locked in. The goal of most exchange trading strategies.
16. Red Book
A position where you lose regardless of which outcome happens. Can result from poor trading decisions or unintended positions. Avoid this by checking your position on all outcomes before settling into a trade.
17. Lay Liability
The maximum amount you can lose on a lay bet. Calculated as: Stake × (Decimal odds – 1). Laying at 5.00 for ₹500 stake means your liability is ₹2,000. Always know this before placing any lay bet.
18. Over-Round
The bookmaker’s built-in margin. On a true two-outcome market, all implied probabilities sum to 100%. A bookmaker’s book sums to 105-110% — the extra percentage is their profit margin. Exchange markets have near-zero over-round because prices are set by competing bettors.
Strategy and Analysis Terms
19. Value Bet
A bet where the offered odds imply a lower probability than you estimate the true probability to be. The foundation of long-term profitable betting. Example: you think India win 60% of the time; market offers 2.00 (implies 50%) — that’s a value bet.
20. Expected Value (EV)
The mathematical average outcome of a bet repeated many times. Positive EV (+EV) means the bet is profitable long-term. Negative EV (-EV) means it loses long-term regardless of short-term results. Always bet +EV only.
21. Strike Rate
The percentage of bets you win. 55% strike rate means you win 55 of every 100 bets. Strike rate alone doesn’t measure profitability — a 40% strike rate at 3.00 odds is profitable; a 60% strike rate at 1.40 odds may not be.
22. Return on Investment (ROI)
Net profit divided by total stakes, expressed as a percentage. An ROI of 5% means for every ₹100 staked, you earn ₹5 profit on average. Positive ROI sustained over 200+ bets is meaningful evidence of edge.
23. Bankroll
Your total betting fund. All bet sizing decisions should be proportional to your bankroll. The standard approach: bet 1-3% of bankroll per bet to survive variance and never risk ruin on a losing run.
24. Variance
The natural swings in results around your expected long-run average. Even with a genuine edge, you can lose ten bets in a row by variance. High-odds bets have higher variance. Proper bankroll management survives variance.
25. DLS Method
Duckworth-Lewis-Stern — the mathematical system for revising target scores in rain-affected limited-overs matches. Affects match-odds positions held overnight and session markets when rain interrupts play. Know when DLS applies before holding rain-affected positions.
Bookmaker vs Exchange Terms
26. Sharp Money
Bets placed by professional, informed bettors. Sharp money moves markets — when a price shortens rapidly without obvious public reason, it often indicates sharp money backing that outcome. Watching for sharp moves can provide valuable signals.
27. Square Money
Bets placed by recreational or uninformed bettors, typically backing popular teams (India, MI) regardless of price. Square money inflates demand for favourites and can push their prices shorter than their true probability — creating lay opportunities.
28. Market Suspension
A period when the exchange temporarily blocks new bets while repricing occurs. Common during wickets, boundaries, and match interruptions on Playinexch. Normal and expected — not a platform problem.
29. Pre-Match Market
A market that opens before the match starts and closes either at first ball or at the toss. Pre-match prices reflect all publicly available information before play begins.
30. Implied Probability
The win percentage the market’s price assigns to a selection. Calculated as: 1 / decimal odds. 2.00 = 50%. 1.80 = 55.6%. 3.50 = 28.6%. Compare your own estimated probability to the implied probability to identify value bets. Find all markets on Playinexch cricket.
FAQ
What’s the difference between session and fancy markets?
Session markets are about runs in a defined time period (powerplay, 10 overs). Fancy markets are a broader category including player-specific, milestone, and method-of-dismissal markets — many of which are unique to Indian exchanges and not available on international bookmakers.
Can I bet in-play on all cricket matches on Playinexch?
In-play markets are available for most major matches. Lower-tier domestic fixtures may not have in-play markets, or liquidity may be too thin for practical in-play trading. Check each market before the match to confirm in-play availability.
What is the “book” in “greening up your book”?
Your book is the collection of all your active positions and their profit/loss on each possible outcome. Greening up means adjusting your positions until every possible outcome shows a positive figure in your book — you profit whatever happens. The Playinexch interface shows this in real time.