Earn Cash With No-Risk Matched Betting
The method used by a lot of people is something called matched betting. Do not be fooled into thinking this is gambling and I am by no means a gambler. Also what I’m teaching you here is a completely legal, tried-and-tested method. It basically allows you to turn the tables on the bookmakers to extract their free bet offers.
I’ve used it myself for some time now and have never lost any money doing it, but I have taken my time and been very careful to avoid making mistakes.
I’ll be taking you through the ‘need-to-knows’ then showing a full-blown example.
Matched betting is a way of squeezing out the many free bets offered by bookmakers. All the bookies promote these offers (especially during big sporting events) to entice new gamblers to place bets with them.
For example, “bet £25 with us and we’ll give you a £25 free bet!”.
How does Matched Betting work?
Firstly, you don’t need to know all the betting terminology if you follow the steps below, but it’s important that you know two types of bet which allow matched betting to work:
A ‘back’ bet Betting for a certain outcome to come true. Eg. “I bet England will win” is a backing bet. If it comes true, you win the bet and the winnings. If England lose or draw, you lose your stake. You can place a back bet at any bookmaker, such as Paddy Power, William Hill, Ladbrokes etc.
A ‘lay’ bet Betting against a certain outcome to come true. Eg. “I bet England will not win” is a lay bet. If they lose or draw, you win the bet. You can only place a lay bet at a betting exchange such as Betfair.
Matched betting works by cancelling out the risk on the ‘back’ bet at the online bookies by betting against yourself at the same odds (known as ‘laying’ a bet) which you can do at a betting exchange. In other words, you are ‘matching’ your bet.
Following your first or ‘qualifying’ bet, you will then be awarded the free bet by the bookmaker. This is where the profit is made. Quite simply, you repeat the process: bet using the free bet and then lay the bet. Whatever the result you are guaranteed to make a profit (which I’ll be demonstrating below).
How much profit can I make with Matched Betting?
For each matched bet, you will be left with up to 95% of the free bet amount as profit. This is because betting exchanges usually charge a commission of 5% on winnings. You may also make a very small loss on the qualifying bet due to the minor difference in odds on each website. This is normal, and you will recoup this when you use the free bet.
In the steps below I’ll show you how to profit from a free bet using a real life example. Replicate the same steps across the hundreds of free bet offers each month and you can quickly be looking at £1,000s. And it’s worth pointing out, earnings from the gambling industry are currently tax-free.
What’s the risk with Matched Betting?
Anyone can learn how to do matched betting and, in theory, there is no risk involved because you are covering yourself by betting for and against the same event. However the risk comes when mistakes are made so, once again, you need to double-check everything and follow the steps exactly. On rare occasions free bets do not always come through right away, so just be patient.
Once you’ve understood the process and been successful by following the steps below, you can then continue matched betting at many other online bookies with free bet offers (see my table at end) which can quite quickly land you a lot of money without risk. It’s also worth knowing that depositing at gambling websites does not affect your credit rating.
Let’s try it with some real numbers:
This is an example with real numbers.
Coral are offering a £20 free bet to new customers. To claim this free bet, all we have to do is place a £5 qualifying bet.
So I create my account with Coral and deposit £5 into it using my debit card (don’t use PayPal or Skrill).
I also create my account with Betfair (although if you have one already, just login to that) and deposit £5 into that.
I now need to place my first bet. There are three steps to placing any bet:
1) Find the bet.
When we’re looking for a bet, we want the “Back” bet odds on Coral to be very close to the “Lay” odds on Betfair. So if England are at odds of 3.0 to back on Coral, we would want them to be as close to that as possible on Betfair – maybe something like 3.1.
We have a special tool that we can use to find the bets for you; The Oddsmatching Software. Once it’s loaded up, I can select “Coral” from the dropdown list at the top, and press “Search”.
This software automatically finds the odds that are closest together, and displays them for you in a useful list. For each match it shows the date and time of the game or race, the name of the game or race, the name of the team you’re betting on, and the type of bet it is. The rating column basically tells you how close together your bets are. You usually want to go for bets with a rating of 95 or above.
Over to the right, you can see the bookmakers back odds and the exchange lay odds.
Our first bet needs to be above the odds of 1.5. I can enter 1.5 into the box in the “back” column, and select “greater than or equal to”. This means it will only show me odds above 1.5. The other thing to consider is that the higher odds you use, the more money you need in Betfair in order to lay the bet. Since I don’t want to put any money into Betfair right now, I’m going to go for something at as close to the minimum odds as possible.
Let’s just say I’ve found a match on a horse called Grandeur. I can back the horse at odds of 2.0 on Coral, and I can lay them at 1.91 on Betfair.
2) Calculate the bet.
We have a special calculator which we use to calculate our lay bets. Click here to get access to it.
The calculator is really simple to use. At the top, select “Normal”. Then enter the Bookmaker Stake, which is £5, because that’s how much we’ll be betting at Coral. We then enter the Coral odds for Grandeur, which is 2.0, and then enter the Betfair lay odds, which are 1.91. Now, each betting exchange takes a small commission on your winnings. The amount they take depends on the bookmaker. With Betfair, they take a 5% commission, so we need to enter 5% in the exchange commission box. Once you’ve entered that, click the “Calculate” button.
The calculator tells me that, for this bet, my lay stake will be £5.38 – so this is how much I will need to lay at Betfair. If I change the odds around you can see the lay stake will change too. The liability is the amount of money you need to have in your Betfair account to place this bet. Generally, the higher odds you go for, the higher this liability will be. For example, if I was betting at odds of 7, my liability goes up to be much higher, even though the stake is still pretty much the same.
Now, if we look at the bottom of the calculator, it tells me how much we’re going to win or lose on this bet. This tells me what we’re going to make a profit of £0.10 no matter what the outcome is. Usually on a qualifying bet you would actually make a small loss of a few pence, but that’s perfectly fine, we’re going to use the free bet to recover all that money anyway.
3) Place the bet.
So, first we find the bet on each of the two websites (Coral and Betfair). If you haven’t already, make sure you set your Coral preferences to show DECIMAL format bets and not FRACTIONAL format. This will make it much easier to compare the prices. Once you’ve found the bet, double check that the odds match up with what you put into the calculator, and amend the calculator if they do not.
Next, I place my Coral £5 back bet, and then my Betfair £5.38 lay bet. Always make sure your bets are properly submitted.
Immediately after placing the bet, Coral will credit a £20 free bet. Once they do, we need to find another match. I decide to place my free bet on Shrewsbury vs Norwich, on Shrewsbury, which is odds of 4 on Coral, and odds of 4 on Betfair. So I’m going to go back to the calculator, and this time I’ll select “Free Bet SNR” at the top. The bookmaker stake is now £20. The bookmaker odds are 4.0, and the exchange odds are also 4.0. The exchange commission is 5.
This tells me that I’m going to make a profit of £14.43 from this particular bet. If we also add the £0.10 we won on the first bet, we end up with a total profit of £14.53.
So at this point, all you do is click on the team, enter the stake, and select the free bet from the bet slip. I place the bet on Coral, then I need to place my Betfair lay bet. The lay stake is £15.19 (as per the calculator’s instructions), so I enter that as my stake on Betfair and submit the bet, then confirm it.
That’s the basics of how to do matched betting.
1. Always read the terms and conditions of the offer you’re attempting.
2. Always deposit via Debit Card if it’s your first deposit (so no PayPal or Skrill).
Hope you enjoyed this post and wish you all the success with making money matched betting. Don’t forget to click the links above for access to all the required Matched Betting tools.
If you are interesed in other ways of making money online then check out 10 Ways to Make Money Online in 2017 and feel free to leave a comment below.