Matched betting glossary: SNR, SR, liability and other terms

Matched betting has an irritating habit of giving simple jobs complicated names. A back bet says an outcome will happen. A lay bet says it will not. The rest is mostly arithmetic, offer rules and remembering which website holds which part of your money.

This matched betting glossary translates the usual initials and forum shorthand into plain English. Use it as a reference rather than a vocabulary test. The terms worth learning first are back bet, lay bet, liability, qualifying bet and SNR. Everything else can wait until the relevant offer appears.

The five terms to learn first

Back bet

A bet that an outcome will happen. Back Liverpool to win and the bookmaker bet wins only if Liverpool wins under that market's settlement rules. It is the familiar sort of bet offered by a bookmaker.

Lay bet

A bet that a named outcome will not happen, placed through a betting exchange. Lay Liverpool in a three-way Match Odds market and the lay wins if Liverpool draws or loses. See our first lay-bet walk-through before trying one.

Liability

Liability is the amount at risk on the exchange side if your lay bet loses. Under the usual backer's-stake display, Smarkets gives the formula as lay stake multiplied by lay odds minus one.[3] A £10 lay at 4.00 therefore has £30 liability. The exchange balance must be large enough to cover it.

Qualifying bet

The initial bet required by an offer. Its job is to satisfy the terms and release a reward, commonly a free bet. Outplayed abbreviates it to QB and calls the small cost of matching it the qualifying loss, or QL.[1] A qualifying bet is not the reward itself.

SNR

SNR means stake not returned. If a £10 SNR free bet wins at decimal odds of 5.00, the winnings are £40, not £50, because the nominal £10 free-bet stake does not come back. Outplayed uses the same definition in its glossary.[1]

Normal, SNR and SR are not interchangeable

This is the calculator setting most likely to turn a decent offer into a poor result. The odds may be identical, but the value returned is not.

• Normal cash bet: your own stake is included in the total return. A winning £10 cash bet at 5.00 returns £50, made up of £40 profit and your £10 stake.
• SNR free bet: the free-bet stake is not included. A winning £10 SNR token at 5.00 produces £40 in winnings.
• SR free bet: stake returned means the nominal bonus stake is included in the winning return. The precise form and withdrawal status still depend on the offer terms, so read them before choosing the calculator mode.

SR can mean two different things. In an offer or calculator, it usually means stake returned. In a bookmaker-account discussion, it can mean stake restricted, where the bookmaker allows only a smaller wager. Outplayed's glossary records both uses.[1] Context is doing a surprising amount of work for two letters.

When the offer says "free bet winnings exclude stake", choose SNR. When it expressly says the stake is returned with winnings, choose SR. If the wording is unclear, do not guess from the promotion headline. Check the full terms or ask support.

Matched betting terms from A to Z

Acca or accumulator

One bet containing several selections, all of which normally need to win. An acca insurance offer may provide a conditional refund when exactly one selection loses. "Acca" describes the bet, not a promise that the refund applies.

Arb or arbitrage

A price combination that produces a positive calculated result across the covered outcomes without relying on a promotional reward. In the common back-and-lay version, the bookmaker's back odds are higher than the exchange lay odds. Outplayed calls this an arbitrage bet and warns that frequent arbing can lead to promotional or account restrictions.[1] Recheck the market, available exchange money and accepted odds before treating a displayed arb as real.

Betting exchange

A market where customers bet against one another, with the exchange operating the platform. It lets you back an outcome or lay it. Betfair Exchange and Smarkets are familiar examples. The exchange may charge commission on net winnings according to the account's current rate.

Commission

A charge the exchange may deduct from winning market profit. Enter the rate actually shown for your account into the calculator. A remembered rate from an old guide is not good enough.

Each-way bet

Two linked bets of equal stake: one for the selection to win and one for it to place under the bookmaker's stated place terms. A £10 each-way bet costs £20. Extra-place matching needs separate win and place calculations, explained in our extra-place guide and calculator.

EV or expected value

The average value expected over many repetitions of comparable bets or offers. Positive EV does not mean the next attempt will make money. Actual results can jump around it, particularly with casino, extra-place and early-payout strategies. Outplayed's glossary defines EV as the long-term value of an offer or bet.[1]

Free bet

A promotional bet credited after the qualifying conditions have been met. It may be SNR or SR, may expire and may be restricted to particular odds, markets or events. "Free" does not mean cash that can be withdrawn immediately.

Gubbed

Matched-betting slang for a bookmaker restriction. It may mean loss of promotional eligibility, a smaller maximum stake or, in some cases, closure of the account. Outplayed describes that range of restrictions under "gubbing".[6] It does not mean one universal penalty. Read the bookmaker's actual notice and inspect the account. Our account-restriction guide covers the practical response.

Liquidity

The money available to match your order at the exchange. Attractive lay odds are of little use if only £2 is available and your calculated lay stake is £40. An order can be fully matched, partly matched or left unmatched as liquidity changes.

Matched, partially matched and unmatched

Matched means another exchange customer has accepted the order. Partially matched means only part of the requested stake has been accepted. Unmatched means none of that amount has been accepted at the requested price. Never submit the full lay again while an old unmatched balance can still be taken.

Mug bet

Informal language for an ordinary bet placed without a promotion or calculated edge. Outplayed's short glossary defines it as a bet made when no promotion or bonus is involved.[1] A deliberate small non-promotional bet is still a real bet and can lose. It is not an account-protection guarantee.

Oddsmatcher

A search tool that compares bookmaker back odds with exchange lay odds so suitable matches are easier to find. Outplayed says its Oddsmatcher compares prices between bookmakers and exchanges.[5] It shortens the search, but you must still confirm the event, market, liquidity and accepted price.

Odds

The price attached to a bet. At decimal odds, the bookmaker's total cash return for a normal winning back bet is stake multiplied by odds. Lay odds also determine liability. Copy the price actually accepted, not merely the number that appeared before the market moved.

Overlay and underlay

Adjustments away from the lay stake that would equalise both outcomes. An overlay uses a higher exchange lay stake, improving the exchange-win side and reducing the bookmaker-win side. An underlay does the opposite. Outplayed describes overlaying as staking a higher amount on the lay bet.[7] These are useful for certain conditional bonuses, but the standard equal-profit calculation is easier for a beginner to check.

Qualifying loss

The calculated cost of completing a qualifying bet after combining the bookmaker and exchange results. It is usually accepted to unlock a reward worth more than that cost. Compare the expected reward with the qualifying loss before placing anything.

RTP or return to player

A long-run percentage used for casino games. It is not the amount you should expect back from one session. The Gambling Commission says RTP is an average reached over a significant number of plays, not each time the machine is played.[4] Our casino-offer guide explains why RTP, wagering and variance all matter.

Stake

The amount placed on a bet. On a lay ticket, the displayed lay stake can be the amount you stand to win before commission rather than the maximum amount at risk. That maximum is the liability. Check the ticket labels because exchange display settings differ.

Wagering requirement

The amount that must be bet before a bonus or related winnings can be withdrawn. A "10x" requirement needs a base as well as a multiplier. Ten times a £10 bonus is different from ten times a £10 deposit plus £10 bonus. The terms decide which calculation applies.

How the terms fit into one offer

A basic bet-and-get offer starts with a qualifying bet at the bookmaker. You use an Oddsmatcher to find close back and lay odds, then a calculator works out the lay stake and liability. At the exchange, you confirm enough liquidity exists and wait until the lay is fully matched.

After settlement, the bookmaker credits a free bet if every term was met. You check whether it is SNR or SR, choose the corresponding calculator mode and repeat the back-and-lay process. The final result is the free-bet conversion less the earlier qualifying loss and any other costs.

Outplayed puts the offer instructions, Oddsmatcher and calculators in one place. That is useful when the vocabulary is still new, provided you keep reading the operator's current terms and checking every accepted bet.

LEARN THE PROCESS WITH OUTPLAYED ↗