Matched betting becomes easier to check once the same words mean the same thing each time. This quick glossary is a reference for the terms used in the calculator, offer notes and bet ledger. Promotion terms can still define a word differently, so read the current offer before placing a bet.
The two sides
- Back bet: a bet with a bookmaker that an outcome will happen.
- Lay bet: a bet at an exchange that an outcome will not happen.
- Bookmaker: the provider offering odds on an outcome and accepting the back bet.
- Betting exchange: a marketplace where users can back or lay outcomes, usually with commission on net winnings.
- Selection: the team, player, horse or other outcome chosen in a market.
- Market: the set of possible outcomes being priced, such as match winner or place.
Money and calculation
- Stake: the amount placed on a back bet or the amount used to calculate a free-bet return.
- Lay stake: the amount won from the exchange backer when a laid selection loses.
- Liability: the amount risked on a lay bet if the selection wins, normally lay stake multiplied by lay odds minus one.
- Odds: the price offered for an outcome. Decimal odds include the returned stake in a winning bookmaker return.
- Exchange commission: the charge taken from eligible exchange winnings.
- Qualifying loss or cost: the planned small cost of completing an offer's qualifying bet.
Offers and rewards
- Qualifying bet: the bet required to meet the conditions for a promotion.
- Free bet: promotional betting credit with its own odds, expiry and market rules.
- Stake returned: a free-bet rule where the promotional stake is included in the bookmaker return.
- Stake not returned: a free-bet rule where only the winnings are returned, not the promotional stake.
- Minimum odds: the lowest price a bet can have while satisfying an offer condition.
- Rollover or wagering requirement: a condition requiring a specified amount of betting before funds or rewards can be withdrawn.
Settlement and records
- Settlement: the process of deciding a bet's result and applying the return or loss to the account.
- Void: a bet cancelled under the provider's rules, usually with the stake returned and no result profit.
- Open bet: a placed bet that has not settled.
- Exposure: money that may be lost or remains committed while positions are open.
- Realised profit: the tracked result after settled bets and relevant money movements, not simply the balance in one account.
- Liquidity: the amount available to match at an exchange price.
For a complete first-session walkthrough, start with matched betting for beginners. For the practical checks after a bet settles, read how to reconcile a matched bet.