You may have heard the term ‘matched betting’ but never really understood what it means.  There have been many articles written on the subject and even national newspapers have featured information about matched betting.

The question is, what is matched betting?  Perhaps more importantly, does matched betting work?

In this article you will find out everything you need to know about matched betting and how it works.  Have you ever considered trying matched betting but do not know where to start?

Read on to find out more about matched betting and decide if it is something you would like to try.

1. What is Matched Betting?

Matched betting is not straight forward and can take some time to perform efficiently but essentially, matched betting is a method to turn the free bets offered by bookmakers into money.  The reason why many people enjoy matched betting is because the risk is low but we will come to that in more detail later.

You do not need any experience of sports betting or knowledge of sports to make matched betting work.  It uses a mathematical approach to make a profit from the free offers made by online bookmakers.

So, with that mind, let’s take a look at how matched betting works.

2. How Does Matched Betting Work?

Before you begin matched betting, there are some betting terms you must become familiar with before you start.  We will be referring to these terms throughout the article.

Back Bet

A back bet is betting for an outcome to be true.  For example, betting on Chelsea to beat Arsenal is a back bet.  If it comes true, you win the bet but if the game ends in a draw or Chelsea lose the match, you lose the bet.  Every standard online bookmaker allows you to place a back bet.

Lay Bet

A lay bet is betting against an outcome to be true.  Using the example above, betting on Chelsea to not win is a lay bet.  If Chelsea lose or draw the game, you will win the bet.  You can place a lay bet at a betting exchange and these are not as widespread as standard bookmakers but there are some good ones available.

Using the above terms, matched betting works by using a free offer at a bookmaker to make a profit.  For example, if a bookmaker is offering a €10 free bet if you place a bet of €10 on a football match, you will need to make a £10 bet with the bookmaker on Chelsea to win their game.  This is the back bet.

You will then place a bet on the same match at a betting exchange but this time you will place a lay bet to cover the opposite result (Chelsea to draw or lose).  When the two bets have been settled, regardless of the result, you will have not made or lost any money.  You covered every outcome of the match using a back bet and a lay bet.

However, you qualified for the free €10 bet at the bookmaker.  Now you need to repeat the same process above but this time using the free €10 bet at the bookmaker and placing a lay bet on the opposite outcome at the betting exchange.

You will not make exactly €10 but you will make around €8 or €9 profit, which is a great start.

3. Detailed Example

At this point, you may be a little confused as to some of the specific details but we will cover this next using a detailed example.

1. Betting Exchange

You must create an account at a betting exchange.  Simply search online for betting exchanges and you will see the most popular names.

2. Bookmaker

Create an account at a bookmaker.  Look for one which has a good free bet offer for new customers because this is the key to matched betting, as discussed above.

3. Decimal Odds

If you usually use fractional or American odds when betting, now is the time to change to decimal odds.  Using decimal odds is easy and makes the whole matched betting process straightforward to understand.  Change the settings at the bookmaker and betting exchange to decimal odds.

4. Find a Bet

You want to find a bet which has the closest odds at both the bookmaker (back bet) and betting exchange (lay bet).  Check to see if there are any restrictions on the free bet offer at the bookmaker, such as betting over specified odds for example.  Try and choose a bet with low odds at this point, anything between 1.5 and 4.0 is fine.

So, you could back Chelsea to win at the bookmaker with odds of 2.20 and lay the same bet at the betting exchange using odds of 2.25.  You will make a small loss on this, but it will be minimal and nothing to worry about.

5. Free Bet

It does not matter which one of two bets succeed, you will now have qualified for the free bet.  You can use the €10 free bet to do the same process as above, backing and laying the same bet.  However, this time look for higher odds which are closely matched between the bookmaker and betting exchange.

For example, you back Liverpool to win at 3.60 using the bookmaker and lay the bet at the betting exchange for 3.75.  You will need to deposit additional funds to cover the liability at the betting exchange if required but whatever the outcome in the match, you will make a profit overall from the two bets you have placed.

Once you have become accustomed to the technical aspects of placing a matched bet, you can make several on a daily basis to build a guaranteed profit but is there genuinely no risk involved?

4. How Does No Risk Matched Betting Work?

No risk matched betting follows the same principles as the example above.  There is no risk involved because you have used a free bet offer and made a sound judgement as to which bets to place.

The odds for the back and lay bets must be as closely matched as possible because it is this which takes the risk out of matched betting.  You will not lose money if you place matched bets correctly.  However, you must be aware never to spend more than you can afford when gambling and that also applies to matched betting.

5. How does a Matched Betting Calculator Work?

A matched betting calculator will become your best friend when placing matched bets.  We have provided a matched betting calculator below which you can use for free to help you with your bets.

A matched betting calculator works by showing you how much to stake at the bookmaker and betting exchange to minimise your initial loss and generate the greatest profit.

You will need to insert the odds from the bookmaker plus stake amount plus the betting exchange odds and the commission, if any, due at the betting exchange.  When you have added this information to the matched betting calculator, it will produce the stake required at the betting exchange plus the total profit you will make.

Remember, this will be a small loss for the qualifying bet but will show a nice profit when using the free bet.  Make sure to use the correct type of bet when using the calculator, which will be either a qualifying bet or free bet.  In some cases, it will also be a risk free bet, which is an offer by the bookmaker on which you will receive your money back if the bet loses.

6. How Much Can You Make Matched Betting?

Now you know how to place a matched bet, the next thing to consider is how much you can make matched betting.

The amount of money you will make matched betting depends on your own circumstances.  How much money can you afford to put in to matched betting?  How much time do you have for matched betting?

Some people can make up to €1,000 per month matched betting whereas others make around €200 per month matched betting.  Those making the higher amount put in more time and effort to their matched betting than those making lower numbers.  Therefore, the amount you make matched betting will be determined by the amount of time you spend doing it and you should never use it as a guaranteed source of income.

In addition, you will need money to start matched betting to place your qualifying bets and although you will get this back, you must never bet money you cannot afford.

7. Is Matched Betting Legal?

Due to the fact matched betting results in a guaranteed profit when done correctly, many people have questioned the legality of the process.  The good news is matched betting is perfectly legal and anyone who qualifies to open a betting account at online bookmakers and betting exchanges can participate in matched betting.

Some online bookmakers have been known to close accounts if they believe users are matched betting.  However, you should not be using the same bookmaker again and again to place matched bets as free bet offers tend to be limited.

8. Do You Need to Be A Sports Betting Expert?

As highlighted above, you do not have to be a betting or sports expert to make money on matched betting.  If you can follow the instructions, use a basic calculator and feel comfortable with maths, you can start placing matched bets.

Some people feel more comfortable matched betting on sports they know as it is always nice to see something familiar when beginning something new.  So, if you like football then place your matched bets on football.  If you follow tennis than use it to place your matched bets.

Likewise, if you have experience gambling online, you will get to grips with matched betting more quickly than someone who has no experience betting on sports.  However, once you have placed a successful matched bet you will soon become accustomed to the process and matched betting is suitable for people of all levels of gambling experience.