If you are new to matched betting or sports betting in general, you may find some of the terms used in our website confusing. So I decided to explain the essential matched betting terminology in this article. If there is a term you don’t understand and it is not explained here, feel free to ask for its meaning in our matched betting forum.
Bookmaker, Bookie – an enterprise which offers placing bets on outcomes of sports events and pays out to people who have predicted these outcomes correctly. Article What is a Bookmaker explains the concept of bookmakers.
Betting Exchange – a virtual place in which people bet on various sports events against each other. The two most popular betting exchanges are Betfair and Betdaq. How betting exchanges work is explained in article Betfair Explained.
Odds – a number that indicates how much money a back bet wins or a lay bet loses if the selection wins. Odds also imply how likely a particular result is. Understanding Betting Odds is an article in which I explain these concepts in more detail
Back Bet (Backing a Selection) – a bet that wins if the selection on which it is placed wins. All traditional bookmakers as well as betting exchanges offer back bets
Lay Bet (Laying a Selection) – a bet that loses if the selection on which it is placed wins. Laying is only possible with betting exchanges
Liability – the sum of money that is risked by placing a lay bet
Backing, Laying and Liabilities are explained and exemplified in articles Understanding Betting Odds and Betfair Explained
Stake, Wager, Bet, Punt – to risk money on something with a hope to gain; the amount of money that is risked
Matched Betting – a strategy that is used to extract free bets or other bonuses offered by bookmakers. The risk is eliminated by placing a back bet and a lay bet on the same selection. To learn matched betting and start making money, download our free matched betting bonus pack that you can find on the right side of this page
Qualifying Bet – a bet that has to be placed with your own money to qualify for a free bet
Bonus, Free Bet – a possibility to place a bet without risking your own money
Stake Not Returned (SNR) Free Bet – a free bet that does not include its stake in potential winnings. Subtract 1.00 from the odds to calculate how much money you will have after winning such bet. Many free bets don’t return stake, yet they are still lucrative. Such offers are marked as Free Bets in our Free Bets List
Stake Returned (SR) Free Bet or Cash Bonus – a free bet that includes its stake in potential winnings. SR free bets or cash bonuses usually have minimum wagering requirements before withdrawals can be made, so read terms and conditions carefully. Also use terms and conditions to distinguish between SR and SNR free bets. Such offers are marked as Cash Bonuses in our Bonus List
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