Matched betting is my top side hustle right now. I’ve been at it for about two months and have made £711.21 in tax-free cash. I spend around 30-60 minutes every other day on it, and overall, it’s been pretty straightforward.
My main challenge was the jargon. As someone who’s not into sports and had never placed a bet before, the new terms were overwhelming. To help other beginners, I’ve compiled a matched betting glossary. Feel free to bookmark this page and refer back to it.
If you’re curious about how much you can earn from matched betting, I recommend checking out Outplayed.com (formerly Profit Accumulator) and trying their free trial offers. They have video guides to help you with your first bets, and you can make up to £40 this weekend with their free trial membership. No commitment required! Note that Outplayed membership is only available to residents of the UK and Ireland. If you’re elsewhere, check your local gambling laws before starting.
Disclaimer: Links to Outplayed.com are affiliate links, which means I earn a commission if you sign up. I’m happy to promote a service I use and love!
Here’s the glossary:
**Matched Betting Glossary**
**Bookmaker, bookie** – A company offering betting services. You bet on an event’s outcome, and the bookie pays if you guessed right. Examples: Coral, William Hill, Ladbrokes, Paddy Power. Traditional bookies have physical shops, but matched betting is done online.
**Betting exchange, exchange** – A platform where you bet against other people, not the company. Only exchanges offer lay bets. Examples: Betfair, Betdaq, Ladbrokes Exchange.
**Back bet** – Betting that something will happen. For example, betting on Chelsea to win their game.
**Lay bet** – Betting that something won’t happen. For example, betting that Chelsea won’t win, which covers losing or drawing. Lay bets are only possible at an exchange and are essential for matched betting. You place a back bet at a bookie and an equivalent lay bet at an exchange, ensuring you break even.
**Free bet** – Offered by bookies and some exchanges to attract new customers or reward existing ones. This is how you make money in matched betting.
**Qualifying bet** – A real money bet required to get a free bet. For example, Coral offers a £20 free bet for new customers who sign up and bet £5. The initial £5 is the qualifying bet, and you eliminate the risk with a lay bet at an exchange.
**Qualifying loss (QL)** – A small loss on qualifying bets, usually less than £1. This loss is acceptable as it qualifies you for a larger free bet. Keep QLs low to maximize profit.
**Liability** – The amount needed in your account to place a lay bet at an exchange. It’s the amount ‘at risk,’ but in matched betting, if done correctly, your money isn’t really at risk.
**Stake not returned (SNR)** – A type of free bet where the initial stake isn’t included in the winnings. If you bet £20 at odds of 1.5 and win, you get £30. With a free bet of £20 at odds of 1.5, you get £10. Most free bets are SNR.
**Stake returned (SR)** – If the free bet stake is returned, you get pure profit. SR free bets are rare and usually have conditions, so check the T&Cs.
**Wagering requirement (WR)** – A condition where you must bet your winnings multiple times before withdrawing. For example, if you win £20 with a five-times WR, you must bet £100 before withdrawing. This applies only if you keep winning at the bookie.
**Acca/accumulator** – Several bets rolled into one. For example, betting on Chelsea, Liverpool, and Everton to win their games. All bets must win for you to win the acca. This is an advanced technique.
**Single** – One bet on one result.
**Double** – A bet on two different results in two different events. The simplest form of an acca.
**Multiple** – Any bet on multiple results. Acca and multiple are essentially the same, though there are more complicated types. Beginners will only place singles for a while.
**Odds** – The number representing the return you’ll get from the bookie if your bet wins. They come in different formats, with decimal (e.g., 1.5) being the most common. Change all bookies’ odds formats to decimal for ease.
**Evens** – A bet with odds of 2.0 (1/1).
**Gubbed/gubbing** – When a bookie stops giving you special offers and free bets. This can happen if you win too much or only do special offers. It doesn’t mean you’re banned, just ineligible for special offers. Outplayed has advice on avoiding being gubbed.
**Mug bet/mugging** – A bet not attached to any special offer or free bet, designed to make you look like a typical gambler. Do some mugging to avoid bookies getting suspicious and gubbing you.
**Skrill/Neteller/Moneybookers** – E-money services similar to PayPal, popular for quick money transfers. However, many bookies don’t accept these for sign-ups and qualifying bets. Look into them as you get more advanced.
I hope this helps any newbies as clueless as I was. Is there any more matched betting jargon you’re confused about? Let me know in the comments and I’ll try to help!