Matched Betting Terminology

Arbitrage: When you make a guaranteed profit by simultaneously placing multiple bets that take advantage of pricing inefficiencies

Back Bet: A bet where you receive a payout if the event occurs

Bonus Bet: A product of bookmakers that functions as cash but cannot be withdrawn

Bookie: Slang term for bookmakers

Bookmaker: The organisation that sets odds based on probability

Bowling: An activity where matched bettors use multiple ID's to circumvent bookmaker bans

Corporate Bookmaker: A large bookmaker that has generally always focused on having an online presence. Bookmakers such as Pointsbet and Ladbrokes are examples of corporates

Dead Heat: When two or more horses cross the finish line at the exact same moment. Different bookmakers have varying rules for this occasion.

Expected Value: The anticipated financial return from a bet based on the real probability and odds

Gubbed: When bookmakers ban you for utilising too many promotions or engaging in arbitrage and value betting.

Lay Bet: A bet where you receive a payout if the event doesn't occur

Multi: When multiple bets are placed into one, creating a situation where the potential payout is higher. Generally are a way to lose money faster if you aren't using a promotion with them

Qualifying Bet: A bet you place in order to become eligible for bookmaker promotions

Rail Bookie: A bookmaker that only operated a racecourses until recently. Can sometimes be very untrustworthy, especially for matched bettors

Roughie: A runner in a thoroughbred race that isn't expected to win, so have very high odds

Scratched: When a runner in a race is removed, at the discretion of the owners

Same Game Multi: A multi where you bet on multiple different outcomes for a sports match in the one bet. Most corporate bookmakers have promotions for them

Same Race Multi: A multi for races where you can bet on the placings for multiple runners. Is a product that often has a promotion with it

Value Bet: A bet where the odds are in your favour. Generally created when bookmakers make a mistake

Void Bet: When a bet is cancelled for any number of reasons, such as a player being injured. Your stake is returned to you in whole