Core mechanics
- Back, betting that an outcome will happen.
- Lay, betting that it will not, taking the bookmaker's side.
- Stake, the amount committed to a bet.
- Liability, the maximum you can lose. On a lay bet, stake × (odds − 1).
- Liquidity, money available at a given price. Without it, a quoted price is theoretical.
- Overround, the amount by which implied probabilities exceed 100%; the bookmaker's margin.
- Implied probability, 1 ÷ decimal odds.
- Commission, the exchange's cut of net winnings, typically around 5%.
- Cash out, closing a position early at the current price, at a cost.
- Void, a bet cancelled and stake returned, usually because the market conditions failed.
Market types
- Match odds, who wins. The deepest and most efficiently priced market.
- Top batsman / top bowler, best individual performer for a side.
- Total runs (over/under), whether a total finishes above or below a set line.
- Method of dismissal, how a wicket falls.
- Session / fancy, runs within a defined window, such as the powerplay. Informal, wide-margin, often quoted by agents rather than exchanges.
- In-play / live, markets priced continuously during the match.
Indian agent slang
Most Indian retail betting runs through agents on WhatsApp, with its own vocabulary that maps onto exchange concepts:
- Lagai, to back. "Lagai 100 at 1.85."
- Khai, to lay, i.e. taking the other side.
- Bhav, the price or rate on offer.
- Session, a runs-in-a-window market, quoted as a two-sided range.
- Khadda (खड्डा), agent slang for that session/fancy runs line: a two-sided range for a defined window of overs, not a separate market type.
- ID, an account on the agent's platform, issued and credited by the agent.
The critical thing this vocabulary conceals: with an agent, your counterparty is the agent, not a regulated platform. Recovery depends entirely on their goodwill.
Terms that should raise an eyebrow
- "Guaranteed" or "sure" anything, no such thing exists in a priced market.
- "Tips" sold for a fee, if the information had edge, selling it would destroy that edge.
- "Recovery" of past losses for an upfront payment, a well-documented scam pattern.
Legal note
These terms describe a market that is now prohibited online in India under the Online Gaming Act 2025. This glossary exists so readers can understand what they are being offered, particularly by agents operating outside the law.
Frequently asked questions
What do khai and lagai mean?
Lagai is backing an outcome; khai is laying it. They map directly onto exchange back and lay positions.
What is khadda in cricket betting?
Khadda is Indian agent slang for a session or fancy runs line: a two-sided range for a defined window of overs. It is the same market type as session/fancy, not a separate product.
What is a session or fancy market?
A bet on runs scored within a defined window, such as the first six overs. These carry the widest margins and least price transparency. Agents often call that line khadda.
What is the overround?
The amount by which implied probabilities across a market exceed 100%. It is the bookmaker's built-in margin.
Related guides
8+ years experience in Cricket Analytics · Specialist in Indian Premier League (IPL) markets · Regular contributor to leading sports data journals
Rajesh is a cricket analyst with over 8 years covering Indian cricket. He writes the explainers on how odds, margins and betting markets are actually constructed, including why the arithmetic runs against the punter over time. He has contributed to sports publications and consulted on domestic cricket data projects. His view is that most people who lose money to these products never had the maths explained to them, and that explaining it plainly is more useful than any tip.