Betting Glossary

This page includes some of the most essential matched betting and sports betting terms that you need to know. Feel free to use it as a reference. However, make sure that you at least understand all the concepts that are explained here before you start investing any funds in matched betting.

Also, feel free to ask any questions you may have in the comments. I will add more terms to this glossary if you ask for it.

Bookmaker, Bookie – an enterprise which offers placing bets on outcomes of sports events and pays out to people who have predicted these outcomes correctly. Learn more about bookmakers.

Betting Exchange – a virtual place in which people bet on various sport events against each other. Betfair is the biggest and the most reputable betting exchange. Read my article about betting exchanges.

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. Decimal 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 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 my  article about betting odds.

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. Risk is eliminated by placing back bets and lay bets on the same selections.

Qualifying Bet – a bet that has to be placed with your own money to qualify for getting a free bet or a bonus.

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. The majority of free bets don’t return stake, yet they are still lucrative.

Stake Returned (SR) Free Bet, Bonus, Cash Bonus – a free bet that includes its stake in potential winnings. SR free bets usually have minimum wagering requirements before withdrawals can be made, so read terms and conditions carefully. Scrutinize bookmakers terms and conditions to distinguish between SNR free bets and SR bonuses.

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