Matched betting is a very popular betting technique that, when used correctly, eliminates virtually all the risks involved with placing a normal bet. Matched betting is not gambling. This means that you’ll make money whatever the outcome of the event you’re betting on!
It all sounds a little too good to be true, doesn’t it? But thousands of people have already used matched betting to make significant amounts of money and once you’ve got to grips with the basics it’s easy to use matched betting.
Beginners might understandably be sceptical about matched betting and may find it a little difficult to understand at first. The amount of betting terminology involved doesn’t make this any easier, but don’t worry, we can help with that.
Below we’ve compiled all the main matched betting terminology and outlined exactly what it means. So once you hit the bookmakers or head online to make a bet you’ll actually know what people are saying and talking about.
Key Terminology:
Back Bets: These are traditional bets, so you’re betting on an outcome happening. You might bet that Chelsea will win their next Premier League game. You’ll be able to place back bets at all types of betting establishments.
Lay Bets: These are essentially the opposite of back bets, so you’re betting on an outcome not happening. Using the previous example, you would bet that Chelsea will not win their next Premier League game. In the event of a draw your lay bet will win as Chelsea didn’t win. These kinds of bets are very popular online and are usually provided by betting exchanges.
Free Bets: A free bet is money given to us by the bookies. They are usually given as incentives to encourage beginners or given as rewards if you bet a certain amount of money. Matched bettors are always on the lookout for more free bets to take advantage of.
Qualifying Bet (QB): In order to get more free bets from a bookmaker you’ll need to stake a certain amount of money on another bet. These are known as qualifying bets.
Bookies: Bookies, short for Bookmakers are where we place our back bets. Common examples are Coral and Ladbrokes.
Betting Exchange: Betting exchanges are needed for laying bets. They are online marketplaces which allow customers to buy and sell outcomes giving you the option to place both back and lay bets. The main betting exchanges we use are Smarkets and Betfair.
Liability: Liability can have many meanings but when it comes to matched betting it means the amount you stand to lose at the betting exchange should your lay bet lose and your back bet win. It is also the amount of money needed to ensure all possible outcomes are covered. It’s important to note that the amount we lose at the betting exchange (our liability) we’ll win at the bookie.
Wagering Requirement (WR): The wagering requirement is a set of guidelines that you need to follow in order to get a free bet or in some cases a deposit bonus. We go through all of this information in our in depth tutorials for premium members.
Stake Returned (SR): With regards to free bets. A stake returned means that if your free bet wins you will get your original stake on top of your winnings. This is very rare for free bets.
Stake Not Returned (SNR): With regards to free bets. A stake not returned is essentially the opposite of an SR free bet, if your free bet wins you will only get your winnings. Your stake will not be added on top.
For a more in depth look at all the key terminology used in matched betting head to this page: matched betting explained