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Matched Betting(386 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!
It's quite exciting isn't it I must say, my usual duties have been somewhat neglected while Cheltenham is on ;) Didn't realise I had ran out of school t shirts for dd!!
I've almost reached the end of the bonus bagging sign up offers. I placed bets on Monday which aren't being played until Saturday so it's a bit of a pain having to wait. I'm not sure how much I've made. Will have to wait until they are all settled. Not as much as they claimed I would. I've chosen not to do the multiple bet offers. One needed 5 X 50 bets to get a free £50 which I wasn't keen to do.
Has anyone had issues with bookies refusing to credit the free bets? One has told me that someone else at my address has used the offer. I'm as sure as I can be that that's not true so I feel very cheated about that!
I plan to move onto something else. Maybe profit maximiser, once my bets are settled. Decided not to rush into it though especially with Cheltenham this week as I didn't want to feel overwhelmed.
Sounds like it's going well for everyone.
Thanks for the link re Automatcher Tawny I'll try and get my head round it.
Ughnotagain, earlier you said you used Ladbrokes via Topcashback. I'm not sure I get what Topcashback is - are Ladbrokes offering more free bets via it than joining them directly?
I understand some of the websites like Profit Accumulator also give advice about casino and bingo offers - has anyone tried those?
Rorty Ladbrokes are offering £30 cashback when you sign up via TopCashback. You just click through and then sign up as normal. You can still use your code for a free bet. At the minute they're offering a £50 free bet. (Read the T&Cs carefully though - I misunderstood and thought it was £50 if you place a minimum £5 bet. It's actually that you have to place a bet of at least £5 and your free bet will match that up to £50. So I only got £10! But better than nothing.)
I started this on Tuesday and am now £350 up - not bad for a few hours work! Like you MaybeDoctor I put together my own excel spreadsheet so I could work out exactly what is happening. I've made a couple of mistakes but only cost me a few quid and one, fairly major, error actually made me an extra £30. Phew!
I think I'll do this through all the signup offers then stop. We are applying for a mortgage in about 6 months time and I don't want there to be any sign of it then although I am using a separate bank account.
I had to call the bank today as they had fraud limited my account - that was pretty embarrassing as they went through all the betting transactions and I just said, 'yep, that's all me!' It looked like I had an epic gambling problem
Brysonette when we applied for our mortgage nearly 2 years ago we had to provide 6 months' bank statements for all bank accounts. Definitely best to be prudent!
I'm willing DD to go to sleep so I can get back on with this was out last night so didn't have chance to do any then.
I seem to have hit a snag. It seems that the £30 of free bets from PaddyPower is actually 3 £10 free bets! Very annoying. I guess it is my first lesson. Always read the T&Cs.
I have found a calculator so can work out my lay bet based on £10 free bet, so I might just use them as a sort of practice, even though it is a lot of work for the money doing 3 separate bets.
You can lay 3 £10 bets as back bets and the lay as one amount so you only need to calculate one amount I think - still very new to this too!
So you'd put 30 pounds as the amount in the calculator to get the total lay amount and put 3 £10 bets all on the same thing
Oh, now I feel stupid. For some reason I figured you couldn't place all 3 on the same thing. I realise now that I totally projected this as you are right it doesn't say that at all in the T&C
I have place 2 of them on different games being played on saturday and should get a £14 profit. I am leaving the 3rd for now as I don't want to put any more on my betfair account (I am going real slow).
On the bright side it has been nice having a practice with really small amounts as I am more relaxed about it and now feel a bit more confident having done 2.
Good thread - struggling to get my head round this, especially liability
I think you can place them all on the same thing- I'm still confusing myself most of the time
Thanks Ugh, that's good to know. Six months from now is the absolute earliest we would be applying so it should be ok. I'm mainly having fun but have had a couple of brown trou moments - thought I'd lost £400 today but I'd just put stuff in the wrong column on my spreadsheet!
It wouldn't take much of a mistake to lose a lot of money though. I also signed up to a PA for a month, it's very useful whilst learning but perhaps you wouldn't need it after a month?
Uh oh, my debit card provider has started declining transactions I'll expect a phone call tomorrow then...
Placed my first free bet tonight and registered with another site through TopCashback so that's hopefully another £25.
I haven't actually made any profit yet but hopefully will this weekend when all the football has been played.
Have you guys heard of this...
I had it on my computer - now removed it
Hmm don't like the look of that Gardening . You say you've removed it, did you go on to follow the instructions on that link to ensure your data can't be sent back to the central computer if it gets put on your comp again?
Ugh is that a bank which is declining transactions. Never heard of such a thing. Hope you can get it sorted.
I bet your heart was in your boots Brysonette 400 pounds is a hell of a lot to lose. Glad its safe.
I set up a new bank account and have to wait about a week for the debit card. I really want to get going but nervous at the same time. I've put a sum of money in the new account that I could just about afford to lose but would obviously prefer not to. If that all goes and I win nothing then that that will be the end of matched betting for me. Hoping obviously that won't happen.
Rorty the betting transactions were just flagging up a potential fraud alert on their systems all sorted now though.
Gardening that's scary. I just went through the instructions and found it on my system. Went through the guide to block it though.
(The cynical side of me wonders whether that is why some odds I'd looked up earlier suddenly dropped just before I placed my bet )
You might want to download a decent free malware checker if you are worried about that sort of thing. A use ad-aware which I find is good for picking up this sort of thing.
I also tend to do the matched begging using the incognito browser window. Mainly so I don't get bombarded with gambling ads when I am on Google at work.
Well after a stressful few minutes thinking I'd gone wrong somewhere I've sussed out that I've probably made about £35 so far, plus a further £55 in cashback. Which isn't bad for a few hours work!
I don't know whether I'll continue with it though, it is tricky trying to keep all the balls in the air with different websites. And I don't think I realised just how much of a float you need to keep kicking around.
I was worried about how big a float was needed because I had seen on one website that they suggested 1,000 pounds which is out of my league. I asked about it in the Chat thread and Bumblefeline said she started with about £65 which got her through the first couple of offers. I've put more than that in the new account and hope it's sufficient.
Can you deal with one bookie at a time, or must you have multiple accounts running simultaneously?
I am only doing one at a time and have used a really small float. I don't think I have put in more then £50.
I don't really want to invest much time or money at the moment. I see it as maybe making a little but of extra cash here or there rather then providing an actual income.
I think I've put about £150 in so far, into my float. I'm just waiting on all the football etc to be done this afternoon and then I'll cash everything out and see where I stand.
I've signed up to 4 or 5 different bookies so far but I'm doing it all myself and have misunderstood the T&Cs a couple of times so have ended up with £10 free bet rather than £30 on a couple. But no bother. I've not lost any of my own money by making mistakes so that's the main thing!
I'm definitely just seeing it as a side income, I'm not going to be quitting my job any time soon!
I think I'll go slow initially, just start with one bookie at a time.
Agree about not turning it into a full time job - although I have the time as I'm retired, its not what I'm looking for, I just thought it would be nice to make a little extra each month. I am certainly not anticipating making thousands although that would be nice .
Ugh you mentioned on the other thread that you had joined Profit Accumulator but say above you're doing it all yourself. Did you not find PA helpful? As soon as I receive my debit card i'm going to join Bonus Bagging and hope they make it easy to understand.
Rorty I did join PA but only on the free level, I haven't paid for anything. I figured if they were only going to tell me about sign up offers I could find that myself. I could be wrong though, I don't know what else they offer!
But - I did subscribe to the mailing list detailed on the Save The Student MB page, and then got an email with a free sign up to a website called Bank of Bets. So I've done that, which does look helpful!
PA is good though as it does have a very useful video which makes it all easy to understand. It all finally clicked for me when I watched that.
I'm with PA. Purely because I'm lazy, and someone is always available 24/7 to sort out my messes for me!
I started with £80 float, and got to £2k from the sign up offers and a few reloads.
Casino and bingo are easy, I just avoided the ones with huge rollovers as I get bored!
It's getting harder now as I'm not too confident on the horse refunds and the footy accas but I'll get there. Slow and steady and all that.
I did my very first matched bet on Monday. Messed up on the qualifying bet and put two normal bets on a draw instead of a lay bet for one of them, luckily, it ended up in a draw so I actually ended up making about £60 in the qualifying bet instead of the small loss!!
Made £140 so far this week.
Can you explain the bingo offers for me please monkeyface? I have done about 8 sign ups now but only won £40. I've signed up £10 each time so I am £40 down. I don't know how I'm not getting it right so if you could give me some advice that would be great!!! I like the idea of the bingo ones, you can do them when the kids are in bed
Can you tell us what you are doing for the sign ups botof. For each bookies on the first bet you should break even (or close) across the bookies and the exchange. On the second bet you don't put any money in the bookies as you use you free bet, so across the bookies and the exchange you should make a profit.
Are you claiming your free bets for the second bet? Also are you getting the right lay bet on betfair? Are you adding up profits across both the bookies and betfair? I have lost in the bookies every time so far, all my profits are in betfair.
Not sure if any of that makes sense or is helpful or just more confusing
I am doing fine with the betting on sports, it's the bingo I can't get to work for me. I have been depositing £10, getting a free £40-60 and then buying max tickets to spend my money in various rooms to get it all spent.
Ah, sorry. I misunderstood Botof. I don't get the bingo at all. I might take some time to look into it a bit more though over the next couple of days.
I've just decided to chuck some money in my paypal account for this now as they all seem to accept paypal. I am thinking of getting a new fixed rate on our mortgage at some point this year and don't really want a whole load of bookies showing up in my statement history. I figure having paypal payments coming in and out can just be my ebaying account or something.
I really haven't decided how much I am going to carry on doing the matched betting, but I figure if I can set up something pretty self contained that is not going to cause any bother I can just do a bit here and there when I fancy or not as the mood takes me.
Jeepers - some of the offers that I've done have only been valid if you've deposited the money via debit or credit card. Make sure you check the terms and conditions carefully.
Good point garden. I'll have to keep an eye on that. I'm crap at reading the t&cs
I did post on the last thread so thought I'd join in here too.
I started late last year with £80 and my profit is around £1200 so far. Im probably a slower than lots of people, I lost my motivation a bit in January. I've been ticking over just on the reloads.
I had a good week with Cheltenham last week so I'm going to get back at it properly for the next couple of months. I'm only about half way through the sign ups, only done a few casino offers and haven't touched the bingo, so still plenty of money to be be made there.
I haven't used Topcashback for any of them so far, I thought I had read somewhere that they won't pay out if you use the free bet offers. Obviously that's wrong, so I'll make sure I do that from now on.
Finally received debit card for my new matched betting bank account today. Have joined Bonus Bagging and their first e-mail says :
We use Smarkets to lay off the bet so you make an equal profit regardless of the outcome. You will need to deposit £38.27 in to Smarkets.
Click here register and deposit £20.
Click Sports - Football - Friendlies 2016:Poland v Serbia Football - Friendlies 2016:Poland v Serbia - Poland v Serbia - Match Odds - Back Draw with £firstname.lastname@example.org
Lay Draw £email@example.com (£38.27 to cover)
If the bet wins at BETFAIR
Makes £14.44. This means you have gained an instant profit & will NOT receive the £20 cash refund. When you're ready for a new bet click here bonusbagging.co.uk/betsys/user/request_bet
If the bet wins on Smarkets
You lose £-6.28 but gain a £20 cash refund. Your total profit from the offer is £14.44.
I am completely lost. I thought the idea was to bet to win at a bookmaker and lay bet to draw or lose at exchange. Am I missing something? The above appears to suggest I back a draw on Betfair Exchange and then also back a draw on Smarkets which I believe is also an exchange. Is this normal? How does that cover Win or Lose?
Sorry to be a pain - its frustrating to be stuck before I even begin
When you back a draw you are betting that the game will be a draw and when you lay the draw you are betting the game won't be a draw.
I have just finished the sign ups on bonus bagging and its best just to make sure that you very carefully follow the instructions. After you've done a few you will get more used to it. I've moved on now to profit accumulator and although I'm no expert in beginning to understand it a bit more.
Matched betting is amazing! I invested £75 last May and my balance is now at £8345 its all free money. I signed up with these guys you get loads of support and guidance plus it's a great community check it out.
Thank Grinny but what if it's not a draw and 1 wins, 1 loses?
I think I'm being a bit thick about this.
Rorty your lay bet is just to say that they won't draw, so a win or a lose both count.
I started this a few days ago, I had been thinking about it for a while but your thread persuaded me to get on with it.
I have gone through six offers so far and with cashback have made just over £175.
I am waiting for a few games to be paid tomorrow before I carry on so I don't have to plug any more money into it.
Jps81 - I'm still working through Bonus Bagging (have stopped for Easter at £200ish up, having done 11 sign ups). It sounds like you've done really well, do you mind me asking how many bets you make per day/week and how much money you have going in and out at any one time? I've just done a series of 5 x £50 bets and, although I'm confident that I'm making money each time, it's a bit disconcerting having to put so much money in for each bet.
Hey can I join? I signed up to profit accumulator last night for the free trial but don't have a lot of money (ok no money) to invest until I get paid at the end of the month. Then planning on paying for membership and going from there really. Think I get the hang of it. I'd like to make a couple of thousand to pay off my credit card, is it possible to do that quite quickly?
Jamtartcustarrd - how quickly depends on how much money you start with and how much time you have to do it. I've made £1300 over 4 months, and I started with £80, which is pretty slow going compared to some. I haven't finished all the offers yet so my target is to get to £2000 by end of April.
Rorty - that's quite a complicated offer for your first go! Have you signed up for the free trial with Proft Accumaltor? They suggest Coral and Betfred as the first ones.
Thank Grinny but what if it's not a draw and 1 wins, 1 loses?
Back bet: Poland vs Serbia will be a draw
Lay bet : Poland vs Serbia won't be a draw. It doesn't matter which team wins so long as it's not a draw.
Thank you I'll have a fair bit to play with. Probably about £400 ish. It would have just gone straight on the credit card to pay it off but if I can use it to get enough cash to pay it off in one month as opposed to 5 then I'm happy just paying min payment (it's still in its 0% interest period so not costing me anything if I don't pay any more then min). Hopefully I can make 2k for April. I'm really excited!
Out of interest, why are people setting up seperate accounts for it?
I keep a desperate bank account To keep all the money away from bill payments. There's enough to keep track off without having to remember that I need to have £X amount in the bank on 23rd for the gas bill. Also means I'm only using my MB profits and not dipping into 'real money', which was important for me at the start. i decided to start with £80 just to make sure it works.
if you withdraw from a bookie it can take 3/4 days for the money to hit your account. During Cheltenham I had a couple of big wins bookie side. At one point I had less than £1 in the bank account whilst I was waiting for the money to come back.
Can I join? . I started a couple of days ago. I literally had £20 to spare, so it's going to be slow going. I've done the coral and bet Fred ones, using bet fair as my exchange ( as per PA website). I've made a orbit of about £25.
I don't get the liability thing. DH has lost patience explaining it to me, anyone lay it to me nice and clear??
Also, as I'm skint, I need to withdraw any winnings, back to my bank, then back into the new offers. That's right isn't it? No other way to do it easily?. Is it best to leave my money in bet fair to accumulate for liability?
Brill to read some of the stories on here. I aim to pay our holiday off and make a good couple of hundred spending money
Lol at desperate bank account.. Yeah I've got one of theses
I started matched betting at the end of Jan and made about £180 in the first month, doing only a couple of bets a week. I'm with Profit Accumulator which is great as it walks you through your first few bets with videos and demos - that's in the free bets and in some of the beginner bets you get access to when you join up properly. When you've done a few it gets easier as you get used to the process but you still get instructions for each bet. They also have an oddsmatcher, a calculator to work out what your back and lay bets should be, and a forum. It's a one-stop-shop for matched betting. I also use the Ultimatcher spreadsheet (looks complex but really easy to use once you've set it up) to keep track of it all.
I can't understand how the Bonus Bagging email system that Rorty C&P'd above can work because if the odds have changed by the time you log onto the bookie and the exchange, all the calculations will be wrong.
voodoo - liability. In Betfair you're the bookie. You're taking someone's bet.
If you win, you get their stake (how much they were prepared to bet).
If they win, they get an amount based on what the odds were (the larger the odds, the greater the amount. This means that for higher odds you need more money in your Betfair account (liability) to pay them if they win. Betfair also take a 5% cut, which is how they make their money.
And yes, you have to wait for your money to come back to your bank account if it wins at the bookies, which can take a few days. I've found that the offers need you to deposit funds via credit/debit cards and you can only take the money out the way you put it in (check each offer though).
SoftKittyWarmKitty - the Bonus Bagging email has a link to a calculator at the bottom which allows you to recalculate if the odds have changed. You just put the new odds in and it generates the new values.
Just wanted to introduce myself - nothing underhand I promise.
I work for OddsMonkey - which is the software that all of the matched betting websites use to help find, calculate and place matched bets.
If it's OK with everyone, I'd be happy to dip in and out from time to time and answer any questions about Matched Betting. We built the software. We're the experts and are well placed to offer advice.
You do not need to pay anyone to do this successfully. All the information you need is freely available on the Moneysavingexpert website. I started last Cheltenham and plodded steadily on and have just had a great Cheltenham week making £500. Please don't waste money signing up to sites which sell the info others provide free.
Thank you Gardening. Makes more sense now .
I am thinking of getting involved in match betting as my brother is making £500 a month using one of these sites that do the work for you - he only wants to spend 20 mins a day doing it, he says. I have very little free time, is it really that simple if I sign up to profit accumulator or has he just been lucky? I'm not planning to start with a huge amount (brother probably did but he was giving me all the details in front of my mum so probably leaving some out!)
I'm super confused by this. I get the concept of placing a minimal bet in order to get the free bets. So you place one on a winner, and one against them to cancel it out. So how do you actually get any money? Because obviously one bet has to win...but then the other will lose. If it is your 'lay' bet, then you lose the money you deposited as liability...doesn't that cancel out any money you may win through the free bet?
Cause if you have a liability of say £30 on a bet on Betfair, and win £30 on the free bet on say Corals...then yes you have got £30 out of Corals but lose on Betfair?
Mega confused, and not explaining myself well. Any simple explanations out there?!
Take a coin toss as an example. Two people place a bet. One bets £1 on heads (back bet) and one bets £1 on tails (lay bet). Coin is tossed. if it's heads player one gets the £1 back and also wins the other persons £1. However in matched betting you are both people so for the qualifying bet you break even. But by placing that bet it entitles you to a free bet. So imagine you use your free £1 bet on heads, then use your own £1 to put on tails. If it's heads you keep both coins (£2) and same if it's tails. But you've only really used £1 of your own money, so have made a profit of £1. I hope that explains it a bit better
But in that circumstance, if it is heads you lose the free stake and just keep your original stake don't you? Or do you 'win' the lay bet and take someone else's 'liability'?
Thank you for helping btw...it takes me a while to get my head around things*
Witsender - you 'lose' your free bet with the bookie, but you 'win' at the exchange.
So you have £1 of your own money and £1 of the bookies money (Ie a free bet)
Bet - £1 it will be heads at odds of 2. If you win they will give you £2
Lay - £1 it won't be heads at odds of 2. If this wins they will give you £2
If it is heads the bookie gives you £2 and you lost the £1 from the exchange.
If it isn't heads, the exchange be gives you £2. It was a free bet so you haven't lost anything at the bookies.
Either way, you started with £1 and now have £2.
Now this is MASSIVELY simplifying it, the odds are unlikely to be the same and you have to take into account commission but hopefully it gives you an example of where the profit comes from.
I've been a bit busy since setting up my new bank account. I joined Bonus Bagging but found their info confusing so today I sat and read the SavetheStudent website which I think Ugh recommended.
As a result I've placed my first bets today for a football match on 3rd April. So tempted to join another bookie and place another bet but I'm going to go slow, wait to see the outcome of 3 April bets and then do my second bet using free bookie offer. Fingers crossed it works..
Hi OddsMonkey I'm sure your knowledge will be really helpful - thank you.
Rorty - just take it at your own pace. The offers aren't going anywhere.
Totally agree freshprincess I'm taking it slowly until I feel confident. At least with a separate bank account I can't do major damage to my main account if I do get it wrong. Obviously I hope to make a profit but if I do make a stupid mistake, I can only lose what I put in my second account which I could survive losing.
Bonus Bagging seem to expect you to keep opening new bookie accounts almost daily whereas I would rather deal with one bookie and its offer of free bets before moving to a new one. It will probably mean less profits but I'm happy to make any extra money.
But but but...take right now. I have 30 free bets with paddy power, it is suggesting an arsenal game which could net a 21 profit if they draw.
But I need a 98 liability on betfair. If they draw I get 21. If they win or lose I lose 98?!
No, your winnings at PP will be your liability plus your profit.
What are the odds on PP and BF at the moment?
Is it Arsenal vs Watford? My calculation:
£30 (free bet) on the draw at odds of 5
Lay £22.02 on the draw on BF at odds of 5.5 your liability will be £99.09
If it is a draw you will have £120 in your PP account and nothing in your BF account
If it isn't a draw then you will have £0 in your PP account and £120 in your BF account
(£120 - £99 = £21).
I'm assuming you mean you have 1 free bet of £30 rather than 30 actual free bets.
Can anyone recommend a decent spreadsheet please, for keeping track of bets and calculating profit? I found one online but it's stopped working and my knowledge of Excel rivals my knowledge of particle physics, i.e. I have none...
I was on the other thread. I am going slowly, working my way through all the offers on Save the Student, and it seems to be going ok - crosses fingers!.
I do about two per week, very slowly and systematically, and have made about £120 so far. Plus about £50 from Quidco referrals. If the referral from Quidco is decent I use that, otherwise I click on the Save the Student referral link to make it worth his while too!
I have to say, the profit he has predicted for each transaction has either been met or exceeded each time...
Molly - I use Ultimatcher. It looks horrendously complicated, but once you get into it, it's really easy to use.
(there is a getting started guide on The Money Shed, which gives you the basics).
Placemarking as I need to come back and read this several times so I can make a start.
I agree with MaybeDoctor and have definitely found using the Automatcher on savethestudentorg the easiest to follow. I won 20 pounds on my first bet at PaddyPower and then used all three free 10 pound bets on the next match which resulted in a 120 pound win. Obviously I lost my bets on the exchange but am still in profit. So have withdrawn the 140 pounds from PaddyPower and now placed my first bet with another bookie. I totally agree about not rushing, and am not anticipating making thousands, just a bit extra each month.
I don't know anything about Quidco - will have a look at it.
Place marking. Although I can understand people wanting to keep a seperate bank account but can I ask why a new email address?
A good question. I just thought as I will be registering with many bookies, if they are going to spam my e-mail trying to get me to deposit and bet after using their free bets and withdrawing winnings, I would prefer them not to be clogging up my main e-mail.
It's up to you of course.
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