How Does Matched Betting Work?
A step-by-step guide to matched betting.
How Matched Betting Works
Welcome to the jungle. It might sound wild, but with some insect repellant, plenty of water and a few tins of tiger food it doesn’t seem so daunting, does it? The same is true of matched betting. You’ve seen our site or heard about Yesbets from your friends. But you want to know more. Crucially, you want to know how it all works.
Just hit the £1000 profit mark. Not bad for 30 mins work a day since April! Having a bit of fun and a laugh along the way! Cheers Daryl and Mark what a great return on £150 start up....
Kev’s story is very familiar. If you check out the Yesbets Facebook page you can see scores of testimonials just like it. The good news for all of us? It’s easy and anyone can do it. This is your step-by-step guide to making this kind of money from matched betting.
The Matched Betting Process
Okay, so that’s matched betting in a nutshell and an example of how easy the concept is. Let’s crack the shell and investigate what’s inside.
When we say place a back bet, we mean placing a bet with a bookmaker for an outcome to happen. For example, we bet that West Ham will win.
Placing a lay bet involves placing a bet with a betting exchange against that same outcome. i.e. West Ham won’t win.
So we’ve made bets that West Ham will win and that they won’t win. Now, if we’ve covered both eventualities like this you would imagine that they would cancel each other out, right? Well, pretty much. We might make a small loss on this initial bet, depending on the odds with the bookie or the exchange.
So how do we make profit from that?
Our profit comes from the free bet bonuses that bookmakers offer to entice people and attract new customers. Or punters, to give them their industry term. To keep punters punting, bookies offer them extra bonuses, called reload bonuses. With some simple management of our bookie accounts we can constantly take advantage of these bookmaker bonuses, allowing us to earn continual tax-free profit for, as in Kev’s case, about 30 minutes work per day.
The Perfect Example
Sounds simple, right? Want to know more? There’s nothing like an example to show you just how straightforward the whole process is. Let’s use the first sign up offer we recommend to new customers - a matched bet with Coral - to whet your whistles. We call it the £15 in 15 minutes tutorial. And with good reason.
So matched betting requires two bets - one for an outcome and one against that outcome. We used the West Ham example earlier, but here we’re going to spread the roleplay around Europe and make an example of Napoli. So to speak. (In fact, this could be any team. It just so happened that Napoli versus Inter was a game that gave us the best match. The Yesbets OddsMatcher always gives us the best possible matches and odds.)
So, in our example, to make £15 in 15 minutes we need to place a back bet at Coral that Napoli will win. This is called match betting - betting on the outcome of a match within 90 minutes. We could back either team to win or we could back the draw, and in an exchange we could lay any of these outcomes. But for now, let’s stick to backing Napoli to win.
1. Open A Coral Account (Two Minutes)
At Coral we will receive £20 in free bets when we join and make a bet of £5. So we sign up for an account at Coral - filling in our details takes about two minutes - and deposit £5.
2. Open A Betfair Account (Two Minutes)
To complete the matched betting process we also need to place a lay bet, which we can do through a betting exchange. Betfair is the largest betting exchange in the world, so not a bad place to start. Signing up for a Betfair account takes about the same time, but we need to deposit a little more. We can start our matched betting adventure for as little as £40.
3. Update Our Yesbets Balance (One Minute)
We update our Yesbets Coral Sign-Up Offer to let Yesbets know we have money in our bookie account and in our exchange account. This is all done in the same window.
4. Placing Our Back And Lay Bets (Two Minutes)
The Yesbets OddsMatcher is telling us to back £5 for Napoli to win at Coral, and lay £5.12 against Napoli to win at Betfair. We will actually make a loss on this bet of £0.14. The “Go To Coral” and “Go To Betfair” tabs fire us across the Interweb to Coral’s and Betfair’s relevant betting pages. Once done, we hit “Confirm and Save” in the Yesbets Betting Calculator window to save our results to Betfair.
5. Rinse And Repeat
Now, having qualified for the £20 in free bets from Coral, we simply repeat this back and lay process. This time, though, we’ll be placing our back bets for free, so we’ll make guaranteed profit on each one. The Yesbets OddsMatcher will show us the best possible matches to give us the maximum amount of profit from this offer. There are hundreds of online bookmakers, so we rinse and repeat the process for all the other bookies, too. And then we can hit the reloads until we’re blue in the face. Or rerad. Or yellow and green stripes, for that matter.