Pip

[Dusty Bin]

Please can you explain what "pip" means in relation to betting?

I have tried to find a simple definition online without success.

Each explanation seems to talk about "spread betting" and I don't understand that either!

[boxtops]

Is it a specific value, a percentage of your total risk? http://www.alpari.com/support/faqs/trading/spread-betting

[Alex_Higham]

http://en.wikipedia.org/wiki/Percentage_in_point