So here we are, the big how does Matched Betting work guide. Using the information you learn on this page you should be able to safely say you understand the concept and go start your matched betting journey.
The Basic Concept
OK so lets start with the basic concept and break down the process.
- Sign up with a bookmaker that has a free bet offer (bet £5 and get a free £20 bet for example)
- Place a small paid bet to qualify for the free bet (£5 that says Sunderland will win there next match for example)
- Sign up with betting exchange that allows you to bet on the opposite outcome (£5 that says Sunderland will lose there next match)
- As you now have both outcomes covered when your bets win or lose you aren’t out of pocket although you now have a free bet! (£20 free bet based on this example)
So now you have money in your betting account to do what you want with, profit!
The Full Step By Step Guide
So we covered the basics of how this all works above but now lets actually go out and create accounts and place bets. If you have any questions so far then maybe try reading through this more in depth section or ask a question in the comments below.
1. Create A Betting Exchange Account
If you don’t already know what a betting exchange is then you can learn about and find a list of them to sign up to here. In short, a betting exchange is different from a bookmakers as they pair you up with other gamblers meaning you can bet on either outcome of a match.
The Main Betting Exchanges Are
or see our full list of betting exchange websites on this page.
2. Open A Betting Account
Now find a bookmaker that is advertising a free bet offer to new customers and sign up. Almost always you will have to place a small qualifying bet to get this free bet reward. These qualifying bets are usually in the £5 to £10 area (we will cover this in the next step).
You can use our up to date list of matched betting offers to find the latest deals to keep you busy. Be sure to bookmark that page so you can keep coming back and checking regularly for new offers.
Start with a small offer so you can get your feet wet without risking too much of your own money.
3. Place Your ‘Qualifying’ Back Bet
Using your bookmaker betting account you set up in step 2 look for an event to bet on that will reward you with a free bet. Be sure to check the conditions of the offer when you sign up to ensure that it hasn’t changed and that it fits in with the matched betting system.
You will want to aim for a bet with the lowest odds possible that come under the terms of the free bet offer you are trying to take advantage of. Be sure to check the minimum odds, otherwise you could be placing bets that don’t earn you free bets and eat into your profits.
Look for popular events such as football matches that will attract lots of other gamblers. Popular bets will make the betting exchange process easier, as you will see in the next step.
4. Place Your ‘Qualifying’ Lay Bet
Now you must match the back bet you made with the bookmaker in step 3 with a betting exchange lay bet. This lay bet must be the opposite of the bet you made with the bookmaker.
Now you have two bets covering either outcome of a match, one will lose and one will win. Even with the betting exchange fee you should only be down pennies so far.
5. Take Advantage of the Free Bets
Once the outcome of the match has been announced your account with the bookmaker should be credited with free bets fairly quickly.
Now you need to repeat the process used during the qualifying bets portion almost exactly the same except your using the free bet money. Using the bookmakers free bet credit place your back bet and using your betting exchange place your opposite lay bet.
Be sure to aim for odds as high as possible with your free bets (opposite to what you do during qualifying bets) to maximise your earnings from your free bets. Typically with the bookmakers offers you wont be able to withdraw the free bet portion of your winnings. So say you earned £10 in free bets from a £10 initial bet and then went on to win £30 the betting site will not allow you to withdraw the first £10 of it, leaving £20 profit and £10 to do matched betting with again. So by ensuring that you only bet on a high stake outcome on the betting site you increase the potential profit.
Once you have finished with the free bet credit you should then have real cash winnings in either or both accounts!
Now you know the process of how matched betting works you now need to know where to go to get the introductory offers. Luckily for you we keep a list of the current offers available online that you can take advantage here.
If you have any questions about matched betting then please feel free to use the comments below. You may want to check the comments anyway for questions that have already been asked that you didn’t know you had to ask!