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Matched betting can be one of the best side hustles to earn money online. It is not a get-quick-rich scheme but a path to make extra money or supplement your current job.
As the name mentions ‘betting’, you might have got an idea of what it is about. However, it different from gambling where the bookies mostly win but in matched betting the chances of your winning is maximum and risk-free.
Now, the online betting industry is growing and catching up to the trend of matched betting.
So, let us understand what this noise about match betting all about is?
Matched Betting for Dummies: Full Guide
From a beginner to a pro, follow and comprehend this guide step by step to make money from Match Betting and earn tax-free profits.
- What is Match Betting?
- How does it work?
- Key terms and jargons
- How much can you make?
A no risk match betting guide for the match betting dummies to help you comprehend the subject of match betting and excel in it. There are many concepts, systems, and processes involved which may seem challenging to understand and may take a while to get a complete grip of it.
Nevertheless, below is a simplified guide explaining the key terms and concepts for the beginners to get started.
What is Matched Betting?
People also call it as ‘No Risk matched betting’ or ‘Double Betting.’ It is a method used to make guaranteed profits from many free bets, promotions, and bonuses offered by betting companies. It is a risk-free method because the outcome is based on a mathematical equation than a chance.
On major sports events, betting companies advertise such offers to entice new customers.
Example: ‘Bet £10 and get £30 in free bets.’
Why do people call it Risk-Free Betting?
This is a cliche but a fact that the bookie always wins in gambling. Here is the catch because matched betting is not a gamble but a mathematical equation based outcome.
If you follow the steps correctly, then profit is guaranteed provided no human error. Therefore, it is rightly called a No risk Matched Betting.
It is popular with masses in the U.K, Australia, Canada, and other places as people from all walks of life can make money online – a professional, student, home parents or anyone else.
Is it legal?
Yes, it is 100% legal. Anything that is involved in Match Betting is completely legal.
How does it work?
Matched Betting, literally means matching bets to nullify the risk. Using a mathematical equation, you bet for and against the same outcome to happen. Irrespective of the result, one of your bets will win, and another will lose.
Matched betting is about taking advantage of the bonus and free bets offered by bookmakers and turn into a profit. The guaranteed profits from free bets every time is because you are matching bets where only one part will cost you your money, but it will be covered in the profit.
In technical terms, match betting is based on the concept called back and lay betting. It involves placing two bets in opposite directions and with two different betting companies.
Generally, people place a Back bet with a Bookmaker and Lay bet with the betting exchange.
Free Bets, Bonuses, and Promotions
If you are a beginner or a newcomer to the world of betting unaware of the activities then let me enlighten you.
There is a huge range of free bets, bonuses, and promotions offered by bookmakers. Also, they want to encourage new customers to their site and are willing to offer up to £300 to acquire one new customer.
You will see many adverts while watching various sport on T.V. however, there is a change in the rule of promotions in 2019, there is a ban on betting ads during live sports.
This step won’t have much impact on the betting industry, and there are around £1200 bets available for new and old customers.
Breaking down the jargons in Matched Betting
Bookmaker: Companies that offer free bets and accept vets from the public like Will Hill, Ladbroke, Paddy Power, Bet 365, Coral.
Back Bet: Whenever you bet for a particular outcome to happen, popularly as Back Bet. You are staking your money for an outcome to occur.
Example: You stake £50 with your bookmarker named Coral at the odds of 5.00
If Tottenham wins the premier league,
Return: Coral pays £250
Profit: Your win is £250 -£50 =£200
If other team wins the premier league,
Return: Coral pays £0
Profit: Your loss is £20
Return: The amount you will receive after winning the bet, and it also includes your stake.
Example: A stake of £50 on Tottenham win at odds of 2.00 will return £100.
Profit or Winnings: Profit is the amount people win from the bet minus the stake. Example, your stake in a game is £50 at the odds of 3.00. So, after winning your profit is £150 – £50 for a profit of £100 minus the stake.
Odds: The odds are set by bookmakers as chances of something to happen. Example, the odds of 3.00 in a bet means bookmakers will pay you three times of your stake in return if you win the bet.
Stake: So, it is the amount of your betting. Example, I stake £10 for Tottenham to win.
Market: A particular event you bet on is a market. Example, ‘first goalscorer,’ ’first match winner.’
Bonus Bets: It is a free bet. When you use your free bet, your account balance stays the same. Most of the free bets are stake not returned by bookmakers, but some are stake returned bets too.
Stake Returned (SR) Bonus Bets: It is similar to any normal bet as mentioned earlier and returns on winning the bet are calculated the same way.
Example, if you place an SR bonus bet with a stake of £100 at the odds of 5.00, your return is £100* 5= £500 (including your stake).
Stake Non-Returned (SNR) Bonus Bets: The difference with SNR Bonus bets is you do not get your stake back on winnings. Also, Bookmakers commonly prefer this.
Example, if you place an SNR bonus bet with a stake of £100 at the odds of 10.00, then you will receive £900. (stake excluded)
£100* 10= £1000
Return: £1000- £100 =£900 (stake excluded)
Lay Bet: It is opposite to Back Bet. You place a Lay Bet so that particular outcome doesn’t happen. Lay bet can happen only on the betting exchange. You act as a bookmaker where you intend to win money if the event doesn’t occur or lose money if it occurs.
Example, You place a lay bet on Betfair betting exchange with a stake of £100 at odds of 1.50 where Arsenal will beat Manchester City.
Possible outcomes with financial details,
Arsenal wins – You lose £50 – £150 – £100 = £50
Manchester City wins – You win £100
Draw – You win £100
This platform works similarly and gives a chance to bet as a bookmaker but with some difference.
A betting exchange is a place where you place a bet against other punters (i.e., your peers or can act as a bookmaker) and not in opposition to the bookie. Also, the exchange makes a profit by charging a commission on winning bets, unlike the traditional bookmakers who make a profit with their margin adjusted in the odds.
Betting exchanges are new in the betting industry, and it was founded by Betfair in 2000 who made it possible to make money from matched betting. You can either place a back bet or lay bet.
The betting exchange is important as it allows you to lay a bet. Now, by laying a bet, you are creating a risk-free profit.
Also, it would be for the correct amount which will guarantee you the same amount of profit irrespective of the outcome. If you place a Back bet on Betting exchange,
The logic remains the same, you back a particular outcome, and if it happens, you win. Example,
You place a back bet on betting exchange Betfair for a stake of £ 100 at odds of 1.45 for Arsenal to beat Manchester City.
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Possible outcomes with financial details:
£145- £100 =£45
Manchester City wins
You lose, £100
The match is a draw
You lose, £100
Use of Back and Lay Betting in Matched Betting
As explained earlier, the concept and role of back and Lay bets in Matched betting, we will understand a little in detail on their usage.
Match bettors use the technique of mathematical calculation to ensure guaranteed risk-free profits from free bets.
With the help of the mathematical equation, you can calculate your stake in the back and lay bets to cancel each other out.
The purpose behind doing this is that bookmakers don’t give free bonuses or bets just to sign. Also, it can lead to a lot of loss of money.
Hence, they involve a qualifying bet to access a free bet or bonus. That’s where the back and lay bets play a role. By using the process, you can qualify for the free bet without losing your own money.
As a general rule, the aim should be to extract 80% of the free bet in cash and you can withdraw them from your bank account.
Is it tax-free?
Yes, it is tax-free in the U.K currently.
Matched Betting for Dummies – Tools
Matched Betting can take a lot of time and effort; therefore there are many tools available to make it easy and simpler.
Matched Betting Calculators: It enables you to quickly calculate an exact amount for back and lay bets to earn a guaranteed profit with matched bets. Also, OddsMonkey provides free to use the calculator here.
Matched Betting Software: Also, known as Oddsmatcher that helps you to match Back bets at Bookmakers with lay bets at Betting Exchanges.
It is far quicker than manually searching the bets. You can check the OddsMonkey software. Match Betting services will also have the software included.
Matched Betting Service: It is time-consuming and requires a lot of manual effort. Therefore, it is better to sign a Matched Betting Service and utilize their different tools.
One of the known companies is Oddsmonkey that does all the work for match betters. So, they include access to matched betting calculators, software and other latest technologies and offers.
Now, they provide step by step guide, training guides to learn how to use the bonus bets and make matched betting less taxing and easy. Also, beginners can take up a free trial.
Matched Betting Spreadsheet: You can track your bets and how much profit made with the help of the free matched betting spreadsheet.
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- A reliable source of income
- Chance of hitting a big win
- You get online community support
- A sense of Financial Freedom
- Anyone can do matched betting
- Hard to get the courage to get started
- People don’t understand it
- You could make a mistake (or misunderstand an offer) and lose money
- Your accounts can be ‘gubbed’
- You could get sucked into gambling
How to make money from Matched Betting?
After getting a brief insight into the basics of matched betting and now let’s understand how can you make money from matched betting.
Many experienced match betters suggest, time and again, not to opt for matched betting manually. Use a free trial on OddsMonkey to earn you a few quid and then reinvest in buying premium which will save enough and pay £17.99 per month.
Let us understand with an example of no risk-matched betting step by step:
Sign up with any bookmaker (Oddsmonkey, Coral, Ladbrokes to name a few). A bookmaker has an offer,’ Bet £5, get £20 free bets’, so you deposit your stake of £5. This is called the Qualifying bet.
Also, we recommend placing your event on sporting events (mostly Football). Say, the bookmaker’s promotion is ‘ Bet £5, get £20 free bets and also states to pick odds of 1.5 or greater.
You place your back bet £5 with Chelsea winning the match.
Sign up to a betting exchange, say Betfair and may have new customer promotions. Also, place your lay bet against Chelsea winning the game balancing your odds and stake to make a profit.
With the help of Oddsmatcher software that does everything for you, finds, sorts and ranks the best odds for you with an inbuilt calculator to work out how much money will you need to bet in order to make money. Place the bets on the bookmaker and the Betting Exchange.
Chelsea plays their game and either back or lays bet wins. You should win a similar amount that you staked and unlock your £20 free bet.
Repeat the process using the free bet and turn it into real cash. There will be a little difference in odds as the bookmakers have cuts, but you should end up 75-80% of the free bets. So, £20 free bet may give you a cash profit of £16.
If you win at Bookmaker withdraw the cash and on betting exchange keep it into your account for next offer.
This is a simple explanation to know the process of matched betting, and there is little more to it.
There is no proven strategy or get-quick-rich scheme to make money from matched betting. Also, some use it is as a primary source of income and some supplement their full-time job. It depends on individual lifestyle, goals and time.
On average, most of the match betting people earn £500 a month which is tax-free.
Matched Betting Tips
- Use matched betting services that will help you with various tools, calculations, and other terms that need you to qualify the bet.
- Now, keep track of your usernames and passwords with different bookmakers.
- Understand how much money you have and where have you used or not used your free bets as you might have signed with different bookmakers.
- Use your debit card instead of credit card or PayPal, so it is a no risk-matched betting.
- Only have 1 account with a bookmaker or betting exchange and avoid having a gubbing account. Also, the betting companies might track your IP address and close down the multiple accounts, and you may lose money too.
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All in All, we hope this matched betting blog is to help you to understand the tips and tricks of matched betting and get a basic knowledge of the keywords in matched betting.
Every new thing will take time to settle-be it a new job, hobby or business. You will have a learning curve while actually doing match betting in real and this will help you to find a foot to make money from matched betting.
- 1 Matched Betting for Dummies: Full Guide
- 2 Betting Exchange
- 3 Final Words