Cricket betting vocabulary divides into market types (match odds, top batsman, session, fancy), mechanics (back, lay, overround, liability, liquidity) and Indian agent slang (lagai for backing, khai for laying, bhav for price). Session and fancy markets carry the widest margins and the least transparency.
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.
- 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 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.
What is the overround?
The amount by which implied probabilities across a market exceed 100%. It is the bookmaker's built-in margin.
