This tutorial will give you an insight into how you can take part in matched
betting and upon completion you will have the necessary knowledge to place your
first matched bet.
Matched betting is a technique used to obtain free bets from online bookmakers
for a small calculated loss, and then subsequently turn them into a guaranteed
profit of greater value by placing a follow up bet
The best way to learn matched betting is to follow the instructions and actually
place the bets. We also recommend that you follow the live, real world example bet
which has detailed instructions of how to place your first bet enabling you to
make money as you learn!
The basics
The bookmaker is used to BACK a selection and the exchange is used to LAY a
selection.
To Back a selection is to bet that it WILL happen. Just as if you
were a normal punter, if a back bet wins you get back your stake multiplied by
the odds. (e.g. £20 at odds of 3.00 returns £60).
To Lay a selection is to bet
that it WILL NOT happen. You can think of a lay bet as if you are the bookmaker.
If your lay bet is successful (i.e. the outcome does not happen) you take your
lay stake as profit, otherwise you lose the liability.
By betting on both
betting markets all the outcomes of the event are covered, your money is
therefore never at risk.
Open the necessary accounts
Select a bookmaker of your choice from the list of bookies.
Use the link on the bookies page to ensure you qualify for the offer, open an
account & deposit the required amount to obtain the freebet, for example
"deposit and bet £25 and receive a £25 free bet".
You'll also need an account with an exchange in order to LAY off the bet. For
most bets we will use betfair so if you don't already have an account with them,
click here to open an account and you will also receive £10 cashback once you
have bet £25.
Finding a suitable bet
Now in order to select an outcome to bet on, you need to consider the terms of the bonus such as "minimum qualifing odds" - the minimum odds you can use in order to qualify for the bonus. These details can also be found on our bookies page. In order to reduce the total outlay, look for an outcome with odds close (but above) the minimum.
Once you have found a suitable outcome you need to find the same outcome in the exchange and check
the lay odds. If the lay odds are close to the bookmaker's back odds you have
found a suitable matched bet. Generally, the smaller the difference between the
back and lay odds, the better the match.
Types of bet
In general matched betting is carried out in two stages; the qualifying bet and the follow up bet.
-
The Qualifying Bet is the initial bet that you must place in order to obtain the free bet. This involves backing and laying an event in order to make the same return regardless of the outcome. Normally you will usually incur a small calculated loss at this stage, offset by the free bet that you will obtain.
- The Follow - Up Bet is the second bet that you must place to turn the free bet into a guaranteed profit. This involves backing with the free bet and laying in the exchange in order to win regardless of the outcome. The type of follow up bet is determined by whether the free bet stake is returned in the winning (see below). These details can be found on our bookies page.
- Stake-returned: If the free bet stake is returned in the winnings you can place a bet similar to the initial bet and cash out around 95% of the free bet amount as profit.
- Stake-not-returned: If the free bet stake is not returned in the winnings, use higher odds in the bookie and a close match in betfair and expect to cash out about 70% of the free bet value.
Calculations
For each type of bet you can use the Online Calculator or the Downloadable Spreadsheet to help you calculate all the necessary amounts. Simply enter the odds, stake or free bet amount and the correct lay stake and liability will calculated along with an explanation of the possible outcomes. You can also use the AutoMatcher to find your bet automatically and calculate the stakes for you!
Risk
Please note that there is no risk involved in matched betting. When you place a
matched bet all potential outcomes are covered and your own money is returned
along with your profit. Please read this guide carefully so you fully understand
it, and then read it again to make sure. If you experience any difficulties, we are always on hand to help.