Matched betting, or double betting, implies a wagering strategy that enables a gamer to win regardless of the event outcome. The technique also involves taking advantage of free bet promotions to secure returns.
Since gamblers cover all possible event results, succeeding in matched betting becomes a matter of mathematics rather than luck.
Let’s examine the specifics of this wagering type in sports betting and discover whether it is as beneficial as it may seem.
Table of Contents
What is matched betting?
A matched betting technique rests on two fundamental pillars: betting on all potential outcomes and using free incentives provided by bookmakers.
For example, in horse racing, you can make a stake on a horse both to win and lose a race to ensure your bet will triumph with a 100% probability. Furthermore, one of those bets must be a promotional free bet granted by a sportsbook, so that you won’t have to pay for your wager. Therefore, you’ll have a guaranteed return.
However, as this methodology deals with the potential abuse of bonus offers, operators typically do not encourage it. Essentially, matched betting can fall within a gray area, depending on how it is implemented. Therefore, it is crucial to double-check the sportsbook’s conditions to remain within a legal field.
Sometimes, bettors find a way to comply with bookmakers’ rules in the gambling world by utilizing betting exchanges, where they make stakes not against the sportsbook but against fellow gamblers.
How does matched betting work?
To understand the mechanism of matched betting, you should primarily familiarize yourself with the fundamental terminology. Two types of bets underpin the function of the matched betting technique:
Wager #1: A back bet
A back bet entails wagering on a particular result to come true. For instance, you bet that Team A will win a match. If your assumption comes true, you’ll get a payout. If the match results in a Team’s A loss or draw, your stake will lose.
Wager #2: A lay bet
Otherwise, you can bet against a certain event to come true. Thus, if you bet that Team A will not win, your bet will triumph if they lose or draw. While a back bet can be placed practically at any bookmaker, a lay bet can only be placed at a betting exchange.
These two bet types shape the core principle behind matched betting: you are neutralizing the risk on the back bet at the online sportsbooks by making the opposite stake at the same odds (a lay bet) at a betting exchange. This way, you are literally matching your bet.
Therefore, after meeting the criteria to get a free bet at a bookmaker, you’ll subsequently lay the bet and enjoy the profit no matter the result.
How much profit can I make?
Although matched betting is considered risk-free by some of its adepts, you can still carry certain losses when applying this technique.
First, betting exchanges typically charge fees on winnings. Second, you can lose a small amount on your qualifying bet, which is necessary to become eligible for a free bet. You should be ready to sustain these losses, acknowledging that you’ll have a chance to reimburse them when you leverage your free bet.
Ultimately, each matched bet can potentially bring you about 50-80% of the free bet amount.
Is matched betting the same as arbitrage?
The short answer is no. Although the two methodologies utilize similar approaches, matched betting benefits from the sportsbooks’ bonus offers, while arbitrage supposes purely calculations on traditional odds.
While bookmakers mostly do not allow for match betting, they permit arbitrage, considering each case individually. Arbitrage betting is also harder to detect since it’s not subject to meticulous examination as with the gamblers’ actions regarding the free offers.
Step-by-step guide to matched betting
How to match your bets? Here’s the beginner’s action plan:
- Scan the market for free bet offers. For instance, find a promotion with a sign-up bonus;
- Perform the required actions to become eligible for a free bet, i.e., make another stake first;
- Select the event and place your free bet, i.e., Team A to win (a back bet);
- Find the corresponding laying bet on a betting exchange, i.e., Team A not to win;
- Make a respective wager on the exchange;
- Wait until the event finishes;
- Based on the result, take your profit either from the sportsbook or from the exchange.
Matched betting example
Let’s discuss a real bet example to give you a more detailed vision of the matched betting process and the winnings it can bring.
- Step 1: A free offer.
Suppose, you’ve picked the following promotion: “Bet $50, get a $50 free bet.”
- Step 2: A qualifying bet.
You need to place a $50 wager to be eligible for the free bet. Let’s say you choose to bet on a soccer match between Team A and Team B.
Your bookmaker bet (back bet):
o Event: Team A to win
o Odds: 2.0 (even money)
o Stake: $50
- Step 3: A lay bet.
You place a lay bet on Team A not to win at a betting exchange.
Your exchange bet (lay bet):
o Event: Team A not to win
o Odds: 2.0 (even money)
o Stake: $50
Thus, you cover all possible outcomes:
o If Team A wins, you win the back bet and lose the lay bet.
o If Team A loses or draws, you lose the back bet and win the lay bet.
Your potential profits:
1. Team A Wins:
o Back bet: Win $50 * (2.0 – 1) = $50 profit
o Lay bet: Lose $50
o Total: $50 – $50 = $0 (No profit, no loss)
2. Team A loses or draws:
o Back bet: lose $50
o Lay bet: win $50 * (2.0 – 1) = $50 profit
o Total: -$50 + $50 = $0 (No profit, no loss)
- Step 4: Use your free bet.
Now you have a $50 free bet from the sportsbook.
Bookmaker bet (back bet):
o Event: Team C to win
o Odds: 3.0
o Stake: $50 free bet
- Step 5: The lay bet for the free bet
You place a lay bet on Team C not to win at a betting exchange.
Exchange bet (lay bet):
o Event: Team C not to win
o Odds: 3.0
o Stake: $34.48 (calculated to match the free bet)
Potential outcomes for the free bet:
1. Team C wins:
o Back bet: Win $50 * (3.0 – 1) = $100 profit (you don’t get back the free bet stake)
o Lay bet: Lose $34.48 * (3.0 – 1) = $68.96
o Total: $100 – $68.96 = $31.04 profit
2. Team C loses or draws:
o Back bet: Lose free bet ($0 actual loss since it was a free bet)
o Lay bet: Win $34.48
o Total: $34.48 profit
Ultimately, by combining the back and lay bets, you’ll secure a small profit or no loss result from the qualifying bet. A free bet is what brings you a real return regardless of the outcome. In this case, you’ll make $31.04 – $34.48 from the $50 free bet, depending on the odds and lay stakes.
Final thoughts on matched betting
A match betting technique is likely to bring positive results if applied wisely. Similar to handicapping in online gambling or a futures contract in the financial sector, it allows you to hedge the risks and alleviate the effect of negative circumstances.
Although it is definitely less risky than many other betting types, such as a parlay or an accumulator bet, it is still not loss-proof. Therefore, you should carefully examine the sportsbook’s conditions and make sure you abide by their rules. You’ll attain profit maximization by thoroughly understanding the matched betting approach and applying it strategically.
