How It Works
Matched Betting works by using free bets and bonuses offered by the bookmakers to make guaranteed profits. We cover all outcomes of a particular game to ensure that, no matter what happens in the game, we come out in profit. To repeat: It doesn’t matter what happens in the game – your profit is guaranteed regardless.
In order to do this, we need to place two kinds of bets:
With one bookmaker (for example, Coral), we might place a bet on England to WIN a football match. This type of bet is called a BACK bet, because you’re backing England to win.
With a betting exchange (we recommend Betfair), we would then place a bet on England to NOT win a football match. This type of bet is called a LAY bet, because you’re betting AGAINST England winning. This type of bet would also cover us against the draw, because a draw would count as England NOT winning.
These two bets cancel each other out completely. If England win, we lose the lay bet on Betfair but win the back bet on Coral. If England lose or draw, we lose the back bet on Coral, but win the lay bet on Betfair. Simple, right? No matter what happens, we don’t win or lose any money.
The point of that bet is not to make money. It’s just to qualify you for the free bet. Our profit always comes from the free bet. And don’t worry – there are ALWAYS more free bets up for grabs, even if you already have all the accounts.
The Free Bet
We now get given the free bet from Coral. We’re going to use this to place another bet – this time, using the free bet. We repeat the same process again, placing a back bet and a lay bet. Since we’re now using the free bet instead of our own money, we make a guaranteed profit from the bets.
We have a calculator that tells you exactly how much to bet, and a piece of software that tells us what to bet on. It doesn’t matter who or what you’re betting on really; it’s more about what the odds are (which I’ll go into a bit more later).
Let’s Try It With Some Real Numbers:
This is an example with real numbers. You don’t need to do this yourself for now.
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. You can find a link to this at the top of every page on the website. 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.
Important note: If you’re new to matched betting it is advisable to stick to horse racing and football. The Oddsmatching software does show other sports but the rules around settling bets on tennis, for example, can be a little more complicated.
2) Calculate The Bet.
We have a special calculator which we use to calculate our lay bets. Click here to view 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 an offer.
Always read the terms and conditions of the offer you’re attempting.
Always deposit via Debit Card if it’s your first deposit (so no PayPal or Skrill).