Friday, 28 April 2017

Matched Betting (Does it work?)


Matched betting is a legal way in which you can make a profit from the use of free bets and incentives that are offered from betting sites. It works by use of mathematical equations when looking to see what bet to go for, and usually, you have to make a slight loss on your first bet in order to gain the free bets, which are where you make the profit. You place a bet on one site and match it by laying a bet on a betting exchange site such as Betfair. With the odds being very close means that it cancels each other out, so after the first loss, with the use of the free bets you are going to be making a profit because you can't lose. It is low risk.

I had heard so much about this and people had been mentioning that they were making money from it. I even read someone's income report to say they had made over £1000 from doing this in one month, but I was taking their word for it.

Of course, I had to check this out to see whether it was true, after all, it said it was risk-free, but if you look further into it, it actually is low risk because of the liability you need in the betting exchange.

Before I started this I made sure I read all about how to do this correctly and followed a step by step guide showing me what I needed to do with the first incentive with Coral, bet £5 and get £20 free bets. There was a site called profit accumulator where I could see how close odds are between bets from Coral and the lay bet from Betfair. I made sure the odds were at least 1.5 to comply with the rules of Coral and picked one that was over 95% rating. This meant I was losing pennies. The website also allowed you to calculate how much you would lose/win and also how much liability you would need to put down on Betfair.

I put a £5 bet on a football match for a team to win, and on Betfair, I put a lay bet for that specific team to lose at £5:06. I won my money back on Betfair but lost the £5 on Coral, however, I gained £20 of free bets on Coral in 4 £5 bet vouchers. I put all the bets on a horse in the Southwell race that day for it to win, then on Betfair, I put £12.15 on for it to lose.


This is where it gets confusing because that should have been it, but I thought I had done it wrong and somehow managed to put a bet on Betfair to back the horse with £12.28, and then laying another bet on the horse to lose £12.24.

Anyway the horse lost, it came fourth. So I lost the £20 of free bets on coral and £12.28 on Betfair. (mistake by me). However, I won on Betfair £12.15 and £12.24 = £24.39


I had put £5.06+£17 = £22.06 into Betfair and came out with £38.37, (£16.31 profit), then I needed to take off the £5 I put into Coral to gain the free bets which meant overall I made a £11.31 profit, even with the mistake I made. Phew. 

Overall it was nerve wracking and enjoyable at the same time. I think it is great because I honestly earned over £10 for 20 minutes worth of work, but even though it is low risk, I would be devasted if I got something wrong along the way and made a loss.

Who knows I may give it another go!

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