Matched betting is a very good way to convert online sportsbooks’ promotional offers into a regular second income. It’s completely different from gambling; in fact, matched betting relies on math to bet on every possible outcome of a sports event. So the gambler doesn’t even rely on gambling luck.
If you are new to this place, you may find the jargon and the steps of placing “back” and “lay” bets a bit confusing. So, here is the list of must-know tips to help you to win your betting and avoid mistakes others may have done previously.
Master the Core Concept: Back vs. Lay
Before you even think of spending any money, you must get a grip on the two types of bets that are the keys to matched betting working for you.
- The Back Bet: It is a bet on a specific result to happen (e.g, “I bet the Cowboys will win”). This is placed at a regular bookmaker.
- The Lay Bet: It is a bet against that same result happening (e.g., “I bet the Cowboys will NOT win”). This is placed at a betting exchange.
When you place two bets on the same game, you effectively wipe the risk out. You do this first to get a “free bet”. Then you use the free bet to secure your profit.
Organize Properly
The most common reason people quickly fail at matched betting is not some complex calculations with numbers, but rather misplacing their money.
- New Email Address: Set up a fresh Gmail account. Checking your main email for sportsbook offers all the time is going to be inconvenient. Plus, you could miss out on a special “reload” offer because the mail got lost in the heap of promotional emails.
- Spreadsheet: Log every bet placed, the sportsbook used, the deposit amount, and the withdrawal status.
- A New Bank Account: This is by far the most beneficial step. It protects your betting funds from being mixed with your household expenses and daily needs money. It also simplifies the task of figuring out the real profit made so far.
Start Small and Double-Check Everything
It is quite a temptation to go for the largest $500 “Risk-Free” offers at once. However, newbies should make a few $5 or $10 qualifying bets at first.
- The Rule “Measure Twice, Cut Once”: Always keep your sportsbook tab and your exchange tab open side-by-side. Check if the odds remain the same before you press “Place Bet. “
- Utilize a Matched Betting Calculator: Don’t ever attempt doing the math on your own. Use a calculator to figure out the precise amount that you need to “lay” in order to make your profit equal, no matter the result of the game.
| Step | Action | Purpose |
|---|---|---|
| 1 | Find a game with closely matched odds | Minimizes the small “qualifying loss.” |
| 2 | Place the “Back” bet first | Ensures your stake is accepted by the bookie. |
| 3 | Immediately place the “Lay” bet | Covers the other side of the result. |
| 4 | Wait for the game to finish | Unlocks your “Free Bet” reward. |
Do not be Scared of the “Qualifying Loss”
For most of the time, the way to get a $50 free bet is to first place a $50 bet with your own money. Due to the “vig” (the sportsbook’s commission), you will generally lose a very small amount, maybe $1 or $2, on this first round of bets.
New players tend to freak out when they see a small reduction in their balance. Keep in mind: This is an advertising expense. You are essentially “paying” $2 to get a $50 free bet. When you redeem that $50 free bet, you will usually make it into $35 to $40 of pure profit.
Avoid “Gubbing” (Protect Your Accounts)
A “gubbed” account has been restricted from receiving any sort of bonuses. Sportsbooks are not very fond of matched bettors. So what you need to do is to make yourself look like a “mug” (regular bettor).
- Place “Mug Bets”: Every once in a while, pick out a match to bet on without a promotion.
- Don’t Withdraw Immediately: When you win a big bet, don’t rush to withdraw the money instantly. Keeping it in the account for the next few days can help avert “bonus hunter” red flags from being raised.
- Avoid Obscure Leagues: It’s best to keep your focus on the NFL, NBA, MLB, or top soccer leagues. Placing a bet of $100 on a table tennis 3rd-division game in a foreign country is an obvious sign that you are merely chasing the odds.
How Can You Handle Mistakes?
Every matched bettor slips up at some point. For example, the team you laid ended up being your winning one, or you put the wrong number for your stake.
- No worries: Most errors are salvageable with the help of an “offsetting” bet, i.e., another bet that compensates.
- Request Assistance: If it is a minor fault on the bookmaker’s side, their live chat support may be able to cancel the bet if you notify them immediately.
- Accept the Small Loss: When it is impossible to correct it, then it is better that you “trade out” for a small loss instead of allowing an unsafe bet to remain.
Common Terms for Matched Betting
- Liquidity: The amount of money available in a betting exchange for you to bet against.
- Liability: The amount of money you stand to lose at the exchange if your “Lay” bet loses (this is covered by your “Back” bet win).
- Underlaying: A strategy used when you think the “Back” bet is likely to win.
- Reload Offers: Promotions offered to existing customers, not just new ones.
How much money do I need to start?
You can start with as little as $100, but $200-$500 is the “sweet spot.” This ensures you have enough “bankroll” to cover the liability at the betting exchange.
How much can I actually earn?
For beginners, earning $300-$1,000 in the first month is common as you work through “Sign-Up” offers. After that, “Reload” offers can provide a steady $200-$500 per month, depending on how much time you invest.
Does this affect my credit score?
No. Depositing at a sportsbook is seen as a standard transaction.
Is matched betting legal?
Yes, matched betting is completely legal in regions where online sports betting is regulated. You are simply using math to take advantage of publicly offered promotions.
