Matched betting- can anyone answer these questions?

[Mumtwo124]

So i'm trying to get my head around matched betting but there's a few things I just can't seem to grasp.

Do I need to have the money in order to put into the exchange, and if so what happens to this once you put it into the account (is it held?). I'd be a bit sceptical about putting money into an account that I couldn't get hold of / if anything was to mess up.

Also, how do you withdraw the profit that you make? Can you withdraw instantly once the bet is settled, or is this not how it works?

Sorry probably very stupid questions but just trying to get my head around it before making a start :)

Yes, you need money in the exchange to cover your liability. It is only 'held' until whatever it is you have bet on is settled though.

You can withdraw instantly but it's best to leave it there for a while and allow your bank to build up. This means you can do more offers at the save time or do bets with higher odds.

Not a stupid question at all.
Yes you need money to put in the exchange.
This will be to cover your liability.
The amount needed to cover the liability can sometimes be a bit steep so I found it daunting depositing that amount BUT
If you follow the step by step instructions for MB you will always get this amount back in addition to the profit you make.
Someone correct me if I’m wrong but with Betfair, if you request withdraw of money it is instant.

Thank you, super helpful!

So the exchange money is purely there to cover the liability, and then it is returned into the account along with the profit?

Also, I forgot to add this in my origional post, but is there an overarching account where you deposit the money etc, or do you have to deposit money onto each bookmakers account that you make? I'm hoping that makes some kind of sense.

If your back bet wins at the bookies, you will lose the liability from the exchange (but the winnings from the bookie will be enough to cover it). If your back bet loses at the bookies, you lose your stake but will win at the exchange.

You need to deposit money into every bookie account that you use, I found it easier to open a new bank account used for nothing other than matched betting so it kept it separate from my 'normal' money.

So the exchange money is purely there to cover the liability, and then it is returned into the account along with the profit

Don't forget that you will usually make a qualifying loss on a bet.
You also pay 2% commission at Betfair.

But of course, you make a small qualifying loss but you do get the free bet.

Bookies usually get money into your account very quickly.

And if your lay bet 'loses' - then your Betfair liability is lost - but of course, your bookmaker balance goes up.

Spreadsheets are good.

Thank you!! yes definately going to have to use a spreadsheet I think!

So regardless of the liability amount (some i've seen are £200+), you would always be in profit providing the odds are similar for the lay and back bet?

Also, if I'm using all the qualifying bets on multiple bookeeper sites (say for instance which cost £5 on each) i'm confused how you would make a significant amount when the profit seems to be fairly low ifywim. Is it just a process of going through every new sign up offer, or is there something i'm missing out on? As surely if you're paying £5 to quality for each free offer, I wouldn't actually be making a great profit?

I've seen on multiple places people making fairly good amounts just from the sign up offers, but i'm confused how?

As surely if you're paying £5 to quality for each free offer, I wouldn't actually be making a great prof

Let's say you need to bet £10 to get a £20 free bet.
You bet £10 for Man City to win at the bookmakers.
You go to Betfair and lay about £11 for Ma City NOT to win. You try and get odds that are as close as possible to the ones you had at the original bookies - so you should make a small loss of about 50p to a £1 on your bet no matter what happens.

However - you have now qualified for a £20 free bet.

So you put your bet on team. Or a horse.

Lets say you back West Ham to win.
You then look at Betfair and see if there are any close odds to the same bet and you lay your bet - in other words you do the 'opposiite' - so in theory you are taking a bet from someone who also thinks that West Ham will win.

However, this time, you only take £15 or so from this person - instead of the £20 you bet.

Then if West Ham wins, you win at the Bookies with your £20 bet.
However, you have to pay out to the person who on Betfair who bet you £15 that they would lose. But there is a £5 difference you can pocket at whatever the odds were.

If West Ham don't win, then you lose your free bet. That's not important.

But you do get to keep the £15 bet you took at Betfair.

*odds and money may vary

@chomalungma thank you, I think i'm starting to understand (I hope)

So am I right in thinking that once you've made the initial profit, you then have to open accounts with multiple bookeepers and just repeat this process? As in, would I need to deposit, say £5, to quality for each free bet then go from there on each one? If so, how do you continue to make money from the bookmakers that you have already used the free bet?

Well that is a good question. Some times you get more offers from them.

Bookmakers are like drug dealers. They keep tempting you to gamble with the offer of free bets. Some people get addicted with the offers anf and then start normal gambling