Matched betting is one of the betting types that is risk-free and have the potential of making huge profits. The basics of matched betting is something not clear to everyone. Fortunately, it is not difficult to know what money, tools and free bets are essential for matched betting.
Strictly speaking, there are only three bare essentials to get started with matched betting:
- Free bets
- Money, and
- A Betfair account
However, that is only the basic requirements and if you truly want to maximize your profits, you will need more information than this.
Let’s take a look at what exactly you need to know about the basic of matched betting.
Money is a predominant requirement to become a matched bettor. Fortunately, you don’t need a big bankroll to get started. You can build your bankroll starting with low-value offers and inculcating money. The lowest free bets available are around $10, but to profit from these promotions you need to have at least $30-70 spare cash. You will need this money for ‘Qualifying Bet’ and ‘Free Bet’.
Bankroll for the qualifying bet
It is a requirement at the betting exchange that to avail a $10 free bet you have to place a qualifying bet of the same amount. This is why you will require:
Deposit $10 at the bookmaker. No more money is required at this stage.
Initial $20 deposit at the betting exchange
There is an underlying calculation that ensures that you have the minimum liability risk involved, but you do not have to worry about those as any Matched betting software will be offering you tools that will help you with the calculations.
Money For The Free Bet
Depending on how your qualifying bet went, you will have one of the following scenarios:
- Your lay bet lost and you end up with $0 balance in your Betfair account
This will require you to redeposit into your account for ‘matching’ the Free Bet. If this scenario occurs, we recommend depositing an additional $40 in your account to Lay a Free Bet at the odds of up to 5.0.
- Your lay bet won making your Betfair account balance $40
This is the convenient option as you will no longer require to redeposit any money into your Betfair account and can still lay odds of up to 5.0. Your bookmaker account will not require any extra deposits because the free bet doesn’t require funds.
- Betfair Account
For matched betting, you need to have an account at a betting exchange. For this article, we have assumed you have an account with Betfair.
Most professional bettors prefer, Betfair because it offers the most liquidity (available money). Simply put, it means it is very less likely that you have to ever queue your stake to get matched on your opposing bets.
But, Betfair is not the only betting exchange out there, you have several others charging lower commissions. The onus is on you to find the betting exchange that you feel most comfortable with.
- A new Bookmaker Accounts
For existing customers matched betting can be difficult as bookmakers strictly limits their accounts to ‘reload’ offers to prevent exploitation of free bet offers. To claim the juicy “sign up” promotions you need to sign up as a new customer at the bookmaker.
However, we recommend against signing up for a second time with the bookmaker you already have a long-standing account. In doing so, you will be risking your existing account as most bookmakers if found your second account will invalidate your winnings, close your account or leave your account unfit for claiming any future promotions. Bookmakers do not take kindly to bettors who are trying to get their hands on promotions that they are not entitled to.
This is why you need to be careful and try to open an account with a new bookmaker.
- Odds Matching Tool
Apart from the above three essentialities there are tools that can ensure your profitability. Odds matching tool is also known as oddsmatcher is a piece of software the scans the exchanges and bookmakers for the best-matched opportunities.
Although not a requirement, but most professionals use oddsmatchers to save time and easily find the matching opportunities that would be otherwise incredibly difficult.
These tools can find you “Strong Match” opportunities and save you a lot of time and effort.
- Matched Betting Calculator
Another useful matched betting software is a Calculator.
While most of the matched betting calculations you will find online will be oversimplified but in reality, the scenario is a bit more complex and you need to ensure that your lay stake is optimized, this is why you need a matched betting calculator.
Just input the number and the calculator will work out the most optimal lay stake that will guarantee that you have chosen the Matched bet.
In fact, the Matched Betting Calculator is the reason why most bettors have no idea of what math is behind the process, it is simply not necessary to be known.
There are excel spreadsheets available for download that do these calculations for you.
Matched Betting Services
Although it is not absolutely necessary that you subscribe to a matched betting website, if you are just beginning with these bets, then you will need the guidance. There are some good, free resources available that can help you learn the basics of Matched bets. However, most free resources have restrictions such as quality of information, tools available and little information on new promotions available.
Specialist services offer you information that includes valuable offers, matched betting tools and software all bundled in one package.
Before you go ahead with matched betting, our last advice would be to maintain a spreadsheet. Record all your matched betting activities. Learn to use excel, this will help you to keep track where your money is at all times. Put in all the offers you use and mark it complete, only once you have received money for the same.