Matched betting continued...free money for all!

[monkeyfacegrace]

As the last thread is almost full, here is a nice fresh clean one.

In a nutshell, matched betting is a clever way of making ££££ from the bookies without ever having to gamble.

This is profit accumulator

This is odds monkey

Have read. TAKE YOUR TIME!

And enjoy the money

Day one sees me £15 up and waiting for £30 in free bets to arrive in my Betfred account, hopefully tomorrow. Not bad!

No rush spookle, you're very kind to even take the trouble in the first place!

Hello...
Finally made it over from my OP (that I abandoned lol)
Place marking for now but I will be back!
Hope it's all going well for you lot

expatmrs hows the baby (and you!)

Right just placed the 3rd of my free coral bets on a race later today - will then do the 4th on another race later.

Didn't feel as anxious this time - I think this is what happens isn't it? Suddenly it becomes second nature.

£130 up in a week :)

I've been reading all your threads, done the tutorials on oddsmonkey and finally jumped in last night only to get it wrong! Somehow I didn't put one of my lay bets on so am down a bit and then put my coral bet on a bet that I don't think qualifies for a free bet. I'm finding the betting terminology tricky, I think that to get the free bet you need to have odds over 1.5 (I didn't that) but it has to be a win and I did match odds. The other problem I had was every event I tried had different odds on the bookies then the oddsmatcher.

Also how long after putting your qualifier bet on do coral give you the free one?

Hey ladies- I've been following from the start...I've only been following odds monkey free coral and betfred bets and now I'm not sure whether to pay for odds monkey - until I get more into it or try it on my own with the help of team profit - can't decide! I've made about £30 and got £200 in betfair. Just not sure where to go from here. I've been taking it slow as I didn't want to do loads of qualifying bets at the same time , get the free bets and run out time to place them ...as I wouldn't have enough to cover the liability- if that makes any sense what so ever?! :) may have a look at team profit first tonight and see if I can make sense of it...

VerticalVenetianBlinds - we are both great, thanks so much. It's been a whirlwind and I've loved every second (well... except from the stitching after my tear but hey ho! Lol)

Vert: Treat a risk free bet as a Stake Not Returned
No, there is a more efficient way to turn these over.

I'll link to a long post I made.

Bet £X, get a free bet of the same value if you lose

A note: The % profit of the free bet value in these offers, at around the 50% mark, is lower than the % profit we can wring from standard free bet. This is somewhat traded off by the fact that these bet offers can sometimes be completed in a single bet process, rather than requiring a pair of bets. They are therefore worth doing, IMO.

This post is going to outline how to make money from these bookmaker offers. This type of offer is called a risk free bet. Your initial stake is not at risk, because it’s returned if you lose.

First bet, with real life money
Because our initial stake is not at risk, we can underlay at the exchange i.e. we can lay against a stake far smaller than our back bet.

If we win at the bookies, this offer is completed. You’ve made more at the bookies than you’ve had to pay out in liability, job done. Withdraw your cash from the bookies (or leave it if you want to mug bet in future etc).

Again, if you win the first bet at the bookies, you’ve made your profit and no further action is required

If we lose at the bookies, we win at the exchange. Because we underlayed, the stake we win is smaller than our stake outlay at the bookies. This will have us down overall, and by a little more than we are usually down after a standard qualifying bet. Think of values around the five quid mark for a £25 back bet.

But don’t be put off. Because we lost at the bookies, we now have a free bet to the value of our initial stake.

Second bet, with virtual money
This is turned over as standard free bet, usually SNR. The profit here will be similar to what you’re used to seeing with these bets.

The reason the overall % profit is smaller is because we are allowing a situation where we are down overall after the first bet. Unlike an initial qualifying bet, which we try to make as close to zero sum as possible, we are deliberately creating a bigger gap in our money out/money in. The free bet value covers this, but obviously at greater cost to our profit from it.

The ideal outcome is to win the first back bet at the bookies and take your winnings. We underlay to maximise our profits should this first back bet win, and use the free bet only to cover our arses should this back bet lose. I hope some of you reading this have now jumped to the (correct) conclusion that, in order to further maximise our potential gain on this first back bet, our first back bet is placed at longer odds than those we use for standard qualifying bets. We are looking for odds of 4+ for this first back bet.

How to calculate this first back bet:
Open Oddsmatcher.
Find a good match, odds of 4+.
Open the calculator.
Check the bet type as “risk free bet”.
Fill in your back bet stake.
You will see that a third box has appeared in this calculator interface, asking for free bet award and free bet retention Fill in the values. What free bet value will you get if you lose your first back bet? How much % profit do you predict you will make from this free bet (default is 80% but we might be more like 70% as newbies).

The calculation runs to equalise the profits between

1. winning on your first back bet

versus

1. losing the first back bet and turning over the % profit on the free bet.

That’s why the small writing underneath the “risk free bet” check box says “equal profits”.

Go to your bookies/Betfair and bet/lay what the calculator tells you. Wait for the result.

If you win the first back bet, you’re finished with this offer.
If you lose the first back bet, turn over the free bet as standard.

i love your explanations

I've been going super slow at this, and not done anything since last weekend.

I've placed a £5 mug bet at Coral (layed of course!) hoping to maybe transfer some money to the exchange.

Also signed up to Betfred which was a PITA as the site doesn't work properly in my Chromebook, so I had to switch to my tablet. Deposited £15 and made my £10 qualifying bet so should get £30 of free bets in the next couple of days.

Beginning to find the whole process a little less stressful now, though I am quadruple checking things before I press any buttons!

I'm a bit held up at the moment because of verification.. I opened a skrill account so I don't have to keep using my bank account, and I transferred about £60 into it from 2 different bookies with the intention of putting it in my bet fair account, but then my skrill account got locked down awaiting verification and both bookie accounts also got locked down awaiting verification, so now I have no idea where the £60 is as I can't log into any account!
I've sent then all the ID, but its an awful lot they need and no idea how long this'll take.

Another question - I like the idea of having a separate bank account for this, are there some easy to open accounts that don't need your inside leg measurement? Isn't it a huge hassle to open an account?

Thanks maid - sound a bit like the triple odds one I did but I'd have been a bit lost without the instructions I followed from PA.

I've not done one of those ones yet.

Pointeshoes Team Profit said there's no need to sign up for Oddsmonkey or PA initially. There's a plan to follow on their website which gives step by step guidance on what offers to sign up to and minimum odds etc.

HollySykes I got an account at Metro Bank a few days ago for this purpose. Was really straightforward and quick and I got my debit card straight away. Their website tells you what you need to bring in, but they only looked at my passport in the end.

I am also feeling very nervous each time I place a bet (started Weds and so far I've made £25 profit). I think I need to write myself a check list with things to remind me to do, e.g. look for cash back offers on quidco and topcashback before signing up and making sure that my bet satisfies the minimum odds required etc.Also need to always remember to use Exchange tab on Betfair. Was wondering today why all the football odds were in fractions and then realised I was looking at the Sportsbook!

What's everyone betting on today? I'm thinking of placing a trigger bet on the Chelsea v Tottenham match this afternoon.

I've put some bets on the big football games, I did the bet 20 and get 10 to bet on the races with William Hill now I'm all tied up until later!

Holly my plan was to move to using skrill once I've done the sign up offers but I think a separate bank account might have been better in hindsight as my current account looks shocking at the moment. I'm flabbergasted I've not had it frozen.

ive had £100 profit but all in the bookies so my betfair is empty! i have to wait til it transfers to my bank before i can transfer it back to betfair and its the weekend and i wanted to have a go at risk free

I opened a basic starters saving account with Barclays. I bank with them anyway and it took seconds to set up via their banking app.

I was able to move money between my Barclays accounts easily within seconds as I was given sort code and account number. You choose if you want a card for cash withdrawals, and you choose if you want to be able to make online purchases with the account too (I declined)

Maybe an option for those wanting a second account.

Should have said I didn't need ID. Etc because of doing it via my existing bank app so was already verified. Might be worth checking if your existing bank offered similar second accounts. You might be able to have a it in use within a few minutes like I did with Barclays.

@HeyRoly - it's very rough but here you go.

Because I had put notes from the first thread at the front of my book I then started logging the accounts at the back so this is going backwards in the same style.

First column - Betfair opened & deposit amount (all deposits highlighted yellow). Second column - Coral opened & deposit amount.

Record details of first qualifying bet (Q - highlighted green in both columns) in Coral column, update Betfair column.

I now only use short codes for Betfair.

E.g. - 01/04 Co Q 1.8 St £4.57 Lia £3.66 = Coral qualifier lay odds at 1.8 with a stake of £4.57 and liability of £3.66 (I record both because if I win at the exchange those two amounts together are how much my balance increases by. The full details of the back bet are in the Coral column for reference.

E.g. - 01/04 Q Billy Bob (back odds of) 1.6 £5 Calc loss -66p

Update balances (pink).

Loss at Coral (red cross), win at Betfair (green tick)

Update balances (pink).

To keep it simple for this example explanation that was the end of my first day match betting.

Each night when I'm finished I go back to the front of my book where I have started recording daily balances as per the second pic.

VD is 'verified' deposits - this is my investment so needs to come off my balance to show whether there is loss or profit. Each evening any account deposits done that day are added to my VD amount and I tick against each one in the relevant bookie/exchange column once I have added it to the VD total so that I know at a glance that I have done this. I forgot to do this once and thought I had a cracking day at £40+ profit forgetting that I had opened a new account with £20 that had to come off the total.

Shorthand 'code' for the end of day calculations

T = Total balances across bookies, exchanges and bank.

VD = Verified deposits as explained up post.

LT = Loss Total - but you only need that for the first day.

PT = Profit Total (purple but I've mislaid my pen) yesterday's balance plus today's profits.

TP = Today's Profit (orange) so I can see the return just for today's labour.

WD = Withdrawals (blue) Co £60 (blue)-BF £60 (yellow) = WD from Coral and deposited into Betfair.

Co-Bk = WD from Coral and pay back into my bank. I didn't show it here but I have a column for 'Bank' and BK is now added to my end of day balances as it needs counting in my totals or I will think I have lost money.

A new day, a new registration so a new column for the account and deposit.

Record Q(ualifying bet) details as before.

Ohh, the free bet from Coral is in! Place free bet (FB) record details, update balances.

My second account qualifier has won! Update balances.

My first free bet has won! Update balances.

End of day - finishing balances at front of book - now in profit!

As each Betfair column becomes full I just go to my next free column and carry the balance over. I have highlighted Betfair title pink so that I can quickly glance at any busy pages and find my current Betfair column. Smarkets is highlighted red for the same reason.

My actual book currently has 16 columns across 8 pages. 5 columns are Betfair spread out, 1 for my bank, 1 for Smarkets just opened today for the offer, the rest are bookies. When I completely fill my first bookie column I will carry that account and balance over to the next free column. Colourful little page marker/post its are becoming useful.

I now finally understand the 'journelling' craze!

Any questions please do ask Hope it all makes sense as my brain is a bit boggled now from overuse of the word column

Oh I forgot mug bets!

I record those the same as qualifiers.

So relevant bookie - MB (mug bet turquoise) 4.2 £5 Calc loss -22p = Betfred mug bet, back odds 2.4, £5, I will lose 22p

In Betfair - BFr MB (turq) 4.22 St £5.04 Lia £16.22, Calc loss -22p

Highlighted turquoise in both columns and MB (mug bets) now added to my end of day balance calculations.

Gah! Wish we could edit posts.

The Mug Bet total is a running total like the VD, so up to yesterday I had a total loss of -£2.89 on mug bets. If I do two today I just add the total loss and adjust for the balance sheet E.g. -2.89 yesterday+1.27+1.10 today gives me a new MB total of -£5.26.