What is Matched Betting?
Matched betting is a technique that allows you to mathematically guarantee a profit from the many free bet promotions offered by bookmakers. All the bookies advertise these offers (especially during big sporting events) to entice new customers to place bets with them.
Matched betting is a technique that allows you to mathematically guarantee a profit from the many free bet promotions offered by bookmakers. All the bookies advertise these offers (especially during big sporting events) to entice new customers 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:
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.
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.
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 (know as ‘laying’ a bet) which you can do at a betting exchange. In other words, you are ‘matching’ your bet.
smiley_faceFollowing 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?
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.
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.
poundsign_shakyIn the steps below I’ll show you how to profit from a £30 free bet using a real life example. Replicate the same steps across the hundreds of free bet offers each year 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?
question_markAnyone 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.
question_markAnyone 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.
1. Sign up for Betfair.com
Betfair logo whiteBetfair is a betting exchange where you can ‘lay’ bets to cancel out your risk at the bookmakers.
1. Sign up for Betfair.com
Betfair logo whiteBetfair is a betting exchange where you can ‘lay’ bets to cancel out your risk at the bookmakers.
Unlike traditional bookmakers, Betfair is a place where you bet against other people.
They sometimes even offer free bets for new customers too (if you’re lucky).
2. Register on Betfair.com
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3. Sign up for Coral.co.uk
Free betThe best offer by far right now is with Coral who are offering £30 free bets on new sign ups when you bet just £10 (don’t worry we’ll be matching this too). So we’ll be using this ‘bookie’ in this practical example.
Free betThe best offer by far right now is with Coral who are offering £30 free bets on new sign ups when you bet just £10 (don’t worry we’ll be matching this too). So we’ll be using this ‘bookie’ in this practical example.
Always check the full T&Cs of receiving free bet offers. There may be some restrictions on what you can bet on or an expiry date.
18+, UK & IRE only. Minimum first bet £10 at odds 1.5 or more. Must be placed within 14 days of account registration. £30 credited as 3 x £10 free bets. Not valid with CashOut. Free bet valid for 4 days. T&Cs Apply.
During registration, you will be prompted to make a deposit. Choose one of the many payment types and deposit just £10 (needed to unlock the free bet).
Register on Coral.co.uk
4.0 Use decimal odds
Once you’ve logged into Coral.co.uk, change your odds display from fractions to decimal for easy comparison with Betfair. You can do this from the link in the top menu across the site. This is essential!
Once you’ve logged into Coral.co.uk, change your odds display from fractions to decimal for easy comparison with Betfair. You can do this from the link in the top menu across the site. This is essential!
Choose Decimal Odds
5.0 Find & place your qualifying bet
Ideally you want to find a sporting bet (I recommend football) which has the closest odds on both Coral.co.uk (the bet to back) and Betfair.com (the lay bet).
5.0 Find & place your qualifying bet
Ideally you want to find a sporting bet (I recommend football) which has the closest odds on both Coral.co.uk (the bet to back) and Betfair.com (the lay bet).
Lay odds on Betfair are the red boxes, not the blue. If you cannot see any red boxes, you need to go to the exchange by clicking the top left link “Go to Exchange” or “Exchange“.
Betfair Exchange
For this free bet offer, Coral’s terms state you must pick odds of 1.5 or greater. It’s better to choose a bet with low odds for this step, between 1.5 and 4.0 if possible.
See my example below then use the Oddsmatcher tool which does everything for you!
My example
I used the Oddsmatcher below which suggested a football match between Liverpool and Sevilla. So I put “Liverpool v Sevilla” in the search boxes on Coral and Betfair, then found the “Match Result” market on Coral and “Match Odds” on Betfair.
I used the Oddsmatcher below which suggested a football match between Liverpool and Sevilla. So I put “Liverpool v Sevilla” in the search boxes on Coral and Betfair, then found the “Match Result” market on Coral and “Match Odds” on Betfair.
I will back Liverpool to win at Coral.co.uk with odds of 2.25 and lay that same bet on Betfair.com with odds of 2.36.
Choosing the odds
In my example bet, the odds difference is 0.11 which the Oddsmatcher calculated as giving me a small acceptable loss of 75p on this qualifying bet.
Here are my betting slips on both websites for my qualifying bet:
Matched Bet Betslips
Oddsmatcher tool (Qualifying bet)
Use the Oddsmatcher tool below. This will save you a LOT of time and maximise your overall profit.
Use the Oddsmatcher tool below. This will save you a LOT of time and maximise your overall profit.
It fetches live odds from Coral and finds the equivalent lay odds on Betfair for thousands of upcoming football matches.
The hardest part is also done for you, which is to calculate the best matches for your qualifying bet based on the closest possible odds and smallest loss. Feel free to switch between them and the steps and calculations will be updated (below the table).
Just click the blue refresh icon to start and then follow the 4 steps.
Get instant bonus tips & more free bets:
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Claim your free bet
In my Liverpool v Sevilla game, Sevilla won 3-1. So my profit of £9.74 (the “Backer’s Stake”) ended up in Betfair, which after commission is £9.25. Meanwhile I lost the £10 bet with Coral.
In my Liverpool v Sevilla game, Sevilla won 3-1. So my profit of £9.74 (the “Backer’s Stake”) ended up in Betfair, which after commission is £9.25. Meanwhile I lost the £10 bet with Coral.
The total amount between the accounts is therefore 75p, as calculated by the Oddsmatcher.
As I have placed and seen through the £10 qualifying bet, I now have £30 of free bets!
My Betfair account is up to £24.25 (my initial deposit of £15 + £9.25).
So whatever the outcome, because you matched the bets, you have close to your initial deposits back between the 2 websites (minus the small loss we expected).
The free bets of £30 will be credited to your Coral account.
Find & place a new bet
We’re basically going to repeat the process in step 4, but using the £30 free bets instead of the £10.
We’re basically going to repeat the process in step 4, but using the £30 free bets instead of the £10.
The £30 free bet will usually be received as 3 x £10 free bets, so simply place them on the same event as separate bets.
This time it’s worth picking odds greater than 3.0 to maximise your profit, but just bear in mind that the higher they are the more you’ll need to have in your Betfair account to lay it (see the “Liability” amount in the tool below).
7.Withdraw the profit
Whatever the outcome, you will now be in profit to the amount calculated in the Oddsmatcher. Now it’s time to cash out!
7.Withdraw the profit
Whatever the outcome, you will now be in profit to the amount calculated in the Oddsmatcher. Now it’s time to cash out!
In my example of the Crystal Place v Man Utd game, the score ended in a draw at 1-1. This means my Coral £30 free bet won (because I backed a draw to happen) with a return of £75. Meanwhile I lost the £55.49 Liability on Betfair.
So £75 (winnings) – £55.49 (liability) = £19.51. This is exactly the amount of profit calculated for me by the Oddsmatcher.
My total profit from both matched bets, accounting for the 75p loss on my £10 qualifying bet, totals £18.76. I spent just under 20 minutes on the whole process, giving me an hourly rate of £56.28 as I move onto the countless other free bets out there (best listed below). Beats stacking shelves…
My total profit from both matched bets, accounting for the 75p loss on my £10 qualifying bet, totals £18.76. I spent just under 20 minutes on the whole process, giving me an hourly rate of £56.28 as I move onto the countless other free bets out there (best listed below). Beats stacking shelves…
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If you enjoyed and profited from this guide, sharing it is the best thanks you could give. And I’m sure they’ll appreciate it too
If you enjoyed and profited from this guide, sharing it is the best thanks you could give. And I’m sure they’ll appreciate it too
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