What is matched betting? Matched betting is the art of placing bets for and against a particular result, so that your results cancel each other out – no risk of losing or winning.
The way to make money out of matched betting is to use a ‘free bet’ from an online bookmaker as your betting stake, and then match it (or ‘lay it’) with your chosen betting exchange.
If you lose with the ‘free bet’, you win on the betting exchange. If you win with the ‘free bet’, you lose your money from the betting exchange, but still have it with the other bookmaker, ready to bet again.
Over time, by taking advantage of the numerous free bets offered by online bookmakers, you can accumulate a healthy profit in your betting exchange account, ready to withdraw and spend on other things!
Betting exchanges such as Betfair or BetDAQ allow you to act as the bookie, and make ‘lay bets’ – betting against a particular outcome, to effectively cancel out bets for that outcome. So, if you bet on the event as both a punter and a bookmaker at the same time, the ‘bet’ side and the ‘lay’ side cancel each other out completely.
The key is to make use of the free bets that are offered by online bookmakers, to encourage you to sign up to their sites. This is effectively free money, which you can use to place online bets.
But free bets come with strings attached if you win, you can’t just withdraw the money you’ve made: it remains in your account within their system. The idea is that you play again, and keep playing, until eventually you can withdraw the funds. The terms vary between different bookmakers, but basically you can only get your hands on the money once you’ve gambled with it multiple times, and probably risked more of your own money in the process.