Matched betting
Updated: June 5, 2024
Published: April 8, 2024
Looking for the best way to turn your free bets into cash? Then, you should try out Matched betting. It is a betting technique that allows you to take advantage of free bets and other incentives offered by bookmakers.
Basically, you will be able to convert free bets into real money through what is known as the back and lay betting technique.
This simply means that you will bet on all possible outcomes of an event using free bets or bonuses offered by a bookmaker in such a way that whatever happens, you will win and be able to earn some profit and match the free bet given to you.
So, by placing two bets, back and lay, you can minimise the risk and ensure that you win no matter the outcome.
The low risk level and high profit margin has made matched betting gain some level of popularity among bettors. Matched betting guarantees a certain level of success and gives you the chance to literally beat the bookie anytime you place a bet.
As you know, EaglePredicts always looks for the best way for you to have a profitable betting experience. That is why we usually showcase some of the best betting strategies and techniques that will put you in a vantage position anytime you bet.
In line with this, we will be analysing the matched betting technique.
We will help you break down everything you need to know about this betting technique with specific answers to questions like ‘’what is matched betting?” and “How does matched betting work?” With this, we hope to help you as a beginner or expert bettor so you can set your matched betting strategy to a flying start.
What is matched betting?
Matched betting is all about strategically placing bets on a game in a way that there is a high possibility of winning no matter what the outcome is, while also taking advantage of free bets offered by the bookmaker.
Certainly, betting sites have free bets and different kinds of betting bonuses through which they entice customers. Once you see a free bet offer that appeals to you, your goal is to convert the free bet into real money by exploiting the matched betting technique.
In this case, you will take advantage of betting exchange platforms to back and lay your bet so that you will walk away with some funds regardless of the result. It is a technical and mathematical strategy that requires a lot of planning.
Also, it might be a bit complicated for new bettors. This is why we have decided to show you how matched betting works.
How does matched betting work?
Matched betting involves betting on different possible outcomes of an event simultaneously with the expectation that, whatever happens, you are guaranteed some funds.
The profit can be from your real money stake or the free bet you would have unlocked by placing the real money bet initially.
Let’s say one of the best betting sites in Nigeria is offering you a free bet valued at ₦1,000 and you are required to place a real money bet of ₦1,000 to get the free bet, you can use matched betting technique to outsmart the bookmaker.
In this case, you will deposit the required ₦1,000 and place a bet with it. You will be given the ₦1,000 free bet which you can use to place a counter bet. You can use maybe ₦500 out of the new free bet to place the counter bet.
This means you have placed a bet with two possible outcomes and whatever happens you will win back some money either from the ₦1,000 real money you staked or the remaining free bet money.
Basically, what you have done here is to back and lay your bet. To ‘back’ your bet means you are betting on a certain outcome. For example, you place a bet that Manchester United will win their home game against Luton.
You will use your real money to place this bet so that you can qualify for the free bet.
When the free bet is credited, you can use 50% of it to lay your bet. To ‘lay’’ your bet simply means that you are placing an opposite bet. So, in case Manchester United fails to win the match, you will still have some funds to fall back on.
This means that you have the remaining ₦500 free bet now available in real cash.
Please make sure you calculate the odds properly so that whatever happens, you will make a considerable amount of money. Also, many betting sites prohibit matched betting because they know it is designed to outsmart them.
Hence, you must be very strategic and study the terms and conditions very well before adopting the matched betting strategy on any bookmaker.
How to place a matched bet
To place a matched bet, you will do the following:
- Open a betting account with any bookmaker of your choice
- Claim a free bet offer on the promo page
- Create another account with a betting exchange platform (Betfair is a very popular exchange platform)
- The betting account allows you to back your bet by wagering on a certain outcome
- The Betting exchange platform allows you to lay your bet by placing an opposite bet or betting on other possible outcomes
Simply put, a betting exchange platform allows you to lay your bet by wagering against other people. In this case, you will propose a bet you want to place. If another user accepts the bet, the bet becomes matched.
By doing so, you will lay your bets and cover other possible outcomes that are different from the back bet you have placed. Let’s say you placed a back bet that Real Madrid will win, to match the bet, you will go to a betting exchange platform and lay the bet that Real Madrid will not win the match.
This way, you have simultaneously wagered on different outcomes to give you a shot at winning something regardless of what happens in the match.
How much can I make from matched betting?
From the example above, matched betting offers you a reasonable profit margin. You can win from your back bet with your real money or keep like 50% of your free bet. This 50% is your fall back plan after placing your back and lay bet.
It means even if the back and lay bet ends up losing, you still have your remaining free bet money to play with. This means you now have access to the bookie’s money which you can use to beat them next time you play.
The good thing is you can replicate the same strategy in subsequent free bet promotions.
What are the risks of matched betting?
It is important to note that every betting strategy comes with its own risk and matched betting is no exception. This is why a proper look at the free bet terms and conditions is important.
Also, time is of the essence here as a change in odds due to the time between when you back and lay your bet can lead to a reduction in the expected payout. So, to make good profit with matched betting, you have to be mathematical and strategic at the same time.
Matched betting tips and strategy
- Don’t register multiple accounts with the same bookie
- Read the terms and conditions of a free bet offer before you claim it
- Study the odds and use different calculator tools
- Set a wagering budget and stick to it.
FAQ
It is a clever way of grabbing free bets and bonuses by betting on different outcomes of a match to guarantee a payout no matter the result of the game.
Yes, it is. However, many betting sites in Nigeria have prohibited matched betting because it gives an advantage to the punter. You can still adopt this strategy by following our guide and taking advantage of the numerous free bet offers available.
You make money by simply placing a simultaneous bet on possible outcomes of a match. You will simply back and lay your bet with real money and free bet. This gives you a level of assurance that you will win something no matter what happens at the end of the game.
To back a bet means that you are placing a bet on a certain outcome to be successful. However, when you lay a bet, you are placing an opposite wager to counter the initial bet and open other possibilities of winning.
Nairabet, Accessbet, 1xbet, 22bet, Paripesa are some of the best free bet sites in Nigeria. You can use a matched betting strategy to unlock the free bets into real money. However, it is your duty to study the free bet terms before you claim it.
Yes, you can! However, it depends on the bookmaker. Some betting sites have free bets exclusive to new customers only while others offer tournament specific or weekly free bets that are open to both new and existing users.