Definition of Punter

What is the definition of the term "punter"? What does the term "punter" mean as it applies to the world of gambling?

A "punter" is anybody who bets money on an event.

So, let's say that Manchester United is playing Swansea City this weekend, and you finally decide that you are going to open an account at one of the biggest online sports gaming outfits in the country. You deposit your money and place a wager of £50 on Manchester United to win.

This wager makes you a "punter", as you are wagering money on the outcome of the Swansea City/Man Utd game in hopes of earning a profit.

"Punter" is a commonly used slang term.