Matched Betting Explained
What is Matched Betting?
Many people who like to gamble online on sports such as football and horse racing probably wish that there was a way to guarantee they would make money out of all their bets. But with a strategy called matched betting - which is getting a lot more popular in the UK - it is now possible to carve out a regular reliable income from using sports betting sites.
So what is matched betting? Put simply, matched betting is a method that means people use free bets and other betting site promotions to cover all of the possible outcomes in an event. Done properly, it is a way for people to make a substantial amount of cash from their spare time - and the best thing is there should be no risk of losing money at all.
For example, in a Premier League football match, this would mean both betting on a team to win the game, as well as betting against them winning the match. Whatever happens, therefore, the bet wins.
Of course, given the way that their odds are calculated by betting sites, it is not as easy as just betting on all the potential results and then watching the money roll in. Bookmakers have what is known as a betting margin, which is typically around 5-8%, and this ensures they should make a profit regardless of the outcome of the event.
But how does matched betting work in practice? Let's take a look at it all in a bit more detail.
How Does Matched Betting Work?
Matched betting typically involves the use of online betting exchanges, as well as betting sites. For those who have never used a betting exchange before, these sites offer their users the chance to both bet ON an event happening, as well as AGAINST that same event happening.
For example, users who have accounts on a betting exchange in the UK can bet on Arsenal to beat Barcelona in a Champions League game. This is known as backing a bet. They can also bet against Arsenal to win the game, which would be laying them in betting exchange terms.
This bet would then cover the other two outcomes: the draw and the Chelsea win. What this means is a person who uses matched betting can bet on Arsenal to win using a traditional sports betting site, then lay Arsenal on an exchange - with Betfair the main site out there.
This means all three outcomes are covered, but of course, they will need to be using free bets in order to be able to guarantee they will make a profit, due to how odds are calculated.
Backing and laying can work on other markets too, such as correct score and both teams to score. It is not just for football where matched betting can be profitable, with horse racing being another option.
How to Start Matched Betting in the UK
Simply following the below advice can get people on the road to making huge profits - and fast.
Make a Plan and Sort Out the Admin
First of all, you need to ask yourself: is the ultimate aim to make large short-term profits or a long-term income? Then, you need to sort the admin side of things.
Many find a separate matched betting account to be useful. It can also be beneficial to create a spreadsheet that tracks accounts and bets being placed.
Create a Betting and an Exchange Account
Pick an online betting site to use, with our top 10 list of UK bookies a great place to start, and then create an account.
You also need to join a betting exchange, with Betfair being the leading one currently. An account is needed on this site for anyone who is serious about trying to make a lot of money from matched betting.
Place the Qualifying Bet and Then Lay It
Usually, to qualify for a welcome offer, punters must deposit funds and place a qualifying bet at certain minimum odds to get the free bet that is offered.
After that is done, you can use a lay calculator to see how much to lay the qualifying bet on the exchange. This will also show the total loss sustained from placing the qualifying bet.
Use the Free Bet
With the free bet earned from the welcome bonus, follow all the same steps. Matched betting sites often give their users a breakdown of the best options for matched bets and these can be very useful for those embarking on matched betting.
Pick the Next Site and Follow the Same Steps
After that bet settles, users should have recorded a decent profit. This money can be used to deposit into another new betting site account, claiming whatever new customer welcome bonus they also have up for grabs to tempt new players to join.
The way matched betting works, the process for each bet stays the same. Qualify for a bonus or promotion, then use the free bet to lay and lock in profit. Having said that, punters do not necessarily have to switch bookies all the time as some of the best ones also offer great promotions to existing customers.
How Much Money Can You Make From Matched Betting?
One of the common myths around matched betting is that it takes a lot of time. Many people have been put off from matched betting as a result of thinking they do not have time to do it. But matched betting can be done in just a few minutes or half an hour each day. It does not have to take a lot of time and once people get into the swing of it, matched betting is a lot faster.
If there is a time commitment to be made, it is worth noting that the most profitable occasions for matched betting tend to be on the weekends. This is purely due to the sheer amount of sport that is played on Saturdays and Sundays, with lots of promotions available to be used.
Midweek evenings can also be good for matched betting, especially when football competitions such as the Europa League are being played. And while summers can be more of a lean time, the amount of offers around major competitions like the World Cup or the Euros means that there can be a lot of money to be made from matched betting strategies at this time of the year too.
Naturally, the more time that people want to spend on matched betting, the more potential profit they will be able to rack up as a result of this increasingly popular strategy. It is not unheard of for people to claim they are able to bring in at least four figures a month through matched betting, with over £1,000 per month, not a figure that is to be sniffed at.
Most people who start matched betting find it is particularly profitable when they start, as this is when welcome bonuses can be used to pile up free bets that can then be used to lock in profit through backing and laying. Generally speaking, an hour a day of matched betting can lead to profits of £1,000+ each month.
Matched Betting Tips, Tricks and Strategy
The internet is full of matched betting tips, tricks and strategy advice, which is a good and a bad thing. There is so much information it can be difficult to know which to follow and how to start. Therefore, we have collected some key tips and advice below:
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Have a clear plan before starting matched betting: Starting on a whim is not recommended, as some admin comes into play. You need to have a record of your UK betting site accounts, while a simple spreadsheet that records all their profits is also a useful thing.
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One-by-one approach: It is usually beneficial to work through the major sports betting sites one by one. They all have great welcome bonuses available and these are crucial to profiting from matched betting.
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Evaluate your bankroll: The bigger a starting bankroll a person has when beginning to use matched betting, the faster they will be able to start banking their bigger profits. It is possible to start matched betting with quite a small amount of money, but it will take a lot more time and effort to turn this into a lot of cash.
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Consider a separate account for matched betting: Some punters opt to set up a separate matched betting bank account, which helps to keep funds separate from the money they need to keep to one side for day-to-day spending. Usually, it is recommended to avoid withdrawing profits from matched betting for as long as possible.
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Set up a spreadsheet: This can be such a handy tool when matched betting. It lets people keep a close eye on which welcome bonuses they have claimed, as well as calculate how much cash they are making. For some, however, this might be too time-consuming.
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Place 'mug' bets: One of the risks in matched betting is having accounts closed. For this reason, it is recommended to place 'mug' bets regularly on betting sites too. These can still be matched to ensure only a small amount of money is lost, but it increases the chances of an account being left open and not being 'gubbed'.
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Join a matched betting site: While these cost a low fee, they make it a lot easier to profit from matched betting and the relatively small investment can be paid off very quickly.
UK Bookmakers With the Best Free Bet Offers
BetMGM
Bet £10 Get £40 in Free Bets
| Min. Deposit | £10 |
|---|---|
| Max. Amount | £40 |
| Turnover | No wagering |
| Expiration | 7 days |
Betfred
Bet £10 Get £50 in Bonuses
| Min. Deposit | £10 |
|---|---|
| Max. Amount | £50 |
| Turnover | No wagering |
| Expiration | 7 Days |
| Bonus Code | WELCOME50 |
bet365
Bet £10 Get £30 in Free Bets
| Min. Deposit | £5 |
|---|---|
| Max. Amount | £30 |
| Turnover | No wagering |
| Expiration | 30 days |
Matched Betting FAQs
What is matched betting?
Is matched betting legal?
How much can you make from matched betting?
How to find free bets for matched betting?
Steven is an experienced iGaming content writer who has been working in the industry since 2018. He is passionate about sports betting and enjoys writing about all aspects of the industry, including bookmaker reviews, betting tips and strategies, and news and analysis. If you have any questions about online gambling in the UK, please don't hesitate to contact him.