There are 5 easy steps to making money from matched betting.
- Open betting exchange account
- Open bookmaker account
- Place qualifying bet with bookmaker
- Place lay bet with betting exchange
- Convert free bet to profit
But first there are 2 pieces of terminology you need to understand to make sure your matched betting is quick and successfull.
The ‘Back’ bet is simply a bet you place with a bookmaker like Coral for a team, player, horse etc to WIN. For example you could place a ‘Back’ bet on Everton beating Sunderland.
The ‘Lay’ bet is a bet you place with a betting exchange like Betfair but this time you are betting on a team, player, horse etc to NOT WIN. For example, if you have ‘Backed’ Everton to win with Coral, you would ‘Lay’ Everton to NOT WIN with Betfair.
What about the draw? The beauty of the ‘Lay’ bet is that by ‘Laying’ Everton you are simply saying that they will not lose, so if they win or draw you win either way.
Step 1 – Sign up to Betfair (betting exchange)
The first thing you need for matched betting is a betting exchange account so you can place ‘Lay’ bets to cover your ‘Back’ bets. The biggest betting exchange out there is Betfair (owned by the bookmaker PaddyPower), click here to open an account with Betfair.
Step 2 – Sign up to Coral (bookmaker)
Now we have our betting exchange account we can sign up to Coral and deposit £5.
Coral’s bet £5 get £20 in free bets welcome offer is one of the easiest to start with.
It’s a good idea to check the T&C’s to make sure no mistakes are made. For the Coral welcome offer our qualifying bet must be placed at odds of 1.50 (1/2) or above.
Decimal Odds – Once you are logged into Coral.co.uk, change your odds display from fractional to decimal for easy comparison with Betfair. You can do this from the link in the top menu across the site above your cash balance.
Step 3 – Place qualifying ‘Back’ bet with Coral
Now we need to place our qualifying ‘back’ bit with Coral. To maximise our profit from this matched betting offer it is important to look for selections with close back and lay odds, the closer the odds are, the less we will lose on the qualifying bet and the more profit we will make from the offer.
Open both Betfair and Coral websites in your web browser so you can quickly find a good match or use a free tool like Odds Search (free signup) to find a match as shown below.
Important: When selecting a good match it is important to make sure there is money available in the betting exchange market for you to place your ‘Lay’ bet. You can see from the image above that when I initially searched there was £1045 available but as you can see from the image below the amount available goes up and down as people like you and I ‘Back’ and ‘Lay’ selections on the exchange so make sure there is enough available before you place your ‘Back’ bet with Coral.
Now we have found a good match and using the Sunderland v Everton game as our example, do a quick search for Everton on the Coral website. Having found the game, click on Everton to win as shown below.
The Everton to win bet should now be added to your betslip on the top right of the page. Enter 5 into the Stake box as you want to bet £5 for this offer and click PLACE BET and you are done with Coral for now.
Step 4 – Place ‘Lay’ bet with Betfair
Next we need to place a ‘lay’ bet at Betfair but we need to work out our lay stake first.
The best way to do this is by using a matched betting calculator. If you used Odds Search to find your match all you have to do is click on the blue information button to the left of the Coral image.
You can now see the calculator. Change the CORAL STAKE to 5 as your ‘Back’ bet is £5 and the ‘Lay’ stake to use with Betfair is updated. In the Everton example it shows me that I want to ‘Lay’ Everton with Betfair for £5.07 and that I will make a loss of £0.18 regardless of who wins, loses or draws but I have my £20 free bets to come to make my guaranteed tax free profit.
If you have found a selection manually looking at the Coral and Betfair websites you can use the calculator here (link also at the top of this site).
Change the BET to 5 as your ‘Back’ bet is £5 and enter your Coral ‘Back’ odds, Betfair ‘Lay’ odds and change the commission to 5% as that is the Betfair commission. Click on the Calculate/Refresh button and the ‘Lay’ stake to use with Betfair is updated. In the Everton example it shows me that I want to ‘Lay’ Everton with Betfair for £5.07 and that I will make a loss of £0.18 regardless of who wins, loses or draws but I have my £20 free bets to come to make my guaranteed tax free profit.
Now we have calculated our ‘Lay’ bet, go back to your selection on the Betfair website and click to ‘Lay’ whoever you backed with Coral.
This is now added to your betslip on the top right of the page, change the BACKERS STAKE to the ‘Lay’ stake from the Calculator and click to place the bet.
Step 5 – Convert free bet to profit
After placing your bet with Coral they will credit £20 in free bets, 4 x £5 free bets. You can see these just below your balance at the top of the page as shown below.
You can either then extract your profit one of two ways, the easy way or the hard way.
Easy way – find another match as we did above with Coral and Betfair and place 4 x £5 ‘Back’ bets with Coral and 1 x ‘Lay’ bet with Betfair (total of 4 x ‘Lay’ bets to cover your £5 Coral ‘Back’ bets)
Hard way – find 4 x matches as we did above with Coral and Betfair and place 4 x £5 ‘Back’ bets with Coral and 4 x ‘Lay’ bets with Betfair.
Personally, I like the easy life, especially as I could use the extra time to do the next offer or two and get some extra cash!
Free Bet Example
Using Odds Search I found the below good match for 1st goalscorer in the Man City v Man Utd game.
Looking at the calculator, changing my Bet Type from NORMAL to FREE BET SNR (SNR = stake not returned) and Coral Stake to £20 I see that because of the favourable odds, regardless of if The Zatlan is 1st goalscorer or not, I am going to make £20.57. Not bad.
Important: The higher the odds you are able to find a match for the more total matched betting profit you will make, however, you will also need the RED amount available of funds in your Betfair account to cover the ‘Lay’ bet. If you do not have enough, simply deposit more or choose a bet with lower odds. Remember that you are either going to be winning at Coral or the Exchange so you get the money back either way + your profit!
Place the 4 x £5 ‘Back’ bets with Coral for Zlatan to score 1st and 1 x £21.65 ‘Lay’ bet against Zlatan scoring 1st and you are done. Sit back and wait for the money.
Show me the money
So how much did we make?
|Qualifying Everton Bet||£0.18 loss regardless of the outcome|
|Zlatan £20 Free Bet||£20.57 profit regardless of the outcome|
|Total Profit||£20.57 – £0.18 = £20.39 Profit|
Hopefully having read this guide you can now see that there is LOTS of tax free money to be made from matched betting by following these simple instructions.
It may seem complicated at first but after doing a few of the matched betting offers you will be able to do the above in less than 5 minutes and there is over £1000 to be made from bookmakers welcome offers alone.
But that is not the end of the matched betting free cash. Oh no, not by a long shot. Bookmakers release continuous ‘Reload’ offers which can easily make an additional £500+ per month from matched betting every month and I will post these along with all the Starter and Casino offers, so like me, you can make your life a little more comfortable.
What do I ask for all of this. Nothing. If you want to donate to help (top right), thank you very much but either way, welcome to the matched betting club, why not tell your friends.