Matched Betting Guide
In this betting guide, I will explain what matched betting is, how it works in practice, and the potential profits you can make from it. I will also explain the process step by step in clear terms with examples.
Matched betting aims to use sportsbook bonuses and promotions to generate low-risk profits. By strategically placing offsetting bets, bettors can minimize risk and convert bonus offers into real cash.
What Is Matched Betting?
Matched betting converts sportsbook promotions into real money through strategic wagering.
Matched betting pairs a ‘back bet’ (on a specific outcome) with a ‘lay bet’ (against the same outcome).
Note: Lay bets typically refer to betting exchanges, which are limited in their availability here in the US. However, we can effectively place lay bets by betting on the opposing team at a different sportsbook.
- Back Bet: A wager placed at a sportsbook on a specific outcome to occur
- Lay Bet: A wager placed on a different sportsbook (or betting exchange) against that same outcome
Properly aligning these offsetting wagers ensures a profit regardless of the underlying event’s result.
Using your own money for both bets usually results in a small loss due to commission. This is why matched betting emphasizes using promotional funds.
Critical First Step: Budget in Advance
Although matched betting eliminates risk in theory, there is always risk in anything involving money. Calculation errors, pricing delays, and other issues can thwart even the most well-thought-out matched bets.
Plus, you’ll need a bankroll for your first bet, known as the “qualifying bet.” Matched betting involves depositing your own money into your betting account and placing an initial wager to active the sportsbook bonus that you’ll use to employ this strategy.
The larger the qualifying bet, the higher the potential profit. However, the aforementioned risks mean nothing is 100%, so you must set a budget and only use money that you’re willing to risk losing.
This structure ensures that you win regardless of the event’s result, provided your stakes are correctly calculated.
How Matched Betting Works in Practice
Now, let’s see how the strategy works in practice.
First, the bonus offer – which is the most important part of any matched bet. Let’s imagine that a sportsbook offers a bonus bet of $100 if you’re a new user who has deposited and wagered $100. We deposit $100 and claim the offer.
Now, it’s time to find a suitable matchup for matched bets. In my experience, sports where a three-way moneyline is common, such as soccer, are the best option. So, for this example, we’ll use a EURO qualifier match between Wales and Croatia – which would be a suitable match for matched betting.
The odds for Croatia to win at the sportsbook are +100, but the lay odds for Croatia not to win at betting exchanges are +102. So, we place a bet of $100 on Croatia to win at the sportsbook, and then we go to a betting exchange and lay Croatia at odds of +102. We calculate how much we need to wager on our lay wager should be, including the commission taken by the betting exchange, and in our example, let’s say that it’s $102.
We now wait for the outcome of the game. If Croatia wins, we win $200 at the sportsbook, which means that we’ve lost $2 in net total. If Croatia doesn’t win, we win $99.6 at the betting exchange, which means we’ve lost $0.4. Regardless of the outcome, we lose a small amount of money – an amount that’s called ‘a qualifying loss’.
After the event is finished, we receive our bonus bet at the online sportsbook. Now, we repeat the same process again, but this time, we’re betting bonus money – or money that we received for free as a part of an offer. This time, however, I suggest picking games with higher odds to maximize the profit amount.
If we pick a game where the back odds are +165, and the lay odds are +105, for example, a game between Napoli and Real Madrid of the UEFA Champions League, we would use our bonus bet of $100 to back Napoli with odds of +165 moneyline, and lay against Napoli with odds of +105 with a wager of $80. Now, if Napoli wins, we win our bonus bet at the sportsbook, which means we net $165 in winnings. Subtract the $80 we wagered on our lay bet and the qualifying loss, and our net profit is $82 – or around 80% of the bonus bet value.
If Napoli doesn’t win, we win our lay bet with odds of +105. That means that we win $164 on the betting exchange. When we subtract the $80 we wagered and the ~$3 of the qualifying loss, we end up with $81 of net profit. Regardless of how the game ends, we win around 80% of the bonus bet value in net profit.
Another Matched Betting Example
So, you have used your sportsbook promo code, read through all of the betting tips and are ready to use your matched bet offer to try and win some real money. We will look at a straightforward example of how a low risk match betting strategy works in practice using a basketball game between the LA Lakers and Boston Celtics
First Sportsbook Odds
- LA Lakers +130
- Boston Celtics -150
You initially receive a $50 cash bonus from the sportsbook, which you decide to use on the Lakers to win. Should your bet come through, you are looking at $115 in pure profit, as remember, this bet did not cost you a dime. You can then take a portion of the $115 profit to stake on a bet against the Lakers. This should be done at a second sportsbook, preferably one where the odds are slightly different.
Second Sportsbook Odds
- LA Lakers +110
- Boston Celtics -125
Take out a sizable chunk of your potential profits on the Lakers game, say $40, and put this on the Celtics to win at your second sportsbook. Now let’s see what happens after the game ends:
| Matched Betting Example | ||
|---|---|---|
| First Sportsbook | ||
| Result | LA Lakers to Win | Boston Celtics to Win |
| Odds | +130 | -160 |
| Second Sportsbook | ||
| Result | LA Lakers to Win | Boston Celtics to Win |
| Odds | +110 | -125 |
| Matched Bets | ||
| Stake | $50 Bonus Bet at 1st SB on Lakers | $40 of your money at 2nd SB on Celtics |
| Total Return | $115 | $72 |
| Profit | $115 – $40 = $75 | $72 |
- Lakers win – you get $115 from sportsbook 1, lose your $40 from sportsbook 2, your profit is $75
- Celtics win – you get $72 from sportsbook 2, lost your bonus bet at sportsbook 1, your profit is $72
The point of matched betting is to turn bonuses and offers into real money. This example used relatively shorter odds with a stake of $50. If the odds were far longer, then you would probably need a bigger stake at your second sportsbook, but your potential profits are far larger. It all depends on how big you want to go with your bonus offer.
(Note that the odds here are generated for the purpose of the example).
Potential Matched Betting Profits
If executed correctly, matched betting can return 50% to 80% of the Bonus Bet value. Profitability depends on effort and the number of available promotions. Some experienced bettors have earned thousands, but success requires consistent scouting and execution.
A major constraint in the US is the limited access to betting exchanges. This restricts matched betting opportunities compared to other regions.
It’s important to point out that this strategy is not a get-rich-quick scheme. Matched betting demands patience, attention to detail, and continual learning.
Is There A Risk With No Risk Matched Betting?
Despite the name, there is still a small risk involved with no risk matched betting. The main risk is that you could make a mistake with your bets or calculations and end up losing money.
Another risk is the ever-changing betting lines and odds. Namely, the odds can change between the time you place your back bet and your lay bet, which could result in a loss. That’s why it’s important to act quickly and decisively.
To mitigate these risks, use matched betting calculators and tools to identify optimal bets and calculate stakes.
Step By Step Matched Betting Guide
- Register at a Sportsbook: Choose one offering a Bonus Bet. Ensure eligibility based on your state and read the offer’s terms to avoid any surprises.
- Open a Betting Exchange Account: Open an account at a US betting exchange like ProphetX or Sporttrade. Check their commission rates.
- Place a Qualifying Bet: Identify a suitable bet at your online sportsbook. I recommend a wager with odds of around +100 for simplicity’s sake. Place the corresponding lay wager at an exchange as quickly as possible to avoid any odds fluctuations. Use an odds comparison tool and match betting calculator to simplify this part of the process.
- Wait and Claim Bonus: After the qualifying bet settles, claim your Bonus Bet. A small loss is expected at this stage.
- Place the Bonus Bet: Use the bonus on high-odds selections. Lay the opposite outcome at the exchange. Monitor liquidity and ensure accurate calculations.
- Withdraw Profits: Once your wagers have settle, you may claim your profits. Typically, this ranges between 50% and 80% of the Bonus Bet value.
Matched Betting Pros and Cons
Matched betting is a legitimate way to maximize the value of offers and promotions at sportsbooks with a very low risk to your own money. However, it’s not without some shortcomings that you need to be aware of. Check out the pros and cons of matched betting.
✅ Pros
- Consistent income potential
- Low risk when done correctly
- No advanced skills required
❌ Cons
- Time-intensive
- Initial learning curve
- Risk of account restrictions
Arbitrage Betting vs Matched Betting
Although arbitrage and matched betting both involve hedging, they are not the same:
Arbitrage Betting
- Uses personal funds for all bets
- Exploits odds discrepancies
- Legal but discouraged by sportsbooks
Matched Betting
- Some wagers placed using bonus bets
- Does not require odds discrepancies
- Also legal but more likely to be tolerated by sportsbooks
- Requires suitable promotions/bonus bets
Note: Some online sportsbooks may limit accounts or refuse wagers from bettors who are suspected of arbitrage betting. Arbitrage betting causes larger long term problems for sportsbooks than matched betting, which can only occur when there are offers on the table.
Matched Betting Tip: Don’t Get Greedy
Matched betting relies on sportsbooks offering Bonus Bets and other promotions. Common offers include deals like a “No Sweat First Bet of up to $1,000.” Always read terms and conditions carefully to understand each promotion’s structure.
Promotional availability tends to be consistent, but beginners should proceed cautiously. Test the method, gain confidence, refine your process, and gradually expand to additional offers.
Reload Offers Keep Matched Betting Relevant
A common question is whether bettors can continue matched betting once they’ve claimed all of the sportsbook welcome offers available in their state. The short answer is yes.
After exhausting all known welcome bonuses, bettors can use ongoing promotions sustain matched betting. Look for promotions like “Bet $10, Get $10.” Place the qualifying bet, receive the Bonus Bet, and execute the strategy to extract profit.
Although reload bonuses are invariably smaller than new customer offers, they can still provide meaningful returns due to their frequency.