Place your Free Bet. If your bet wins at the bookmaker, you are done with the offer and will have made a profit. If you bet loses at the bookmaker, you will now receive a free SNR bet, in this case £30. To extract this you will need to matched bet this £30 free bet. Horse racing refunds are a type of daily offer that the majority of major bookmakers run regularly for existing customers and thanks to Matched betting we can take advantage of these refund offers.
- Does Matched Betting Work Without Free Bets
- Matched Betting List
- Betting Sites Free Bets
- Matched Betting Free Bet If Lose
Mаtched bеtting (also known as back bet matching, lay bet matching or double bеtting) is a bеtting technique used by individuals to profit from the free bets and incentives offered by bookmakers. It is considered[weasel words] risk-free in theory as it is based on the use of a set of mathematical equations rather than left to chance.[1]
Concept[edit]
The concept of matched betting requires an account with two or more bookmakers or betting exchanges where at least one offers the user a free bet. When the free bet is placed the other bookmakers or betting exchanges are used to hedge all the possible outcomes so that no matter what happens the value of the free bet is retained. At its simplest, a matched bet involves placing a back bet using the free bet at a bookmaker while placing the opposing lay bet at a betting exchange. More advanced versions involve placing the bets on multiple bookmakers (dutching) to avoid the commission charged for using an exchange. Generally, bookmakers incorporate terms by which bettors must first place a bet using their own money in order to qualify for the free bet. For this, a bet is placed on particular results occurring with the bookmaker and a second bet placed on the same result not occurring at the betting exchange. The latter is required to offset any loss in the event that the result does not occur; for instance, if a team loses. Once the free bet has been qualified, the same process is followed with the exception that a free bet is being used. No matter which result occurs, there will always be a guaranteed profit because the bet was made free of charge. Online betting outlets, betting exchanges, have become popular in recent years for they allow betters to bet without official odds-makers. In essence, the person placing the lay bet acts as a bookmaker.[2]
Approaches[edit]
There are several common strategies for matched betting including assisted and manual betting. Assisted matched betting refers to websites or software packages which provide comparison tables of markets for individuals to bet on. These are commonly known as 'auto-matchers'.[3][4]
Industry reactions[edit]
Matched betting is legal and a spokesperson for William Hill has indicated that the betting industry does not have a problem with this use of free bets.[5]
Matched betting services[edit]
The growth of matched betting has led to the formation of matched betting services - usually subscription-based businesses established to make the process easier with step-by-step instructions and bespoke software, such as oddsmatching.[4]
Taxation[edit]
Matched betting, along with all other betting, is tax-free in the UK [6] and in Italy. [7]
See also[edit]
References[edit]
- ^Burek, Owen. 'Is Matched Betting the Answer to Student Prayers?'. Huffington Post. Retrieved 6 June 2014.
- ^Thrust, Richard (2010). Free Sports Bets. ISBN9781445725710.
- ^'Free World Cup bets offer chance to beat the bookies'. The Guardian. 5 June 2010.
- ^ ab'Free bets mean you can clean up as bookies meet their match'. The Guardian. 24 July 2010.
- ^'Is this a bet you can't lose?'. Daily Telegraph. 6 December 2010.
- ^'BIM22015 - Trade: Exceptions & alternatives: Betting and gambling - introduction'. HM Revenue & Customs. Retrieved 4 December 2013.
- ^'Gazzetta Ufficiale art. 30 DPR 600/1973'. Gazzetta Ufficiale.
When choosing a bookmaker, incentives are especially appealing – but how do free bets work? Unfortunately, a read through these bookmakers’ terms and conditions show that it’s not just free money. Read this article to learn how free bets work & their drawbacks.
Continuing on from our previous article – Why Free Bets come at a Cost – where we discussed free bet terms and conditions, this time we’ve actually investigated free bets from various bookmakers to learn exactly how they work – including their drawbacks.
One bookmaker – we’ll call them Regret Victor – has a £25 Free Bet offer for new accounts. Upon closer inspection of the offer, it is then revealed in the T’s & C’s that you have to place a bet with your own cash that must contain at least one selection with odds of at least 2.00, unless it is a four-fold or greater. They will then match this bet with ‘promo cash’ up to £25.
Does Matched Betting Work Without Free Bets
Essentially, the bookmaker is telling you what to bet on with your own money before it will give you anything. And at 2.00 or greater, it’s a punt with a chance of winning under 50%.
Drawbacks:
- Free Bets usually require you to match the bookmaker’s investment with your own
- Bookmakers steer you into less profitable or losing markets
- To make a withdrawal you need to make ever more bets
Having fulfilled that condition, you are only able to withdraw any winnings from the promo cash once you have staked at least four times the value of your initial bonus amount and these bets are fully settled.
So even with the £25 in promo cash you would need to place a further bet of up to at least £100 of your own money before you could make any withdrawals.
More Money, More Conditions
Some bookmakers – like one we’ll call Daddy Power – try to lure customers by enticing them with a huge free bet – Power offer up to £250.
This isn’t however a gratis gift; to get the money you would need to place a bet of £50 to have it matched by the bookies, and then place another four bets of £50 to receive a second free bet of £50. After another five bets of £50, they then get another free £50, while a further ten £50 bets are needed to reach £250.
Essentially, the bookmaker is telling you what to bet on with your own money before it will give you anything.
The whole scheme requires a punter to bet £1,000 of their own money in order to get £250 worth of free bets. Oh, and all bets must have minimum odds of 1.50. Now is that what you would expect from a £250 free bet?
Another bookmaker – we’ll call them Bet 123 – has a different take on its high-value free bet. It offers a bet of up to £200, provided it is matched by the same deposited amount, and played on events with minimum odds of 1.50.
You then need to successfully rollover (rebet) your total deposit and bonus value three times before you can withdraw anything. This means that if you did deposit £200, you would have to wager £1,200 {£200 Deposit*3 + £200 Bonus*3} before being able to withdraw anything. Additional conditions require that you do not place bets on Asian Handicap, Goal Line and Baseball money line markets.
Risk Free Bet
Another slightly different approach to incentives, but equally deceptive, is the risk-free bet. You qualify for the free bet only if you lose your first bet (up to a certain amount), which essentially gives you your money back. However it is not as straightforward as it appears. This so called risk-free bet requires you to risk your own money first, and you have to bet more than the risk-free bet to be able to withdraw.
Matched Betting List
A bookmaker –we’ll call them DoBog – offers a £10 risk-free bet, although a £10 bet (from your own money) must first be placed on a bet with odds of at least 2.00 before you receive the £10 bonus. The bonus amount then needs to be rolled-over up to three times at odds of 2.00 or greater prior to any withdrawals.
Betting Sites Free Bets
Conclusion: Don’t Waste Time & Money
These so called incentives are a waste of both time and money. You have to spend time learning the exact terms and conditions if you want to see your cash again, while the poor value odds these bookmakers offer (having enticed bettors in with promo offers) end up costing bettors in the long run.
Matched Betting Free Bet If Lose
It’s far better to use a low-margin bookmaker like Pinnacle, which offers much better odds than incentive-offering bookies.