Matched betting has a lot of jargon, most of it borrowed from ordinary betting and some of it invented by forums. This page defines the terms you will actually meet, grouped by when you will meet them rather than alphabetically. Where a term deserves a full explanation there is a link to one.
The basics
- Matched betting — using bookmaker promotions to lock in profit by covering both sides of a bet, so the result of the event does not matter.
- Back bet — a bet that something will happen. What you place with the bookmaker.
- Lay bet — a bet that something will not happen. What you place on an exchange to cancel out the back bet. See lay bets and liability.
- Liability — the amount an exchange holds from your balance to cover a lay bet. Always larger than the lay stake: lay stake × (lay odds − 1).
- Betting exchange — a platform where users bet against each other rather than against a bookmaker. Betfair, Smarkets, BETDAQ and Matchbook are the UK options — see the exchange comparison.
- Commission — the exchange’s fee, charged on net winnings in a market, typically 2% to 5%.
- Qualifying bet — the real-money bet you must place to unlock an offer.
- Qualifying loss — the small, known cost of placing that bet and laying it off. Usually pennies. This is what you pay for the free bet.
- Oddsmatcher — a tool that scans bookmakers and exchanges to find the closest back and lay prices. The main thing paid services sell.
- Rating (or match percentage) — how closely back and lay odds match, shown as a percentage. 100% means a qualifying bet costs nothing; above 98% is good.
- Back/lay gap — the difference between the two prices. The wider the gap, the more the bet costs you.
Free bets and bonuses
- Free bet — a bet the bookmaker funds. Its real value to you is always less than its face value.
- SNR (stake not returned) — the common type. You keep the winnings but not the stake, so it is worth more at higher odds. See SNR vs SR explained.
- SR (stake returned) — rarer and better. Behaves like cash, so odds matter far less.
- Retention — the percentage of a free bet’s face value you actually keep after laying it. Typically 75% to 85% on SNR.
- Bonus funds — balance that cannot be withdrawn until it has been wagered a set number of times.
- Wagering requirement — how many times bonus funds must be staked before withdrawal. “35x” means a £10 bonus must be staked £350 in total.
- Minimum odds — the lowest price a qualifying bet can be placed at and still count. Miss it and the offer does not trigger.
Offer types
- Welcome offer (sign-up offer) — the one-off promotion for new customers. There are more than fifty in the UK and you can only claim each once. See bookmakers’ free bets.
- Reload offer — any promotion for existing customers. Smaller than welcome offers but they repeat, which is where long-term income comes from. See reload offers explained.
- Acca insurance — stake refunded if exactly one leg of an accumulator loses. See acca insurance explained.
- Price boost — the bookmaker raises the odds on a selection above their normal price. Sometimes above the exchange lay price, which makes it a guaranteed profit.
- BOG (best odds guaranteed) — if you back a horse and the starting price is bigger than the price you took, you get paid at the bigger one.
- Extra place — the bookmaker pays each-way places beyond the standard number while the exchange does not. The gap is the edge. See the each-way calculator.
- 2UP / early payout — your bet is paid as a winner once your team goes two goals ahead, whatever happens afterwards.
- Money-back special — stake returned as cash or a free bet if a stated condition occurs.
- Bet club — stake a set amount each week at minimum odds and receive a free bet. The most predictable reload there is.
Bet types
- Single — one selection, one bet.
- Double, treble, fold — two, three or more selections that must all win. A “five-fold” is five selections.
- Accumulator (acca) — any multiple where every leg must win. Use the accumulator calculator for returns.
- Full cover bet — a bundle of every combination from a set of selections. Trixie, patent, yankee, Lucky 15, Lucky 31, Lucky 63 and round robin are all full cover bets; the bet calculator settles them.
- Each-way — two bets in one: one on the selection winning, one on it placing.
- Dutching — backing every outcome across different selections so the return is the same whichever wins. See the dutching calculator.
- Bet builder — several outcomes from the same match combined into one bet.
When things go wrong
- Unmatched — your lay offer has not been taken by anyone, so you are not covered. See lay bet not matched.
- Partially matched — only part of your lay went on, so you are partly hedged. See partially matched lay bets.
- Void — the bet is cancelled and the stake returned. Dangerous when one side voids and the other does not: see bet voided, what happens.
- Non-runner — a horse withdrawn before the race. Bets on it are void; other bets may be cut under Rule 4.
- Rule 4 — a deduction applied to winnings when a non-runner made the remaining field more likely to win.
- Palpable error — an obviously wrong price. Bookmakers’ terms let them void bets taken at one.
- Gubbed — the bookmaker has stopped offering you promotions. The account still works; the free bets stop. See how to avoid getting gubbed and what to do once restricted.
- Stake restriction — your maximum stake is cut, sometimes to pennies. More limiting than a promotion ban.
Money and behaviour
- Bankroll — the total float across your bookmaker and exchange accounts. Most of it should sit in the exchange, because that is where liability is held.
- EV (expected value) — the average result of a bet across many repetitions. A positive-EV offer makes money over time while still losing most individual attempts.
- Variance — the swings around that average. The reason a positive-EV strategy can lose for weeks.
- Mug bet — a small bet with no promotion attached, laid off as usual, placed to make an account look recreational.
- Arbing (arbitrage) — profiting from a pricing mistake across two bookmakers, with no promotion involved. Gets accounts restricted fastest. See matched betting vs arbitrage.
- Premium charge — an extra fee some exchanges apply to consistently very profitable accounts.
- Liquidity — how much money is available to match your bet at a given price. The thing that actually decides which exchange to use.
One term worth being clear about
Multi-accounting means opening bookmaker accounts in other people’s names, or using their identity documents and bank details. You will see it discussed in matched betting communities as a way around restrictions. It is fraud by false representation under the Fraud Act 2006, it is not a grey area, and nothing on this site will help you do it.
Holding one account in your own name at each of fifty bookmakers is entirely normal and entirely legal. That is not multi-accounting.
Missing a term? Tell us at hi@smartmoneybetting.com and it will get added. New to all this? Start with the beginner’s guide.
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