Last updated in October 2020
My matched betting glossary explains all important matched betting terms. As a new matched bettor, it can be hard to wrap your head around all the terms used in matched betting.
Mixing up matched betting terminology can lead to losing money, panicking when in a pinch and not understanding guides. The below list is beginner friendly and will help you enter the world of matched betting.
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Table of Contents
What is matched betting?
Matched betting is a tax-free way to make money from home. It is not gambling and a regular source of income for me and many others.
Many matched bettors find the concept challenging to understand, hence the need for a dedicated matched betting glossary.
Matched betting glossary
Matched betting glossary – sports betting
This section of my matched betting glossary focuses on sports betting, the core part of matched betting.
A reload offer from Bet365. You get paid out as a winner if your team goes ahead by two goals. This allows you to trade out at the exchange for profit or opens the possibility of winning both your back and lay bets.
Betting on the outcomes of multiple matches as a combined bet. To place an accumulator, select the outcomes of a few different matches and put them into your bet slip. If you scroll down, you will see one of the following options, depending on how many matches you added:
An arb is a bet where the back odds are higher than the lay odds. This means you will make a profit similar to price boosts. However, arbs are not part of a promotion.
The bet you place at the bookmaker. Basically, you back an outcome.
You back a horse to win and also to place (usually to become second or third). If your horse does not win but finishes in second/third place, you get paid out a fraction of the win odds.
This is where we place lay bets (bets against an outcome). The main exchanges are Betfair, Smarkets, Matchbook, and Betdaq. Matched bettors mainly use Smarkets.
Expected value (EV)
The profit you can expect to make from an offer. For example, for a bet £10 get £10 free bet, the EV would be £7.50 (£8 from the free bet – £0.50 loss from the trigger bet).
For each way bets, bookmakers normally pay three or four places, depending on the number of horses. Many bookmakers run regular promotions in which they pay out one more place (the extra place). As matched bettors, we can exploit this and make a profit when the horse finishes fourth or fifth, depending on the numbers of horses.
Gubbing (also being gubbed)
Being gubbed means you are no longer eligible for a bookmaker’s promotion. It is a sad state of existence but it does not mean you are unable to make money with matched betting.
Luckily, you can still make money from gubbed accounts.
The bet against an outcome. Typically placed at a betting exchange.
The amount of money you lose if your lay bet loses. Even though you lose money at the exchange, your back bet will win, meaning that you effectively transfer your money from the exchange to the bookmaker.
The liability is deducted from your available money when you place your bet and given back to you if your bet wins.
Available money for an outcome on an exchange. For your bet to be fully matched, the liquidity should be equal or greater than your liability. Otherwise, your bet will be unmatched or partially matched.
A lay bet that is fully matched at the exchange.
A bet that is placed to prolong account life and is not associated with a promotion. For a successful mug bet, you typically need <90% matches.
Note that there is no hard evidence that mug betting helps you to avoid being gubbed.
OddsMonkey’s main competitor is Profit Accumulator, for more details see my comprehensive comparison.
Overlay means that the actual lay stake exceeds the lay stake recommended by the calculator. As a consequence, you would make a greater profit if your bet loses (if you are placing a free bet) or a smaller loss (if you are placing a trigger bet).
Partially matched bet
A partially matched bet is a bet placed on a market on the exchange which has insufficient liquidity. As a result, a fraction of your bet will be matched, whereas the remainder is unmatched.
If your bet is partially matched, cancel the part of the bet that it is unmatched. Then click on “Part lays hide” on the bottom of the calculator to find out the amount you need to lay at the current odds.
Qualifying loss (QL)
The money that you lose when placing a bet to qualify for an offer. Normally, you would take 95%+ and therefore, you can expect to use £0.50 or less per £10 bet.
Reload offers are offer that anyone one with an account with the specific bookmaker can complete.
Trigger bet (also qualifying bet)
This is the bet you place to qualify for an offer. It is placed with your own money using the normal mode of the calculator.
The amount you bet.
Stake Returned (SR)
Stake-returned free bets are rare. It would mean that if you place a free bet and it wins, you would get back the winnings as well as the initial stake. However, most free bets are stake not returned (SNR).
Stake not returned (SNR)
A stake-not-returned free bet will give you back the winning but not your stake. For example, if you have a £5 free bet, you would not get the £5 back.
Underlay means that your lay stake is lower than recommended by the calculator. This means you will win more if your bet wins but less if it loses. Underlays are typically done for price boosts.
If your bet at the exchange is unmatched, it means there is insufficient liquidity to cover your bet. Most likely, this is because the odds have changed.
If you find yourself with an unmatched bet, simply cancel your lay bet and lay again at the current odds. Sometimes, waiting a few minutes can also help.
Matched betting glossary – casino offers
This section of my matched betting glossary explains the terminology used for low-risk casino offers.
Each casino game (slots, Blackjack, etc) has an RTP. The RTP defines how much of the money you put in you can expect to get back. For example, if you spend £10 on a 95% RTP slot, you can expect to get £9.50 back. Note that RTP is measured over millions of spins so in the short term, you may lose or win more due to variance.
If you exactly knew how much money you would get back when playing casino games, nobody would bother playing. That’s why variance exists! It means that you may win £100 one day but lose £105 another day.
Bookies and casinos often do not want to hand out cash straight away. Instead, they tell you to turn over (wager) your bonus a certain number of times. For example, if a £5 bonus has a x10 wagering requirement, you would have to wager £50 before you can withdraw it.
Most commonly, offers with high wagering requirements are EV negative and should be avoided.
Matched betting glossary summary
I hope my matched betting glossary helps you to get used to the terminology of matched betting. If you feel a term is missing, please let me know.
My matched betting glossary may make you feel overwhelmed at first. However, over time, you will naturally become more and more familiar with matched betting terminology.
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