Matched betting has been one of the most discussed practices in the online betting world for some time. If you are new to the term or have never tried it, you might be wondering what is matched betting, exactly?
As a practice, it involves backing and laying the same bet, with the backing part of the bet using a free bet or promotion offered by the bookies, ensuring a profit for the bettor. This is a very tempting proposition, but how does matched betting work? How much can you make from match betting? And is it legal? Join AskGamblers as we explore all of this and more.
What is Matched Betting?
Matched betting is a popular practice used by bettors, which allows them to make money by covering all potential outcomes of a bet. As part of this, the punter will use free bets and other promotions to cover the fixed-odds market while using their own money to back the opposite outcome in the lay markets. Players are guaranteeing a profit by using this ‘back and lay’ technique with the promotional funds.
How Does Matched Betting Work?
As we’ve already outlined in this what is matched betting guide, the process involves placing a bet in the fixed-odds markets and then laying against the outcome in the lay markets. If you want to find out how to start matched betting, you can follow these steps:
- Find a bookmaker that offers a free bet or promotion.
- Sign-up for a betting exchange.
- Switch your odds to decimal, as these are easier for matched betting and are used in lay betting markets.
- You should then place a qualifying bet to gain your free bet.
- Find a market that you can bet on, and place a standard bet.
- Go to the lay market and find the same market. Lay money on the opposite outcome.
- This is a qualifying bet that will earn you your free bet. You may lose a small amount here.
- Look for an event where the back and lay odds are very similar.
- Use a calculator to determine your liability and to help calculate your potential profits.
- Place your free bet on a fixed-odds market.
- Place the opposing bet on the lay market, ensuring you have the liability to cover any losses.
- If you have used the calculator correctly and identified the right markets, you will profit regardless of the outcome.
A Simple Example of Matched Betting
The process can seem quite complex when you are first learning how to start matched betting. While it might seem daunting, once you understand the basics and have done it a few times, you will soon get the hang of it. Let’s look at how matched betting works in a real-world example.
- Once you have placed your qualifying bet and earned your free bet, you must find a market where the back and lay odds are extremely similar.
- Place your free bet on your chosen market. For example, you could use a £30 free bet on Arsenal to win a match at 3.75.
- You should then head to a betting exchange and find the same market.
- Use an odds calculator to determine how much you need to lay
In this example, you will place a £21.15 lay bet on Arsenal not winning and have the money in your account to cover this. This is known as the liability; in this instance, it would be £61.34.
Whatever the outcome, whether Arsenal wins or loses, you will end up with at least £21.60 profit. If you win your free bet at 3.75, you will win £112.50. Once the initial free bet is removed, you will win £82.50, but you will lose £61.34 in liability lay bet, leaving you with a profit of £21.16.
If Arsenal loses, you will return £82.49 on the lay market, but you will lose £21.16. This would leave you with a profit of £61.34. All you will have lost on the back bet is a free bet.
Is Matched Betting the Same as Arbitrage Betting?
The short answer is no. While there are some key similarities between arbitrage betting and matched betting, there are also some major differences. Arbitrage betting, or arbing, as it is known in betting circles, requires you to exploit different odds offered by bookmakers to cover potential outcomes of an event so you can profit.
Matched betting, on the other hand, requires players to exploit bonuses offered by bookmakers to turn a profit.
Matched Betting Terms Every Beginner Should Know
When you are new to the world of matched betting or the betting world in general, it is understandable that you have many questions. What is a bookie? What is matched betting? Can it go wrong? What is lay betting? All of these questions are perfectly rational, so to help you understand match betting, we’ve looked at some of the basic terms.
The Back Bet
The back bet is a standard bet that most punters would place on a market. Simply put, it is when you back a selection to win an event. For example, you might back Chelsea to defeat Manchester United. In matched betting, you must place your free bet on this.
The Lay Bet
Lay bets take place on betting exchanges. These are sites that essentially allow the punter to act as the bookmaker. In a lay bet, you are betting that something will not happen. So, instead of betting on Chelsea to win, you are laying on them not winning. If Chelsea draw or lose, you will have been successful. You will place your lay bet, and you will also need to have funds in your account as ‘liability’. If you lose the bet, you will get your stake returned but lose the liability.
Qualifying Loss
A qualifying loss is a small hit you will need to take to get your hands on the free bet you will use in the matched betting process. For this, you will typically back and lay on a market where you might need to lose some funds. This is normally minimal, and you will be rewarded by being able to gain the free bet.
Common Matched Betting Mistakes to Avoid
When you are learning how to start matched betting, it is essential you learn the common mistakes people make. The following are the ones we recommend keeping your eyes open for and avoiding:
- Familiarise yourself with match betting: While matched betting can be easy once you get to grips with it, it can be difficult to learn all the terms when you begin. Before you start matched betting, ask yourself basic questions to see if you understand, for example, what is liability in match betting? Do I understand how decimal odds work? You should start match betting only once you understand the basic terms.
- Manage your bankroll: One of the most common mistakes people make when match betting is simply placing the wrong amount of money on a bet, putting it on the wrong selection, or overspending. If you get a lay bet wrong, there is a chance you will lose a significant amount of money, and as such, you should always take the time to check that you are correct.
- Read bonus terms & conditions: Free bets are essential to matched betting. However, players should ensure that they are reading through the terms & conditions associated with the bonus. You should always be careful of wagering requirements and potential deadlines, as these can be major stumbling blocks during the process.
Matched Betting Tips to Master The Fundamentals
Matched betting can be an excellent way for punters to make money. If you want to master match betting, there are some key lessons you should learn:
- Be patient: Patience is incredibly important when first learning about matched betting. Matched betting is not designed to have huge, one-off returns. Instead, players will win a handful of small bets and profits, slowly building their bankroll.
- Use odds-matching calculators: As you can see throughout this what is matched betting guide, it can be difficult to work out which markets to bet on. Many odds-matching calculators and tools are available to help you make the best decisions and explain how much you need to bet and lay.
- Have accounts at multiple sportsbooks: While match betting is not illegal, it should be no surprise to find out bookmakers don’t like it. As such, they will quickly shut down your accounts if they realise you are doing it. You can prepare for this by opening accounts at multiple sportsbooks, so you always have a backup solution.
- Continue to bet normally: It is inevitable when matched betting that one or two of your accounts will get shut down. However, one of the best ways to avoid this is to continue to use your account as you normally would. Any abnormal behaviour or betting patterns are likely to get noticed.
