Matched Betting Glossary
A reference guide to the terms, abbreviations, and concepts used across Bonusbank and the matched betting community.
A
Arbitrage (Arb) — An arbitrage opportunity exists when you can back a selection at a bookmaker and lay it on Betfair at odds that guarantee a profit regardless of the result. Arb opportunities appear regularly but do not last long. You can find arbs on the ATM or our Dutching software, especially if you are on the Pro tier.
ATM — The Bonusbank odds matching software. Scans bookmaker markets and compares them to Betfair in real time to identify bonus bet conversion opportunities, arbs, and mug betting options.
B
Back Bet — A bet that something will happen. For example, backing Barcelona to win. All bets placed at traditional bookmakers are back bets.
BB — Bonus Bet, or Bonusbank.
Bonus Bet — A voucher given out by a bookmaker that lets you place a bet without risking your own money. If the bet wins you receive the profit. If it loses you lose nothing. Most bonus bets in Australia are SNR (Stake Not Returned). Bonus bets are the primary source of profit in matched betting.
BSP — Betfair Starting Price. The odds at which an unmatched Betfair bet is settled when the event starts. See Starting Price.
C
CBS — Cash-Back Special.
Combo Cover - A bonus bet conversion strategy that covers all possible combinations of a multi to lock in a guaranteed return. Allows users to quickly convert multipl bonus bets at around 75% retention. Also appears more like mug punter behaviour than other conversion strategies. Combo Cover is also the name of the Pro tier Bonusbank tool that helps with this process.
D
DD — Daily Dabble. A Dabble promo type.
Dead Heat (DH) — A tie between two or more runners in a race.
Dog — Underdog. The team, individual, or horse not expected to win.
DP — Double Payout.
Dutching — Betting on all possible outcomes of an event across multiple bookmakers to eliminate risk. An alternative to the standard back and lay method, particularly useful when two or more bookies are offering promos on the same event.
E
Early Payout (EP) — A promo where a bookmaker pays out early if a certain condition is met during the event, such as a team going two goals up.
Entain - The parent company of Ladbrokes & Neds
Expected Value (EV) — The average return you could expect if you placed the same bet an infinite number of times. Calculated as the sum of all possible outcomes multiplied by their probabilities. Most bets placed with bookmakers have a negative expected value because of the overround. Promos can shift this to positive EV. The higher the EV of your bets, the higher your long-term profits will be.
F
Fav — Favourite. The team, individual, or horse expected to win.
Fav v Field (FvF) — A racing market where you bet on either the favourite to win, or the field (any other runner) to win.
Free Crack — A promo where the bookmaker gives you a free bet or cash back if the bet loses, with no additional conditions attached.
G
Gub — Matched betting slang for being banned from promotions at a bookmaker. A gubbed account can still be used for non-promo strategies such as arbitrage and value betting. The term comes from Scottish slang meaning broken beyond repair.
H
H2H / Head to Head — Another name for the Match Odds market. Also referred to as Moneyline, WDW, or 1x2 depending on the sport.
HP — HorsePower. The Bonusbank horse racing Chrome extension.
HT/FT — Half-Time/Full-Time.
L
Lay Bet — A bet that something will not happen. For example, laying Barcelona means you win if Barcelona draws or loses. Lay bets can only be placed on a betting exchange. In Australia the main exchange is Betfair.
Liability — The amount you could lose on a lay bet. Calculated as Lay Stake x (Lay Odds - 1). For example, a $100 lay at odds of 3.00 has a liability of $200. Your Betfair balance must be at least equal to your liability before a lay bet can be placed.
Liquidity — The amount of money available to back or lay at a given set of odds on Betfair. For lay bets, liquidity refers to the maximum lay stake available, not the liability.
M
MB — Mega-Boost.
MBL — Minimum Bet Law. A law requiring bookmakers to accept bets of at least a minimum amount from any customer.
Mug / Mug Punter — A recreational bettor who bets without a strategic edge. Bookmakers profit most from mug punters. In matched betting, a mug bet is a normal-looking bet placed to blend in with regular punting activity and reduce the chance of being gubbed.
O
OCT — Odds Comparison Tool.
Odds — A number that tells you how much you will receive relative to your stake if your bet wins. In Australia odds are almost always displayed in decimal format. A $1 bet at odds of 3.00 returns $3 ($1 stake plus $2 profit). Betfair odds in high-liquidity markets also reflect the probability of an outcome.
Overround — Also known as the margin, vig, or juice. The overround is the built-in profit margin that makes bookmakers profitable. If all outcomes in a market had fair odds they would sum to 100%. Bookmakers shade their odds so the total exceeds 100%, for example 105.2%, and keep the difference as profit.
P
Priming — The practice of placing mug bets on a new account before using it for promos. Bookmakers monitor new accounts most closely in the early weeks. Building a natural-looking betting history during this period can extend the life of the account.
PYOL — Pick Your Own Line. Also known as Alternative Line.
PYOT — Pick Your Own Total. Also known as Alternative Total.
Q
QL — Qualifying Loss.
Qualifying Bet — A bet placed in order to earn a bonus bet or other promotion. Qualifying bets usually result in a small loss known as the qualifying loss.
Qualifying Loss (QL) — The small loss incurred when placing a qualifying bet. Keeping qualifying losses to a minimum increases the overall profitability of each promo.
R
Reduction Factor (RF) — An adjustment applied to the odds of all bets when a horse is removed from a race after bets have been placed. The size of the adjustment depends on the odds of the horse removed. A strong favourite being removed results in a large reduction factor. A long shot being removed has minimal impact. The reduction factor applies to both your back and lay bets so the overall impact on your position is usually small.
Retention Rate — The percentage of a bonus bet's face value that you expect to convert into cash. Typically around 70% for beginners and 80% or more for experienced members using software.
S
SGM — Same Game Multi. A multi where all legs are within the same game.
Smash and Grab — An approach where a member opens a bookie account, claims the bonus, and makes no effort to mug or prime. Faster but results in quicker restrictions.
SNR — Stake Not Returned. A bonus bet type where only the profit is returned if the bet wins, not the original stake. The majority of Australian bonus bets are SNR.
SP — Starting Price. The last price offered by a bookmaker before a race starts.
SR — Stake Returned. A bonus bet type where both the profit and the original stake are returned if the bet wins. All cash bets are SR. Some bonus bets are SR and are worth more than SNR bets.
SRM — Same Race Multi. Like SGM but for horse racing.
T
T2 — Top 2. A no-lay racing strategy that involves betting on the two lowest odds horses in the race. A great time-save but lower EV than other approaches, and can be high variance.
TNL — Tote No Lay. An advanced strategy for turning over bonus bets on tote markets without laying on Betfair.
TT — TabTouch or Top Tote.
TT+ — Top Tote Plus. A bet type that guarantees the higher of the best tote price or the official starting price.
U
Underlay — Laying less than the standard lay stake suggested by the calculator. This creates an intentional imbalance so that you make more profit if the back bet wins at the bookmaker. The opposite of underlaying is overlaying.
V
Value Bet — A bet where the odds, or the odds combined with a promo, are higher than they should be based on the true probability of the outcome winning. Value betting involves placing these bets without removing the risk by laying or dutching. It is profitable over a large sample but has high variance and is recommended only for experienced members.
Variance (var) — A measure of how much individual results can differ from the expected average. High variance strategies involve larger swings in both directions. Low variance strategies produce more consistent results. In matched betting, laying bets reduces variance significantly compared to no-lay approaches. Positive EV does not guarantee short-term profit. A large enough sample of bets is required for expected value to show up in actual results.
Vig — See Overround.
W
Wagering Requirement (WR) — An amount of money you must bet before you can withdraw. Most bookmakers apply a 1x wagering requirement on deposits. Since 2019 bookmakers are no longer permitted to require members to turn over bonus bet winnings before withdrawing, though some still request it informally.
What If Figure — A Betfair settings option that displays the potential profit or loss for each outcome on a market based on your current and pending bets. Useful for checking your position at a glance when managing multiple matched bets on the same market.