As per everything in life, there is lots of terminology used in matched Betting, so if in doubt, have a look at the list below.  Let me know if I have missed anything and you can always simply Google the term as well.

Antipost (AP)

– odds that are usually displayed a couple of weeks before the race is due to take place. Usually bets are final and even if the horse is withdrawn from the race you will lose your stake.

Arbitrage (ARB)

– means you will make a guaranteed profit whatever the outcome. For example if you can back an event at decimal odds 2.0 and lay at 1.90 you will have an ‘ARB’ or guaranteed profit. An arbitrage is often referred to as an ‘ARB’ and people who use arbitrage are called ‘ARBERS’.

‘Back’ Bet

– a bet that wins if the selection on which it is placed wins. All traditional bookmakers as well as betting exchanges offer back bets.

Betting Exchange

– a betting exchange is an entity which provides trading facilities for retail or bookmaker customers to buy and sell contracts. Betting exchanges provide the ability to place both back and lay bets.

Bookmaker or Bookie

– a bookmaker, bookie, or turf accountant is an organization that, or a person who, takes bets on sporting and other events at agreed-upon odds.

Bonus, Free Bet

– placing a bet without risking your own money.

Dutching

– betting on all sides of an event. This will be used to create an ARB. For example you could back a win draw and lose in a football match at different bookmakers to create an ARB.

Early Price (EP)

– usually displayed early on the day of the race. If the horse is a NR the bet is usually refunded.

‘Lay’ Bet

– a bet that loses if the selection on which it is placed wins. Laying bets is a service provided only by betting exchanges.

Liability

– the amount you lose or pay out if your lay bet loses. This is also the amount required in order to match a bet to guarantee all events are covered.

Matched Betting

– also known as back or lay bet matching, or double betting is a betting technique used by individuals to profit from the free bets and incentives offered by bookmakers. It is generally considered risk-free as it is based on the application of a mathematical equation rather than chance.

Mug Betting

– is a technique used by matched bettors to keep our accounts open.  Essentially, it is the process of making yourself look like a regular ‘mug’ punter by placing bets which do not take value (make profit) from the bookmaker.  There are several methods you can use to minimise cost like dutching your bets with another bookmaker or betting on accumulators using the lock-in profit method.  For more information on dutching please read the matched betting dutching guide.

Non Runner (NR)

– is a horse that has been withdrawn from a race and if the horse is still showing on the list the race result will be subject to a Rule 4 deduction at many bookmakers.

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.

Palpable Error (PALP)

– bookmakers cancel a bet as a PALP when they display the incorrect odds by mistake. For example show decimal odds of 11.0 instead of 1.10.

Qualifying Bet

– a bet placed at a bookmaker in order to receive a free bet.

RULE 4

– Tattersall’s rule 4 occurs when a race contains a non runner in the listing. The remaining horses in the race are subject to deductions in the odds dependant on the price of the removed horse. Different bookmakers have different reduction factors so you will need to check to determine the new equivalent odds.

RTP Return to Player

– is the term casinos use to describe the percentage of all the wagered money a slot machine will pay back to players over time. For example, if you make a hundred £1 bets on a machine on which the RTP is 98%, you might expect to get back about £98 in wins.

SNR Stake Not Returned Free Bet

– a bet for which, if it wins, the bettor receives only his/her winnings, while the original stake is not returned. In this case, for example, a bet of £5 at odds of 5-to-1 returns only the £25 winnings, which gives a net value of £20.

SR Stake Returned Free Bet, Bonus, Cash Bonus

– a bet for which, if it wins, the bettor receives the original stake as well as his/her winnings. For example, a bet of £5 at odds of 5-to-1 returns £30 – the £25 winnings plus the original £5 stake.

Stake, Wager, Bet, Punt

– to risk money on something with a hope to gain; the amount of money that is risked.

Start Price (SP)

– back odds of the horse when the race starts. This usually offers the least value especially on a lower odds horse.

Variance

– Put simply, a low variance slot will pay a combination of half decent and small wins more often, while a high variance slot will give you mainly small wins and very occassionally a huge win.

Wagering Requirement (WR)

– Specific instructions that must be followed in order to unlock a free bet or withdraw bonus funds from a bookmaker. These may include restrictions on markets, types of bets that may be placed and the maximum value of individual bets.