Most people have heard of Matched Betting these days. Its become wildly popular due to FIRE bloggers and their success to make instant money from it. There are plenty of guides about how to do it but they don’t always answer the questions newbies have. They can also be very confusing! Here I will answer the question of what is matched betting all about?
What is Matched Betting?
Matched betting is a mathematical technique that is used to extract money from bookmakers.
It uses free bets and promotions and removes the “gambling” aspect out of the offer. Bookmakers are designed to always take money from their customers. That’s their business model plain and simple. Matched Betting gives people an opportunity to even the score and actually make a profit opposed to losing their cash.
The concept is simple, to begin with, and can get more complicated the more types of bet that are attempted. Basic matched betting is completed using the free bet style of bet.
The bookmaker offers you a free £5 bet. Your aim is to extract around 80% of that as profit from the bookmaker. The way this is done is by a process called backing and laying. I have a whole section on the site dedicated to Matched Betting
Backing is quite simply when you bet to say something is going to happen.
Let’s say you’re watching a football match between team A and team B. Only one team can win so you either chose Team A to win or Team B to win, so you are backing one of them to win.
If you were regular betting and the team you backed to win, actually did win then you have made money! If the team you bet on to win actually lost then you have lost your money. That’s why real gambling is bad – it’s uncertain if you will win or lose.
Laying is the opposite of backing. When you lay something, you say it isn’t going to happen. If you bet that Team A would lose than you are placing a lay bet. Bookmakers don’t have the facility to lay bets so you need to use a special type of bookmaker. This is called an exchange. Examples of exchanges are Smarkets and Betfair. Laying a bet at the exchange is as easy as backing at the bookmakers. Obviously, if you place a lay bet on team A to lose and they won, you have lost your bet.
Covering all bases.
Matched Betting is backing Team A to win and Laying team A to lose.
You have effectively covered all the outcomes and so are guaranteed to make money. That’s basically all matched betting is! Covering all your bases to ensure you win. The best way to start is to use free bets the bookmakers give you just for signing up to become a customer.
Bookmakers are always offering welcome offers to get people to sign up and try betting. They are hoping that after that first free bet, you will be hooked and continue to lose your hard-earned cash. Not with Matched Betting! By backing and laying every free bet can be turned into pure profit!
Don’t forget the odds!
As simple as Matched Betting is, there is one extra consideration to be made – the odds. Odds are basically how likely something is to happen or not to happen. Odds can be presented in decimal or fraction format so its good to become familiar with them.
Most Matched Bettors prefer decimals as its much easier to understand. The higher the odds the less likely something is to happen. Likewise the lower the odds the more likely it is to happen. If Team A had odds of 2 then it’s pretty likely the bookmakers think they are going to win.
Matching the Odds
Matched Bettors aim is to get the back odds and lay odds as close together as possible when placing a qualifying bet. A qualifying bet is a bet that needs to be placed in order to trigger them receiving a free bet. By ensuring the odds are as close to together as possible, it minimises the amount of money lost by backing and laying the bet. This leads us nicely into the different ways of tracking the odds.
Manually tracking the odds
Way back when Matched Bettors used to work all our their calculations out manually. It was a complicated and lengthy process that was slow, to say the least. Gradually the process evolved into software being created and now there are a few major players out there.
I wouldn’t recommend attempting to manual calculate it but if its something really really set on, start with a predesigned spreadsheet and go from there.
Oddsmonkey started out by developing their OddsMatcher software and selling it to other companies. These companies then offered the OddsMatcher to their customers and received payment in return.
In October 2016 they decided to offer a complete matched betting service. They also wanted to do it better than anyone else! Currently, OddsMonkey has the largest amount of different bookmakers at a whopping 59.
OddsMonkey also has a free trial that nets you a guaranteed £45 profit.
Profit Accumulator was set in 2014 by Sam Stoffel. It costs more money than OddsMonkey and has slightly fewer bookmakers covered. Despite this they become one of the first mainstream Matched Betting software sites out there.
Originally the site used OddsMonkeys OddMatcher but they developed their own in 2017 when OddsMonkey launched its own site and the two became competitors.
Profit Accumulator also offers a free trial and a guaranteed profit of £40.
My advice when starting out is to sign up for Profit Accumulators free trial, net the £40, then sign up for OddsMonkeys free trial and net there £45 profit. After using both sites for free, you can decide which is the right software for you.
Matched Bettings other names
Its worth a quick mention about all the different names people use to refer to Matched betting. Plus there a few different types of Matched Betting and it can get really confusing.
Matched Betting can also be called back bet matching, lay bet matching or double bеtting. They are all referring to the same thing. Some people also use Arbing to describe it but this is actually a different form of Matched Betting.
Try it out for yourself!
I would highly recommend trying Matched Betting and following along with either Profit Accumulator or OddsMonkeys free training guide. You can re-read them as often as you need to until you become really familiar with the technique. I’m also happy to answer questions, just drop me a comment or a message.