A–Z of matched betting terms
- Back bet — A bet with a bookmaker on an outcome happening — e.g. Arsenal to win.
- Lay bet — A bet on a betting exchange that an outcome will NOT happen — you take the bookmaker's role.
- Qualifying bet — The opening real-money bet that unlocks a bookmaker's free bet.
- Free bet — A stake credited by a bookmaker after a qualifying bet. Usually 'stake not returned'.
- SNR / SR — Stake Not Returned / Stake Returned. Tells you whether the free-bet stake is included in any winnings.
- Odds matcher — Software that finds pairs of close bookmaker back odds and exchange lay odds.
- Expected value (EV) — The average result of a bet if repeated many times.
- Dutching — Backing every outcome across multiple bookmakers to lock in a result without an exchange.
- Liability — The amount an exchange holds in reserve to cover a lay bet if it loses.
- Commission — The percentage an exchange takes from your net winnings on a market (usually 2–5%).
- Rollover / wagering — The total you must stake through a casino bonus before withdrawing.
- Reload offer — An ongoing promotion for existing bookmaker customers.
- Gubbing — When a bookmaker restricts your account — a known risk once you profit consistently.
- 2Up — A market that pays out if your team goes two goals ahead, even if they don't win.
- Extra place — A horse racing promotion that pays each-way on more places than usual.
- Price boost — A bookmaker enhancing the odds on a selected market above their standard price.
- Acca insurance — Refund on an accumulator that loses by one leg.
- Rating (odds matcher) — The percentage of stake you're expected to retain on a matched bet.
- Underlay / overlay — Adjusting the lay stake so a small profit lands on the bookmaker side (overlay) or the exchange side (underlay).
- Bet Builder — A single bet made up of multiple markets in the same fixture. Often excluded from qualifiers.
- Cashout — A bookmaker feature that settles a bet early at a reduced price. Ignore it for matched betting.
- Arbitrage — Different from matched betting — arbitrage exploits price mismatches without needing a free bet.
- Mug bet — A small, ordinary-looking bet placed to disguise a matched-betting pattern from a bookmaker's trader team.
How to use this page
If you see a term you don't recognise anywhere on the site, come back here first. If it's not listed, message us via the Contact page and we'll add it.
Two terms trip beginners up more than any others: SR versus SNR (which decides how much of a free bet you retain) and Liability versus Lay Stake (which decides whether you accidentally over-bet by five times).
Kelly's tips
- ✦Learn the difference between SR and SNR before your first free bet. It's the single term that costs beginners the most money.
- ✦The second most valuable term is 'commission' — knowing your exchange's rate is worth roughly 2% of every bet you place.
Common mistakes
- ✕Skipping the glossary and guessing what a term means from context.
FAQs
What's the difference between 'lay stake' and 'liability'?
Lay stake is what you win if the lay is successful. Liability is what you pay if it isn't.
What does 'gubbed' mean?
A bookmaker has restricted your account so you can no longer take promotions.
What is a 'mug bet'?
A small, ordinary-looking bet placed to disguise a matched-betting pattern from a bookmaker's trader team.
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