What is a Draw No Bet? Draw no bet means you wager on one team to win a match, but your stake is refunded if it ends in a draw. This market works as insurance in case your bet does not come in. However, if you back one team and they lose the match, then you lose your stake.
Meaning of bet in English. to risk money on the result of an event or a competition, such as a horse race, in the hope of winning more money: He regularly goes to the races and bets heavily.