Matched Betting Guide
The idea behind matched betting is very simple: you place two bets, and the odds of each bet cover the other one so you come out with a guaranteed profit.
Now, you’re probably thinking that sportsbook operators are not as gullible as to provide odds for opposite outcomes of the same event that cover themselves, and you would be right. They’re not. However, by executing this betting technique properly, you can ensure a profit.
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 guide you through the process step by step and provide you with a list of the best sportsbooks for matched betting in the USA.
How to Make Money From Matched Betting
Before you engage in matched betting, you should first understand the strategy behind it and how it works. Namely, it involves sportsbooks’ promotions and bonus bets, and placing bets in such a way that you cover all possible outcomes, ensuring that you don’t lose money.
Plan a budget and stick to it
Although the strategy itself ensures that you’ll come out in profit, you still need a starting bankroll for your first bet, known as the qualifying bet. As the strategy involves placing an initial bet to activate the welcome promotions that most sportsbooks offer, it means that you’ll need to deposit your own money into your betting account and place a qualifying bet. The higher the initial bet, the higher the profit potential. However, it’s not as simple as that, and you have to stick to your budget and only bet with money you’re willing to risk.
Despite the relaxation of the laws and regulations surrounding sports betting in the US, the number of sportsbooks that operate legally in each state is still limited, which means that you won’t have an abundance of options.
Understand Matched Betting Basics
Although matched betting might seem complex at first, it really isn’t once you understand the basics. However, it does include placing two bets, a ‘back bet’ and a ‘lay bet’, with the two bets placed on the opposite outcome of the same event.
That means that you’ll need to find and register at a betting exchange such as Prophet Exchange or ZenSports Exchange to lay bets. With the lay bet, you’re effectively betting against the outcome of the back bet you’ve placed at the sportsbook of your choice.
Don’t Get Too Greedy Right From The Get Go
As the whole strategy revolves around promotions that are being offered by sportsbooks, it means that you’ll have to look for sportsbooks that offer bonus bets or promotions for new and existing customers. These offers might include ‘A No Sweat First Bet of up to $1,000’ or similar deals, but you must read the terms and conditions in detail first and understand what the offer includes.
You might also be worried that the promotions might run out, but based on my experience, you’re not likely to run out of promotions because sportsbooks regularly offer all types of bonuses and incentives.
However, I suggest you take it slow and not get greedy from the start. Understand how the strategy works, take the time to test it out for yourself, and when you feel comfortable, you can move on to the next offer and repeat the process.
What is Matched Betting?
Matched betting is a system that allows you to profit from bonus bets and promotions that are offered by bookmakers. See this strategy as a method to turn bonus bets into real money.
The idea is to place a back bet on a particular outcome of a sporting event with a sportsbook and then place a lay bet on the same outcome with a betting exchange. By doing so, you’re effectively covering all the possible outcomes and locking in a profit regardless of the outcome of the event. If you were to use your own money for both bets, you’ll likely lose some money due to the commission (or juice) of both the sportsbook and the betting exchange. That’s why, contrary to another strategy called middling, you’ll use sportsbooks’ promotions and bonuses for this system.
To make money from matched betting, you need first to understand the different types of bets involved and how to calculate the stakes.
A back bet is a bet you place on a particular outcome to happen. For example, if you place a back bet on the Washington Commanders to win, you will win if the Commanders wins. A lay bet, on the other hand, is a bet you place on a particular outcome not to happen. For example, if you place a lay bet on the Commanders not to win, you will win if they lose or the game ends in a draw.
Let’s say that a sportsbook offers a no sweat first bet of up to $100 when you sign up. You could place a $100 bet on the Denver Nuggets to win against the Sacramento Kings with the sportsbook, and then place a lay bet on the Nuggets not to win with a betting exchange. If the Nuggets win, you’ll win your bet with the sportsbooks. If the Nuggets don’t win, you’ll win your lay bet at the exchange.
As a next step, you should repeat the procedure again to net from 50% to 80% of the bonus bet in net profit. However, if you’re a beginner, I suggest using a matched betting calculator for your stake.
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 2024 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 Profit of Matched Betting
As I explained in my example, if you do everything correctly, the potential profit of matched betting can be around 80% of the value of the bonus bet. However, it very much depends on the time and effort you’re willing to put into it.
The more bonus bets and promotions you take advantage of, the more money you can make. Also, the value of the bonus is usually the determining factor on how much exactly you can win. I’ve witnessed bettors making thousands of dollars from matched betting, but it takes a lot of effort to find both sportsbook bonuses and suitable matches to bet on.
One of the limiting factors for US bettors is the availability, or lack thereof, of betting exchanges. Although matched betting can work, bettors need to rely on the very few online betting exchanges that are currently available across various US states.
It’s important to point out that this strategy is not a get-rich-quick scheme by any means. It required discipline, patience, willingness to learn, and a lot of research.
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, many bettors use various matched betting services that do the calculations for you and can even help in finding suitable matchups for matched online sports betting.
Step By Step Guide to Matched Betting
As complex as it may sound at first, matched betting is a relatively straightforward process. I’ll explain all the steps in detail so you don’t make a mistake when approaching this strategy for the first time.
1. Choose a sportsbook and open an account
You should begin by choosing a sportsbook that offers a bonus bet. You can compare different sportsbooks on our site, and I’ll provide you with the best sportsbooks for matched betting in this guide.
After you choose your preferred betting site, make sure in a state where the sportsbook operates in, and sign up as a new user. Then, head to the Promotions section, check the terms and conditions for the welcome promotion and make a qualifying deposit.
2. Open a betting exchange account
The gambling industry in the US is expanding, and there are now several betting exchanges that operate across the states. Open an account at a betting exchange such as Prophet Exchange, ZenSports, or Sporttrade, and find out how much commission it charges.
3. Find and place a qualifying bet
As I explained above, you should place two bets, a back bet and a lay bet. Start by looking for suitable betting options, and place a back bet. Then, place the lay bet immediately after to avoid odds fluctuations. For this stage of the strategy, I suggest selecting bets with odds of around +100 American. You can also switch to Decimal odds if you find it easier to calculate the odds.
Alternatively, you can use an odds comparison tool, an odds converter tool, an oddsmatcher tool, and a lay betting calculator to make your job easier. All of these tools can be used for free.
4. Wait for the outcome and claim your bonus bet
After the match has ended, you will probably be in a small net loss. As I explained, there’s nothing to worry about, as this is considered ‘a qualifying loss’ – the step you need to take to qualify for the bonus bet.
Now, the next step is to claim the incentive from the sportsbook.
5. Find and place the new bets
This is the stage where we make a profit. Find a suitable match to bet on, or use an oddsmatcher tool, and decide which bet you’ll back, and which bet you’ll lay. I suggest using your bonus bet on the bet with the higher odds if it’s your first time using this strategy to avoid any confusion.
Follow all the steps I provided above, and back one of the possible outcomes of the matchup that you’ve chosen. Then, head to the betting exchange and lay the other outcome of the same match. Due to the relatively low liquidity of US betting exchanges, you might have to wait for some time for your lay to be successful. You can use that time to make sure that your calculations are right and that you’ve wagered the right amount of money to cover both bets.
After you’ve placed both bets, all you need to do is wait.
6. Withdraw your winnings
In the final step, all you need to do is withdraw your winnings. If you’ve been using an odds matcher tool, it might automatically calculate your net profit. But even if you didn’t, you’ll be able to calculate the net winnings yourself.
Regardless if you win your back bet on the sportsbook or the lay bet on the betting exchange, you’ll come out with a net profit. If you do the calculations right, the net profit will be somewhere between 50% to 80% of the value of the bonus bet. If the bonus bet was worth $100, expect net profit between $50 and $80.
Best Sportsbooks for Matched Betting
There are several factors that make a sportsbook good for matched betting. First, it has to offer a suitable bonus or a promotion, and it must provide competitive odds so you can execute this strategy. I’ve selected the best matched betting sites that cover all these criteria and provide a memorable betting experience.
FanDuel
There are a few reasons why FanDuel tops my list. It’s available in over 20 states, offers competitive odds, and its promotional page gets updated very regularly. The welcome bonus that’s available for my readers includes a $1,000 No Sweat First Bet, which is among the highest in the US sportsbook landscape and if you follow my matched betting guide, you can get around 80% of its worth in cash.
What’s more, there are many other promos and perks that you can make great use of, including a refer a friend bonus, No Sweat SGP deal, profit boosts for various leagues and competitions, and more.
Caesars Sportsbook
A staple name in the US gambling industry, Caesars Sportsbook offers some of the most competitive odds on the market. When it comes to bonuses and promotions, the newcomer deal includes a bonus bet of up to $1,000 for the first bet.
On top of that, there’s a whole promotional page with various deals and perks, but the highlight feature is the Caesars Rewards program, where players gather Tier points to climb up Caesars Rewards levels and claim prizes such as betting credits, casino credits, dining, free hotel stays, and more.
BetMGM
BetMGM has the most generous welcome deal at the moment, at least in terms of sheer value. It offers up to $1,000 of bonus bets if you don’t win your first bet. The promotion is available for all depositing users of at least $10, and the qualifying bet can be made on any fixed odds competition.
On top of the welcome bonus, there’s a refer-a-friend offer that can get you $50 in bonus bets, as well as a BetMGM Rewards program where users collect points which they can later redeem for rewards at the iRewards store.
Pros & Cons of Matched Betting
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
- Can provide a steady stream of income
- Minimal risk involved if done correctly
- Can be done from anywhere with an internet connection
- No prior experience or knowledge required
❌ Cons
- Requires time and effort to learn and execute properly
- Can be confusing for beginners
- Sportsbook operators may limit or ban your account if they suspect you of matched betting
Arbitrage Betting vs Matched Betting
The strategy of hedging bets is not exclusive to matched betting. Arbitrage betting is a similar strategy in which opposing bets are placed on a single game to lock in fixed profits. There are, however, a few differences between the two.
Arbitrage Betting
- First bet and hedge bet(s) all require your own money
- Requires discrepancy in odds provided by different sportsbooks
- Completely legal, but frowned on by sportsbooks
- Can be done anytime on any bet
Matched Betting
- Use bookmaker offer for first bet and make the hedge bets with your own money
- Does not require discrepancy in odds
- Completely legal and not penalized by sportsbooks
- Can only be done when you have sportsbook offers, and only on the bets included in the offers
There is no law against arbitrage betting, far from it, but bettors who use that system have to be careful not to get caught out at their sportsbook. Some books may limit accounts or refuse wagers from bettors who are suspected of arbitrage betting. This is because it causes them far larger long term problems than matched betting, which can only be done when there are offers on the table. It is definitely worthwhile to check out our arbitrage betting guide in which you can find more details on strategy.
Reload Offers Keep Matched Betting Relevant
A common question among new matched bettors is, ‘Can I make money after I have completed all the welcome offers?’ and to give that question a simple answer, yes.
Sportsbooks offer bonuses to their existing customers to keep them from joining rival sportsbooks. These bonuses are called reload offers, and they make matched betting a sustainable way to make money online.
Typically, you will receive a notification or message about the reload offer, and they are usually along the lines of ‘Play With $10, Get A $10 Cash Bonus.’
You will need to replicate the same steps as for the welcome offers, where you will need to place your qualifying bet to unlock the cash bonus. Then, once the bonus bet has been released, you will need to repeat the process using your cash bonus to guarantee your profit.
The only issue for existing bettors is that the bonuses offered are not usually as large as the ones you see offered to new players by bookmakers. Nonetheless, you are able to make a substantial profit from each bonus you receive.