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Matched betting tutorial / Initial bet

Posted by Pinterestgems | Posted in | Posted on 12:20 PM

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The initial bet

Step 1 - Opening the necessary accounts

Select a bookmaker of your choice from the list of bookies (coming soon!). Use the link on the bookies page to ensure you qualify for the offer, open an account & deposit the required amount to obtain the freebet. I recommend getting started with Skybet so the following example uses this bookmaker (although it usually asks for scan of your ID sent to them before aproving your acocunt). Click here to open an account.

You'll also need an account with an exchange in order to LAY off the bet. For most bets we will use Betfair so click here to open an account and use promo code FTB125 when registering. By doing this you will make £25 cash back!

Step 2 - Finding a suitable market in the bookmaker

Now, in order to decide what to bet on, you need to consider the offer. To take the above example of a £20 free bet, you now need to look at any conditions of the offer such as "minimum qualifying odds". This information can be found on our bookies page. For skybet there are no minimum odds so use the lowest odds you can find.

Try this now: In skybet, on the home page click Football then Premiership matches on the left menu. Look down the list for the lowest odds. In the example below the lowest odds are 1.44.

Step 3 - The risk free bit - calculating the lay stake in betfair

Now check if the lay odds in betfair are a close enough match to lay off your bet. Find the same match in betfair:

e.g. go to Soccer Fixtures > *Date of the game* > Middlesborough v Derby > MATCH ODDS.

You will be presented with the following screen displaying the back and lay odds for each outcome. The outcome we are interested in here is Middlesborough, so look at the LAY odds.

If you see a reasonably close match, you can use this Matched Betting Calculator to calculate the necessary lay stake.

Enter: £20 for the bookmaker stake

1.44 for the bookmaker odds (as in skybet)

1.51 for the lay odds (as in the pink box in betfair.

By entering these amounts into your spreadsheet, the figured below will be calculated as shown.

The amount you need to lay in order to back up your stake.

The amount you need in betfair to cover the liability.

The acceptable loss you will incurr in order to obtain the free bet.

As you can see if Middlesboro won you would make £8.80 in skybet and lose the £10.06 liability in betfair.

If Derby won or it was a draw you would make £18.74 in betfair (your lay stake minus betfair's 5% comission and lose the £20 deposit in skybet.

This leaves you with an acceptable loss either way of £1.26

Step 4 - Placing the bets

Have a look around a few games, using trial and error to find the lowest acceptable loss.

Once you have found one that you are happy with, you can now place the bet in both the bookmaker and betfair.

In skybet, tick the Middlesborough box and press "Bet Now" and proceed to stake the £20.

In betfair, click the PINK box corresponding to middlesborough and type in the calculated lay stake in the box on the right. This will show the liability and should match the amount calculated on the spreadsheet as below.

Submit and confirm the bet. When the game has ended, the winnings will be credited to either betfair or skybet, depending on the result and you will return your total stake minus the acceptable loss as calculated.

You will also be credited with the £20 free bet.