Beginner glossary
Matched Betting Glossary
If matched betting feels confusing at first, it is usually because of the language. Once you understand the terms, the whole process feels much simpler. This glossary explains the main matched betting words in plain English so you can actually follow what is going on.
Start with the basics like qualifier, qualifying loss, lay bet and lay liability. Those are the terms that make everything else click.
The terms you will hear about the most
Back Bet
The bet you place with the bookmaker in the normal way, backing an outcome to happen.
Bet and Get
A common welcome offer where you place a qualifying bet first and then receive one or more free bets or bonuses afterwards.
Commission
The percentage fee charged by the exchange on winnings. This affects your lay bet maths and your final value.
Conversion Rate
The percentage of a free bet or reward that you manage to turn into withdrawable cash after matching it properly.
Exchange
A betting platform such as Smarkets where you can lay outcomes instead of only backing them like a normal bookmaker.
Free Bet SNR
Stake not returned. Only the winnings are paid, so an SNR free bet is worth less than a stake returned free bet.
Free Bet SR
Stake returned. The free bet stake comes back with the winnings, so this type of reward is usually worth more than SNR.
Lay Bet
A bet placed on the exchange against an outcome happening. This is the other side of matched betting and what keeps your position controlled.
Lay Liability
The amount you need in your exchange account to cover the risk if your lay bet loses.
Lay Stake
The amount you lay on the exchange. Getting this right is one of the most important parts of matched betting.
Minimum Odds
The lowest odds allowed by the bookmaker for a bet to qualify for the offer. If you miss this, the promo may not trigger.
Overlay
Laying slightly more than the perfectly balanced amount so you make more if the bookmaker bet wins and less if the lay bet wins.
Qualifier
Your first real-money bet used to unlock a promotion. The aim is normally to keep the qualifying loss as small as possible.
Qualifying Loss
The small controlled loss you usually take on the first bet in order to unlock a much more valuable reward.
Reload Offer
An offer for existing customers rather than brand-new signups. These can still be valuable once you know what you are doing.
Stake Not Returned
A bet type where only the winnings are paid and the free stake itself is not returned. This is the same idea as SNR.
Stake Returned
A bet type where your original stake comes back as part of the return when the bet wins.
Underlay
Laying slightly less than the balanced amount so you make more if the exchange lay bet wins and less if the bookmaker bet wins.
Value Betting
Different from matched betting. Value betting is about finding prices you think are wrong, while matched betting is mainly about turning offers into profit.
Next step after the glossary
Once these terms make sense, matched betting gets much easier to follow. The best next move is to look at a simple offer and watch how the back bet, lay bet and qualifying loss fit together.
