The etymology of betting slang is quite fascinating, much of the British terminology derives from Cockney rhyming slang as Oliver mentioned while American terminology often comes from horse racing culture which has different historical roots, the term "punter" in British English simply means someone who bets whereas in American English it has no betting connotation at all but rather refers to a position in American football, these linguistic differences reflect the different cultural contexts in which betting developed in various English-speaking countries.