Below is a glossary with the basic terms you may come across while matched betting.

ARB – Arbitrage means you will make a guaranteed profit whatever the outcome. For example if you can back an event at decimal odds 2.0 and lay at 1.90 you will have an ‘ARB’. Try entering the figures into the matched betting spreadsheet here to see the amount of profit you may lock in.

SR – Stake returned free bet/bonus

SNR – Stake not returned free bet/bonus

PALP – Short for palpable error. Bookies cancel a bet as a PALP when they display the incorrect odds by mistake. For example show decimal odds of 11.0 instead of 1.10.

DUTCHING – Betting on all sides of an event. This will be used to create an ARB. For example you could back a win draw and lose in a football match at different bookmakers to create an ARB.

WR – Wagering requirement

AP – Antipost odds are usually displayed a couple of weeks before the race is due to take place. Usually bets are final and even if the horse is withdrawn from the race you will lose your stake.

EP – Early price is usually displayed early on the day of the race. If the horse is a NR the bet is usually refunded.

SP – Start price is the back odds of the horse when the race starts. This usually offers the least value especially on a lower odds horse.

NR – Non runner is a horse that has been withdrawn from a race and if the horse is still showing on the list the race result will be subject to a Rule 4 deduction at many bookmakers.

RULE 4 – Tattersall’s rule 4 occurs when a race contains a non runner in the listing. The remaining horses in the race are subject to deductions in the odds dependant on the price of the removed horse. Different bookmakers have different reduction factors so you will need to check to determine the new equivalent odds.