Firstly, you don’t need to know all the betting terminology if you follow the steps below, but it’s important that you know two types of bet which allow matched betting to work:
A ‘back’ bet
Betting for a certain outcome to come true. Eg. “I bet England will win” is a backing bet. If it comes true, you win the bet and the winnings. If England lose or draw, you lose your stake. You can place a back bet at any bookmaker, such as Paddy Power, William Hill, Ladbrokes etc.
A ‘lay’ bet
Betting against a certain outcome to come true. Eg. “I bet England will not win” is a lay bet. If they lose or draw, you win the bet. You can only place a lay bet at a betting exchange such as Betfair.
Matched betting works by cancelling out the risk on the ‘back’ bet at the online bookies by betting against yourself at the same odds (know as ‘laying’ a bet) which you can do at a betting exchange. In other words, you are ‘matching’ your bet.
Sports betting is predicting sports results and placing wagers on the outcome. There are different ways to place your bets, from oddset, “pools” games to result betting.
Premier bet online is a very important part of the gambling industry. A majority of the EL members offer sports betting products from Toto “pools” games to oddset products.
Oddset is sports betting with fixed odds where you compete against the betting operator. If the predictions are correct the odds are first multiplied with each other and then with the amount of the stake.
The most common football bet is on the match result – 1-x-2. In that kind of bet the player has to predict the end-result of a game. The player predicts whether the result at the end of the normal game-time will be one out of three options: a win for one team, a win for the other team or a draw.