Unmatched bets are exchange bets that are waiting for someone to take the other side. On a betting exchange you don’t bet against a bookmaker: every back bet needs a matching lay bet from another customer. If nobody wants your price yet, your bet sits in the market as unmatched, and it can stay there, be partly matched, or be cancelled. This guide explains how unmatched bets work, what happens to them at kick-off, and how traders use them.
Read the transcript
On a betting exchange, your bet only counts once it’s matched. Here’s how matching works, and how liquidity and the in-play delay affect you. You don’t bet against a bookmaker. Every back bet needs a lay from another customer at the same price. If nobody wants your price yet, your bet waits in the market as unmatched. For example, the best price to back a team is 2.90, but you ask to back £50 at 3.00. Your bet joins the queue. Then another customer lays £30 at 3.00. So you’re £30 matched and £20 unmatched. If the team wins, you’re paid on the matched £30 only: £60 profit before commission. You can cancel the other £20 until it’s matched. When the match goes in-play, exchanges usually cancel unmatched bets unless you chose to keep them. So check the setting, because a forgotten bet kept in-play can be matched after a goal. Liquidity is the money waiting at each price. Say you back £500 at 2.00, but only £200 waits there. You also take 1.99 and 1.98, for an average of 1.992. In-play, bets wait a few seconds before they reach the market. Then your price may still be there. However, it may have moved, leaving you unmatched, or the market may suspend and cancel your bet. So look for money several times your stake, and trade when the game is quiet. Remember your TV pictures lag behind the action. Finally, check your open bets before you leave a market.
The short version
- A bet is matched only when another customer accepts the same price on the other side.
- An unmatched bet can be cancelled at any time before it’s matched.
- Bets can be part matched: some of your stake is live and the rest is still waiting.
- Check what happens to unmatched bets when the event goes in-play. On many exchanges the default is to cancel them.
How unmatched bets work
The exchange shows the best prices available to back and to lay, with the money waiting at each price. If you ask for a price that’s on offer, your bet is matched straight away. If you ask for a better price than anyone is offering, your request joins the queue at that price as an unmatched bet.
Bets at the same price are matched in the order they were placed. If you ask for a worse price than the best one on offer, you normally get the better price.
Worked example
The best price to back a team is 2.90. You want 3.00, so you ask to back £50 at 3.00.
- Your £50 sits in the queue at 3.00 as an unmatched bet. It isn’t a live bet yet.
- Another customer lays £30 at 3.00. Your bet is now £30 matched and £20 unmatched.
- If the team wins, you’re paid on the £30 that was matched only: £30 × 2.00 = £60 profit before commission.
- You can cancel the remaining £20 at any time before it’s matched.
What happens to unmatched bets at kick-off
When a football match goes in-play, the exchange usually cancels any unmatched bets unless you chose to keep them. On Betfair, for example, the bet slip lets you choose whether an unmatched bet lapses at the start, is kept in-play, or (in some markets) is taken at the starting price. Check the setting before kick-off, because a forgotten bet that’s kept in-play can be matched after a goal at a price you no longer want.
In-play, exchanges also apply a short delay before a bet is accepted. Prices can move during that delay, which is another reason an in-play request may stay unmatched.
How traders use unmatched bets
- Asking for a better price. Placing an unmatched bet one or two ticks better than the current price can improve your entry, at the risk of never being matched. Our trading ladder guide explains ticks.
- Setting an exit in advance. After backing at one price, a trader can leave an unmatched lay at a lower price. If the market reaches it, the exit happens automatically. This is the basis of back to lay.
- Scalping. Scalpers place unmatched bets on both sides of a market and aim to be matched on each for a tick of profit.
Common mistakes with unmatched bets
- Forgetting them. Check your open bets before you leave a market.
- Treating them as live. Until a bet is matched, it won’t pay out, even if the result goes your way.
- Chasing a price that’s gone. If the market moves away, an unmatched bet may never be matched. Decide whether you still want the trade at the new price.
- Ignoring part matches. Work out your position on the matched stake only. The unmatched part changes nothing until it’s matched.
Related guides
18+ only. Betting should be fun, and every bet can lose. Set a budget you can afford to lose and stick to it. For free, confidential support, visit BeGambleAware.org or call the National Gambling Helpline on 0808 8020 133.