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?

Ah well, done now.
My free bet has gone on a more obvious Chapions League game. A draw, too..

Thanks for the warning though! Will be smarter with my next newbie offer!

I prefer Oddsmonkey and use Smarkets exchange. Have a float of about £2K. Also use Skrill once signed up with offers. Quick and easy way to put money in and out of bookies. Can quite easily make £500 a month. I have been doing it over a year and have cleared more than £10K in that time. My advice is use a spreadsheet and check check and check again. Take your time and if you do make a mistake don't panic, it can often be rectified. If you are in profit overall it is all good. Oh and if you are doing this long term mug bet plenty too otherwise you risk being gubbed.

Heavenly, how much and how often do you mug bet?

Heads hurting today. Think I've gone in too quickly...

Ok i have made my bets. Need to wait for bettered first bet to settle before I can do my 30 free bet. I have not been savvy in the games I picked. Woops!

I really really want to do this .

But it sounds way way too complicated for my postnatal brain

Baby - you just follow the instructions step by step.

I try and do a mug bet for every one or two bets I place.

Ok, my qualifying bet finished. The back bet won so I have £7.50 in my Coral account.

Should I take the opportunity to do some immediate damage repair, given that my pattern so far hasn't been ideal?

(My free bet isn't up until tomorrow, so nothing to do at Coral until then)

As soon as the baby is in bed giving this a go.. just got to wait till 7pm 😂

baby I have watched the video over and over and still don't understand.

I do really struggle with maths so think it's going to be beyond me

Lettuce I went through tutorials on both PA and OddsMonkey. I think the latter was much more clear.

I'm not sure you necessarily need to completely understand the maths of why it works. As far as I can see as long as you grasp the basics it's a case of knowing which figures to put in which boxes?

Yep, the Oddsmonkey calculator results are as simple as:
Go to Coral and back £X on this result
Go to Betfair and lay £X on this result

I have joined both PA and oddsmonkey - watched the videos etc a few times .

Still dont get it

I just don't see how you make any money - as you always end up even?

I don't geddit

Are you there Baby Wanna role play it out?

baby I don't understand how it works but it somehow does! I am planning on rewatching the videos slowly and with a pen & paper next to me writing it down - all the steps, all the maths until it makes sense to me. Then I am going to put aside £50 and see where that gets me. I don't have any desire to make loads of money coz I think then there's more risk of getting gubbed/blocked. So £50 profit each month which would pay for my petrol suits me fine ;)

I remember when DD was younger and I'd use beads to teach to do addition. "You had two beads, and look mummy's given you three more beads, how many beads do you have altogether?" I plan on doing that with myself and matched betting and see if that helps!

bonfireheart With that analogy it would be: You give mummy one bead and daddy 1 bead, then mummy would give you two beads back after dinner.

I just don't see how you make any money - as you always end up even?
If you can work the maths through to this, you're one concept away from the "eureka moment".

In any betting transaction, where you back in one place (the bookmaker) and lay in another (the exchange), you will come out roughly even, assuming the odds are about the same.

So your first bet ("qualifying bet") follows this format - back in one place, lay in another, come out about even.

This first bet is called a "qualifying bet" because it qualifies your for a free bet.

So your second bet is made in the same way - back in one place, lay in another, come out about even.

Except the second back bet is made with the free bet you qualified for with the first bet. It doesn't cost you any money to make this back bet.

Possible outcomes:

1. You win the back bet, having staked "free i.e. virtual money"?

You are therefore "up" at the bookies and "down" at the lay exchange.

1. You lose the back bet, having staked "free i.e. virtual money"?

You have lost nothing at the bookies (you were betting with virtual money) and are "up" at the lay exchange.

You have lost nothing at the bookies
It is this first half of the second outcome that is key. Of the four possible outcomes, you have two "ups", one "down" and one "nothing happens". One of the "ups" is cancelled by a "down". The second "up" is not cancelled out.

You're "up" overall.

Help!
Am running my second pair of bets - Betfred v Betfair.

Oddsmonkey calculator has found a footie match tonight, tells me to back at Betfred at 2.7. When I go to Betfred, the odds are quoted at 3.75. Back to Oddsmonkey to refresh but no change.

Am I missing something?

This puts my back bet at higher odds than my lay bet, which generates a profit for this qualifying bet - that seems odd.

OK, solved

Is there a chance I lose my liability fee if the bet turns out not in my favour?

I've done two qualifying bets today - on comes in tonight, the other tomorrow...
I'm using Odds Monkey - the penny took a while to drop!