TUTORIAL 1 - INTRODUCTION TO MATCHED BETTING

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GETTING STARTED

 

Matched Betting can appear confusing at first but you’ll be surprised by how quickly it starts to make sense, and very soon you’ll be wondering why more people aren’t doing it.

 

The basic principle is this:  Matched Betting uses simple Maths to guarantee a profit from bookmaker bonuses and incentives by covering all possible outcomes of an event.

 

This first tutorial is quite long but will teach you the basics even if you’ve never placed a bet before.  You may not fully understand Matched Betting on first reading but this is fine.  We guide you through every step of the process and, as long as you follow the instructions carefully you will soon be taking a minimum of 70% of a bookmaker sign up bonus as profit.

 

To get started, you will need the following:

 

A little bit of time and patience – it will require some effort on your part but it will quickly get easier and easier.

A PC or laptop with internet connection. You can use tablets or phones but it is easier with a computer.

Some money to get you started. We recommend at least 500 kr which will allow you to complete some of the smaller offers.

A Swedish bank account and home address. You also need to be over 18.

 

THE BASICS OF A BET

 

A bet is when you attempt to predict the outcome of an event.  The first thing to understand is that every bet has two sides.  Whether it’s with a friend or a bookmaker, when you place a bet it is always matched on the other side.  If you place a 500kr bet with a bookmaker (for example, Hammarby) to win you are initially giving them 500kr.  The bookmaker takes the 500kr but also has to make sure that they have sufficient funds if Hammarby does win because then they have to give back the 500kr plus the winnings on top.  It is important to note that if the game is a draw, the bookmaker keeps the 500kr.  As the bookmaker bets against Hammarby winning, every possible outcome is covered. 

 

Predicting that something will happen is called the BACK bet.

Predicting that something will NOT happen is called the LAY bet.

 

Matching the BACK and LAY bet enables us to take the bonus money offered by the bookmaker as profit.

 

This is the basis of Matched Betting.

 

BETTING EXCHANGES

 

When you place a bet with a bookmaker you are always placing a back bet.  You are backing the outcome that you think will happen.  The bookmaker automatically has a lay bet as he is betting against the same outcome.  The bookmaker profits when his lay bet wins and loses when the back bet wins.

 

With betting exchanges such as Betfair and Smarkets they are not laying any bets themselves.  Instead, they provide a platform where users can put up their own odds in the hope that they will be matched by another user.  They have no interest in which side wins as their money comes from the commission that is charged on every winning bet (2% for Smarkets). Currently, Smarkets are not licensed for the Swedish market so you will need to use Betfair who have a standard 6.5% commission.

 

When someone proposes a back bet on an Exchange we have the opportunity to match this with a corresponding lay bet of our own.  So if someone puts up a bet for Hammarby to win we now have the opportunity to play the role of a bookmaker and bet against this outcome by matching their bet.

 

This means we can place a back bet with a bookmaker, but then lay the bet with the exchange enabling us to cover all potential outcomes.  This used to be difficult and time consuming but our software scans the bookmakers and exchanges every few minutes and calculates exactly which back and lay bets to place.

 

ODDS AND LIABILITY

 

If you’re new to betting odds can be very confusing.  You may have heard odds being expressed as fractions such as 4/1 or 11/4.  This makes it harder than it should be so for Matched Betting we never use fractions and instead use decimal odds.

 

The most important thing you need to know about decimal odds is that they are a measure of how likely something is to happen.  The bigger the number, the less likely.

 

If you bet 500kr on Hammarby at odds of 3.0 and they win, you will get a RETURN of 1500kr.

 

(STAKE x DECIMAL ODDS) = RETURN

 

At the same time, the bookmaker will lose 1000kr.  This is the liability which is the amount the LAYER stands to lose.  Liability is important to understand as you will be placing a lay bet against every BACK bet.  It is also very easy to calculate:

 

(STAKE x DECIMAL ODDS) – STAKE = LIABILITY

 

The liability section of the exchange can often cause confusion.  It can be quite scary at the start when we see high liability at the betting exchange but remember if you lose the liability at the betting exchange, you will win that money at the bookmaker.

 

HOW MATCHED BETTING WORKS

 

There are currently just over 20 licensed bookmakers operating in Sweden with sign up bonuses, all of which you can guarantee profiting from using matched betting.

 

For example, BWIN offer you 250 kr for free if you deposit 250 kr.  You could place this as a bet and hope to win but there is a high chance you would lose your initial deposit as well as your sign-up bonus.  Instead we will place a back bet for Hammarby with BWIN for 500 kr at odds of 2.5 and at the same time place a lay bet at the same odds at a betting exchange.

 

By placing a back bet and a lay bet it doesn’t matter what the result is, as whatever happens they will cancel each other out.  You won’t make a profit or loss with your own money, but you will be able to keep the 250 kr free sign-up bonus from the bookmaker.

 

In reality, it’s hard to get exact matches and so for every bet you are likely to have a small qualifying loss but you will be able to retain between 70 – 95% of every sign up bonus as profit.  As most bookmakers have a sign-up bonus of 1000 kr or more this would give you a profit on one offer of between 700 - 950kr.

 

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