Matched betting has been around for ages. In fact, as long as there have been bookmakers and betting exchanges. Put simply, it’s a way of turning bookmaker offers into real money. Put really simply, it’s where you match two bets against each other. But just what is matched betting?

What is matched betting?

Matched betting is a straightforward way to make money using the promotional incentives marketed by online bookmakers. These promotions include: sign-up offers, free bets and bonuses.

It is a reliable method works by applying a simple mathematical equation that offsets the element of risk usually incurred when placing a bet at an online bookmaker.

Matched betting is generally considered risk-free, although human error can play a part. Therefore, you should never rush your bets and always make sure you understand exactly what you’re doing.

Experience of placing bets is advantageous but not essential as it is easy to pick up. With appropriate training, matched betting can help you earn a supplementary, tax-free income of between £300 and £1500 per month.            

Get started with matched betting

To get started, you will need a fund purely for betting purposes. You will also see this referred to as your ‘bank’ or ‘pot’. The size of this fund is entirely up to you. You can start with as little as £50, but I would recommend starting with around £500. This will enable you to maximise the deposits made into the online bookmakers and consequently extract the maximum value from the offers available.

The next step is to open an array of online bookmaker accounts. Matched betting sites can show you how to do this so that you can get the most out of the bonuses.

You will then need to create an account with an online betting exchange. A betting exchange is a marketplace for account holders to bet in opposition to each other with regards to the outcome of a sporting event. There are several online betting exchanges here in the UK, the most popular and well known being Betfair.

Once your bookmaker and betting exchange accounts are established, you are ready to begin matched betting. A matched is made up of two parts: the qualifying bet and the free bet. Let’s look at those now:

The “Qualifying” Bet

To qualify for a free bet or bonus, practice the following criteria:

  • Select one of your online bookmaker accounts.
  • Read the terms and conditions of the sign-up offer to verify your understanding of it.
  • Choose a sporting event.
  • Place a “back” bet on a possible outcome to qualify for the promotional offer.
  • Open your betting exchange account.
  • Place a “lay” bet, at the closest possible odds (preferably equivalent or lower) on the same outcome.
  • Calculate the qualifying bet, accounting for your betting stake being returned (SR).

Regardless of the outcome of the event, you won’t have won or lost. This is because the respective bets have cancelled each other out.

However, your chosen bookmaker guaranteed you that you would receive a free bet with a monetary value attached to it. Because you ensured you qualified for their promotional offer, you have unlocked the free bet. As a consequence, immediately after your chosen event has concluded your free bet or bonus will be activated and will appear in your account.

Bookmaker (back bet) + Betting Exchange (lay bet) = Free Bet

The “Free” bet

The next step is to place a “matched bet”. The process is similar to your qualifying bet but with one difference. This time you are going to use the free bet instead of the money from your betting fund, therefore guaranteeing you a profit. The expected profit from an individual matched bet is 75-85% of the value of the free bet or bonus.

To “match” a bet, you’ll need to do the following:

  • Choose a sporting event.
  • Place a “back” bet on a possible outcome.
  • Open your betting exchange account.
  • Place a “lay” bet, at the closest possible odds (preferably equivalent or lower) on the same outcome.
  • Calculate the “matched” bet, accounting for your betting stake not being returned (SNR).

Regardless of the outcome of the event, you will now show a profit. This will be in your bookmaker account if the “back” bet won or the betting exchange if the “lay” bet won.

Bookmaker + Betting Exchange = Profit