Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.
Matched Betting(383 Posts)
I've started this the absence of anyone else starting a thread on the subject and since the Chat thread will disappear in a month. Hope you think it's in the right place.
I'm still dithering which is annoying me. I've made a new e-mail - hope to get bank account this week. I keep looking at the different websites like Bonus Bagging and Profit Accumulator etc and can't decide between them. Put off by what Tawny said about Profit Maximiser and don't trust myself to do it without help so going for Bonus Bagging, i think.
I've had my first go. Signed up with Betfred. Waiting for my first bet to be settled and then should get free bet within 48 hours (I think).
I signed up to PA but just really for the free tools.
There are other sites that give you odds checkers and calculators for free. I don't know how easy it is to make big money by yourself though. I'd seen some posts on Money Saving Expert saying that PA really wasn't worth it.
I'm still part way through bonus bagging.
RortyCrankle it's simple to follow, you just click a button on the website to get your qualifying bet, it tells you where to register and exactly what to bet on. You also get a link directly to the betfair page you need. It tells you how much to lay (and what the amount to cover the bet is). When you're ready, there's another link to get the free bet (and follow the same procedure).
Usually you need to deposit the money at the bookies by debit or credit card to get the free bet (any conditions are specified in the email). If you win in Betfair you can carry straight on with the next one but if you win at the bookies you can only take the money out the same way it went in (I think) and that takes a few days to get back to your bank, which can hold things up for you unless you have quite a bit of money to start with and can do a few simultaneously.
I've found the bookies websites all pretty similar (and quite intimidatingly busy to look at). I'm getting less terrified each time I do a new bet though it's still feeling a bit nerve wracking. I'm double and triple checking before I do each one (and making sure I've got the bookie's website in one window and the betfair website in another so I can see them together.
I'm thinking that I might try the yesbets website after - at least for a free trial. I'm not too bothered if it doesn't have millions of offers, I'd rather have the "thinking" done for me until I get some confidence.
I'm terrified but have placed my first bet and am waiting for them to pay out. I've signed up to profit accumulator free and also paid for bonus bagging. Really hoping it works!
Useful to know, thanks. One thing I wondered about, if everyone doing matched betting using one of these websites place the same bets/amounts suggested, doesn't the bookie get suspicious? I read on one website its best to occasionally do what they call a 'mug bet' which is placed on smaller odds, for small amounts in order to convince the bookies that you are a regular punter.
They went on to ttalk about being 'Gubbed' which is when a bookie has decided to ban or limit your account – they may stop you from using all offers or just a specific one. More often than not this happens due to a lack of mug bets.
Do any of you place 'mug bets'?
Good luck shortaris you're ahead of me - it's frazzling my brain thinking about it all. I retired over ten years ago so poor underused brain is in shock
Just did a massive post and thbr lost it all.very annoying.
I've been reading up on this and think I pretty much get how it works and can't really see why bookies would care about it as they don't actually lose anything. In fact it brings customers in that otherwise wouldn't touch them with a barge pole. If you Google matced Betting a lot of the ads are bookies who I suspect see it as a great way of getting people onto their sites.
Mind you I am a complete beginner so may have misunderstood.
I am having a go using the guide and matching tool on this site:
I have placed my first qualifying bet and am waiting for it to pay out so I can do the next bit. I'm sort of noncommittal about it and didn't want to spend money on a site until I have had a go and decided if it is all too much effort. I'm mainly just intrigued by the whole thing and wanted to have a go so I could see how it worked
I think a lot of the time you lose with the bookie but win with the exchange so as far as the bookie is aware you have done a promotion and lost. I don't know how uppity the exchange gets with constantly paying out though.
I could do with some advice on horses that come second bets.
I can't seem to get my head around it, presumably you place the bet through the bookie on the horse coming second but what do you lay?
My understanding is that the exchange isn't like a bookies. You are basically placing bets with other people and the exchange just acts as a mediator/facilitator. So when you win through the exchange they aren't paying out, it is other punters who are paying. This is why you have to make sure there is enough money placed on the non-lay bets or you get a partial match warning.
In fact the exchange makes money when you win as they take a percentage of your winnings.
Um..I think that's right anyhow
It's all very confusing but I think I'm getting the hang of it!
Signed up with Ladbrokes tonight, through TopCashback - so there'll be £30 cashback to come at some point, plus a £50 free bet.
I've downloaded a spreadsheet to keep track of it all. No way I could do it by myself.
Ooh what spreadsheet ugh
Despite making a silly mistake I am £14 up tonight.
Rorty I would definitely go for Bonus Bagging unless you're mathematically inclined and a very very fast learner. Bonus Bagging sends you the offers and tells you exactly what to do. I found that enough of a
very steep learning curve, but did get the hang of it. Profit Maximiser is a step too far for me personally. I'm finding it overwhelming and very frustrating.
I did make over a hundred quid yesterday though, according to my spreadsheet, so I shouldn't complain too much. Turned over £1000+ in bets (mainly liabilities on Betfair) to do that and nearly lost my mind in the process, however!
I'm using the Ultimatcher 4 spreadsheet, and it's fab. Well, I hope it is, anyway, because that's what's telling me my profit so far since starting matched betting (£265)
I just googled "matched betting spreadsheet" I think it's from Oddschecker maybe?
I tried Ultimatcher but I only have the free version of Excel and it won't run macros so didn't work. The one I got is simpler but still does the job.
I am doing it - on my third transaction now. The first time was very nerve wracking, but I am starting to see how it works. I have made my own Excel because I want to be able to 'feel' it from my own understanding.
I currently have two transactions open, so will wait to see how they pay out before starting any more - the liability amounts needed to put into Betfair were a surprise to me - but you do get them back again. So a little bit of cashflow is needed, but I was able to get going with £200 in my matched betting account and that enabled me to do one transaction and get another one rolling.
Using 'Save the student' (that Owen Burek is one smart boy!) and that does a lot of the work for you, with no subscription - just affiliate links. So I will work my way through that and then try Profit Accumulator.
Glad you made a profit Shortaris1
I am proceeding at a snail's pace, created a new e-mail and appointment with bank tomorrow for a new account. Next step then to join Bonus Bagging, I think you're right Tawny it sounds the best for me in the absence of being a mathematical wizard.
I took a look at the Ultimacher spreadsheet which looked hugely complicated. I've done a google as Ugnotagain suggested and have downloaded a couple of spreadsheets - see which I think is best/easiest or once I get the sort of info needed, maybe have a go at creating my own like Maybedoctor. I have read the Save the Student website but don't feel brave enough to just use that info to begin, think i need a bit more handholding.
Wishing everyone huge profits.
The Ultimatcher one is actually very good (though I've nothing to compare it to) and helps you work out/double check your bets and keep track of your profits. I read a tutorial on it that showed me the basics; was utterly baffled and put off when I first looked at it!
I'll try and find the tutorial later. You need Office to use it, though - won't work properly in OpenOffice/other freesource stuff.
I'm on the introductory offers on Profit Accumulator. Really like PA so far. Having to go slowly as I had bugger all money to start, but my pot is building up slowly.
Here it is Rorty.
I am ridiculously excited as there is a free bet sitting in my Ladbrokes account as we speak. Weeee. Now I just need to crack onto something else.
I also have my free bet from PaddyPower Urghnot. Am rather relieved I got it all right. Now just need to find the time and space to do the next bit. It will have to wait until tomorrow night I think.
Thanks for the spreadsheet. I've made a very basic one for now. Waiting for my game to finish tonight to see what I can lay against two free bets! Should have waited til I'd money to play with but too impatient, as usual
Argh, I am waiting for some money to go back into my skrill account so I can place some bets today before I go to work! This is the problem with matched betting, having enough of a float so you can make bets every day without waiting for money to clear!
I have a target of £150 today!
I'm the same Bot Need tonight's to play through so I can place tomorrow's!
Join the discussion
Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.Register now
Already registered with Mumsnet? Log in to leave your comment or alternatively, sign in with Facebook or Google.
Please login first.