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Original poster

Matched betting?! Tell me more...

999 replies

ExpatMrs · 08/04/2017 15:59

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?

OP posts:

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IfYouGoDownToTheWoodsToday · 13/04/2017 08:24

Can you make sure you don't win at the Bookies or is it down to luck?

MaidOfStars · 13/04/2017 08:24

As I see it it's better to "win" at the exchange though? As that is where the most profit is? Is that right?
Yes, better to win at exchange but not for more profit - remember outcomes between bookies and exchange are largely equal.

If you 'lose' at the bookies, they don't have to give you any actual money for your free bet. That's a plus for them and likely to draw less attention than converting a £20 free bet into £100 of actual cash.

'Losing' at the bookies also has the effect of transferring some of your virtual pot of cash to the exchange. After you've finished the opening offer from the bookie, you probably won't go back very soon (too many other newbie offers to go through at other places). So you don't really need a balance at that bookies. However, withdrawing cash can attract flags, especially if it's cash win from a free bet.

MaidOfStars · 13/04/2017 08:29

Can you make sure you don't win at the Bookies or is it down to luck?
Backing something at very long odds is, by definition, less likely to win. Whether you want to bet a free bet at very long odds at a bookie is a different thing.

But I'm viewing it as a 50/50 thing. It doesn't really matter. If you win at the bookies and have excess balance, withdraw some but leave a small float - £10 or so (at this beginner stage) - to make it look like they can take cash off you/you're a regular punter.

Frouby · 13/04/2017 08:30

I am following this with interest. Aa I mentioned early on my cousin does this full time. She phones me every few months to see if I want to do it, think she is an affiliate or something on profit accumulator. She left her job last year to do this and is making a good living from it.

I am going to set up new emails and a bank account this week I think then start when easter is over. Dp loves a flutter so will have to be really firm with him doing it because he will want a go and will lose any profit he makes.

I was going to start looking for work in September when ds gets 30 hours childcare but might do this until then instead.

I could get up early with dp every morning, do an hour or 2 and then have the rest of the day free. Very tempted.

MaidOfStars · 13/04/2017 08:36

Is there another account you can use other than betfair?
There are other exchanges. Smarkets and Betdaq seem good. I am going to sign up to Smarkets today as I need a second exchange to lay a back bet at Betfair.

IfYouGoDownToTheWoodsToday · 13/04/2017 08:37

Thanks Maid

Cassimin · 13/04/2017 08:40

Thank you, going to give it a go next week.
Only made one bet on the national and had my account closed!
Hope that doesn't mess me up with other bookmakers though.

Edgeofinsane · 13/04/2017 08:52

Place marking!

longtermsinglemummy · 13/04/2017 09:17

Would this be a situation of the more you have at the exchange, the more you can have as a liability, so the more you can earn?

CalmItKermitt · 13/04/2017 09:22

I think that's true up to a point longterm.

I also think (hope) that the more you start with in your Betfair wallet the quicker you can build up your earnings because you don't have to wait for bets to settle before moving on to the next one.

Is that right, clever MBers?

Babyiwantabump · 13/04/2017 09:34

I think so - we need someone that's been doing it more than a. Couple of days to come and answer

MaidOfStars · 13/04/2017 09:52

Would this be a situation of the more you have at the exchange, the more you can have as a liability, so the more you can earn?
Yes.

The higher your liability pot, the higher the virtual free bet value you can have unsettled. Whether this high value comes from multiple free bets at shorter odds or one free bet at very long odds is your call.

MaidOfStars · 13/04/2017 09:53

I also think (hope) that the more you start with in your Betfair wallet the quicker you can build up your earnings because you don't have to wait for bets to settle before moving on to the next one
Exactly.

wheatchief · 13/04/2017 09:55

This reply has been deleted

Message withdrawn at poster's request.

MrsWombat · 13/04/2017 10:05

I'm a big lover of spreadsheets, but I'm afraid I've given up trying to input stuff on to one. I've resorted to writing it all down in a big notebook! Scrawling over each bet with the profit/loss in a big red pen is very satisfying!

Now is for the tin hat time! Please make sure that your user name for Mumsnet, PA/Oddsmonkey and the bookies are all very different. You don't know who's watching be that hackers or bookies looking for easy gubs.

Poisongirl81 · 13/04/2017 10:06

Also i don't understand if you can't use your free bet for cash how does this work?

DaughterDrowningInJunk · 13/04/2017 10:30

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MaidOfStars · 13/04/2017 10:33

Poison See the internet tutorials for how the free bet is converted into actual cash.

MaidOfStars · 13/04/2017 10:42

Ok, my profit over two pairs of bets is £20.64, from £30 of free bets. So 69%. Need to aim higher than this (although it's all free etc so can't grumble!)

Off to make another £20 free bet!

BeeFarseer · 13/04/2017 10:48

You don't need separate email accounts but I highly recommend getting a new email account just for matched betting, so your reload offers don't get lost in your normal inbox. That's the one thing I wish I'd done differently. I might gradually change all my accounts over to a dedicated email but it's going to be a pain in the arse.

MaidOfStars · 13/04/2017 10:56

Off to make another £20 free bet!
Or maybe not. Nothing really grabbing me in the football market yet.

Would it look really odd to bet on a horse? The bookie will have "seen" me bet:
£10 own money - Champions league
£10 of free bet - Champions league (different match)
Now have £20 of free bet outstanding and itchy fingers....

MaidOfStars · 13/04/2017 10:57

£10 own money - Champions league
And if it helps, the bookie won this money from me.

MaidOfStars · 13/04/2017 10:59

Let me summarise the last few posts.

Would it look really odd to bet on a horse? The bookie will have "seen" me bet:
£10 own money - Champions league - lost at bookies so they have taken £10 from me.
£10 of free bet - Champions league (different match) - lost at bookies so they haven't had to pay out on a free bet.
Now have £20 of free bet outstanding and itchy fingers....

DaughterDrowningInJunk · 13/04/2017 11:04

This reply has been withdrawn

Message from MNHQ: This post has been withdrawn

BeeFarseer · 13/04/2017 11:15

Definitely use that account. I do a similar thing and use a 'spare' bank account that gets used for Christmas and birthday savings.

It will not affect your credit record whatsoever. The only scenario where it could have an effect is if you're applying for a mortgage and have to show bank statements - you'd have to explain about the matched betting.

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