If you’ve stumbled into the world of matched betting for the first time, there can be a lot to take in. This jargon buster post explains some of the most popular matched betting terminology, abbreviations, and acronyms. Otherwise, check out our guide: What is matched betting? for an overview.
Jargon buster: matched betting terminology from A to Z
Sports jargon buster
A bet with at least 4 selections. All of these selections are connected so if one loses, the entire acca loses.
Betting on something where the back odds are higher than the lay odds. Like a price boost but without the promotion.
The market where you would bet on how many goals a team would win by.
Betting in support of a bet. Betting FOR something.
The amount of funds that you use to back and lay the bets.
A large betting exchange. You would use this to lay bets i.e. bet against.
BF: Betfair (exchange)
BFSB: Betfair Sportsbook
BOG (Best Odds Guaranteed)
If you back a horse at certain odds and then the odds of the horse go up by the time the race starts AND the horse wins, the bookie then pays out at the higher price. We love a juicy BOG payout. This is one of the nice benefits of betting on horse racing.
Both Teams to Score
This is when you trade out your bets at market value.
This is when you bet on multiple outcomes within the same event, this will reduce the amount of liability you need at the exchange. For example, if you back and lay 3 horses in the same race, you then go to lay them all. You’ll notice that the exchange only holds the liability for the worst case scenario which is the horse at the highest odds winning. It then releases the unnecessary funds back to your balance. *This applies to all sports and not just horse racing.
When odds increase significantly
When you place multiple back bets with bookmakers, rather than laying at the exchange.
Each Way (e/w)
This is when your stake is double and placed in 2 parts. One part in the win market and the other in the place market.
EP (Extra Places)
It’s a type of offer in matched betting where you place e/w bets and lay one market less than the places being paid out. If your horse ends up in that extra place, then you make a profit.
This is where you would go to place a lay bet.
Free Bet SNR (Stake Not Returned)
What you would set the matched betting calculator to when using a free bet. Stake not returned because most free bet winnings don’t include the stake.
Being restricted from promotions at a bookmaker.
This is when an event is live.
The opposite of a back bet. This is when you place a bet AGAINST an outcome.
This is the amount of money that is held at the exchange while a lay bet is in progress.
This is the amount of money available in the market.
Matched/Partially Matched/Unmatched bet
Matched is when your lay bet has been fully taken at the exchange. Partially is when only part of your lay bet has been taken at the exchange. Unmatched is when your lay bet has been taken at all. Ways to fix this (add link to guide)
These are the lowest odds that you can bet on to be eligible for an offer.
A bet that you place that isn’t linked to a promotion. This bet is layed as well. This is to help your account look like the one of a punter to promote longevity.
This is when a horse has been withdrawn from the race. If it was your horse that was withdrawn, both your stake and liability is voided/canceled and returned to you.
This is when you layed more than what you would normally lay.
QL (Qualifying losses)
The small loss that you would make when placing the initial bet (qualifying bet) to trigger the release of free bets.
Rule 4 (Reduction Factor)
The adjustment in the back and lay odds when a horse is withdrawn from a race. When a horse is withdrawn from a race, this impacts the odds of the other horse. So this is when the odds are readjusted to factor in the withdrawn horse. This is normally done on both the bookie and exchange side
SP (Starting Price)
The odds of a horse at the off ie when the race goes in-play.
Laying less than what you would normally lay.
The amount of times that you need to play through the winnings until they convert into cash that you can withdraw.
Casino jargon buster
The amount of funds you have to do the offers. Casino bankroll is very important as you need to have a sufficient amount to be able to get through the downswings.
Card game played in Casinos
This is when you’re wagering and you run out of money.
Gambling to try and make a win to recoup losses. (DO NOT DO THIS!)
EV (Expected Value)
The average win from a casino offer.
FS (Free Spins)
These are risk free spins that are given by a casino.
These are major cash prizes that casinos give out.
RTP (Return to Player)
Average return that a slot gives back in winnings to a player. So if the slot has 95% RTP, it means that it is programmed to give you 95p for every £1 you play. This isn’t guaranteed to you but the average return based on an infinite number of spins.
Game with reels played at casinos.
The cash you put up to do an offer.
This is the amount of times that you need to play through the winnings until they convert into cash that you can withdraw.
Ready to put your new-found knowledge to the test? Start your Free Trial today and make money online with OddsMonkey.