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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?

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Tobeemoree · 17/04/2017 16:19

I started reading this thread with a raised eyebrow, mlm's etc running through my mind. I've progressed to wanting to investigate it further. I've got a week until I have any free funds, that's enough time to learn the basics, right?

MaidOfStars · 17/04/2017 16:50

Now fully matched but interested to see what happens if it doesn't get matched
Conceptually, Betfair works by collecting a pot of back bets from anyone that makes them. That pot is then offered out for other people to lay against.

When you specify a stake on Betfair, you are effectively saying:
'I want to lay against X amount of stake/back bet money. If I win the lay, I will claim X amount of money (the stake value). If I lose the lay, I will pay out liability on that X amount of money (stake value X odds).'

Partial matches happen when you place a lay against a stake value, but there haven't been many back bets laid and the total stake pot is not as high as the stake you specify.

If the lay remains unmatched, you will not win the stake you wanted, only the max stake total that was bet. You will only pay liability on the max stake value put into the pot. This is bad news as the point of matched betting is to counterbalance the free back bet you've made elsewhere, and any variations to your lay bet compromise the mantra of 'equal profits for either outcome'.

Always check the £value at the far right of Oddschecker. This tells you how much the back bet stake pot is worth. You can then easily see if there is enough there for you to lay your required amount against.

Remember: you are laying against other peoples' back bets. A big footie match will attract plenty of back bets so you're unlikely to be unmatched in the first place, or remain that way for long. A very odd event - over 6 goals in a women's lacrosse match in Cuba - is unlikely to attract many back bets so the amounts you can safely lay against are limited.

Use your heads. Don't make unmatched lays.

CalmItKermitt · 17/04/2017 18:04

God I can see myself being like bloody Scrooge McDuck if I make any money at this 😳
I haven't even started yet but I keep going to my bank account balance and practically stroking the screen. There's not much in there but it's MY very own account!! 😜

MaidOfStars · 17/04/2017 18:14

I'm the same. I'm only £20 odd quid up after two sign up offers, but Im marvelling at having created money out of nothing! #WolfOfMumsnet

Another free bet just through from Totesport!

Oh, I know what I'm calling the next thread....

MaidOfStars · 17/04/2017 18:18

Reload offers: what do they look like? Email?

I keep seeing things like 'Bet on X and get a free bet if your horse falls/whatever'. Are we supposed to be betting/laying and hoping to generate a free bet?

Verticalvenetianblinds · 17/04/2017 18:19

#wolfofmumsnet has just made my day maid

couldnt do this without u tho! odds moneky should share the link on their page!

NapoleonsNose · 17/04/2017 18:21

I've been reading this thread all week. First thought about matched betting last summer but didn't have any free funds then. I'm going to give it a go next week when I get paid. I can afford to throw £100 as a float to get going. Will that be enough? In the meantime I'm going to do all the tutorials on Oddsmonkey which I've already joined, then I'm ready to make my fortune! An extra £100 a month would be lovely, anything more would be amazing!

MaidOfStars · 17/04/2017 18:26

And just caught onto the 'shared liability' phenomenon on Betfair again. Needed £118.18 to lay my bet. But because I'd made a lay on a different result for the same event, Betfair only captured the difference in liability!

MaidOfStars · 17/04/2017 18:27

Napolean I started with £100 - £5 to Coral, £95 to Betfair.

AllllGooone · 17/04/2017 19:00

Only advice I can give it dont rush because I have, and I'm up shit creek here. No idea where I've gone wrong either.

ItsAllGoingToBeFine · 17/04/2017 19:04

allll can you tell us what has happened? Someone might have ideas of how to minimise your losses?

Tobeemoree · 17/04/2017 19:12

I do have another question that I haven't seen asked so far - if I wanted to put approx GBP100 into Betfair, how long could I effectively work with it there before withdrawing from various sources? So, I have that money free for 2-3 weeks, but would need to access it at that time.

Or, would I need to basically leave it there indefinitely? That would make a difference to how I started and built things up.

Verticalvenetianblinds · 17/04/2017 19:20

it takes 2-3 working days to withdraw from the betting accounts, and if your hoping to get £20 a day you should be able to withdraw it from various bookies or betfair about a week before you need it?

Tobeemoree · 17/04/2017 19:24

Ah, that makes sense. So I think I'd need a couple of months to comfortably build up a working fund of GBP100; oddsmonkey is saying you need at least GBP50.

I've set up a new bank account (I wanted one anyway) which I'll use for eBay/Paypal too. This is quite interesting!

Tobeemoree · 17/04/2017 19:26

And, thank you!

safm · 17/04/2017 20:24

Can someone please advise on accumulator back and lay bets? Thank you :)

Whisky2014 · 17/04/2017 20:27

Argh I have a half time arsenal bet that's only been partly matched. 20 mins to go. What should I do?!

louisejxxx · 17/04/2017 20:38

So far I have now set up my betfair account and deposited £50. Waiting for one of the smells to nod off and then I'm hoping to sign up to Coral and do my qualifying bet.

Are nearly all of you that are commenting subscribing to either Oddsmonkey or Profit Accumulator?

louisejxxx · 17/04/2017 20:38

**smalls 😂

Whisky2014 · 17/04/2017 20:55

Off thank fuck arsenal scored! Lucky lucky lucky . So I used £10 on my qualify bet and only a partial lay so lost £4.33 on betfair. Won £20.50 though so I'm up £6.17 on my qualifying bet. So basically, that was just a gamble!

Verticalvenetianblinds · 17/04/2017 20:58

ive now got an unmatched on betfair Angry but it doesnt start til tomoro pm so fingers crossed! oh the stress of making £14 profit

MaidOfStars · 17/04/2017 21:01

vertical What type of event is your unmatched?

MaidOfStars · 17/04/2017 21:05

Can someone please advise on accumulator back and lay bets?
I haven't really studied it properly but

  1. It looks very complicated. Very complicated indeed.
  2. I think - happy to be corrected - that you basically have to play 5 or so legs on your back bet acca, all at different times and with enough time to calculate your lay strategy in between each event
  3. So therefore labour intensive.

Are you through your startup offers yet?

MaidOfStars · 17/04/2017 21:06

I wish my smell would nod off. Unfortunately, he's a hairy 43 year old bear of a man delicious and it's not quite his bedtime yet.

Grin
TessTube · 17/04/2017 21:08

Hi

Is there a new thread? I can't find it.

I've been away all weekend, came back to chase up my free bets and was told by Stan James the original bet hadnt qualified as the odds were too low, so another one had to go on.

But I was about £50 quid up, so things are going ok.

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