Action has multifaceted meanings in betting. However, there are more popular meanings that should come in mind when you hear the word action in betting. Action could mean that you have placed a bet on a game. So it could be like, "I have action on this game." Action can also be used to represent the games that the bookmaker is offering odds on. Another term related to Action that's often used is "No Action." No Action implies that a bet is cancelled and the bettors refunded for that bet. This could happen as a result of one major reason: the match entirely was cancelled.