Don't understand what I'm saying...this list could help. If you would like a definition of a word, leave a comment and I'll add the definition as soon as possible.
Back - To bet on a selection to win.
Lay - To lay a bet is to back something not to happen. For example to lay Manchester United to win their match is to back them NOT to win. If you were to lay them, you would win your bet if they either lost or drew their match.Odds-On - Means that the odds are less than even money. Even money is represented by 2.0 in decimal form, i.e. for every pound you back you will get two in return, including your stake. Anything lower than 2.0 is considered odds-on.
Tick - A tick is the smallest movement of a price either way. For example, if a price were to move from 1.11 to 1.12 it has moved out one tick. If a price were to move from 2.34 to 2.26 it has come in 8 ticks.
Hedge - This is a term you will here from every trader. To hedge is to ensure equal profit regardless of the result by backing the other outcomes.
Handicap - Means that one team receives a “virtual head start”, effectively leading the game by an amount before the game starts. For example Team A (-11.5pts) v Team B (+11.5pts). Effectively Team B will start the match 11.5-0 up. If Team A wins by more than 11.5 pts they
win with the handicap if they don't Team B is the winner with the handicap.