They're just made up variables.... You can call them wherever you want...
In this case, they're what is known as a Boolean or True/False "flag" used to indicate a specific state...
Are we "betting high"? Yes or No? Etc
With regards to the if/elseif/else question:
www.tutorialspoint.com/lua/if_else_statement_in_lua.htmThey're useful for identifying a specific condition when you have multiple options...
Ie. (If) Is it blue? (elseif) Or red? (elseif) Or green? (elseif) Or yellow? (else) Or none of those colours
If the terms aren't familiar to you, then I suggest you read some basic programming tutorials and the ones that Seuntjie wrote, specific to the bot:
https://bot.seuntjie.com/ProgrammerMode.aspx There is nothing called elseif.
Yes, there is...

I did not know that. So you can have multiple elseif's and they get treated something like a select statement in other languages. Learn something new everyday. Thanks.