Matched betting is a way of squeezing out the many free bets offered by bookmakers. All the bookies promote these offers (especially during big sporting events) to entice new gamblers to place bets with them.
For example, "bet £25 with us and we'll give you a £25 free bet!".
How does it 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.
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.
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_face
Following 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).
For example, "bet £25 with us and we'll give you a £25 free bet!".
How does it 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.
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.
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_face
Following 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).