The question gets asked by non gamblers and gamblers alike, just what is Matched Betting? Well Matched Betting is a relatively simple way to make money from the free bets on offer from online bookmakers. The free bets are intended to entice us to join the bookmakers in question, and then once we have used the free bet, the bookmakers expect us to give them that money back along with a lot more.
If used the right way, we can use these free bets to our advantage and actually make money off the online bookmakers for a change. This is known as Matched Betting.
There are two reasons you need a betting exchange for Matched Betting. The first is so you can match up your qualifying bet. For those not familiar with this, your qualifying bet is the bet you place with the bookmaker to gain you your free bet.
The reason for having the betting exchange account is so you can lay off your qualifying bet to ensure you don’t lose your money on the qualifying bet, as this would totally defeat the object.
For example, if the free bet offer was for £50.00, it would generally come in the format of ‘have a bet for £50.00 with us and we’ll match it and give you a free bet of £50.00.
So what you would do is have £50.00 on Manchester United (for example) at Even money (2.00) with the online bookmaker, and then lay Manchester United for £50.00 on the betting exchange (to lay, is effectively having a bet on the team NOT winning, as opposed to winning).
This would ensure you get your £50.00 back no matter what happens in the match.
Once you have done this, you should have a £50.00 Free Bet sitting in your bookmakers account waiting for you to use.
This brings us onto the second reason why you have an account with a betting exchange. What you then do is you use your £50.00 Free Bet to again back Manchester United to win at Even money (2.00) in their next game, only this time when you lay them on the betting exchange, you only lay them for £25.00.
This guarantees you a return of £25.00 no matter what happens. If Manchester United win, you get £50.00 from the bookmaker, but lose £25.00 on the betting exchange. If Manchester United don’t win, you get nothing from the bookmaker (but you don’t lose anything as it is a free bet you are using), but you do win £25.00 on the betting exchange from your lay.
That is a pretty simplistic way of explaining the process. In reality it is not as simple as that, as prices vary with online bookmakers, and on the betting exchanges, etc, but if you follow those basic principles you shouldn’t go wrong.
There are now literally hundreds of pounds worth of free bets out there, there is a nice list of them in the column on the top left hand side of this blog, they are also on my free bets page.
A nice tidy profit can be bagged from doing this, and this is also a great way of building yourself a handy betting bank for football trading, starting with as little as £100.00. Check my post about best betting sites and my free bets list for more information.
Matched Betting Blog Posts
How I earned £20 cash back for opening a Betdaq account.
Nice Profit of £49.10 landed with Ladbrokes free bet and cash back offer.