First time hearing about matched betting? If you want to make money or profit online, then this is one of your choices. You’d also want to check out Oddsmonkey if you decide to be in this game as well.
Many people are wondering whether or not matched betting is legal. Although the meaning of the words suggests that it is gambling, this isn’t gambling at all. Learning more will make you realize how easy it will be to make some added cash with matched betting, but do keep note that you are not going to become a millionaire out of it in one night.
Matched betting is a method of getting some of the free bets that are provided by the bookmakers. All these bookmakers promote their offers in order to invite new gamblers to place some bets with them. You will see something online that says you have to bet x pounds with them and they will give you x pounds free bet.
How it works
Here are some terminologies that you need to learn first before you engage with matched betting. The same terminologies are used in Oddsmonkey, too.
- Back bet – this means that you are betting for a particular outcome to be true. A sample of a backing bet is something like this “I bet Spain will win”. If this is true, you have won the bet and you’ll get the winnings. If Spin loses or you got a draw, you will lose the stake you placed in. You can choose any bookmaker to put on your back bet.
- Lay bet – this is a move where you bet against something that will come true. Just make an opposite prediction like the one above: I bet Spain will not win. This is still an example of the lay bet. If they either draw or lose, you still win. The lay bet can only be placed in a betting exchange, like the Betfair.
At this point, you already have an idea how matched betting works – this is by means of cancelling the risk with the ‘back’ bet at any online bookies through betting against yourself with the same odds, which is referred to as ‘laying’ a bet. And this is only done at a betting exchange. To put all of these in a few words, the player is ‘matching’ with their own bet.
After the first or the ‘qualifying’ bet you got, you will get an award with a free bet which will be provided by the bookmaker. This is the profit that you’ve heard most about matched betting. All you need to do is just repeat the process. You start with utilizing the free bet then lay up the bet. Whichever the result is with the placement, players are guaranteed with profit.
How much can you make with Oddsmonkey?
For every matched betting, you will be left up to 95 percent free bet amount as your profit. The reason for this is that the betting exchanges mostly charge with a commission of 5 percent on the winnings. You also get to make a small loss with the qualifying bet because of a minor difference in the odds on every website.