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Money for uni by matched betting

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Post on TSR and win a prize! Find out more... 10-04-2014
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    Hi All,

    Welcome to the Matched Betting thread - the new trend for students in making some money!

    This thread is intended to be a reference guide with tips and links to various way in which you can take advantage of this lucrative method of making money.

    Matched betting can be done automatically or manually - this thread covers both automatic methods and manual methods. Manual methods involve users researching, calculating and carrying out the matched bet. Automatic methods are usually websites or software that automates this.

    The following is a comprehensive guide from Wolvarium that covers the basics of both automatic and manual methods with some very useful reference links.

    Sonyhamster


    What is Matched Betting?

    Matched Betting is where you take advantage of a bookmakers sign up offer by covering all outcomes when you place your bets, ensuring that you roughly break even whichever outcome occurs.

    Is it risk free?

    Yes.
    Of course there is always human error or unforeseeable events that are out of your control but it is “risk-free” in the truest sense of the word.
    There are offers you can decide to do that are “low-risk” but it is entirely your choice whether you want to do them or not.

    How much can I make?

    You can make as much or as little as you want to. If you complete a lot of the sign-up offers available then you can easily make around £1000.
    There are other ways of making money, revolving around the same principle, which I will explain in greater detail below. After doing the sign-up offers, you can utilise these methods and make large amounts of money.
    The highest amount of money made from all of this, that I'm aware of, is over £70 000. This was over a number of years and did include things that were not risk free so this amount is by no means easily achievable.
    However if you are serious and prepared to put in the time and effort you can realistically aim for amounts such as £10 000. It may take a year, it may take several but that's up to how much you do.

    Here is a link to a diary someone called donglemouse kept for 5 years. In that time he made £60 000. Each week he lists what offers he did and breaks down the profits made. It's a very interesting read and shows how big money can be made.

    http://forums.moneysavingexpert.com/...ad.php?t=90197


    Where can I learn?

    There are various resources you can use that help you to get to grips with how the process of matched betting works. I will list some of them here.

    http://forums.moneysavingexpert.com/...d.php?t=325861
    This thread is the Matched Betting Bible. It explains how matched betting works in relatively simple terms, with screenshots and examples to make the learning process as easy as possible. This thread taught me how to do it, as I'm sure it has many others, and I cannot recommend it enough.

    www.fixtheodds.com
    This website automates the process. It will open the bookmaker's websites, have pop-ups to tell you where to click and how much to bet.
    Although I haven't used it (and cannot explain it in great detail) it seems to be for those that do not have time to spare and appears quite good at easing you into the process of matched betting. I've heard of several people using fixtheodds for a couple of offers before starting the process manually.

    http://www.matchedbetting.co.uk/guide.html
    This site has quite a nice simple guide, tries to answer some questions you may have, and is worth taking a look at. It also has other resources you may find useful such as the listing of freebets currently available.

    How can I find offers?

    There are sites, like the one mentioned above, that list freebets and bookmakers. I'll recommend a few:
    http://www.online-betting-guide.co.uk/free.php
    Affiliate sites like these sometimes have exclusive offers that are only avaliable by going through their site. Sometimes the exclusive offer is better than the bookmaker's own current sign-up offer so it's always worth checking.

    http://www.comparethebookie.com
    (Contributed by Neb1405 - a comprehensive affiliate website including international offers that can also be used)

    http://www.freebets4all.com/latest-free-bets.aspx
    Another site that lists more bookies. Word of warning though, some of the bookmaker's on the list are a bit dodgy and would be worth researching. More on that later.

    http://www.beatbookies.com/#
    Another reputable site that provides some good information.

    What I would also fully recommend, is joining matched betting communities that discuss matched betting:

    http://forums.moneysavingexpert.com/...splay.php?f=41
    Moneysavingexpert is an excellent, reputable forum, dedicated to saving money.
    On the matched betting section of the forum you will find a strict policy of only risk-free offers being discussed here. This is a good place to keep track of the newest sign-up offers, and other offers bookmaker's may have for existing customers on their website.
    Reading threads on the forum will also get you accustomed to some of the more complicated aspects of Matched Betting.

    www.thegamblingtimes.com
    A word of warning for this one. It's not for newbies as it often lists offers that are not risk free.
    This site is brilliant for listing offers and the latest news. The downside is, to gain access to the private (and best) areas of the forum you need to pay a premium fee of £28. This will give you full access to the forum, and the chatbox.
    In my opinion this is well worth the money and the site has paid for itself many times over.
    They do a 48 hour free trial for those that want to see what the website is like.

    Warning: The following probably won't make any sense unless you already understand how matched betting works.

    What types of offers are there?

    Well there are several types of offers.

    SNR and SR: Firstly you'll come across the letters SNR and SR.
    SNR means a stake not returned freebet. These mean that the actual £25 stake of the freebet is not returned with the winnings. So if you bet £25 of your own money on odds of 2.0 (evens) then you'd expect to get £50 back (£25 of your own money and £25 “profit”). With a SNR freebet you would only get £25 back. For SNR bets as the stake is not returned with the winnings, to get the best profits you need to bet on high odds e.g. around 4 or 5 and higher.

    SR means the opposite. This is a stake returned freebet. This means that with the example above you would get £50 back, the £25 freebet stake would be returned with the winnings.

    Minimum Odds: There are almost always minimum odds you need to bet on for your bet to count towards the sign-up offer. Say it is a bet £25 get £25 freebet offer, bookies will normally state that e.g. Bets must be placed on odds of evens (2.0) or greater. If your bet is placed on lower odds it won't count for the offer and you won't get the freebet. You can, however, place your bet on odds higher than this requirement.

    The standard bet x amount and get x amount as a freebet: These offers are the simplest where you bet e.g. £25 and you get given a £25 freebet that you can bet and withdraw once the bet is settled.

    Deposit x, get x straight away: Another common offer is one where you deposit e.g. £30 and get £30 credited instantly into your balance. Then your whole balance (£60) has to be wagered e.g. 5 times. This just means you have to wager £300 worth (60x5). You can normally do this any way you like, and in any number of bets, unless the terms and conditions state otherwise. The freebet is often SR with these kinds of offers.

    No-lose freebets: These are generally e.g. bet £20 and if it loses you'll be given a £20 freebet. You can get guaranteed profit from these types of offers by laying less than you usually do. If you treat both bets as SNR then you can usually guarantee e.g. £15 out of the £20.
    This can be quite a complicated offer to understand and it is best to ask if you don't fully understand or don't feel confident doing it.

    Wager x amount and unlock x bonus to withdraw: There are offer that only give a bonus once you have wagered a set amount e.g. wagering £800 to unlock £100. The wagering can generally be done any way you like and once the bonus money is unlocked you can normally withdraw it straight away.

    There are other types of offers but my aim is to produce an overview of the most common ones, not an exhaustive list.


    I've done all the sign-up offers I can find. What next?

    Well chances are you haven't done every sign-up offer there is so it's worth having a thorough look around.
    But if you're willing to carry on making money there are other branches of “Matched betting” that are very profitable. I will mention a few.


    Arbitrage Betting: This is when you find back odds considerably higher than the lay odds and you place your own money on these odds to make a profit. It is common for arbers to underlay to ensure more profit if the bet wins in the bookmaker. There is big money to be made here, and there are usually plenty of arbs to be found on horse racing for the main UK bookies, and plenty on other events (depending on the bookie) such as football, darts, tennis, golf, formula one etc...

    Casino Offers: These are not strictly risk free. They generally involve depositing a set amount, completing a certain amount of wagering to achieve the bonus money. The wagering is usually done on blackjack or similarly low-risk games such as casino hold-em. The wagering can then be completed with (hopefully) minimum losses and you can walk away with profit. Unfortunately these “profitable” casino offers are becoming more and more scarce. Best place to find these offers would be thegamblingtimes.

    Reload Offers and offers for existing customers: There are often offers for existing customers that may give you e.g. a £10 bonus for depositing £10 or Deposit £300 get £100 and wager x amount of times to withdraw. Big reload offers don't come along often but they all add up!


    Hints and advice

    The most importance piece of advice I can give is to read the terms and conditions. Always know what the bookie is asking of you so that you make the most of the offer and don't mess it up.

    Research the less well-known bookmakers to see if they are respectable. There are too many cases of a bookmaker going bankrupt or simply closing down, taking people's money with them.
    A simple search on the moneysavingexpert forum can help you with this.

    I would also recommend
    http://www.sportsbookreview.com/

    Cashback: There are websites like Topcashback and Quidco that provide cashback (money) for joining a bookmaker through them and fulfilling set criteria. It is well worth having a look and seeing if you can make some extra cash.

    Human Error: Everyone is vulnerable to human error. Whether starting out or having had years of practice, we all make mistakes. It's worth checking your bets and making sure you have done everything right.

    Laying error: If you find you have layed too much , don't panic. By backing the same outcome that you layed you can cancel out the excess lay amount. Don't forget, most mistakes on betfair are rectifiable due to it being an exchange and the ability to back and lay to cancel out.

    Moneybookers: If you don't like giving card details to places or are thinking of getting into arbing then I'd recommend moneybookers.
    This is an e-wallet, like paypal, but widely accepted by bookmakers.
    Warnings: Always check the terms and conditions for offers as some do NOT allow moneybookers and you will not get the freebet if you deposit via this method.
    Moneybookers charge for deposits and withdrawals to and from your bank if you do it via card. You can deposit for free via a 3-5 day bank transfer but cannot get around the small fee for withdrawals.

    Depositing and withdrawing to and from bookmakers is almost always free.
    These charges are well worth the convenience of faster withdrawals from bookies and the convenience of re-using your profits.
    You cannot realistically arb a lot without having a moneybookers account.
    If you achieve VIP status on moneybookers then you are not charged.


    Referals: Places like Betfair, moneybookers and Topcashback (as well as a select number of bookmakers) have referal programmes.
    If you are referred to betfair then both you and the referrer will get £25.
    For Moneybookers and Topcashback the referral programme only benefits the referer.

    However it doesn't require much effort and is always worth letting yourself be referred by somebody. The good turn may be returned in future and you will most likely get the opportunity to refer others.

    There is also referals board on moneysavingexpert for people that are interested.


    Glossary

    Underlaying: Underlaying is when you lay less than you would, doing a normal offer ( to get the same amount of profit either side). The result of this is that you'll get more profit if the bet wins in the bookie and less if it wins in betfair. This is a common tactic when dealing with large wagering requirements and arbs.
    Overlaying: The opposite to underlaying. Laying more than normal. This will get you more profit in betfair but less in the bookie.
    Dutching: This is where, instead of laying a bet on the exchange, you use another (or several) bookmakers to back the other outcomes, thus covering all eventualities. This is useful as it avoids the commission betfair charges yet is generally more effort, but can provide greater profit.
    Liquidity: This term is usually used with regards to Betfair. Betfair is an exchange and not like a bookmaker. The numbers under each odds refers to the amount you can stake on those particular odds. If your stake exceeds the liquidity then your bet may get taken if more liquidity comes on the market, or you may have to cancel and put the rest on slightly higher odds that have liquidity.
    Float: This is the amount of money you have to use. Your float doesn't refer to profits or money invested. It merely refers to the total amount of money you have at your disposal that you're using for matched betting.


    Thanks for Reading!

    I'm sure I've missed stuff out that I may add later but generally I wanted this guide to be a simple explanation of what matched betting is, and to help newcomers to get to grips with the basics.

    If anyone needs any help or has any questions then feel free to PM me, or ask on the forum where there are plenty of lovely people willing to help!

    Enjoy watching the money roll in

    Wolvarium
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    have you tried fixtheodds.com?

    my friends and i were in the focus group for it last summer and had the chance to make some money out of it.
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    Hmmm.... looks like an interesting site, I've signed up with it on the basis that it is a HTTPS site and not some dodgy backroom job...

    Mind you, it has taken me over an hour to place my first bet. I hope its what its hyped up to be...
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    Thanks knowlton, looks promising.

    Please let us know how you get on with it!
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    Took the plunge yesterday and it did what it said that it would do. So far I've lost 84p, however it says that I will win about £9.87 back...

    This better work otherwise I'm going to be a very tomato-coloured face....
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    The only issue with using a free bet is that most of the time there will be terms and conditions which mean you have to bet the free bet a large number of times before you can claim against it.
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    (Original post by sonyhamster)
    Took the plunge yesterday and it did what it said that it would do. So far I've lost 84p, however it says that I will win about £9.87 back...

    This better work otherwise I'm going to be a very tomato-coloured face....
    Keep us posted, If this works its definetly something I might consider
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    Hi RNBen, well this bet seemed to be okay so far.. I placed £10 and got £10 back without any quibbles, although I'm sure you're right as I'm sure bookies aren't stupid.

    Any thanks suzie, I will do!
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    (Original post by sonyhamster)
    Hmmm.... looks like an interesting site, I've signed up with it on the basis that it is a HTTPS site and not some dodgy backroom job...

    Mind you, it has taken me over an hour to place my first bet. I hope its what its hyped up to be...
    Hi, I've just started doing this because I need a bit of an income.
    There are a couple of links you might find useful.

    The MoneySavingExpert forum has a whole section dedicated to Matched Betting.

    Start with this thread, follwed by this one.
    And finally the most important thread of all on MSE.

    There are also other links that I can provide to you, just PM me for those.

    It's important to start with a nice "float" on the betting exchange that you're using. A good starting amount is £100 if you're aiming for the free £5/£10 bets to begin with.

    Within my first week Matched Betting I've made £60.29, with a £25 bet still to settle.

    If anybody needs any help just PM me.
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    Thanks Potato, that's a really helpful reference Really great advice about having a nice 'float' - the website tells you the exact amounts to put in at Betfair, however I've found that I have to deposit more if I do multiple offers or one that requires more exposure.

    Despite having done A-Level Maths, I'm not sure that I get the complex mathematics of matched betting to manually do it myself, hence why I'm using this site!

    Well just as an update... I've made £9.03!!! Not life changing, I know, but it's still £9.03 that I never had - and also it was using a £10 free bet.

    Hmm, slightly nervous about this, but I've taken the plunge again, though this time I'm going to try two offers at £25 each (so I'm guessing I might make a bit more than the first time around?).

    It's informed me that I'm going to make a loss of £1.16 on one and £1.37 on another.. Again, it has promised me that this is normal as I would get a larger profit at the second stage (although it can't tell you yet how much that will be).

    The matches start on the 30th / 31st, so I guess the next update from me will probably be next week when it lets me know what to do to make a profit!
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    (Original post by sonyhamster)
    Thanks Potato, that's a really helpful reference Really great advice about having a nice 'float' - the website tells you the exact amounts to put in at Betfair, however I've found that I have to deposit more if I do multiple offers or one that requires more exposure.

    Despite having done A-Level Maths, I'm not sure that I get the complex mathematics of matched betting to manually do it myself, hence why I'm using this site!

    Well just as an update... I've made £9.03!!! Not life changing, I know, but it's still £9.03 that I never had - and also it was using a £10 free bet.

    Hmm, slightly nervous about this, but I've taken the plunge again, though this time I'm going to try two offers at £25 each (so I'm guessing I might make a bit more than the first time around?).

    It's informed me that I'm going to make a loss of £1.16 on one and £1.37 on another.. Again, it has promised me that this is normal as I would get a larger profit at the second stage (although it can't tell you yet how much that will be).

    The matches start on the 30th / 31st, so I guess the next update from me will probably be next week when it lets me know what to do to make a profit!

    Sorry being thick which site are you referring too - do you mean the one mentioned in the second post?
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    Hi Suzie,

    Yep, fixtheodds.com. If you're going to try it, I would strongly recommend that you read all the instructions to the bone the first time around as it does get (much) easier the second time round!!

    Few tips...

    On the 'setting up bet', where you make a small loss, it makes a suggestion saying.. you place this much and you will lose this much... and there's an option to say whether you're happy or not with their suggestion. I would recommend that you choose 'not happy', as it will make another recommendation which may make a huge difference.

    For example, on the second time around, they suggested that I would make a loss of £2.10. However when I clicked 'no i'm not happy', I ended up with a suggestion which meant that I would only lose £1.06!!

    I'm not sure why they don't automatically choose the lowest loss, but it is worth going through their suggestions.

    Also top tip.. there's a screen where it says... you will need £xx.xx in Betfair and £xx.xx with some bookmaker...

    However, it isn't actually clear that at that point that you need to deposit the recommended amount in to Betfair. So for example, if it says you will need £20 in Betfair and you only have £10, you need to deposit £10.

    Personally and as Potato suggests, I would put a larger 'float' - so for example if it says you need £20 and you only have £10, I would put £11.

    This just in case that if the odds change and you require a penny more, you don't end up having to deposit again!!
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    thanks sony, just signed up so wish me luck!
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    I have a spreadsheet document if any of you need it, it's taken from one of the MSE forums.

    It's used so that you can see how much you will have to lay at the exchanges before you will find the best figure ( same profit/loss at the bookies and the exchange) to use.
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    (Original post by sonyhamster)
    Hi Suzie,

    Yep, fixtheodds.com. If you're going to try it, I would strongly recommend that you read all the instructions to the bone the first time around as it does get (much) easier the second time round!!

    Few tips...

    On the 'setting up bet', where you make a small loss, it makes a suggestion saying.. you place this much and you will lose this much... and there's an option to say whether you're happy or not with their suggestion. I would recommend that you choose 'not happy', as it will make another recommendation which may make a huge difference.

    For example, on the second time around, they suggested that I would make a loss of £2.10. However when I clicked 'no i'm not happy', I ended up with a suggestion which meant that I would only lose £1.06!!

    I'm not sure why they don't automatically choose the lowest loss, but it is worth going through their suggestions.

    Also top tip.. there's a screen where it says... you will need £xx.xx in Betfair and £xx.xx with some bookmaker...

    However, it isn't actually clear that at that point that you need to deposit the recommended amount in to Betfair. So for example, if it says you will need £20 in Betfair and you only have £10, you need to deposit £10.

    Personally and as Potato suggests, I would put a larger 'float' - so for example if it says you need £20 and you only have £10, I would put £11.

    This just in case that if the odds change and you require a penny more, you don't end up having to deposit again!!
    Right so Ive signed up with fixtheodds, ive read the instructions several times but I want to check Im doing this right before I do anything else.
    Ive signed up to betfair but not put any money in yet.
    Top of my offer page is Skybet, deposit £10 get £10 free. After signing up it says to pay the bookie. Now this is where Im slightly confused, I pay Skybet not Betfair? Do I deposit any money into Betfair yet?
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    Hi Suzie,

    Yeah I must admit, my friend and I had this problem.

    Basically - yes, you would deposit £10 with SkyBet. Then you don't actually need to put any money down with Betfair until that screen I was referring to - the bit where it says you will need £xx.xx in Betfair - at which point, you put down whatever it says (+£1 if I were you).

    I deposited £10 with Betfair to begin with, but it dosen't actually matter - as you would have to deposit the difference anyway...
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    well i deposited £10 with Skybet first as that qualifies you for the free £10.. then i put £23.10 with Betfair when the screen said that i needed £22.10 in Betfair and £10.00 in Skybet (i took sony's advice and added a £1 extra - not that it matters because you can withdraw it at the end of the day)
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    (Original post by suzie101)
    Right so Ive signed up with fixtheodds, ive read the instructions several times but I want to check Im doing this right before I do anything else.
    Ive signed up to betfair but not put any money in yet.
    Top of my offer page is Skybet, deposit £10 get £10 free. After signing up it says to pay the bookie. Now this is where Im slightly confused, I pay Skybet not Betfair? Do I deposit any money into Betfair yet?
    I'm not sure about fixtheodds myself, I haven't used it.

    If I were you I'd start at the lowest possible free bet, there are 1 or 2 free £5 bets, if you mess these up then it shouldn't really matter, but a larger free bet might cost you a bit more.

    There's a £5 free bet at Centrebet, if you're interested.
    The stake is not returned on the free bet and you have bet the free bet 5 times to withdraw. So you are looking to lose the free bet at Centrebet.

    And at Betfair you'll need to deposit a float, a starting amount that you'll use to lay the bets. If you're starting off with low bets, a £50 float should do, you could probably manage with a bit less with the lower offers
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    Hi Potato,

    Basically on Fixtheodds, they have created very detailed guides and it does all the calculations for a selection of offers. So it's relatively easy to follow compared to doing it by hand, which is what you're suggesting!

    They don't have Centrebet on there and I suspect it's because they have to create the screenshots for every offer on the internet... But SkyBet is the lowest one on there at £10, which you don't need to bet 5 times - you simply need to place a bet for £10 to qualify. Also for the SkyBet offer, I only needed a £33 float with Betfair as it works that out too...

    Sign up and you'll see what I'm on about!!!
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    hmmm... i think im going to stick with fixtheodds and see what happens!

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