For the third article in my matched betting series, I will be answering the question I am asked quite a bit when I let people know I am a matched better. Can you make money Matched Betting seems to be a really popular question especially since there is always rumours that one day bookies will clamp down on it. In reality, Matched Betting is here to stay for the foreseeable future.
If your new to Matched Betting then I recommend reading my previous articles in the series before this one. This guide is all about the different types of ways you can extract money from the bookies using Matched Betting.
The Qualifiying Bet
The qualifying bet has been covered in the previous two articles however its useful to have a quick recap before delving into all the different ways in which you can make money from Matched Betting.
The bet you place in order to “unlock” an offer is referred to as the qualifying bet. Simply put, you have to bet something first in order to qualify for the offer (usually a free bet)
The key is to place your qualifying bet and then lay it so that you don’t lose any money (or a very small amount). Its key to use a good Matched Betting software and I recommend OddsMonkey. They even have a free trial so you can test out Matched Betting completely risk-free.
The Free Bet
The free bet is where the magic happens in Matched Betting. The bookies give away a free bet knowing it will give their “punters” a taste for betting even though they usually lose it.
Say your free bet is £5, the aim is to extract as much of that £5 as you can. It’s not possible to get the whole amount (I know there are always stories about someone who has, but I never have so I don’t waste my time trying!)
The aim is to actually turn around 80% into profit. It can be easy to get hung up on leaving that extra few pound on the table, but we are taking the bookies money remember?
Using the OddsMatcher tool, you simply chose one of its already identified games or races, fill in the calculator of how much your free bet is and decide if your happy with the amount fo profit your getting back. It really is that simple. Once you’ve identified a game/race your happy with, bet the amount shown on the bookie (just follow the links and OddsMonkey does all the work for you!), Lay it at the exchange (again its all linked for you) and sit back and watch your profit roll in – easy right?
Bet £x get £x
This one is very similar to the bet above and is perfect to transition into once you’ve completed a few free bet offers.
The idea behind this one is identical as the bets above with the only difference being your usually betting a smaller amount to get a larger free bet amount.
The most popular Bet £x get £x is SkyBet. They run a bet £5 get £20 offer which is perfect for those new to Matched Betting and are just starting out.
Ensure you are backing and laying your qualifying bet to ensure minimal losses (if any at all). It’s counterproductive to be losing money on the qualifying bet and hoping to make it up on the free bet.
The aim here is still to aim for around 80% profit so using the Skybet as an example, you would be aiming to earn around £15 profit. Not bad for one bet! Obviously, they aren’t all the lucrative but it does all add up!
Free Bet sign up offer (risk-free)
The thing I love about Matched Betting is it really can be risk-free! I love knowing the certainties around everything, so knowing exactly how much profit I will be making before I even place a bet is everything to me!
The Free bet sign up offers work by the bookies giving you a free bet if your first bet loses. The most important thing to remember here is to read the term and conditions fully here, as not all bets count!
Sporting Bet’s bet £10 get £10 free is a great example. Firstly the terms are that your first £10 bet has to lose. It’s also important to note that horse racing bets don’t count!
The aim of extracting 80% of the free bet applies here so your profit should be around £6. The OddsMonkey calculator can take of all this for you plus it even links up to your exchange account!
Roll over sign ups
These one can be more complicated then the ones mentioned previously. The basics of roll over sign up offers are that the bookie will give you a bonus when you deposit and bet a certain amount of money.
The bonus they give you can not be simply withdrawn as winnings and in most cases, you have to bet the bonus several times in order to extract the cash – hence the name rollover as the bonus has to be “rolled over” various times.
This is another type of offer when you need to really check the bet conditions. Luckily, your Matched Betting Software provider will be able to guide you through these.
Roll over bonus offer bets can be tricky, not to mention time consuimg! Every bet you have to place in order to meet the requirements eats into your profits (not to mention your time) so the key here is to lose your cash balance and bonus balance with the bookie as fast as you can.
Negatives aside, these types of bets can be very lucrative, but I do advise you get familiar (and even aim to exhaust) the previous types of bet offers first in order to build up your Matched Betting pot along with gaining more experience and confidence Matched Betting.
A real-life example of this type of bet is 10 bets “50% deposit bonus up to £50” You effectively have to bet £100 and then you are given £50 as a non-withdrawable bonus. I won’t delve into the exact wagering requirements of this offer for fear someone will attempt it without proper Matched Betting software, but the profit here should be around £26.
Over to you
There are a whole heap of different betting offer types and these are just a handful of them that are best to start with. If you totalled up the profit amounts in just this article you would have just made £50 which is pretty good. It would also have taken you less time than it probably took me to write this! I’ll be covering the harder types of bets in the next article in my how-to Matched Betting series.
I’d love to hear if you’ve tried matched betting and what your experience was like? Are you new to matched betting or an expert? Comment below to let me know.