If you're new to matched betting, here's an A-to-Z list of some of the key terms you may need to become familiar with when getting started with this side hustle:
A - Arb Betting: Also known as arbitrage betting, it involves placing bets on all possible outcomes of an event to guarantee a profit, regardless of the outcome.
B - Back Bet: Placing a bet on a specific outcome to occur, such as betting on a team to win a match.
C - Cash Out: The option to settle a bet before the event's conclusion, usually to secure a profit or minimize losses.
D - Ducthing: The process of betting on every outcome of an event at different at the perfect odds to guarantee a result no matter the outcome. Coined by Dutch Schultz in 1920's New York.
E - Enhanced Odds: Promotions offered by bookmakers that provide better odds than usual for specific events or outcomes.
F - Free Bet: A promotional offer where a bookmaker provides a bet for free, often given as a reward for signing up or meeting certain criteria. These are converted into cash via matched betting (also known as the free bet conversion process).
G - Gubbed: When a bookmaker limits or restricts a customer's betting account due to matched betting activities.
H - Hedge Bet: Placing additional bets to minimize potential losses or secure a guaranteed profit, usually by betting against the original bet.
I - In-Play Betting: Placing bets on events that are already underway, with odds and markets continuously adjusting during the event.
J - Jackpot: A large prize or pool of money that can be won in specific betting contests or promotions.
K - Kelly Criterion: A mathematical formula used to determine the optimal bet size based on the perceived value and probability of winning.
L - Lay Bet: Betting against a specific outcome to occur, essentially acting as the bookmaker and taking bets from others.
M - Matched Betting: A risk-free betting strategy that involves placing back bets and lay bets to profit from bookmakers' free bets and promotions.
N - No Risk: The overall advantage of Matched Betting - a no risk strategy.
O - Overlay: Overlaying is the opposite of underlaying. You are increasing the stake for your lay bet on the exchange compared to the value recommended. When you overlay, your profit will increase if the lay bet wins on the exchange.
P - Price Boost: A promotional offer where the odds for a particular outcome are increased to attract more bets.
Q - Qualifying Bet: The initial bet placed to qualify for a free bet or promotion.
R - Reload Offer: Offers provided by bookmakers to existing customers, often in the form of free bets or enhanced odds.
S - Stake: The amount of money wagered on a bet.
T - Treble: A bet that combines three selections, with the winnings from the first selection rolling over to the next and so on.
U - Underlay: If you underlay a bet, you are placing a smaller stake on the exchange than you would normally place. The obvious outcome of this is that if your back bet with the bookmaker wins, you will make more profit.
V - Value Betting: Placing bets on outcomes with odds that are higher than they should be based on your assessment of the true probability.
W - Wagering Requirements: The conditions that must be met before bonus funds or winnings from free bets can be withdrawn.
X - X-Factor: A popular TV talent show with betting markets available for predicting the winner.
Y - Yankee: A multiple bet that combines four selections into 11 separate bets, consisting of six doubles, four trebles, and one fourfold accumulator.
Z - Zero Risk: A key characteristic of matched betting, where the strategy minimizes the risk of losing money.
Got more questions surrounding matched betting? Check out our beginner's guide to matched betting.