Matched betting then.............where to start...................
How about this.
Normally there are two parties in a bet. The person that places the bet (the better, the punter etc) and the person that takes the bet (a bookmaker).
If you go to your local Ladbrokes and place £10 on England to win, then the bookmaker will offer you odds on that outcome, and you can either accept that or walk away.
Now imagine if you could be the bookmaker and take people's bets. That would surely be the way to make money? The bookie always wins right? Well a betting exchange such as BetFair allows you to do just that, be the bookmaker, set your odds and take other people's bets. The problem is that they might win and if they do then you're out of pocket.
So where do the bookmakers free sign up bets come in? Most of them are based on a match of your first bet. You want to get the free bet, but to do that you don't want to risk your own money, that's gambling.
The basic principal is that two bets take place. The first is the qualifying bet, placing a wager in line with the bookmakers terms and conditions in order to then qualify for the free bet. In order to not lose anything (or only a small amount easily offset by the value of the free bet) you need to place a bet on something a simultaniously lay it off. This is a back and lay and it's a key principal of matched betting. The idea is to back (bet on something happening) and lay (bet that something not happening), thereby having both sides of the equation.
If you do your sums right (by finding a wager where the odds of it happening or not happening are the same) you can complete this bet without losing money.
Fantastic, you've won nothing! But don't worry, this transaction has now released a free bet at the bookmaker. Complete the same process again, where you have both sides of the same equation. The difference is that this time you will only fund one side with your own money. Regardless of the result you are therefore going to be in profit.
If this is your first introduction to this process then I can understand if you're a little confused, I know I was when I first saw it!
In simple terms1. Sign up with a new online bookmaker that gives a free bet.
2. Place a bet on something.
3. Lay the bet off at an exchange in such a way that you will not win or lose regardless of the outcome of the event.
4. When that bet is complete you should then have a free bet from the online bookmaker.
5. Repeat the back and lay process again.
6. You still won't care about the result, but because you've only funded one side of the equation from your own money, you'll be in profit regardless.
7. When that's complete you withdraw from the bookmaker and move on to the next one.
8. Repeat for each of the 200+ online bookmakers and you'll make a useful amount of money.
There are some great videos on the subject from www.thegoldtiger.com which cover the basics and how to profit from the different types of bookmaker bonus (stake returned, stake not returned and risk free).
If you now understand the basics of matched betting then you need to read the rules. Without the 10 rules of matched betting you are putting your funds at risk, and that's really not the idea of this, we're here to make money, not lose money.