23 Feb 2024

Matched Betting Explained - Complete Guide For Dummies

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Matched betting is low-risk gambling on sporting activities. Other outlets refer to it as bonus hunting and zero-risk betting. Generally, punters take advantage of promotions by bookmakers, which include free bets to guarantee profits by covering all outcomes of a match or an event. The zero risks come from the fact that the gambler is not using their cash for the bet. Besides, the guaranteed profits come from the fact that one is placing bets on all possible outcomes of the game in question. Punters make a profit without losing a coin in the betting. Learn how this matched betting works and other tips in this article.

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Table of contents:

How does Matched Betting Work?
Matched Betting Example
Matched betting Tips & Advice
Conclusion
Matched Betting FAQ

How Does Matched Betting Work?

Matched betting works by taking a lay bet to cancel all risks available in the back bet. In essence, you back then lay against a given result. No prediction or game analysis is required when placing the bet, as all the outcomes are covered.

The two parts of a matched bet

There are two parts of a matched bet: backing and laying. You have to understand how each works before you can use this strategy to make a profit. Punters first back a position or outcome in a match and then lay a bet against it. Below is an explanation of each part.

Back Bet Explained

A back bet is the most popular type of betting and the traditional one. When placing the bet, you pick the market that tallies with the outcome you believe will win. In Money Line bets, you pick the side you expect to win. For other betting markets, you choose the option that agrees with your analysis of possible outcomes.

Lay Bet Explained

Lay betting became popular with the introduction of betting exchanges. These work the opposite of back bets in that you go for an outcome you believe will not happen. In essence, you are betting on something that will not win. If you bet on Moneyline markets, you win the bet if the team you picked does not win the game.

Matched Betting Offers and Free Bets

Tons of betting sites offer free bets and other offers that you can use for matched betting. Most bookmakers offer a welcome offer. The offer may be in the form of a free bet, cashback offer, or boosted odds. You can use the free bet or cashback offer to play matched bets. On the other hand, they offer regular free bets and matched offers that you can use for matched betting. This includes Reload Offers, seasonal bonuses and loyalty promotions. You can scroll the internet for sites that list bookmakers that are offering free bets at any time.

Matched Betting Example

In this example, we will use a betting exchange to be able to lay bets. On the betting exchange, search for games with relatively good odds. Let us pick Ajax v PSV in the search. Then, find a bookmaker with a welcome offer, such as William Hill and Betfair. (William Hill is giving £30 for a £10 bet made). We will back Ajax to win at 2.15 on William Hill and lay against this in Betfair at odds of 2.14.

We will place a £10 bet on William Hill with returns of about £21.50. On the Betfair exchange, we place a stake of £10.29 with a payout liability of £11.73. If Ajax wins the game, we will make a profit of £11.50 and lose £10.29 at Betfair. We will then get a £30 free bet on William Hill to repeat the process.

Matched betting Tips & Advice

Do Your Research

Do not just pick any games at random. You must be sure that the game you choose to back and lay will give you a profit no matter the outcome. This is why it is essential to understand this type of betting and calculate the expected returns before you place your first bet. In your research, you will find games with some good odds.

Stick to Sign-Up Offers

In most cases, sign-up offers have few restrictions on the game you will pick. They also have higher rewards than regular offers. Therefore, to increase your winnings and get a chance to play games that you choose, stick to the sign-up offers. Besides, there is an unlimited number of bookmakers out there with reasonable welcome offers.

Create a Separate Bank Account and Email

Some bookmakers do not allow this form of gambling. Besides, most bookmakers have sister bookmakers that track punters to find if they are signed and using offers from other accounts. To avoid getting a ban from redeeming the bonuses, consider creating a separate bank and email for matched betting. It is also safe to have different accounts for purposes of bankroll management.

Double Check Terms and Conditions

Most welcome offers come with some terms that restrict you to specific odds or types of games. If you do not follow these terms, you will not get your free bets or withdraw winnings from the offers. In some cases, you may lose your account. Where there is a wagering requirement, remember to wager the wins for the said number of times.

Use Multiple Bookmakers

When playing matched bets, you need two bookmakers so that you can back and lay on the same bet. You may need to use a betting exchange to lay against a particular outcome that you backed with another bookmaker. You can open several bookmaker accounts depending on the bonuses that they offer.

How To Start Betting?

Everything You Need To Know In 5 Easy Steps!

Pick A Highly Rated Bookie

Find the right bookmaker for you and sign up.

Fund Your Account

Make a deposit with the payment method you prefer. Consider responsible gambling features and bankroll management.

Claim Your Bonus

Many betting sites have a welcome bonus or free bet, which you can claim after making the first deposit. *never forget to read the small print!

Choose An Event To Bet On

Find an event you are interested in, select a betting market that appeals to you the most and "click" on the odds.

Start Betting

Go to the bet slip and input the details of your desired bet and confirm the wager.

Don't Be Lured to Pure Gambling

A pure gambling activity does not have any loss mitigation. Here, you place the odds that you are sure they would win for the profit. Unfortunately, pure gambling can make you lose lots of cash. Instead, look for ways to minimise losses and enhance profit margins in your bets, such as using different betting strategies and systems.

Diversify with Sure bets

There may not be several bonuses that give you a decent profit each day. However, you can increase your winning capabilities by going for sure bets. Sure bets are betting where you place a bet for each outcome with different bookmakers. Essentially, you cover all possibilities and get a guaranteed profit. Combine matched betting with sure bets to increase your profits.

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Conclusion

Matched betting is a way to take advantage of bookmakers' offers to make guaranteed profits from your gambling. Besides, you are not required to make any predictions or look at the history of the teams in play, which makes it exciting for any punter. Tons of bookmakers out there have fantastic offers that you can use to enjoy great wins from this type of betting. However, you need to understand how it works and how to research for good odds. You can also add sure bets to matched bets to increase the number of games available for guaranteed wins. Use the tips above to play these bets conveniently.

Pros vs Cons

You make some guaranteed profit and can easily be lots of cash depending on the bonus
The betting is risk-free as long as you do it right
Matched betting offers a good time/reward ratio for punters
You do not need to predict the winner or the outcome of the sport for you to win the bet

It takes time for one to understand how to play matched odds
Any mistakes you make when choosing the best odds can be costly and make you lose vast amounts of cash
Some bookies may ban you from using their promotions if they realise you are doing this

Matched Betting FAQ

❔ Is Matched Betting Legal?

While most bookmakers do not explicitly ban or agree to matched bets, it is perfectly legal to wager matched bets. Essentially, you are just playing with differences in various bet options and using the free bets to wager. As there are no rules to how many bookmakers you can open, there are no legal consequences for matched betting.

🏆 Why do Bookmakers Allow it?

Bookmakers allow matched betting for different reasons. The key among them is that most offers are only available once. Therefore, most players will continue with deposits after taking advantage of the first promotion. Second, most offers require players to deposit cash before participating. Therefore, there is no loss to the bookmaker even if you play in matched betting.

💶 How Quick is it to Learn?

It takes some time to understand how matched betting works. However, when you learn the formula and research for the best games, you can repeat the same formula repeatedly to get new odds. Use betting guides such as this to understand how betting works, along with tips on doing it correctly.

💳 How Much Money Do You Need to Start Matched Betting?

Yes, you need some cash to start matched betting. In most cases, you will only take advantage of the bonus offered by the bookmaker when you back a market. You must deposit cash into the betting exchange's account to lay a bet. Besides, most bonuses require you to deposit before redeeming the available offers.

🤔 How Much Can You Make From Matched Betting?

The amount you make in matched betting depends on the types of odds you pick for wagering. On average, you can make up to 80% profit on the amount you placed in the betting exchange. To increase your winnings, research the game and pick ones with higher returns. You should also be good at calculating the expected wins before wagering.

❔ How do You do it Outside of the UK?

If you are betting out of the UK, you can use a bookmaker that allows different currencies to place a bet from your location. However, you may find that some offers are not available out of the UK. In that case, you may need a UK VPN to log into your UK account conveniently. Once you open the account, you can bet, as explained in this guide.

🏆 Do You Need to Have Sporting or Betting Knowledge?

You need to have basic betting knowledge to play matched bets. This type of betting requires you to know how to compute your profits and pick suitable games. Otherwise, you do not need to know how to analyse team performance.

💶 What Are the Risks with Matched Betting?

The significant risk of playing matched bets is the likelihood of getting banned from using promotions by your bookmaker. However, some bookmakers allow for matched betting. In addition, you may make a mistake in your calculation and get a loss.

💳 What is a lay commission?

The lay commission is the 5% charge on any bet that you place in a betting exchange. This bookmaker only charges a commission on the winning bets to pay for using that service. Therefore, you will only get 95% of the amount you win from laying a bet.

🤔 How Long Does Matched Betting Take?

It should take you about 10-30 minutes to find a suitable offer online, sign up and research the best game to wager. If you are using reload offers, it will take much less time to complete your betting. You will get your win after the completion of the game that you wagered on.

❔ Is Matched Betting a Scam?

Matched betting is not a scam. You can make some pretty good amounts from this type of betting if you do your research and calculations as required. Additionally, it does not attract any legal consequences, as it is lawful.

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This article was written by our team of betting experts, any contributing references are noted below.

Last updated 23/02/2024

References

Wikipedia contributors. (2021a, December 18). Matched betting. Wikipedia. https://en.wikipedia.org/wiki/Matched_betting
What is matched betting? (2022). Https://Help.Smarkets.Com/. Wikipedia. https://help.smarkets.com/hc/en-gb/articles/115003678149-What-is-matched-betting