Matched betting is an advanced betting technique that allows punters to lock in a profit from free bets and offers. It is 100% legal and has been in existence for over 20 years. Thousands of punters, and non-gamblers, have used this process to make a few quid.
It is simple and straightforward. However, it does require a little bit of research, as well as discipline. Read on for the details.
How Does Matched Betting Work?
Matched betting is a process that many people in England and beyond have used to turn free bets into cash. The simplest way to understand it is to look at the coin toss betting market in cricket. You can usually bet on which side will win the pre-match toss. Generally, both teams are priced at odds of about 4/5.
If you bet £5 on England to win and £5 on Australia to win, one of your bets is guaranteed to win. Normally, due to the bookmaker’s profit margin (known as the overround), you would lose by doing this. In our example, you would get £9 back (£4 winnings, plus one £5 stake) from an outlay of £10. Consequently, you would have lost £1.
However, what if one of those bets, or even both, were free bets? In that scenario, you would be up overall. Matched betting is a little more complicated than that. However, the simple premise is the same: by betting on all possible outcomes, you can extract guaranteed cash from free bets and other offers.
Key Terms You Need to Know
When you explore the world of matched betting, you will come across lots of terms and jargon you may be unfamiliar with. Here are some of the most important basics.
- Back bet – a standard bet placed with a bookmaker on a selection to win.
- Lay bet – laying a selection is to act as the bookie and effectively take someone else’s bet. In matched betting, your lay bet is the exact opposite of your back bet.
- Betting exchange – betting exchanges such as Betfair facilitate lay betting. They are a third-party intermediary which brings together punters with opposing views on a bet. You might back Man United to win at the bookie and then lay Man United (back them not to win) at the betting exchange.
- Qualifying bet – most free bets or offers require a “normal” bet to earn, or qualify, for the free bet, offer or bonus.
- Stake not returned – free bets are either “stake returned” or “stake not returned”, although the former is very rare these days. If you use a £10 free bet at evens, you will generally get just £10 back, not £20. This is a stake not returned as a free bet.
- Rollover – rollover, or wagering requirement, refers to an amount that must be wagered before winnings from a free bet or bonus can be withdrawn.
- Matched betting calculator – one of many tools matched bettors can use to make things easier. Generally, you input odds, back stake and commission, and the calculator works out your lay stake.
Step-by-Step Example
Below you can see each step you need to take to join the matched betting community. This is a simple example, but once you get the hang of it, matched betting is a straightforward process. You do not need advanced maths skills. Nor do you need to know about gambling, or even sport. Note that betting exchanges use decimal odds. Therefore, we use that format here for simplicity.
- Join a new bookmaker that offers a £10 free bet when you make a £10 qualifying bet.
- Make sure you understand the Ts and Cs of the promo.
- Bet £10 on Everton to beat Sunderland at 2.50.
- Lay Everton for £9.80 at 2.60 at a betting exchange.
- Assuming 5% exchange commission (standard), this results in a 69p loss. However, it also earns you a £10 free bet.
- Use the £10 free bet (stake not returned) to bet on Arsenal to beat Leeds 2-0 at odds of 8.00.
- Lay 2-0 to Arsenal at the exchange for £7.82 at 9.00 with 5% commission.
- Whether the game is 2-0 or any other score, one of your bets will win, and overall you will be £7.43 better off.
- £7.43, minus the 69p lost on the qualifying bet, means you have made £6.74.
- Repeat the process by opening accounts with all reputable UK bookmakers that offer free bets.
Is the Effort Worthwhile?
It’s fair to suggest that £7.43 may not seem like a huge amount of money. However, there are so many UK bookies and so many matched betting offers. This matched betting guide is aimed at beginners, so we only cover the basics. As you gain more experience, you will feel more confident in using bigger free bets. Additionally, stake returned promos deliver a higher reward. Moreover, our example is based on average odds. If you find better matches, where the back and lay odds are closer together (or ideally the lay odds are shorter), your profit will be better.
Advantages of Matched Betting
Many people ask, “What is matched betting?” and the answer is simple. It is a low-risk way to profit from bookmakers’ free bets. When done correctly, there is virtually no risk at all. Another big advantage of matched betting is that you do not need a lot of money to start. It is accessible to beginners with limited funds because you can start with smaller offers and slowly build up your bank.
Many people who get into matched betting love sports and gambling. However, there are thousands of matched bettors who know little or nothing about either. Just read a matched betting guide, follow the simple steps outlined, and take your time. Before long, you won’t need matched betting explained, but will be the one explaining it to all your eager friends!
Risks and Considerations
People ask if matched betting is truly risk-free. But is anything? Crossing the road carries a risk, as does stepping out of the bath! Done slowly, carefully, and sensibly, it is very close to being risk-free. However, human error can cause mistakes. Follow the tips below to reduce this risk.
Aside from human error, there are other considerations. Some people may have already joined many of the top bookies, so they have fewer options. Importantly, anyone who has suffered from problem gambling should probably avoid matched betting. Even though it is not really gambling, operating in such an environment is unwise for some.
Beginner Matched Betting Tips
- Research – there are lots of amazing, free, in-depth guides to matched betting. The matched betting community is friendly and helpful, and can help you find lots of great tools. A few hours spent understanding the topic will add real value and help you profit and make a small extra income.
- Slowly – never rush your matched bets. Start with small offers and build up your confidence, experience, understanding, and your bank balance. Never matched bet when tired, drunk, or feeling unwell.
- Understand – make sure you read and check the terms and conditions of an offer before you dive in. Some have minimum odds to meet, deadlines to hit, or are relevant only for certain bets.
Conclusion
Matched betting is a simple process that hundreds of thousands of people have used. Done correctly, it is almost without risk and lets you profit from free bets and bookie offers. Take your time, start small, be disciplined and access the great matched betting guides out there. Members of the matched betting community can point you to helpful tools and resources. Before long, you could have a steady stream of extra income and beat the bookies, too!
FAQ
Is matched betting legal?
Absolutely. It is 100% legal and winnings from it are tax-free too!
Do I need a lot of money to start?
No, you can start with a small amount of money. You can then use smaller offers to steadily build up your balance. Once you have done that, you can exploit bigger promotions.
Can I make a living from it?
Few people can make a living from matched betting alone. However, there are slightly more complex techniques that you can use to generate more money. For most people, it is a lucrative side hustle.
Is it gambling?
Done correctly, matched betting is not gambling. That said, you will be placing lots of bets!