Understanding matched betting terminology is essential for profitable risk-free betting strategies. This comprehensive A-Z glossary covers every term from accumulator to wagering requirements, providing the complete foundation for successful matched betting.
Complete List of Matched Betting Terms Covered
Here are the 80+ matched betting terms in bullet points:
- Accumulator
- Ante-Post
- Arbitrage
- Asian Handicap
- Back Bet
- Bankroll
- Best Odds Guaranteed
- Betting Exchange
- Bookmaker
- Bonus Bet
- Both Teams To Score
- Cash Out
- Combined Liability
- Dead Heat
- Double Chance
- Draw No Bet
- Dutching
- Enhanced Odds
- Expected Value
- Extra Place
- Free Bet
- Free Spins
- Gubbed
- Handicap
- Hedge
- In-Play
- Lay Bet
- Liability
- Liquidity
- Live Chat
- Matched Betting
- Matched Betting Calculator
- Minimum Odds
- Moneyline
- Mug Betting
- Non-Runner
- No-Deposit Bonus
- Odds Formats
- Odds Boost
- Oddsmatcher
- Overlay
- Palpable Error
- Parlay
- Punter
- Qualifying Bet
- Qualifying Loss
- Reload Offer
- Risk-Free Bet
- Rollover
- Rule 4
- Sign-Up Offer
- Site Credit
- Stake
- Stake Not Returned
- Stake Returned
- Starting Price
- Underlay
- Unmatched Bet
- Value Betting
- Variance
- Wagering Requirement
A - Accumulator to Asian Handicap
Accumulator (Acca) – A multiple bet with two or more selections, where all selections must win for the bet to pay out. Known as a parlay in the USA/Canada and a multi or all-up in Australia. Different types of accumulator bets offer varying risk-reward profiles for matched betting strategies.
Ante-Post – A bet placed well in advance of an event (commonly in horse racing), often at higher odds but typically with no refund if the selection doesn't participate.
Arbitrage (Arbing) – Betting on all possible outcomes of an event across different sites to exploit odds discrepancies and guarantee a profit (also known as surebetting).
Asian Handicap – A betting market that gives one team a virtual advantage/deficit to eliminate the possibility of a draw. Handicaps can be whole, half, or quarter goals (e.g. +1.5, -2, etc.).
B - Back Bet to Both Teams To Score
Back Bet – A conventional bet for an outcome to happen (e.g. betting on Team A to win) placed with a bookmaker.
Bankroll – The total funds set aside for betting. Proper bankroll management is key to sustained matched betting profits.
Best Odds Guaranteed (BOG) – A common UK horse racing promotion where if the Starting Price (SP) of your horse is higher than the odds you originally took, the bookmaker pays out at the higher odds. Essential for horse racing matched betting strategies.
Betting Exchange (Exchange) – A platform (e.g. Betfair, Smarkets) where bettors trade wagers with each other instead of against a bookmaker, allowing users to lay bets (bet against outcomes).
Bookmaker (Bookie, Sportsbook) – A company licensed to offer odds and accept wagers from customers (also called a sportsbook, especially in North America). Best bookies for matched betting vary by region and promotional offerings.
Bonus Bet – Another term for a free bet, commonly used in Australia. Bonus bets are promotional wagers that don't risk your own cash.
Both Teams To Score (BTTS) – A popular football (soccer) bet that both teams will score at least one goal in the match.
C - Cash Out to Combined Liability
Cash Out – A feature allowing you to settle a bet before the event concludes, locking in a profit or cutting a loss based on the current odds offered by the bookmaker.
Combined Liability – On exchanges, when laying multiple outcomes in the same event, the total liability can be reduced because only one outcome can win. The exchange will hold only the worst-case loss rather than the sum of individual liabilities.
D - Dead Heat to Dutching
Dead Heat – A tie between two or more competitors in an event (e.g. two horses dead-heating for first place). In a dead heat, winnings are typically divided, and for matched bettors it can affect payout calculations.
Double Chance – A market that covers two out of three possible outcomes in a match with one bet (e.g. Home Win or Draw). It lowers risk, as your bet wins if either of the two selected outcomes occurs.
Draw No Bet (DNB) – A market where your stake is returned if the match ends in a draw. Essentially, you're betting on a team to win with the "safety net" that a draw results in no loss.
Dutching – A strategy of backing multiple outcomes (usually at different bookmakers) such that no matter which outcome wins, the overall result is breakeven or profitable. This is often used as an alternative to laying bets, especially in markets or countries where exchanges are not available. Dutching calculator tools help optimize stake distributions.
E - Enhanced Odds to Extra Place
Enhanced Odds – A promotion where a bookmaker boosts the odds of a selection well above the normal price (often for new customers). For example, offering 30/1 on an outcome that is normally 3/1. These offers typically pay winnings as free bets or bonus funds.
Expected Value (EV) – The average profit or loss expected per bet if the same wager were repeated many times. A positive EV (+EV) means the bet is profitable in the long run on average.
Extra Place – An offer (common in horse racing) where a bookmaker pays out on more places than usual for each-way bets (e.g. paying 4 places instead of 3). Matched bettors can profit if a backed horse finishes in the "extra" place – winning the place bet at the bookie while the lay bet on the exchange loses.
F - Free Bet to Free Spins
Free Bet – A promotional bet that does not use your own money. If it wins, you receive the profit but usually not the stake amount. In Australia this is often called a bonus bet, and in some US offers free bets may be given as site credit or free play.
Free Spins (FS) – A casino bonus allowing you to spin slot machine reels for free. Winnings from free spins often come with wagering requirements before they can be withdrawn.
G - Gubbed
Gubbed – Slang for having your bookmaker account restricted from promotions (and sometimes stake-limited) due to being flagged as an unprofitable customer (often from consistent matched betting). A gubbed account can still place bets, but it won't receive free bets or offers. Also referred to as being restricted or promo banned. How bookies detect matched betting explains prevention strategies.
H - Handicap to Hedge
Handicap (Point Spread) – A bet that gives one team a virtual advantage or disadvantage to even the playing field. For example, a -3.5 point spread means the favorite must win by 4 or more points, whereas a +3.5 on the underdog means they can lose by up to 3 points and still "cover" the bet. European and Asian handicap markets are common outside the US, while point spread is the term used in American sports betting.
Hedge – Placing an opposite bet to reduce risk on an existing wager. In matched betting, hedging (similar to laying) might be used to lock in profit or minimize loss, for instance by betting the opposite side of a running accumulator to secure some profit. In casual terms, a "hedge" is a safety bet.
I - In-Play
In-Play (Live Betting) – Betting on an event while it is currently underway. Odds fluctuate in real time, and matched bettors sometimes place qualifying or free bets in-play when required by certain promotions.
L - Lay Bet to Live Chat
Lay Bet – A bet against an outcome, placed on a betting exchange (you're effectively saying the outcome will not happen). For example, a lay bet on Team A means you pay out if Team A wins, but you win if Team A loses or draws. Lay bet calculator tools help determine optimal stakes.
Liability – The amount of money you must have in your exchange account to cover a lay bet. This is the potential loss you'd pay out if the lay bet loses (remember, if that happens you win the corresponding back bet at the bookmaker).
Liquidity – The amount of money available to be matched on a betting exchange at a given price. Low liquidity means it may be difficult to get your bets fully matched at the desired odds.
Live Chat (LC) – The online support chat provided by bookmakers. Matched bettors often use live chat to promptly resolve issues such as missing bonus credits or to clarify promotion terms.
M - Matched Betting to Mug Betting
Matched Betting – A betting strategy that uses free bets and promotions to secure profit by covering all outcomes of an event. By placing opposing bets (back and lay) you ensure one bet wins, allowing you to extract the value of bookmaker offers with no net loss. Learn how matched betting works for guaranteed profits.
Matched Betting Calculator – An essential online tool that calculates the exact lay stake needed on the exchange for a given back bet, to either lock in a profit or minimize the qualifying loss. Professional matched betting calculators are crucial for accurate calculations.
Minimum Odds – The lowest odds at which you are allowed to place a qualifying bet to earn a free bet or bonus. For example, an offer might require your initial bet to be at odds of 1.50 (-200 in American odds) or higher.
Moneyline – The North American odds format (also called American odds) for a straight win bet. A positive moneyline (e.g. +200) indicates how much profit a $100 bet would win (+$200), while a negative moneyline (e.g. -200) indicates how much you must stake to win $100. In essence, betting the moneyline means picking a team/player to win outright (with no point spread involved).
Mug Betting – Placing normal bets that a typical recreational punter might place (not tied to promotions) in order to appear as a regular customer to bookmakers. Mug bets are used to help avoid detection and account restrictions when you're actively matched betting.
N - Non-Runner to No-Deposit Bonus
Non-Runner (NR) – A horse (or greyhound) that was entered in a race but does not end up competing. Bets on a non-runner are void and stakes are refunded. In an accumulator, the leg involving a non-runner is typically treated as void and the acca continues with remaining legs.
No-Deposit Bonus – A bonus or free bet given by a bookmaker or casino without requiring any initial deposit from the customer. These are often small incentives granted upon signup. Terms vary, but no-deposit bonuses usually carry wagering requirements before any winnings can be withdrawn.
O - Odds Formats to Overlay
Odds Formats – Different systems for quoting odds in various regions. Decimal odds (e.g. 3.00) are common in Europe/Australia and represent the total return for each 1 unit staked. Fractional odds (e.g. 5/1) are traditional in the UK and quote net profit relative to the stake. American odds (moneyline odds, e.g. +150 or -150) are used in the US and indicate underdog or favorite status and payouts per $100 stake.
Odds Boost / Price Boost – A promotion where a bookmaker temporarily increases the odds on a specific selection to higher than normal. For matched bettors, odds boosts can often be turned into small guaranteed profits or risk-free bets by laying the outcome at the exchange if the lay odds are not also elevated. A Profit Boost is similar – it increases your winnings by a set percentage – often with a cap on the extra winnings.
Oddsmatcher – Software (or an online tool) that scans bookmakers and exchanges to find close matching odds. Oddsmatchers are used to minimize qualifying losses and identify the best opportunities for using free bets.
Overlay – Laying more than the optimal calculator-recommended amount on a free bet. This strategy yields a bigger profit if the lay bet (exchange side) wins, but a smaller profit if the back bet wins (essentially leaning your outcome toward the lay side).
P - Palpable Error to Punter
Palpable Error (Palp) – An obvious mistake in the odds offered by a bookmaker (for example, listing 50.0 when it should have been 5.0). Bookmakers void bets that were placed at clearly erroneous odds once the error is noticed, returning the stake.
Parlay – The North American term for an accumulator – a single bet that combines multiple selections, all of which must win for the parlay to succeed.
Punter – A colloquial term (used mainly in the UK and Australia) for a bettor, i.e. someone who places bets. Bookmakers often refer to their customers as punters (while in North America "bettor" is more common).
Q - Qualifying Bet to Qualifying Loss
Qualifying Bet – The initial bet you must place (usually with your own money) to qualify for a promotion or free bet. Qualifying bets usually have minimum odds requirements and often result in a small expected loss.
Qualifying Loss – The small loss incurred when placing a qualifying bet. This happens because of the slight difference between the back odds and lay odds. It's essentially the "cost" of buying a free bet – for example, losing a few dollars to gain a much larger free bet reward.
R - Reload Offer to Rule 4
Reload Offer – Any promotion for existing customers (as opposed to a one-time sign-up bonus). Reloads include things like weekly free bets, loyalty bonuses, odds boosts, and other recurring offers that matched bettors rely on for ongoing profits.
Risk-Free Bet – A promotion where if your bet loses, the bookmaker refunds your stake (commonly as a free bet or site credit). Despite the name, these bets still carry risk without matched betting; with a matched betting approach, you lay the bet to cover outcomes and turn the refund into profit.
Rollover (Wagering Requirement) – The number of times you must wager bonus funds (or the winnings from them) before you can withdraw any cash. For example, a 5× rollover on a $50 bonus means you must place $250 in bets before cashing out. This is also called a wagering requirement or turnover requirement.
Rule 4 – A rule in horse racing betting that adjusts payouts when a horse is withdrawn from a race after bets have been placed. The bookmaker applies a deduction to winnings based on the odds of the withdrawn horse (shorter-priced non-runners cause bigger deductions). Matched bettors need to be aware of Rule 4 as it can affect both bookmaker bets and exchange bets on that race.
S - Sign-Up Offer to Starting Price
Sign-Up Offer – A bonus for new customers when joining a bookmaker (also called a welcome bonus). Sign-up offers often take the form of "Bet X, Get Y Free" or deposit matches and are the initial profit source for matched bettors.
Site Credit – A form of bonus where refunded bets or promos are added to your account balance (often in the US context). Site credit acts like cash for wagering (stake is returned in winnings) but usually must meet a rollover before withdrawal. This differs from a traditional free bet, which typically does not return the stake.
Stake – The amount of money wagered on a bet. In matched betting, you typically stake your own money on a qualifying bet, then use the free bet stake (which is not your money) for the second part of the process.
Stake Not Returned (SNR) – A common type of free bet where the free stake itself is not returned in the winnings. Only the profit from the free bet is kept. For example, a $20 SNR free bet at 3.0 (2/1) returns $40 profit (since the $20 stake isn't paid back).
Stake Returned (SR) – A less common free bet type where the free bet stake is returned as part of the winnings. A $20 SR free bet at 3.0 would return $60 ($40 profit + $20 stake). SR free bets are more valuable than SNR because you effectively keep the stake as well.
Starting Price (SP) – In racing, the odds of a horse at the moment the race starts. SP is used for settling certain bets and promotions. For instance, "Best Odds Guaranteed" compares the SP with the odds you took and pays out at the better price if SP was higher.
U - Underlay to Unmatched Bet
Underlay – Laying less than the optimal amount on a free bet. This means you'll earn more if your back bet wins and the free bet succeeds, but you would earn less (or sometimes nothing) if the lay side wins. Underlaying is a conscious trade-off to tilt the potential outcome in favor of a big win at the expense of guarantee.
Unmatched Bet – (Exchange term) A bet placed on the exchange that has not been matched by a counterparty. For example, if you post a lay bet at a certain odds and there isn't enough liquidity, part or all of your bet might remain unmatched. You may need to adjust the odds or wait for a match. A partially matched bet means only some of the stake matched, and the rest is unmatched.
V - Value Betting to Variance
Value Betting – A strategy of betting when you believe the odds are in your favor compared to the true probability. Unlike matched betting (which is risk-free when done correctly), value betting involves taking on some risk — but if you consistently find odds that are too high (value), you expect to profit in the long term.
Variance – In gambling, the natural swings or volatility in results relative to the expected outcome. Low variance means results are more consistent and close to the average expectation (frequent small wins), while high variance means results fluctuate more widely (rare big wins and long losing streaks). Matched bettors encounter variance mostly with casino offers (e.g. high variance slot games might yield nothing or a big win when completing wagering).
W - Wagering Requirement
Wagering Requirement – See Rollover. This is the amount you must wager (turn over) on bets before a bonus or the winnings from a bonus become withdrawable cash. For example, a 10× wagering requirement on a $10 bonus means $100 of bets must be placed before you can withdraw.
Conclusion
This comprehensive matched betting terminology glossary provides the essential foundation for successful risk-free betting strategies. Understanding these terms helps maximize profits, avoid costly mistakes, and navigate the complex world of bookmaker promotions and betting exchanges.
Whether you're exploring 2up matched betting strategies or learning about advanced matched betting techniques, mastering this terminology is crucial for long-term success.
Remember to always gamble responsibly and within your means. Proper bankroll management and understanding these terms will help ensure sustainable matched betting profits.
