Definition
A bet that settles at either 0 (lost) or 100 (won), with no spread element; similar to a fixed-odds win/lose bet.
Example
A binary bet on a team to win settles at 100 if they win, generating profit equal to stake × (100 − entry price).
Binary Bet
A bet that settles at either 0 (lost) or 100 (won), with no spread element; similar to a fixed-odds win/lose bet.