If you're new to matched betting, you may find that there is a lot of industry-specific terminology that you need to understand in order to be successful. The good news is that once you have a solid understanding of the vocabulary used in matched betting, you will be able to navigate the industry with ease. In this article, we will provide a comprehensive guide to the terminology used in matched betting in Australia.
Back bet: A back bet is a bet that you place on a specific outcome of an event, such as a horse to win a race.
Lay bet: A lay bet is a bet that you place against a specific outcome of an event, such as a horse to lose a race.
Arb: An arb, short for arbitrage, is a bet that guarantees a profit by taking advantage of odds discrepancies between different bookmakers.
Bonus bet: A bonus bet is a free bet offered by bookmakers as a promotion to encourage new customers to sign up or to reward existing customers for their loyalty.
Qualifying bet: A qualifying bet is a bet that you place in order to qualify for a bonus bet or other promotion offered by a bookmaker.
Stake: The stake is the amount of money you bet on a specific outcome of an event.
Liability: The liability is the amount of money you stand to lose if your lay bet is unsuccessful.
Matched betting: Matched betting is a betting strategy that involves placing bets on all possible outcomes of an event, using free bets and promotions offered by bookmakers to guarantee a profit regardless of the outcome.
Bankroll: The bankroll is the amount of money you have available to place bets.
Odds: The odds are the likelihood of a specific outcome of an event occurring, expressed as a fraction or a decimal.
Betting exchange: A betting exchange is a platform that allows users to bet against each other, rather than against a bookmaker.
Gubbed: If you are gubbed, it means that a bookmaker has restricted or banned you from using their promotions.
Lay commission: The lay commission is the fee charged by a betting exchange for matching a lay bet.
Free bet: A free bet is a type of bonus bet that can be used to place a bet without risking your own money.
Rollover requirement: A rollover requirement is the number of times you must wager your bonus bet winnings before you can withdraw them.
By familiarizing yourself with these terms, you will be better equipped to navigate the world of matched betting in Australia. Keep in mind that there may be additional terminology that is specific to certain bookmakers or betting exchanges, so be sure to do your research and read the terms and conditions carefully before placing any bets.