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?

Thanks calm
I'm using save th student oddsmatcher, I just completely forgot yesterday to do the lay bet. Luckily I only lost the £20 free bet but still irritated!

I'm also confused about liability, I Have deposited around £200 loads and account is showing £14

£200 not £200 loads

Also, I don't understand 'liability' on Betfair... I have a lay bet on with them (something like £15 stake) and it looks like they've debited the £50 liability from my funds (I'm really hoping so) ... why is that? If I lose my Betfair stake. I've only lost £15, not £50??
The stake at Betfair is not your money. Please read about what 'laying' means.

It is someone else's stake and their transaction is a back bet with a bookmaker. You are acting as the bookmaker and covering their payout should they win their back bet. Your payout is their stake value x odds = liability. If they lose their back bet, as the bookmaker, you take their stake.

Every bet has two parts: a stake (the back bet) and a liability (covered by the person laying).

The stake in Betfair is not your money being put up for the bet. You are laying, so putting up liability only.

I'm going to start a thread in Money Matters, as this one will fill up at some point. In the opening post, I am going to pull together a simple
explanation of how betting works and how matched betting works. I will post a link to it when it's ready.

Can you move this one over so we don't lose the information please?.

Thank you Maid

And yes to the explanation! The videos on Profit Accumulator are great 'how tos', but I really like to understand how these things work.

Thanks maid

Yes maid I think that would be a good idea - I think some that are doing it really don't understand it!

I'm hopefully going to give this a go as just a few hundred pounds a month will make a big difference to me.
Two questions
Can I do it all on an iPad?
Does it matter if my internet connection is very slow?

TheCut - I'm still unsure how sustainable it is long term. Like you, a couple/few hundred a month would make a huge difference but depending on what you read:

A) It's possible to make thousands, and keep making thousands for years (depending on time/effort spent, obvs)

B) You can make an easy thousand from the sign ups, maybe a few hundred with the reloads but best to see it as a short term thing and move on.

I'm 5 days and about £95 in profit. My learning so far are:
Checking fluctuating odds is important
Readjusting if the odds move
Making sure I lay the correct amount as Smarkets seems to default to £10 automatically
Not underestimating the amount needed to cover liabilities at the exchange. I can we'll see most of my profit being there for a couple of months to fund the liabilities.

Long term it is sustainable - you do lots of little reloads, I do horse refunds, football ACCAs - you just change what you do depending on what offer is around.

Grim

Tell me more about checking fluctuating odds and readjusting?

I have picked up speed a bit today as I have lots of free bets to use. I've discovered horse racing; the odds tend to be higher and turnover is quicker as there's loads of races each day, so my profit is gradually increasing. Waiting for 6 bets to settle before I can do any more as I need the funds to go back into the exchange to cover liabilities; that's the most frustrating thing I'm finding!

I like racing for that reason too. Find football takes too long when I've got itchy fingers!

Why do the bookies take so long in crediting the free bets?! Its frustrating me as I don't have much in the exchange so am waiting on the free bets to come in before I can do any more. Coral was instant, Betfred was 24hrs and William Hill is taking ages... or maybe I'm just impatient!!

What do I do if my betfair lay is only partially matched?

I'm on 72 hours now for 188bet. It's making me quite angry now! Going to live chat as soon as I can!

Now fully matched but interested to see what happens if it doesn't get matched.

I'm slightly put off by the offers where it says you have to email them to get your free bet, not sure why but its making me not want to do them.

I got my 188 free bet approx 48 hours later it just added to my balance as cash.

I won on a horse earlier but the ones I tried to do this afternoon the odds were different each time I went from oddsmonkey to the bookies and betfair so I gave up and put on football instead for 1 qualifying bet and 1 free bet.

imnot

How do you know if you bet is/isn't fully matched?

I'm getting in to the swing of things now, and have bitten the bullet and signed up for platinum membership with Profit Accumulator. Iso far I've signed up with Stan James, Coral, Betfred and William Hill. Still waiting for my free bet from Stan James and I've only done 20/30 of my William hill free bets because I have run out of money for liability in Betfair.

I've got 4 bets that should close today so hopefully I'll have the money freed up to do some more this evening. I messed up a bit when I signed up for William Hill because I didn't enter the code. I messaged them immediately and they said they would still credit the free bets and they did after I emailed again after my qualifying bet.

I think it's weird that so far all of my bets have lost at the bookies! Makes it easier for me because I don't have to withdraw the money and move it to the exchange. Going to try and do the smarkets sign up deal tonight because they have a lower commission.

I think after today I'll be +£70 not deducting the 17.99 for profit accumulator. I'd like to make enough for a very expensive holiday and a few treats. I'd happily do it long term but bingo and accas seem a bit intimidating. Plus I'm still not sure what to do with mug bets...

Heavenly what are horse refunds?

I still don't understand why £50 is whipped from your account when you're only betting say, £15?

User betfair tells you after you lay. It showed as partially matched and offered to cancel the unmatched part. I waited and eventually it was matched.

I'm waiting for comeon, Stan James and mobilebet to give me my free bets and then I can get cracking on some more bets.

Just noticed I've put a qualifier on for next Saturday that'll teach me for jumping on a red match!