Risk free money! There’s no such thing… Right?… Wrong (almost)…
We’ve all seen the adverts for Bookies offering stuff like: bet £5 and we’ll give you £20 for free!
These have been going on for years!
The question has always been is there any way to get that £20 without risking it?
Enter betting exchanges!
These allow people to take a position on the opposite outcome. I’ll explain with a…
Manchester City vs Arsenal
There are 3 outcomes for Manchester City…
Win, Draw or Lose.
At the bookie (i.e. Ladbrokes) you would “back” (bet for) an outcome (i.e. Manchester City to Win).
However at an exchange you “lay” (bet against) the outcome (i.e Manchester City not to win – which means you bet for them to lose or draw).
So that’s the basic mechanic of the exchange..
Why does this mean free money?
Now using both the Bookie and Exchange you can bet on all outcomes of the game i.e risk free
This in its self is useless because you would still lose money if you did this with just your own money…
However using the free bets we can effectively get money for nothing…
Because by betting for and against the outcome of the match you can guarantee a slice of that free bet.
Too good to be true?
If you are like me you’ll now be thinking two things: 1. Where do I sign up? 2. Wait a second surely this can’t be real…
Now having done it there are some risks I have noticed that you need to be aware of:
1. Take care
Human error is the most common pitfall: backing one thing then laying something else can cause great losses.
You may think this would be hard to do, but when you work through some the examples I’ll provide you’ll see the crazy amount of things you can bet on and find out why this can cause a big issue.
I will advise stick to easy stuff where there are few outcomes i.e. football especially when you are just starting out
The reason why these offers are there is so that you develop an addiction
There is still a rush each time I put the bet on so you must be aware of always following established matched betting practice.
3. Never bet more than you can afford
The classic gamblers trap where you get carried away and bet more than you can afford.
Again by mindful and diligent and it should go fine
4. Cockiness – always understand everything before doing anything (this includes reading T&Cs for yourself)
I consider myself intelligent and have a tendency to get cocky when something doesn’t require a great deal of thought and as a result I have lost a bet of nearly £100 because I rushed and didn’t read the T&Cs.
So again take care!
Matched Betting is totally legal and bookies encourage it (probably for the reasons above).
However they maintain the right to close your account at any time and can withhold the balance!
Luckily there is help on this forum!
And this in a nutshell is how you make money with matched betting!
There are companies that offer services to help so it may be worth checking those out in this post.
If you would like to know or have a question more please email me at firstname.lastname@example.org
Or drop a comment below any post and I will get back to you asap