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A guide to matched betting - part two

This is a continuation of my matched betting guide, part one can be found by viewing my author bio. In the first article we learned that free bets are offered by bookmakers as an incentive to new customers and savvy bettors can earn a profit using free bets with the aid of a technique called matched betting. Matched betting involves betting for and betting against the same outcome, rendering it neutral. This can be achieved by placing only two bets, the first at a bookmaker and the second at a betting exchange. This article will continue from where we left off.

You now know what a betting exchange is, when betting at a betting exchange you are faced with odds you may have not seen before. Traditionally bookmakers show odds in fractional format such as 2/1. Betting exchanges show odds in decimal format, and the calculations relevant to matched betting are also performed using decimal odds. Once you get used to using decimal odds, in my opinion you will find calculating your winnings a lot easier. To figure out how much you would get back if you win you simply multiply your stake with the decimal number. Letís take an example of a £10 stake and odds of 3 decimal: £10 X 3 = £30, we would get back £30. The profit we would make is £20 as £10 belonged to us in the first place. So in order to calculate your profit you take the stake, multiply it by the decimal odds and then minus the stake off the total.

As we discussed in the first part of the guide you need to place two bets in order to matched bet. The first is to bet for an outcome and the second is to bet against the same outcome. Betting for is called backing and betting against is called laying.

Backing is betting for an outcome to happen and when matched betting you place back bets with the bookmaker offering the free bet.

Your risk (back risk): The stake amount
Your potential profit (back profit): Stake multiplied by the decimal odds minus the stake

Laying a bet is betting against an outcome to happen, you place lay bets at a betting exchange. When laying a bet you are acting as the bookmaker, so the money you stake is the money you plan to win, and your risk is relative to the stake and the odds. So to clarify laying a bet is a completely different process to backing a bet.

Your potential profit (lay profit): Lay stake minus 5% betting exchange commission
Your risk (lay risk): Lay stake multiplied by the decimal odds minus the lay stake

When matched betting your back risk is outweighed by your lay profit and vice versa. So whatever the outcome you will make the same. To continue the guideScience Articles, please see part three found in my author bio.

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Matthew works with a site that offers some of the best free bets from bookmakers. Without free bets matched betting would not exist.

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