In simple terms, matched betting involves using betting bonuses and sign-up offers to obtain a profit which comes at low risk. In order to keep the risk associated with the bet at a minimum, matched betting uses both a traditional bookmaker and a betting exchange.
Arguably the most popular online betting exchange today is Betfair. it is possible to use Betfair plus the special offers and bonuses from a traditional bookmaker of your choice to make a matched bet. If you would like to know more about how exactly matched betting works you can do so by checking out our article specifically on this topic. However, we are going to be taking a look at how to do matched betting using the Betfair exchange.
The first thing you need to do is head to the Betfair exchange website and create your account. Always keep an eye out for special offers when joining new betting websites and the same applies when creating an account at the Betfair exchange. They regularly run offers which Include 0% commission for a limited time or up to a specific amount of money plus a free bet up to a certain amount, such as £20. When you register your account, you will also have the opportunity to decide your account package and rewards scheme.
Which you decide to use will depend on how often you think you will use the Betfair exchange and only you can decide which package is best suited to your betting requirements. Before you can place a matched bet using the Betfair exchange you will need to deposit money into your account. This is very straight forward and there are several payment methods you can use to complete this task. Do not do it straight away as you do not know how much you are going to need for your matched bet.
When you have your account setup, you can go and search for some of the best special offers and bonuses at online bookmakers. There are plenty to choose from but for this example of how to do matched betting using the Betfair exchange, we are going to say you have taken advantage of a free £10 bet at the bookmaker of your choice.
To claim this offer, the bookmaker requires you to place a £10 bet. To do this without losing any money you must place a £10 bet with the online bookmaker but lay the same bet at the Betfair exchange. For this to work, you must find the same sporting event, let’s say it is a football match at both the online bookmaker and the Betfair exchange. Having placed the bet at the bookmaker you must now find the pink coloured column for the same match at the Betfair exchange. This is the lay odds, So, find the much you are looking for, click the pink button and enter the amount you wish to lay.
By doing this, whatever the outcome of the match you are not going to lose anything but you are going to gain a £10 bet at the bookmaker. You now have this £10 bet for free as you have not lost anything by using the Betfair exchange to lay off your original stake.
Matched Betting Using Betfair
Now, this is where matched betting using the Betfair exchange becomes really exciting as you can use your £10 bet to make a profit. Remember, we are using the Betfair exchange for match betting because doing so is the closest you can get to guarantee a profit when betting on the sport.
You must find a sporting event which has the same or very similar odds at both the bookmaker and the Betfair exchange. There are several websites you can use which will show you the best sporting events for match betting at the Betfair exchange if you want to find out more about what Betfair Commission click here and the bookmaker of your choice, should it be available. This will save you a lot of time going back and forth between the bookmaker and the Betfair exchange trying to find odds which are the same or very similar.
To make a profit using the Betfair exchange, you must place a back bet using your £10 at the bookmaker and lay some of it off at the Betfair exchange. You will always find great liquidity for most sporting events at the Betfair exchange and that’s one of the many reasons why people choose to use them when matched betting.
Let’s take a match between Manchester United and Liverpool as an example. The Bookmaker offers odds of 4.00 for Manchester United to win and you place your £10 back bet. At the Betfair exchange, the odds are 4.00 to lay, which is perfect. If your bet at the bookmaker wins you will win £40. If Manchester United lose the game you will lose your free bet but win at the Betfair Exchange. By placing a £10 lay bet at the Betfair exchange you have won £10.
However, if Manchester United won the match you will have lost your lay bet at the Betfair Exchange, which would have cost you £30 due to the liability. However, you would have won £40 at the bookmaker which still gives you a profit of £10.
It is not always easy to work out the amount of money required on your lay bet when using the Betfair Exchange for matched betting. However, there is a calculator available which you can use and this will give you the exact amount you need to lay at the Betfair exchange to make a profit. Never try and guess the amount of money you need to bet as this can easily lead to a mistake and a loss rather than a profit.
If done with patience and using the correct tools, matched betting using the Betfair exchange can be a nice way to make a little extra income.