Matched betting?! Tell me more...

[ExpatMrs]

Just came across a good few MNers talking about it on another thread. I don't even know what it is but from the jist of the convo, there's good money to be made from having a couple of hours a day to do it... I have those hours!!
Can anyone enlighten me please?

MissFitton I was thinking the same thing! There seems to be such a small margin in it.

I've just been scrolling down the offers on PA and, having got about two thirds through, and got bored there was already over £1000 of free bets on offer. So if you turned over 80% of those then there's money there for starters. I suspect to make big money there's a lot more to it but I'm not thinking that far ahead at the moment as I don't want to confuse myself further!

I'm working on the principle that two days ago I couldn't tell you the difference between a back bet and a lay bet so I'm hoping it will all come in time!

Ok so I decide to join in with this. I have so far joined coral and made my qualifying bet and free bets and the corresponding lay bets on betfair. Made a bit of a whoopsie as bet on football matches being played at weekend so will have to wait till then to see what happens.
I also joined skybet and have done the qualifying and free bets etc and put them on football tonight. My betfair bets won and I now have a healthy betfair balance again and obv nothing in the skybet one.

I'm guessing that to start off it is a good thing for betfair to win so as to keep the balance on it healthy without having to keep topping it up from bank??

I'm quite enjoying the theory behind it and also laughing at the fact I was voted 'most likely to become a professional gambler' when at school - does this make that true?

I'm interested in this as I'm losing my disability benefits next month and so far, no one wants to give me a job so could really do with the money. I haven't looked at the links or videos yet but my god I'm confused. I've never understood betting and odds anyway.

What's a float? Is this an outlay of your own money? Do you ever have to use your own money at all or is it all from free bets? How do you actually make 1000s from getting a few quid profit each time?

The people who said they made thousands did say they spent several hours a day on it.

Those that make a spreadsheet - what do you put on it??

Missfitton ha well i wasnt losing anything as I had to deposit the ten quid to qualify for the cash back. :)

I do an hour a day maybe for £600-£1K per month. You do not need to spend hours a day. I work full time and have no time or inclination to sit all day oddsmatching.

And spreadsheet can just show who you bet and lay with, amounts, odds, and then profit/loss. Nothing fancy.

So when you get going , so that you don't have to keep topping up betfair would you start switching who you bet and lay with? So that you can use the pot you've built up?

no that wouldn't work as you can't lay anywhere else but betfair .

Hmmmm

Still confused but getting there!

I will start a spreadsheet !

I have about £1K in the Smarkets exchange and another £1k odd in Skrill which I then shift in and out of bookies. Smarkets is cheaper cut than Betfair isn't it?

So when Betfair has an offer (say £20) that's only for a back bet, so you'd have to back on betfair and lay on a different exchange, like Smarkets??

Yes Calm

I am using the Ultimater spreadsheet.

So when you get going , so that you don't have to keep topping up betfair would you start switching who you bet and lay with?
Sometimes you'll win on Betfair, growing your balance in the process. And you top up from your winnings in the bookies. You shouldn't have to put in any more 'start up cash' than maybe £100 (unless you're truly going for it with multiple bets open at once; unlikely for us newbies).

This whole thing is an exercise in shifting cash balances between various bookies/Betfair, via the bets you make. If Betfair is running low, you must have excess in a bookies account, otherwise you're doing this wrong

I think I'm getting it....

So if I want to make a load of qualifying bets at different bookies at the same time I could, as long as I am willing to put fivers of my own money here and there? Rather than do one, then wait for that to settle, then do another etc?

I'm still wondering how to make the 1000s but with the few sign up free bet offers I've done I'm about £100 up! Definitely not pence, and well worth a few hours of my time (although hoping I get more efficient).

So if I want to make a load of qualifying bets at different bookies at the same time I could, as long as I am willing to put fivers of my own money here and there?
Remember you have to lay all those bets too. And that costs you about the equivalent stake per bet, plus a whole lot more liability per bet.

You will need a big Betfair balance. I made one £1481 lay, at 4.1, and needed £45.91 liability alongside it. That liability stake is removed from your balance when you make the lay, so you can't dick out on your responsibilities.

£14.81, missed a decimal

My last qualifying bet lay was £9.75 stake/£17.74 liability, to cover £10 at the bookies.

You will need a big Betfair balance. I made one £14.81 lay, at 4.1, and needed £45.91 liability alongside it.

HA I did the exact same one!

Ok so I need a decent amount in Betfair....

Otherwise I've got to place my qualifier bet (and lay) and then wait maybe a couple of days for it to settle, before I can place a qualifying bet (and lay) with a different bookie??

What happens if you try to place a bet and you don't have enough liability in your account? Will it stop you placing the bet/lay?

yes Calm -you can't lay the bet if you don't have enough to cover the liability.

Smiley - reload offers - horse refunds, ACCAs, bingo/casino offers. You just keep going.