There are a lot of betting terms to master, and understanding, here you can find the general online betting terms out there:
Each-way: A bet on a horse to place as well as win. Place terms depend on number of runners and type of race.
Edge: A punter’s advantage in a bet.
Exacta: A bet placed on the Tote that requires the first two finishing horses to be named in the correct order.
Exotic: Any bet other than a straight bet or parley – also called a prop or proposition.
Exposure: The maximum amount of money a sports book stands to lose in a game.
Ear’ole: A ‘tic-tac’ term used in the betting ring for 6/4.