How matched betting works
A back bet wins if the selection wins. A lay bet, placed on an exchange, wins if it does not. With the right lay stake, you end up with the same result either way, usually a small loss on a qualifying bet and a profit when you use a free bet.
For a normal qualifying bet, the lay stake is the back stake times the back odds, divided by the lay odds minus the exchange commission. For a free bet where the stake is not returned (SNR), the back stake is replaced by the free bet’s winnings only, which is why free bets are worth less than their face value.
The liability is what you risk on the exchange if the selection wins: the lay stake times the lay odds minus one. You need that amount in your exchange account before you can place the lay.
Worked example
| Bet | Back | Lay odds | Lay stake | Liability | Result either way |
|---|---|---|---|---|---|
| £10 qualifying bet | 3.00 | 3.10 | £9.74 | £20.45 | -£0.45 |
| £10 free bet (SNR) | 5.00 | 5.20 | £7.72 | £32.43 | £7.57 |
The qualifying bet costs a small amount whatever happens. The free bet then turns into about £7.57 of cash, roughly 76% of its face value, which is a typical result for a stake-not-returned free bet at these odds.
Worth knowing
Prices close together give the best results, so look for back and lay odds that are as near as possible. Bookmakers can limit accounts that only take offers. Profits from gambling are not taxed in the UK, but they are not guaranteed either: a lay that is unmatched, or a price that moves before you lay, can leave you exposed.
Matched Betting questions
Is matched betting legal in the UK?
Yes. It is legal to back and lay the same selection. Bookmakers are entitled to restrict or close accounts they see as only taking promotions, and many do.
What does SNR mean in matched betting?
Stake not returned. Most free bets pay only the winnings, not the free bet’s own value. A £10 SNR free bet at 5.00 returns £40, not £50, and the calculator sizes the lay for that.