Glossary

The words on this site, in a punter's language.

Every technical number on Furlong Ledger carries a plain line beside it. This is the longer version.

The off: The moment the race starts. AXIOM enters in the last minute before the scheduled off, at the price available then.
Back: To bet on a horse to win. Every AXIOM position is a back bet on an exchange; the strategy never lays.
Lay: To bet against a horse, taking the other side of someone’s back bet. AXIOM does not lay.
Exchange: A betting market where punters bet against each other rather than against a bookmaker, at prices set by the market. The exchange charges commission on net winnings in a market.
Price, or odds: Decimal odds, as an exchange shows them. A horse backed at 11.50 returns 11.50 times the stake if it wins, the stake included.
SP: Starting price: the official odds at the off. AXIOM takes the exchange price available in the last minute, which is not the SP.
Position: One back bet on one horse in one race. The record counts positions, and stakes 2.5 units on each.
Market: One race. A market can hold more than one position, and commission is charged once on the market’s net winnings.
Session: One day of racing. The record is published session by session, the same night.
Unit: Whatever you decide one stake is worth. Results are in units so you can put your own money to them; at €10 a unit, 2.5 units is €25.
Level stakes: The same stake on every position, whatever happened before. AXIOM stakes level: 2.5 units a position, always.
Strike rate: How often positions win, as a percentage. On its own it says little; what matters is how often they win compared with what the prices implied.
Won more often than the prices implied: The strike rate divided by the strike rate the prices predicted. Above one, the horses won more often than their odds suggested; that is where a back strategy’s result comes from.
ROI: Return on investment: net result divided by the total amount staked. The return for every unit risked.
Net result: Gross winnings minus losing stakes minus commission, over a stated period and number of positions. Never shown here without both.
Drawdown: The largest fall from a high point in the running result before it recovered. The number that tells you how deep a losing spell went.
Losing run: Consecutive losing positions. The longest one in the record is the reason there is no Martingale here.
Non-handicap: A race where horses carry weight set by the race conditions, not by the handicapper to level them up. AXIOM runs in non-handicaps.
Going: The state of the ground: firm, good, soft, heavy. AXIOM does not filter on it.
Each-way: A bet split between win and place. AXIOM does not bet each-way; every position is win only.
Signal: The message sent when AXIOM takes a position: race, horse, price and stake. Sent over Live, as a notification and on Telegram.
Live: The page in the dashboard that shows signals as they happen, with the day’s positions filled in when you come back to it.