SNR vs SR: stake not returned and stake returned free bets

Checked on 5 November 2026.

Free bets are the main reason people try matched betting. But two free bets with the same face value are not the same product. Whether the stake comes back when you win changes the payout, the lay stake, the exchange liability and how much of the face value you keep.

The numbers below are illustrative only. Odds move, commission rates differ and results vary. Use the calculator with your own figures. For the process, see the beginner guide and the first-offer walkthrough.

What SNR and SR mean

SNR (stake not returned). If the free bet wins, you usually receive the winnings only. A £10 free bet at 5.00 pays about £40, not £50. SNR is the more usual type (“winnings only” / “stake not returned”).

SR (stake returned). If the free bet wins, you receive the winnings and the stake back, as with a normal cash bet. A £10 free bet at 5.00 would pay about £50 including stake. SR is the less usual type, so check the wording.

If the free bet loses, you usually lose nothing on the bookmaker side. The exchange lay is still real money, so calculate it carefully.

Why the lay stake changes

The lay stake depends on how much the bookmaker pays if the back bet wins.

• Cash bet or SR free bet: proceeds = stake × back odds
• SNR free bet: proceeds = stake × (back odds − 1)

The site’s lay formula (the same one the calculator uses) is:

lay stake = proceeds ÷ (lay odds − commission)

Liability is then lay stake × (lay odds − 1). Illustrative examples on Match Sterling use 2% commission. Enter the rate shown on your own account.

Because SNR proceeds are smaller, the SNR lay stake and liability are smaller than the SR figures at the same odds. At long odds, both can still need several times the free bet’s face value on the exchange.

How to extract each type

“Extracting” a free bet means laying it so you keep part of its value whatever the result. Read the terms and confirm SNR or SR, minimum odds, markets and expiry. Pick a selection with enough exchange liquidity (money available to match your lay) and a lay price close to the bookmaker’s. On the calculator, choose Free bet — stake not returned or Free bet — stake returned to match the offer. Place the free bet first, then lay the calculated stake straight away. Check that the exchange liability matches the calculator before you confirm. If the lay is only part-matched, cancelling the unmatched part does not remove the stake already matched. The calculator figure is the lay for the whole free bet, not an extra stake on top of a partial match. Account for what has already matched before you lay any more. Match Sterling does not calculate that residual stake.

Using the SNR setting on an SR free bet (or the reverse) leaves the two outcomes unbalanced.

Worked example (illustrative)

You have a £10 free bet. Exchange commission is 2%. The selection is priced at 5.00 with the bookmaker and 5.20 on the exchange. These prices are for learning only.

If the free bet is SNR

Proceeds if the back wins = £10 × (5.00 − 1) = £40.00

Lay stake = 40.00 ÷ (5.20 − 0.02) = 40.00 ÷ 5.18 ≈ £7.72

Liability = 7.72 × (5.20 − 1) ≈ £32.42

Outcomes for this step alone: about +£7.58 if the selection wins and about +£7.57 if it loses. That is roughly 76% of the £10 face value at these odds. This percentage is the rating for this example, not a promised figure.

If the same free bet were SR

Proceeds if the back wins = £10 × 5.00 = £50.00

Lay stake = 50.00 ÷ (5.20 − 0.02) ≈ £9.65

Liability = 9.65 × (5.20 − 1) ≈ £40.53

Outcomes: about +£9.47 if the selection wins and about +£9.46 if it loses. That is roughly 95% of face value. You keep more, but you need about £40.53 on the exchange instead of about £32.42.

After a typical qualifying loss

Using this site’s standard qualifying example (£10 back at 2.00, lay at 2.04, 2% commission), the qualifying bet costs about £0.30. Adding the free-bet step gives:

• Qualifying + SNR ≈ £7.27
• Qualifying + SR ≈ £9.16

Both figures assume fully matched lays, matching settlement rules and the illustrative prices above.

Approximate retention ranges

“Retention” or “rating” is how much of the free bet’s face value is left after a matched lay — an estimate for specific odds, not a forecast for every offer.

With a modest back/lay gap and about 2% commission, SNR retention rises as free-bet odds get longer (more of the payout is winnings). In calculator tests with lay odds about 4% above the back odds, results ran from about 57% of face at back odds of 2.50 to the mid-80s percent at longer odds. The 5.00 / 5.20 example sits around 76%. Longer odds also mean higher liability. SR retention stays high when prices are close — often around the mid-90s percent of face in the same style of example — with a larger lay stake and liability as the trade-off. A wider gap, higher commission or a part-matched lay reduces what you keep.

Common mistakes and remaining risks

The usual errors are choosing the wrong calculator setting, assuming every free bet is SNR (or SR), ignoring liability, chasing a higher SNR rating without enough exchange cash and forgetting the qualifying loss.

Matching a free bet does not remove gambling risk. Odds can move, lays can be unmatched or part-matched, mistakes cost money, settlement rules can differ and bookmakers can restrict accounts (gubbing). You are still gambling with licensed operators.

You will find more definitions in the glossary. For how much to keep on the exchange, read lay liability.

Free-bet each-way is not the same as a cash each-way. The each-way calculator is for cash stakes only. See each-way and lay liability.

FAQs

Is SNR or SR better?

SR usually leaves more of the face value after a matched lay. SNR is the more usual type. Neither type removes gambling risk.

How do I tell which type I have?

“Winnings only” or “stake not returned” points to SNR. Wording that says the stake is returned, or paid as withdrawable cash on a win, points to SR. If it is unclear, skip the offer.

Why does my SNR rating change with the odds?

With SNR, only (odds − 1) × stake is paid on a win. At low odds that slice is small relative to face value; at higher odds retention in the examples rises — alongside liability.

Can I lay an SNR free bet with the cash formula?

No. The cash / SR formula assumes the stake is paid on a win, so it gives a lay stake that is too large. Use the SNR setting on the calculator.

Where can I practise the numbers?

Use the calculator with illustrative figures, then follow a small offer with the first-offer walkthrough.

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