Matched betting - who's done it and who's good at it? (No Referrals)

[DannyDog]

Sorry, but could either of you explain where the £30 can be made/guaranteed?

You will need £100 in your bet 365 account. The strategy is to place a £50 back on the chelski game, then lay it off at the exchange, get a close match so as not to lose too much.

You then need to do the same thing in play on the same game, place a £50 bet and then lay it off as if it was a free snr bet. If you get the matches close enough you will come out with about £30 profit.. Because you get your £50 in play refunded if it loses. Treating it as an snr will mean you make a profit regardless.

 

[DannyDog]

Thanks.

I've downloaded the spreadsheet and stuck in a couple to see if I can work out what's going on but I'm still struggling to see how any money is made of these.
For example if I back PSG (1.71) and Benfica (2.1) as a double (3.57) then lay 1.71 and 2.2 respectively against each leg it comes out as a 69p loss off a £10 bet.
I'm so confused...

I know I linked to it, but I haven't actually used that spreadsheet myself.. I get it all done for me, but I think it's to do with the refund, so you get your money back if one of your multiples let's you down? Thus giving you the profit?

 

[marshalex]

I know I linked to it, but I haven't actually used that spreadsheet myself.. I get it all done for me, but I think it's to do with the refund, so you get your money back if one of your multiples let's you down? Thus giving you the profit?

That makes sense then if you only lose 1 leg of it but of you lose more than 1 leg would it would mean a loss then?

 

[DcD]

Never done matched betting before so I'm considering taking advantage of the sign up offers. I do have a couple of questions, if a veteran would be so kind;

How does bingo work? Is it that you bet the free bet on red, and your lay bet is on black? How have people walked away with fluke £3500 wins from this system?

Secondly, what about the sign up offers where bookies say that free bet winnings have to be 'turned over' seven times before withdrawal? I seem to recall BetVictor did this in their T&C's a while back.

 

[doodah]

Can't remember the bingo one but yes if you are very lucky you can walk away with big wins, think I managed £30 here £50 there though my luck seemed to get much worse further along.

Doing turnovers isn't too much hassle, again you need some luck because a situation where you lay account gets wiped (because your back bet wins and transfers your money to the betting account) slowing things down. I managed to £1,500 turnover in 3-5 days I think without too much fuss, twice. One of them I ended up £20 down but that was mainly due to a mistake on my part and the other time I ended up less than £1 down (these are qualifying losses) which was great .

 

[DcD]

Can't remember the bingo one but yes if you are very lucky you can walk away with big wins, think I managed £30 here £50 there though my luck seemed to get much worse further along.

Doing turnovers isn't too much hassle, again you need some luck because a situation where you lay account gets wiped (because your back bet wins and transfers your money to the betting account) slowing things down. I managed to £1,500 turnover in 3-5 days I think without too much fuss, twice. One of them I ended up £20 down but that was mainly due to a mistake on my part and the other time I ended up less than £1 down (these are qualifying losses) which was great .

So essentially, you still have to contend with the back bet being the part that makes you the larger profit, and the lay is simply hedging. So ideally, we always want the back bet to come to fruition?

 

[Goose]

So essentially, you still have to contend with the back bet being the part that makes you the larger profit, and the lay is simply hedging. So ideally, we always want the back bet to come to fruition?

No, you want your back bets to lose so your money ends up in your exchange and you no longer need to keep making rollover bets.

For example with the Bet365 sign up offer if your back bet placed using the bonus money wins you have to rollover 4 (I think) times whereas if it loses you dont have to rollover anything.

 

[DannyDog]

No, you want your back bets to lose so your money ends up in your exchange and you no longer need to keep making rollover bets.

For example with the Bet365 sign up offer if your back bet placed using the bonus money wins you have to rollover 4 (I think) times whereas if it loses you dont have to rollover anything.

Totally right, but I would also mention, don't get tempted to whack your rollovers on too high odds hoping that it will lose and you don't need to do the rollover requirements unless you have lots of funds to spare. I did this on the bet365 one, wagered £100 on an 8-1 shot and it won, meaning £800 of my exchange cash in my b365 account that I couldn't withdraw until I'd completed wagering. It was mentioned in a previous post, but just wanted to reinforce.

 

[robfosters]

Just had a blinder. Put my £50 on Chelsea at 21 when they were 1-0 down. They were attacking so I left it for a minute. They scored, laid off at 6.8 and made £140!

Happy days.

 

[booyaka]

Back on this again.

Labrokes offer tonight - £50 bet, get £50 free.

Backed PSG for £50 @ 1.66, layed on smarkets for 1.68 - so overall lost £1 to get my free £50 bet.

Will get that done tomorrow which should give me around £38-£40 profit.

 

[Simon]

Btts to score first half at 6.5 came in on my risk free £50

 

[Tosno]

Btts to score first half at 6.5 came in on my risk free £50

Didn't lay it off?

 

[Simon]

Didn't lay it off?

Nah its risk free so why limit the winnings

 

[Goose]

Nah its risk free so why limit the winnings

Because laying it means guaranteed profit regardless, which is the whole point of matched betting.

 

[Tosno]

Simon, you really got lucky there! But in general on this offer you can make £35~ without needing luck and next time you might not be so lucky and lose £35 profit.

 

[booyaka]

Backed/Layed Roma tonight with my free £50 from Laddies.

£37 profit give or take a penny or 2.

Needed another £100 into Smarkets mind you for the liability!

Will update overall profit later when bet settles. Need to update my spreadsheet!

 

[robfosters]

Anyone else been gubbed by paddies over the last 2 days?

 

[beh]

Anyone else been gubbed by paddies over the last 2 days?

Lots of people I gather.

Back in January they restricted some people from the bet 20 Get 10 promo. Many more were gubbed when they merged with betfair couple weeks back. Same again in the last few days.

 

[doodah]

Lots on PA, perhaps more with Betfair accounts. I've used Smarkets for a while now but boy does it know how to screw up royally at the last minute.

 

[Mattus]

Anyone else been gubbed by paddies over the last 2 days?

Being gubbed by Paddies is like a matched betting rite of passage. You're lucky if you last three months... swines.