As online bookmakers vie for each others share of punters most of them are offering free bets for new sign ups. You know the sort of thing "bet £25, receive a free £25 bet" as a bonus when opening an account. This is great news as, using a technique called “matched betting”, it is possible to back and lay an event in order to win regardless of the outcome. Simply by using the free bets / bonuses that are on offer as your stake money and then laying these bets off to make risk free profit.
In this article we are dealing with the matched betting side of things. All it takes to generate some risk free profit is a simple 2 step process.
Step One – Obtaining a bet bonus
Place a bet with the selected bookmaker to obtain a FREE bet or bonus.
Note: ALWAYS check the site’s T&C;’s reqarding the free bet bonus.
For example, some will only credit a bonus if the selection is 1/1 or above, some will require the bonus bet to be wagered 2 or 3 times before withdrawal. We have different strategies depending on whatever the wagering requirements are.
LAY this bet on a betting exchange to limit your liability to as small as possible hence obtaining the free bet for the lowest cost
Step Two – Cashing out a bet bonus risk free
Place a bet with the selected bookmaker using the FREE bet or bonus as your stake
LAY this bet on a betting exchange to ensure a risk free profit what ever the outcome
Note: Generally the FREE bet stake is NOT included in the returns, otherwise everyone would be betting on 1/100 shots to cash them out so we have to aim a little higher with our odds selection to get some value back. Again ALWAYS check the site’s T&C;’s reqarding the free bet bonus and again we have different strategies depending on whatever the wagering requirements are.
To illustrate how this works, here is a recent real life example.
We have selected the bookmaker VCBet, who currently offer a free £50 bet for new customers. It is noted that the selection we use at VCBET must be at odds of 1/1 or greater.
Once signed up to VCBET and of course a betting exchange to lay the bets off with, in our case Betfair, we have a look at the up and coming games and select the following:
Tottenham v Arsenal in the Premiership at the weekend to obtain our free bet and the Manchester United v AC Milan Champions League match a few days later to cash it out for risk free profit.
Of course matched betting doesn’t only work on football, it can be used on any event which allows you to place a bet within the T&C;’s of the offer at the bookmakers and is available on the betting exchange to be laid off. Personally I tend to stick to football, my favoured sport, as with the sheer volume of games available you are never stuck for a good matched bet option to use.