I use a lot of Jargon, This is to help you understand what I am talking about. I will add new words as I come across them.
Steam – The reduction in price of runner/team in the market. If you hear the term “It’s steaming” that would mean the price is coming in.
Weight of Money or WOM – The amount of money on each side of the book waiting to be matched.
In the screenshot below you can see the WOM on the BACK side of the book on Celtic is £34 + £2 + £87 a total of £123. The weight of money on the LAY side is £22 + £172 + £164 a total of £358. This means more people want to back Celtic at prices higher than on offer (358 v 123). Don’t get too hung up on WOM, it’s easily manipulated and only a reliable indicator if used with other indicators.
Live Show – The live show is when the on course betting market displays the prices from the course. This is what you see in the 5 to 10 minutes before the race starts on TV. This is the most volatile time of the market when the majority of the money is matched.
BOG – Best odds guarenteed. This is an offer made by all the major bookmakers. It means if you take an early price and the SP is bigger, you get the bigger price.
L.T.P – L.P.M Last Traded Price. Also known as Last Price Matched (LPM) On the betting exchanges bet are matched by someone offering a price they want to back or lay at. When markets are in the early stages of being formed, or in low liquidity markets there is sometimes a gap between these. There may be a big gap between the back price on offer and the lay price on offer. LTP shows which of these was last matched. This can be useful to gauge where the market actually is.
The example is a horse race. If you click on the graph icon (as circled) on any Betfair market the pop up box appears. This box contains critical information about prices matched, volumes traded and the reduction factor. I have highlighted the LPM part. If you look at the line containing the runner you will see the price available to back in the blue box is 8.6. The price available to lay in the pink box is 9.2. So which is closer to where the market actually is? Well the LPM was 8.4. So with this information if I wanted to place a Laybet on this horse I would not take the 9.2. I would offer up a price around 8.4.
Scratch – When you close a position for neither profit or loss it is known as “scratch“
BTTS – Both Teams To Score. This is a market available within the Football betting markets. It’s very simple. You can either bet BTTS – YES or BTTS – NO. Easy eh?
Reduction Factor – If a runner in any market is withdrawn form the market Betfair have a mechanism in place to adjust the market to take this into account. You can find it here in the rules tab for non runners. To find the reduction factor of any runner still in the market click on the “graph” icon that precedes the runners name.