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

YES choconuts! That's it! Of course I've only won 21.

Slightly embarrassed!

cross posted

I'd highly recommend using the ultimatcher spreadsheet to keep track. It shows in green and red your profits and losses and totals up your profit for you.

I've been writing everything down and filling in a spreadsheet and it's starting to make sense.

It's taken me the whole child free day to do one qualifier and the coral bet and I've made £15 profit!

I'm hoping I get quicker or I'll never manage with the kids around

Have I understood this right - you keep going because the bookies keep offering you free bets?? Do they really do that? Or do you keep having to sign up again and again pretending to be a new person?

Is the idea to go for as long odds as possible? If so why would anyone go for lower odds?
I made a post about what odds to go for on the thread outlining technical stuff. I'll paste it here:

NEWBIE

Matched betting – back bet odds

Qualifying bet
This is the back bet you make with bookmaker and lay at the exchange, with the result that you neither win nor lose any significant amount of money, but qualify for a free bet with the bookmaker.

Qualifying loss and odds
If you take a single Event X, and compare back bet odds at a bookmaker and lay odds at an exchange, you will see that the lay odds are usually longer.

Bookmakers deliberately pitch their back odds shorter than the available lay odds. This scenario – shorter back odds and longer lay odds - means that backing Event X at the bookmaker and laying Event X at the exchange will always create a loss of money overall. Longer back odds than the lay odds creates a situation where a matched back/lay would generate cash, and bookmakers don’t like punters doing that (hence they track their back odds to always be shorter than lay odds).

So our qualifying bet will usually lose money. We don't mind losing a tiny bit of money in our qualifying bet, because the profit we make from our free bet will more than cover the loss. But we want to minimise this loss - called a qualifying loss - as much as possible.

The best way to minimise your qualifying loss is to make back bets and covering lays at odds that are as closely matched as possible. This tends to happen at short odds, where there is less wiggle room for big gaps to appear. In addition, bookmakers will often specify a minimum odds value that you must bet on with your own money in order to qualify for the subsequent free bet.

Therefore, your qualifying bet will typically be made at odds of around 1.5-2.

Free bet
This refers to the free value/voucher you use as a stake to make a second back bet with the bookmaker. When making a back bet with a free stake, we want to maximise our % profit of the free bet value.

Free bet odds
I'll write an explanation downthread, but for now, all we need to know is that the longer the free bet odds = the greater % of the free bet we make as profit.

Examples:
Odds of 3 will return a max of 66% free bet value.
Odds of 4 will return a max of 75% free bet value.
Odds of 10 will return a max of 90% free bet value.

Remember: the longer the odds you make your free bet at, the greater the value of your liability in the exchange, the higher your balance needs to be at Betfair.

Be aware: Bookmakers are very quick to see that a punter is making bets at short odds when it’s their own real cash being staked and then placing free bets on stupidly long odds. Don’t be greedy.

Therefore, your free bet will typically be placed at odds of 4-7.

Overall betting pattern
A profit making matched bet comes in two parts:
First, the qualifying bet on Event X (and associated lay), where we expect to make a small loss overall
Second, the free bet on Event Y (and associated lay), where we expect to make a profit of 75% of the value of the free bet (or more).

Therefore, in total, to finish a standard bet/free bet offer, you will be making four bets. Depending on the time it takes for your free bet to be credited, it could take a few days to complete a round. If your free bet is credited instantly, you can turn the set over very quickly.

They wont let you sign up as a new person. I had a coral account not used for 2 years, reregistered with new email and nearly straight away it got flagged up. Sorted now but you can't outwit them.
The reloads are starting now (only been going a week) had William hill offer of bet 10 get 15 free play out today :)

you keep going because the bookies keep offering you free bets?? Do they really do that? Or do you keep having to sign up again and again pretending to be a new person?
Bookies will offer free bets to people with active accounts, regular deposits and unsuspicious betting patterns. These offers are called reloads.

Making fake accounts is a no-no. Bookies track house address, IP addresses and so on. You will get banned when they find out.

Registration offers are usually only available as one per household too. So getting a cohabiting partner to sign up might not attract the same offers.

Hammer all the newbie offers you can. There are hundreds of bookies out there. An easily accessible list can be found on the Oddsmatcher software, when you filter by bookmaker.

I've just made my first profit of £12.50. Took me about half a day to make it though! Just so relieved that I didn't mess up my bets and end up with a huge loss as I still don't feel very confident navigating my way around Coral and Betfair. I've now got quite a lot of money in Coral. Should I withdraw everything now?

Hmmm 55p of my lay bet unmatched on betfair - race not till tomorrow though so hopefully will match. Frustrating though as there was enough available until I clicked to place it so someone else must have dipped into the pot at the same time!!

It is a little confusing when you make the qualifying bet with your own money as when you put the matched bet through the calculators it looks like you always lose 50p or so, so I ended up wondering how the heck you end up making money with this.

BUT you lose your 50p in order to unlock your free bets and those are where you make a profit which will wipe out your initial loss plus your tenner if you lost your qualifying bet at the bookie.

I've been sent a free £5 bet on a football treble at Paddy Power and last time I used them was for the Grand National. I have no idea what a football treble even is!

BUT you lose your 50p in order to unlock your free bets and those are where you make a profit which will wipe out your initial loss
Yep.

plus your tenner if you lost your qualifying bet at the bookie
Nope.
If you lost your tenner at the bookie, you gained close to a tenner at the exchange.

Right, so shortish bets to get your free £, longish bets when using your free £. But not too long too often as that's a typical matched betting pattern, so throw in one or two bets with a small amount of your own £ with long odds so you look more genuine.

The most you win is your bet amount yes if the odds are very long?

Lay odds have to be matched in full.

I have laid my first free bet on the football at the weekend. So all my liability money at betfair is now tied up until then and i can't really afford to put another chunk into betfair. The tutorial on oddsmonkey said that I should stick to football until I know what I'm doing. But if I get myself another free bet then as horse racing happens all day every day should I put a small free bet on horses today so I can start to see returns or should I wait until after the weekend when my initial liability and initial profit is settled?

Bugger I didn't use the sun free bets code when joining and I put on a qb .... I'm starting to feel disheartened. Not really seeing lots of money.

There are extra difficulties converting from euro and bank charges on the conversion which is making it hard to keep track of.

Hi 👋🏻
Started doing matched betting a week ago today, think I have pretty much got the hang of the sign up offers and am about £110 up so far.
Just got an email from coral saying if I deposit £10 I get a £10 bonus for the slots....could anybody explain what I do here? Havent done the casino side of things yet, what's the deal with wagering? Not sure I fully understand it

I need an idiots guide to slots, casinos and bingo too, please

@HappyAxolotl - I think a football treble is where you make a bet on the outcome of 3 football matches (so like Everton, Arsenal and Middlesborough all to win or whatever). I think the calculators for them are a bit more complicated.

@titchy - yes - you should lay off your mug bets too, otherwise it's gambling. Longer odds will also mean more liability tied up at the exchange. Apparently mugs bet close to events too.

@neonrainbow - no rush to do these things - they'll always be there so don't commit more money than you can afford. Football is the easiest because there's lots of people betting on the popular matches so lots of liquidity in the exchanges. On horse racing you've got to make sure that enough people have bet on your horse that you can lay it. I've ended up with some unmatched bets there as well. There's also something called Rule 4 in horse racing which is to do with the odds changing when a horse (not the one you bet on) is removed from the race before the start. The odds don't always change the same at the bookie as in the exchange so you can be left with an imbalance

Etaina withdrawing is fine to start with, a normal punter would withdraw after a win and we want to blend in with the crowd

A football treble is an accumulator where you bet on 3 or more matches or horses etc all to come in, you can add three things to the bet slip and an option will appear to select a treble and bet on them all together. Acca are more tricky to lay but if there's only three, betfair does have options at the weekend to lay them under the Saturday Accas

Thank you gardening you speak a lot of sense, hard as it is i will sit on my hands until the weekend and get a spreadsheet going so im prepared to get going properly next week.

What happens if you bet on a horse but it doesnt run?

Passmethewine that casino offer is not risk free- you need to spend 10 pounds of your own money to get a 10 bonus that would need wagering, there's no guarantee that you you would get any of it and could lose your initial 10

Neon your bet would be voided so you would get your stake back

Ok thanks for that :)

@DangerousMouse thanks, I was thinking I would be able to put a normal sports bet on with the £10 I deposit and lay it off as regular to minimise the loss, and then use the £10 bonus on the slots...or does it not work like that?

@Dangerismymiddlename not dangermouse, sorry!