Matched betting is a popular technique that allows you to profit from bookmaker free bets. What is matched betting, Matched betting involves placing two bets. The first is when you bet for something to happen. For example, I bet that Barcelona will beat Real Madrid. To win my bet Barcelona must win, if they lose or draw then I lose the bet. The second is when you bet against what you have just bet for. Therefore, I bet against that Barcelona will beat Real Madrid. To win this bet Barcelona must lose or draw. Now whatever the result of the match is I am covered by either of my bets.
Why cover all outcomes of a bet?
The simple answer is because it allows you to profit from a free bet. Let’s look at how a free bet normally works. The bookmaker offers a sign up bonus for new customers. However, bookies don’t like to give away their cash, so therefore they ask you to place a qualifying bet, after you place a bet, they will normally release a free bet up to a certain value based on the amount you’ve just bet. For example, let’s take a free bet of up to £20. Let’s pretend you bet £10 as a qualifier, in that case you get a £10 free bet. However, if you bet £20 instead, you’d get a £20 free bet. So therefore by covering all outcomes we can place these qualifying bets without risk to our capital.
Yeah but surely the bookie doesn’t let you bet both for and against.
No of course they don’t. However, the introduction of betting exchanges means we can bet away from the bookmaker and without them knowing. A betting exchange is what is known as peer-to-peer, or people-to-people. You bet against a person, not a bookmaker. This adds a different aspect, you can play as a bookmaker, taking bets! You offer odds and if a backer likes them your bet can be matched up.