Terms used in matched-betting

Back bet:
This is a standard bet made with any bookmaker that many of you will of placed before. whether it be £1 on the grand national or £100 on who will win a football match this is a back bet.

Note:
in the UK we tend to use fractional odds eg 4/1 however for this system it is essential to use decimal odds. this is a simple click of a button on the book-maker website(s).

Lay bet:
You may not be as familiar with this one, this is where your betting on something not to happen.
For example, if you ‘Lay’ bet England, you are betting on England to not win. You can place this kind of bet on Betting exchanges, we will be teaching you to use Betfair Exchange.

Matched-betting works by cancelling out the risk on the 'Back' bet at the online bookies by betting against yourself at the same odds (known as 'Laying' a bet) which you can do at a betting exchange.

In other words, you are 'matching' your bet.

Odds-matching software:
This is a piece of software we have included on this website for you at a small additional cost.
It will tell you the best odds between the bookmaker and the exchanges.

Calculator:
Again, this is a piece of software we have included on this website.
Once you have found a good match on the odds-matcher (or manually) you will input the odds into the calculator which will tell you how much to bet, how much any liability will be and how much profit you stand to make.