Matched betting, need help...

[apeZ]

I've got a bit of money to spend, so I thought I'd give matched betting a go.

I *think* it works like this, correct me if I'm wrong. This is what I've done anyway, but I haven't placed a bet yet.

1) Open an account at Betfair, deposit some money.
2) Open an account elsewhere (I went for Betfred) where there is a bonus for signing up and depositing (Betfred offer free £50 I think).
3) This is where I'm confused. I place a lay bet at Betfair and a buy bet at Betfred. The odds for lay and buy have to be very close (why?).
4) I win my lay bet at Betfair and lose my wager at Betfred.
5) If I keep losing at Betfred, I earn the free £50, which I use and continue.
6) My winnings from the lay bets exceed the initial outlay, because I've had a bonus of £50.

I've been reading about it for a few hours, trying to get my head around it. Do I have it right?

I was looking at the Wales v England game. Betfred offer Wales at 15/2 to win, and Betfair have the lay bet at 11/1 against Wales winning.

This is where I'm confused though, as the odds should apparently be closer for matched betting, but I don't understand why?

Any advice appreciated!

 

[apeZ]

There is a match betting website which tells you bets to place. If you have to ask ,then maybe you shouldn't be match betting?

I wasn't aware that such a website existed. And what's wrong with asking questions? I haven't bet anything yet.