Crypto Markets Glossary.
The terms below mean something specific in Bet Right crypto price markets. Where a word is also used in trading or on an exchange, the meaning here is the betting one.
See also crypto price markets, how settlement works and is it legal in Australia.
The market
Target price
The price level a market is set around. You are betting on whether the settlement rate finishes above or below it.
Line
Another word for the target price. The two mean the same thing.
Price, in cents
How each side of a market is shown on the market itself. Both prices move between 0c and 100c while the market is open. Adding a selection to your bet slip converts the cents price to the odds your bet is placed at.
Bet slip odds
The odds your bet is actually placed at, shown in the bet slip once you add a selection. These are the odds you take, and they do not change after your bet is accepted.
Over
The side that wins if the settlement rate is above the target price.
Under
The side that wins if the settlement rate is below the target price.
Market close
The moment the market stops accepting bets. Settlement follows shortly afterwards, so the two are close together but not simultaneous.
Settlement
Settlement time
The stated moment the settlement rate is read. Shown in Australian Eastern time on every market.
Settlement rate
The single published price read from the approved source at the settlement time. This number decides the market.
Snapshot
That the rate is read at one moment rather than averaged over a period. A price that crosses the target price earlier and comes back before settlement does not change the result.
Source
The independent published rate the settlement is read from: FEX Global, the Australian futures exchange, in conjunction with Kaiko, an enterprise cryptocurrency market data provider. Approved by the Northern Territory Wagering Commission.
Void
A market that cannot be settled fairly and is cancelled, with stakes returned. See how settlement works for when this applies.
Regulatory
Declared contingency
An event a licensed Australian bookmaker has been approved to take bets on. Bet Right's crypto price markets sit under one declared under section 167 of the Racing and Wagering Act 2024, overseen by the Northern Territory Wagering Commission.
Words you will see elsewhere that do not apply here
Wallet, exchange, spot price and margin all belong to buying and holding cryptocurrency. None of them apply to a bet on a price. You never hold the asset, and cryptocurrency is not accepted as payment.