Presently, I’m not a speculator using any and all means. Be that as it may, I have brought in sufficient cash from bookmakers in only a half year to pay for a £860 flight (get back) to Australia utilizing matched betting. What’s more, I have organization too subsequent to strolling an old buddy through this strategy. The outcome is this aide, where I’ll impart the specific moves toward you as well. It incorporates screen captures and a free oddsmatcher instrument.
What is Matched Betting?
Matched betting is a technique that mathematically generates a profit from free bet promotions offered by betting companies. Almost all bookmakers advertise these offers to entice new customers to place bets with them. For example, “bet £25 with us and we’ll give you a £25 free bet!”
7 steps to matched betting profit
Note: This is in a real sense a bit by bit, hold-your-hand sort of guide. There’s bunches of divided data out there on gatherings and so on, which frequently brings about expensive errors for beginners. Beneath I frame the very steps I follow, utilizing the useful illustration of one free wagered. Inasmuch as you follow in exactly the same words, you can’t turn out badly. I emphatically recommend perusing every one of the means first prior to making any wagers. You’ll likewise find utilizing a personal computer far simpler than on portable!
Open a Betfair exchange account
Betfair is a betting exchange where you can ‘lay’ bets to cancel out your risk at the bookmakers. Unlike traditional bookmakers, Betfair is a place where you bet against other people. They sometimes even offer free bets for new customers too (if you’re lucky).
Open a William Hill account
One of the best offers right now is with William Hill who are offering £30 free bets on new sign ups when you bet just £10 (don’t worry we’ll be matching this too). So we’ll be using this ‘bookie’ in this practical example. Always check the full T&Cs of receiving free bet offers. There may be some restrictions on what you can bet on or an expiry date.
Use decimal odds
Once you’ve logged into William Hill, change your odds display from fractions to decimal for easy comparison with Betfair. You can do this from the link in the top menu across the site. This is essential!
Find and place your qualifying bet
Ideally you want to find a sporting bet (I recommend football) which has the closest odds on both William Hill (the bet to back) and Betfair.com (the lay bet). Lay odds on Betfair are the red boxes, not the blue. If you cannot see any red boxes, you need to go to the exchange by clicking the top left link “Exchange“.
For this free bet offer, William Hill’s terms state you must pick odds of 1.5 or greater. It’s better to choose a bet with low odds for this step, between 1.5 and 4.0 if possible.
Claim your free bet
In my Bolton v Cambridge game, Bolton won 2-1. So my profit of £11.50 ended up in William Hill. Meanwhile I lost the “Liability” amount of £11.73 on the lay bet with Betfair.
The total amount between the accounts is therefore 23p, the “acceptable loss” as predicted by the Oddsmatcher.
As I have placed and seen through the £10 qualifying bet, I now have a £30 free bet! I also have my £10 stake and £11.50 profit sitting in my William Hill account (£21.50).
My Betfair account is down to £8.27 (my initial deposit of £20 – £11.73).
The free bets of £30 will be credited to your William Hill account.
Find & place a new bet
We’re basically going to repeat the process in step 4, but using the £30 free bet instead of the £10.
The £30 free bet will usually be received as 2 x £15 free bets, so simply place them on the same event as separate bets.
This time it’s worth picking odds greater than 2.5 to maximise your profit. Just bear in mind that the higher they are the more you’ll need to have in your Betfair account to lay it (see the “Liability” amount in the tool below).
I used the next step of the Oddsmatcher (embedded below) which suggested a football match between PSG and Barcelona. The odds are above 2.5 and happen to be the same for both websites.
On Betfair I already had £8.27 remaining from the first bet, so I deposited £25 to more than cover my calculated Liability (total £33.27).
Here are my bet slips on both websites for my free bet (I placed 2 of the same bet on William Hill since they split my £30 free bet into 2 x £15 bets):
The Oddsmatcher below calculated that I’ll make a clear profit of £17.96, whatever happens. Nice.
Oddsmatcher tool (Free bet)
Just click the blue refresh icon to start and then follow the 3 steps.
Once again, feel free to switch between the matches in the table and the calculations will be updated.
Withdraw the profit
Whatever the outcome, you will now be in profit to the amount calculated in the Oddsmatcher. Now it’s time to cash out!
In my example of the PSG v Barcelona game, the score ended in a draw at 1-1. This means my lay bet on Betfair won (because Barcelona did not win) with a return of £18.91 (the “Lay Stake”).
Meanwhile I lost the £30 free bet on William Hill (which obviously wasn’t my money).
After Betfair’s small 5% commission on my £18.91 winnings, I’m left with £17.96. This is exactly the amount of profit calculated for me by the Oddsmatcher.
My total profit from both matched bets, accounting for the 23p loss on my £10 qualifying bet, totals £17.73. I spent just under 20 minutes on the whole process, as I move onto the countless other free bets out there (best listed below). Beats stacking shelves…
How does matched betting work?
Firstly, you don’t need to know all the betting terminology if you follow the steps below. But it’s important 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, Betfred 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) at a betting exchange. In other words, you are ‘matching’ your bet.
Following your first or ‘qualifying’ real money bet, you will be awarded the free bet by the bookmaker. This is where the profit is made.
Quite simply, you repeat the process: bet using the free bet and then lay the bet. Whatever the result you will be in profit (which I’ll be demonstrating below).
How much profit can I make?
For each matched bet, you will be left with up to 95% of the free bet amount as profit. This is because betting exchanges usually charge a commission of 5% on winnings. You may also make a very small loss on the qualifying bet due to the minor difference in odds on each website. This is normal, and you will recoup this when you use the free bet. In the steps below I’ll show you how to profit from a £30 free bet using a real life example. Replicate the same steps across the hundreds of free bet offers each year, and you can quickly be looking at £1,000s. And it’s worth pointing out, earnings from the gambling industry are currently tax-free.
What’s the risk?
Anyone can learn how to do matched betting and, in theory, there is no risk involved because you are covering yourself by betting for and against the same event. However the risk comes when mistakes are made. So you need to double-check everything and follow the steps exactly. On rare occasions free bets do not always come through right away, so be patient and always abide by the promotion’s terms. Once you’ve understood the process and successfully followed the steps below, you can continue matched betting at other online bookies with free bet offers (see my table at end) which can help you earn extra money.