Terminology

Here is a list of words you'll find on this website and it's meaning.

Bookie: The bookmaker, one who accepts and pays off bets (e.g. Bet365, Bwin, Betfair, ...)
Banker: A very valuable betting possibility, most of the times you bet more than your average amount of money on these picks.
Lay: Word used to describe a 1X or X2 bet on the other team (e.g. match: Bayern Munich - Barcelona, lay Barcelona = 1X on Bayern).
Odds: The ratio of the probability of an event's occurring to the probability of its not occurring.
Pick(s): The best you choose, which you think are valuable.
Value: When a bet is "valuable" it means the odd is higher than it should be (in your perception, this is always relative).