Matched Betting... What the bloody hell have I done?

[Elderflower14]

Back Walk In The Mill
for £4.00 @ 27 to win £104.00
I wanted to do an each way bet but did this instead

Have you layed it?

Each way bets are a pain when matched betting. You're better of backing a win then laying it.

Yes... I've laid it but not got a clue what I've done!

Team profit do a calculator, enter your figures and it will tell you your qualifying loss.

Don’t do each way bets on MB, unless you really really know what you’re doing.

I Dont know what I'm doing.
I only put £4 on... Can someone explain please?

This is why you don’t do it till you know what you’re doing OP (in the nicest possible way) Read, read and read some more.

Am I going to lose money other than my £4?

No! You can’t lose money you’ve not bet. It’ll be fine :)

You should have done 2 bets Have you done a lay bet? A lay bet is the opposite of win bet
Ie £4 to win at 27-1
You should also have a bet
£4-ish to not win at similar odds to above.

How much have you actually spent?

Give us your figures with the betting exchange etc.

I find the ProfitAccumulator videos really helpful to get going.

Still trying to get my head round it.
Don’t do it everyday but I am about £250 up after 3 weeks

Figures? Betting exchange? I just put a £4 bet on...

Then you haven't done matches betting you have just placed a bet

OP are you thinking that an each way bet means you’re matched betting?

So the basics of matched betting is just betting two bets that cancel each other out meaning you cant lose. Is that right?

Your not matched betting if you haven’t layed it off.

Read the team profit blog. It’s free.

Oh dear.

You have just placed a bet and called it 'matched betting'. That's not what it is.

Sounds like you've just placed a regular bet OP.
Don't worry too much - worst that can happen is you lose your £4 and best is that you win £107.

If you want to try matched betting, you need to read up/watch videos etc until you understand it. Don't go anywhere near placing more bets until it's clicked.

@nousername yes. People make money from the "free" bets that sites offer to encourage people to bet with them. If they were using their own money, they'd make nothing (actually a small loss as the costs of placing the bets).

If you're a newbie then the object of matched betting is to get your hands on as much of the bookie offer you are working on e.g. If it's a free £5 bet you want to get as much of that £5 as you can in your hot little hands.

To do this you place your 'free' bet on the bookies site e.g dumbnamehorse to win in the 4pm race at Redcar and then you place an opposite 'lay' bet with a betting exchange like betfair e.g. dumbnamehorse to lose in the 4pm race at Redcar. You need to research your bet throughly so that the odds for the bet and the lay bet work out and it then doesn't matter to you if the horse wins or loses. You will need to do several bets to get past the restrictions of the offer, reading and research required.

Please read up on this and make sure you understand before actually spending money. I would recommend planning a few bets but not placing them and the. tracking them using a spreadsheet so you understand what you are doing. When you feel you have 'got it' move on to placing your first bets.

Matched betting is laying a bet with a bookmaker to qualify for the FreeBet.

So saying you have a certain horse to win then going on a betting exchange and laying the bet to say that horse doesn’t win.

Done properly using the oddsmatcher tool you will probably lose a few pence but then you get the free bet.

Again using the oddsmatcher tool you place the FreeBet say on a certain football match to draw and find how much you need to put on the exchange betting site to bet that the match isn’t a draw

Then you are covered either way.

I know nothing about betting so it took me a lot of time just watching YouTube videos about matched betting and I chose to use PA solely because they had videos that talked you through every stage.

OP, you really need to do your homework before starting MB. It does require you to actually learn how to do it, to an extent, or else you will end up losing money. As PP have said, there are several you tube videos and online guides there for you to access. Team Profit offer step by step guides on how to back and lay your bets. I've made a lot of money MB but it isn't without time and effort

You're not matched betting. You're just gambling.
And dont do each way bets when you are matched netting as they're a pain in the arse.

For matched betting, you want to place a bet on a bookmakers site such as Coral. You then go to a betting exchange, such as betfair exchange, and then you place a lay bet on the same thing.

So if you bet on a team to win on Coral, you'd go to the exchange and lay the win bet. You will tie up some money in the liability on the exchange and on the bet placed on Coral. Once the fixture has finished, you will either win on coral or win on the exchange. You will have made a small loss of pennies.
But now you have a free bet on Coral. Repeat the process but this time what you end up with is a profit.

Use the only calculators to work out your exchange bet for "qualifying bet" and then you're "stake not returned free bet"

You obviously dont actually know what you're doing so go and watch the videos over and over until you understand.

And what free bet are you trying to qualify for with a £4 bet. They're usually a minimum bet of £5 or £10.