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Matched Betting Terminology

Get to grips with matched betting terminology. This glossary of terms related to matched betting, bookmakers, betting exchanges and casinos will help you on your way to regular monthly profits.

Deposit

  • An amount of money placed with a bookmaker or betting exchange which can be used to place bets.

Stake

  • The amount of money placed on a bet.

Bet

  • A transaction between bookmaker and customer. In placing a bet the customer risks a stake predicting the outcome of an event. If the prediction is successful, the bookmaker returns the stake plus winnings, if unsuccessful the bookmaker keeps the stake.

Free Bet

  • A free bet awarded by a bookmaker allows a bet to be placed without paying the stake. The customer receives full winnings if the bet is successful but in most instances the stake is not included as none was placed in making the bet.

Bonus

  • Funds added to an account which can be used to place bets. Similar to free bets but in some instances the stake is also returned on winning bets.

Qualifying Bet

  • A real money bet which must be placed before receiving a free bet or bonus.

Odds

  • The ratio between the bet stake and the potential winnings, traditionally given in the form of a fraction in the UK. Eg, 2/1 odds will give winnings of 2 times the stake or £2 for every £1 staked.

Decimal Odds

  • The decimal equivalent of bookmakers’ fractional odds. The decimal value includes the returned stake on winning bets. Eg 3.00 is the decimal equivalent of 2/1

Wagering Requirement

  • A condition placed on qualifying bets and/or free bets and bonuses. May include minimum odds and/or rollover requirement

Rollover

  • The number of times a deposit and/or free bet/bonus amount must be wagered in order to qualify for a bonus or before making a cash withdrawal from the betting account.

Stake Returned (SR)

  • Refers to instances when the stake on risk free bets or bonuses is returned to the customer along with winnings.

Stake Not Returned (SNR)

  • Refers to instances when the stake on free bets or bonuses is not returned with winnings.

Betting Exchange

  • A platform that allows customers to bet with each other. Members can play the bookmaker role by offering odds to any liability they are prepared to lose or the traditional punter requesting odds to any stake they are prepared to lose.

Back Bet

  • Betting exchange term for betting on an outcome to win

Lay Bet

  • Betting exchange term of betting on an outcome to lose

Liability

  • The amount of money at risk if laying an outcome to lose or betting an outcome to win

Liquidity

  • The amount of money available on a betting exchange to back or lay on a market

Market

  • Selection of odds available on the outcome of an event. Eg ‘Match Result’ is a market on a football match, Home, Draw and Away are the selections available on the market.

Commission

  • A fee paid to the betting exchange, typically on the winning side of a bet but it can be levied on the winner and loser.

Matched Bet

  • The term used on betting exchanges when all of the stake has been accepted.

Unmatched Bet

  • The term used on betting exchanges when the stake has not been accepted. This may be because another player’s stake was accepted first or the player has submitted an offer that is yet to be accepted in some instances the stake may be partially matched leaving a portion still to be accepted.

Overlay

  • A standard bet and lay match will leave an equal profit or loss with both bookmaker and exchange. An overlay is staking a larger lay stake in order to lose less/win more on the exchange than with the bookmaker

Underlay

  • An underlay is staking a smaller than standard lay in order to lose less/win more with the bookmaker than the exchange.

Skrill

  • An online payment method often referred to as an ‘internet wallet’. Accepted by all major bookmakers and gambling sites it brings all payments details into one place and allows almost instantaneous transfer of funds from bank accounts and cards. Recommended for reloading accounts but sign up offers are generally not available to customers using Skrill to make their first deposit.

Neteller

  • An online payment method often referred to as an ‘internet wallet’. Accepted by all major bookmakers and gambling sites it brings all payments details into one place and allows almost instantaneous transfer of funds from bank accounts and cards. Recommended for reloading accounts but sign up offers are generally not available to customers using Neteller to make their first deposit.

Mug Bet

  • A standard bet placed with a bookmaker that is not related to an offer. Recommended to make betting accounts appear normal and thus protect the account from being excluded from offers.

Gubbed/Gubbing

  • A term used when bookmakers either restrict a betting account from taking part in offers and promotions or close the account for being unprofitable.

CASINO TERMINOLOGY

Bust Out

  • Term for losing the bonus before meeting the wagering requirement

Estimated Value (EV)

  • Based on probability theory, the average value of playing a bonus at a given RTP over an extended number of times.

Return To Player (RTP)

  • The percentage of money bet on casino game that is returned to players over time.

Variance

  • The term used to describe the spread of payouts on casino games to a given RTP. eg a low variance game might return 95% of money wagered by frequently paying relatively small wins while a high variance game might return the same 95% RTP paying larger wins but on a less frequent basis.