The betting world can seem a very strange place for those starting out. Add to this the fact that matched betting seems to have its own language, it’s downright confusing! So this guide to common terminology will help you make sense of it.

Acca Catcher

• A brand new piece of software recently launched by Profit Accumulator to help find matching accumulator bets (see below).

Accumulator 

• You will also see these referred to as  accas. This is when you place a number of different bets on a series of matches or races. If all of the bets win, all of the odds will be multiplied together.

Arb

• An arb is when the back bet odds are higher than the lay odds available. You can make money by placing these types of bets. However, bookmakers don’t like you making these bets unless they have purposely enhanced the odds, for example as a special offer. So it is best to avoid making these types of bets. This means avoiding any bets on the oddsmatching software with a rating of 100 or more.

Back

• To back a bet means to bet that your selection will win. For example, “I bet that Andy Murray will win Wimbledon“, or “I bet that the horse ‘Sandy’ will win the horse race“.

best odds guaranteed / Bog

• A bookmaker will pay out at the best odds that were offered on that specific horse or match. This means that if you back a bet at lower odds and it wins, then you will get an additional bonus of the boost in these odds in your payout at the bookmaker site.

Betting exchange

• A site that allows you to place lay bets. The betting exchange matches back and lay bets up at the same odds, and effectively connects you electronically to people who are backing the same event at the same odds.

Bonus

• Funds awarded to you by a bookmaker with which to place bets. These are different to a free bet because you can usually keep the bonus amount.

Deposit

• Paying money into your accounts which is then available to place back or lay bets.

dutching

• Using a different bookmaker rather than a betting exchange to cover all the possibilities of a betting outcome. This is a more specialist technique for more advanced matched betters.

eachway / ew

• A bet that will pay out winnings for runner up positions, such as finishing in the top 4 in a horse race.

extra place offers

• Offers when the bookmaker will pay out for additional runners up when you place an each way bet. More advanced matched betters often make extra money by backing these types of events.

Free bet

• Money given to you by a bookmaker with which to place a bet.

Gubbing 

• If a bookmaker thinks you are taking advantage of them simply for the free bets they offer, they can limit your account. This is known as gubbing or being gubbed. They can stop awarding you free bets or place significant restrictions on how your account is used.

in-play bets

• When you place a bet when the game or match is live.

Lay bets

• When you bet against something happening. For example, “I bet England won’t win“, “I bet Tottenham won’t score a goal in that game“.

Liability 

• This is the amount of money you will lose if the lay bet loses. When you place a lay bet, you are essentially matched up with a customer who is backing the same bet at those odds. If their bet wins, you need to pay them what they are owed. However, remember that when a lay bet loses, your bet will win the bookmaker account. So the money that is deducted from your betting exchange account will always be added to your bookmaker account where you placed the back bet.

Lock in

• Special methods that help you secure a profit no matter what the outcome. This is an advanced technique normally used if free bets are dependent on a certain outcome.

Match catcher

• This is a piece of software developed by Profit Accumulator to help track back and lay bets for horse races which have special offers associated with them.

Mug bets

• When you start using the same bookmaker for different offers, it is advisable to look after your accounts so that you look like a normal customer. If you only ever place bets that are associated with offers you may have your account gubbed. This would stop you being able to continue making money matched betting. In the matched betting world, normal customers are known as “mug customers” because invariably you will always lose when gambling. It’s not the nicest term is it? One method to look normal is to place mug bets where you don’t stand to gain anything from the bet. You’ll always need to lay these off to ensure you don’t lose any money.

Odds 

• Odds show the ratio you will be paid if your bet wins. In the UK, odds are normally expressed in a fractional format, e.g. 2/1 or 9/2. The latter number represents the amount you bet and the first number shows how you much you will win if your bet wins. So, at odds of 2/1 for every £1 you bet you will win £2. At odds of 9/2 you will win £9 for every £2 you bet. In matched betting you will use decimal formats for odds, which shows you the amount your bet will be multiplied by if it wins. For example, 3.0 or 5.5. You can use Odds Converter to work out the different formats.

Oddsmatching

• The software used by Profit Accumulator to help you find back and lay bets at close odds.

overlay

• When you place a lay stake at a higher amount than would normally be suggested by the calculator. This is sometimes used by advanced matched betters.

Price boost / enhanced odds

• Bookmakers will sometimes have special deals offering enhanced odds. If these odds are higher than the lay odds you will can make a profit simply by backing and laying on that match. This is an advanced technique so you shouldn’t worry about this at first.

Qualifying loss

• The small loss you will make when placing your qualifying bet, taking account of any difference in odds and commission payable to the exchange.

Reload 

• Reload offers are the ongoing offers that bookmakers offer to keep you betting with them. Once you have completed all of the sign up offers, this is how you continue to make money from matched betting in the longer term.

Rollover

• The number of times your free bet or bonus might need to be placed before it is possible to withdraw money from the bookmakers.

Settled

• When your bets have been completed, e.g. the match or race has finished, they will be settled.

Stake

• The amount you need to bet.

SNR 

• This stands for stake not returned. You select this option on the calculator when making the calculations for free bets which don’t return the stake.

sp

• This stands for starting price and refers to the odds at the time the race or match gets underway.

underlay

• When you place a lay bet at a lower amount than would normally be recommended by the calculators. This is an advanced matched betting technique.

Unmatched bet

• When you place a lay bet at a betting exchange, you will notice a figure at the bottom of the pink lay box which also shows the odds. As explained above, a betting exchange is a place where back and lay bets can be matched at the same odds. This figure shows the maximum amount of money available for you to place a lay bet at the odds shown. If you exceed this, this part of the lay bet will be unmatched.

Wagering

• Conditions attached when placing qualifying bets. For example, there might be a minimum odds requirement or a certain number of bets that need to be placed.

If there’s any other betting terms still confusing you, then let me know. I’ll be happy to decipher them for you.