We have written this guide to help you get started on your matched betting journey. It may seem like a lot of information to take in at first, however we make no apologies for this, this information has been put together to make the beginning of your matched betting journey that much smoother. It will require your patience but will pay off for you massively in the long run.
We strongly advise taking your time when reading through this guide, and once you’ve read it top to bottom a few times you’ll be ready to attempt your first offer.
As always we will be on hand should you require any assistance, so any questions feel free to contact us.
The Pure Profit Beginners guide to Matched Betting.
The concept of matched betting isn’t anything new, in fact, it’s been around for some time, there are lots of different techniques and types of offers to exploit, and here at Pure Profit we will teach you them all.
How does it work?
The majority of online bookmakers offer a sign up/welcome bonus (usually as a free bet), as an incentive to try and entice you into opening an account with them, or even as a way to get existing customers betting again. Matched betting, in its most simple terms, is a system that allows you to turn that sign up/welcome bonus, into real cash that you can withdraw into your account. The system works by pacing two types of bets, a ‘Back’ bet and a ‘Lay’ bet. It is important to know how they work:
Betting on a specific outcome of an event to win. For example, “I bet England WILL win” is a back bet. If this result is correct, you win the bet and take the winnings. If England fail to win the match, meaning they lose or draw, you will lose your stake. You can place a ‘back bet’ at any bookmaker, such as Bet365, William Hill, Ladbrokes, and Paddy Power etc.
Betting on a specific outcome of an event NOT to win. For example, “I bet England will NOT win” is a lay bet. If England lose or draw, you win the bet and take the winnings. If England win the match, you will lose your stake. You can only place a lay bet on a betting exchange such as Betfair, Smarkets etc.
How do ‘Back’ & ‘Lay’ bets benefit us?
The way we make our profit from match betting is be exploiting the various types of sign up and reload offers the bookmakers give us. The beauty of Matched betting is we cover all eventualities of an event by placing ‘Back‘ and ‘Lay‘ bets, these ensure that we only lose a small amount of money qualifying for our Free Bet (which we will turn into profit later on).
You will normally be required to place a ‘qualifying’ bet before you can unlock most of the free offers, other than the very occasional free bet a bookmaker may randomly credit existing customers with.
What is a Qualifying bet?
A ‘qualifying’ bet is a bet that is not intended to make us any profit, but instead used to unlock the free offer. We find our ‘qualifying’ bet by using the Pure Profit Oddsmatcher, which we will explain in more detail below.
Qualifying bets work by placing a ‘Back’ bet with the bookmaker, followed by a ‘Lay’ bet on the betting exchange at as close to the back odds as possible, doing so means both bets will cancel each other out. If England win, we lose the ‘Lay’ bet on the exchange but win the ‘Back’ bet with the bookmaker.
If England lose or draw, we lose the ‘Back’ bet with the bookmaker, but win the ‘Lay’ bet with the betting exchange. Betting against yourself in this manor removes the risk from betting and is known as ‘matching’ your bet. It is important to note, that you will almost always lose a very small amount of money on your ‘qualifying’ bet, this is offset by the huge profits you make from the free bet the bookmaker will credit you with.
How does a free bet work?
Following on from your ‘qualifying‘ bet, you will be awarded your free bet by the bookmaker, this is where you make your risk free profit. Quite simply, you repeat the same process as your qualifying bet, only now you will use higher odds to maximise profit and instead of your own money, you will be using the free bet as your back bet. The process for the ‘lay’ bet will stay exactly the same as before, only the odds and amount you need to lay will vary. Now whatever the result of your bet, win, lose or draw, you still make guaranteed, risk free, profit!
What’s the risk?
Anyone can learn how to do matched betting and, in theory, there is no risk involved because as explained above, you are covering all possible outcomes of the event you are betting on. However the risk comes when mistakes are made and so, once again, you need to double-check everything and follow the steps EXACTLY how we have written them.
Remember, we will always be on hand to offer assistance should you require any, if there is anything you don’t quite understand, be sure to contact us and we will talk you through it. This really does work and has the potential to earn you life changing amounts of money, don’t be put off if it seems a little tough to get your head around, that’s why we are here!
Pure Profit Oddsmatcher
We have a special tool designed to make finding a good match for your offer as simple as can possibly be. The Oddsmatcher does most of the leg work for you by scanning the bookmaker’s websites and comparing their odds to the exchange markets. The Oddsmatcher will then list them in order of rating with the highest being the bet with the most value. We advise using bets with a rating of 94 and above but never 100+ as this is considered an ‘Arb‘ and a sure-fire way to get your accounts limited. The far right hand column displays the availability in the market, you must always choose a bet with enough money in the market to ensure you have no problems getting your bet matched.
Pure Profit Calculator
The Pure Profit Calculator is used to help us work out our lay stake and our liability. It works by entering our back stake, bookmaker (Back) odds, exchange (Lay) odds, and bookmaker and exchange commission. The calculator will then use this information to work out what our ideal lay stake should be, how much our liability will be, and how much we stand to win or lose with the bookmaker and exchange.
Putting it all into practice
Note: For this example guide. We will be using Skybet for our EXAMPLE back bet, and Betfair Exchange for our EXAMPLE lay bet. Please make sure you click on the exchange at the top of the Betfair website to ensure you are not trying to lay your bet in the sportsbook.
Skybet are offering a free £20 bet to new customers. To claim this offer, I simply need to sign up and place a £5 qualifying bet at odds of above 2.0 (evens). Once I have completed my sign up I will need to deposit £5 and move onto placing my qualifying bet.
Finding My Qualifying bet
I will now need to find a match to place my £5 Qualifying bet on. We have a handy bit of software that can do this for us, it is found by clicking the ‘Oddsmatcher’ link at the top of the Pure Profit website.
Once I have clicked it and the Pure Profit Oddsmatcher has loaded, I need to click the drop down menu on the left of the page, doing so will show me a list of available bookmakers. Scrolling down to “Skybet” and hitting search will make the Oddsmatcher filter out all of the other bookmakers, leaving only the “Skybet” closest matches. It will list the matches in order of highest rated but remember, I am only interested in bets with a rating between 94 and 100.
On the right hand side the bookmakers back odds and the exchange lay odds will be displayed in blue and pink respectively. Below the “Back” column there is a little blank box, I can use this to further filter the search. For this offer I want odds of above 2.0 (evens) so I need to click the blank box and enter 2.01 then click the box next to it and selected “Greater Than Or Equal To”.
The Oddsmatcher should now present me with a list of bets with odds above 2.0 to pick from. The England v Germany game is a perfect match for me as it has a rating of 99.38, the England to win back odds are 2.15 and the lay odds (England NOT to win) are 2.14. Clicking on the “i” icon will bring up the bet details and clicking the “Match Calculator” at the bottom will display the Pure Profit Odds Calculator. All of the correct details should be entered into the calculator automatically, although it is possible they may have changed slightly, so it’s always very important to check before confirming the bet.
The calculator is really simple to use, as this is a qualifying bet I will need to select “Normal” as my bet type and enter £5 in the Skybet stake. The calculator will now display the information I need to set up the bet. The lay stake of £5.14 is shown (the amount I need to lay in Betfair) along with the liability, which is £5.86 (the amount I need to deposit in to Betfair to cover the bet) and the calculator will also show my overall position depending on where my bet wins. This qualifying bet will lose -£0.11 the bet wins with Skybet and -0.12 if it wins with Betfair, but I will have a free £20 bet to come once it settles.
Placing My Back & Lay Bets
I now need to make sure the odds haven’t changed from the ones displayed by the Pure Profit Oddsmatcher. To do this I need to go to the Betfair Exchange, and type “England” in the Betfair search function, this should automatically find the “England v Germany” game, and I will then click it and compare the odds to the ones displayed by the ‘Oddsmatcher’. I then need to go to the Skybet website and check they are still the same too. My Skybet back bet is £5 on England to beat Germany at odds of 2.15 and my Betfair lay stake is £5.14 on England NOT to win at odds of 2.14. If the odds have changed I will need to put the new odds in to the calculator and update my lay amount. Once I have deposited the correct amount into Betfair I will need to place my Skybet back bet and my Betfair lay bet, I now need to place my Skybet back bet, immediately followed by my Betfair lay bet.
Turning our Free bet into RISK FREE PROFIT
Skybet will credit me with my free £20 bet within 24hrs of my qualifying bet settling. Using the free bet is a very similar process to the qualifying bet, except now I am not actually using my own cash and will be using higher odds to maximise my profit. I need to find another match to place my free bet on so I will again open the ‘Oddsmatcher’ and select Skybet from the drop down menu on the left. I will use odds of over 4.0 in order for me to maximise my profit from this bet, I need to click on the blank box at the top of the odds column and enter 4.0 in there, and then I click the box to the right of it and select “greater than or equal to”. The Oddsmatcher will now show me all the matches of 4.0 and above. The England v Italy game is a perfect match for me as it has a rating of 96.79, if I back the DRAW I can get back odds of 4.33 and the lay odds are 4.3. Clicking the “i” will bring up all the bet details, I need to change the bet type to “FREE BET (SNR)” and enter the back stake of £20. The calculator will now show me home much I need to lay, which is £15.67 and my liability, which is £51.71, I can also see that no matter what the outcome of the game is, I will make £14.89 profit!
I now need to check that the odds have not changed and updated the calculator as necessary, this is done the same way as the qualifying bet. Once I have confirmed the correct amounts I need to deposit the correct liability into Betfair, which is £51.71, place my free £20 Skybet immediately followed by my £15.67 Betfair lay bet.
Once my free bet has settled I can work out my total profit. My first qualifying bet lost -£0.12, a small price to pay for the free £20 bet from Skybet which left me £14.89 in profit, after subtracting my –£0.12 qualifying loss, this leaves my overall profit from the offer £14.77! Happy days!
Now you’ve read through our ‘Beginners Guide To Matched Betting’, you will hopefully be ready to attempt your first offer, don’t worry if you’re not sure on anything, have another read of the guide. If you still don’t get it, PLEASE drop us an email, contact us on live chat or arrange an appointment with one of our experts to assist you on Skype.
We are always happy to help.
NOW GO AND MAKE SOME MONEY!