How to make money matched betting: what is matched betting? (3 mins)

Video Overview & Insights

Want to know how to make money matched betting? Then this is the video for you. In just 3 minutes, you'll discover what matched betting is and how it works, thanks to this easy-to-understand example.

USEFUL LINKS:

https://www.oddsmonkey.com/matched-betting/what-is-matched-betting/ https://www.oddsmonkey.com/OddsmonkeyNewUser/tabid/157/Default.aspx?returnurl=https%3a%2f%2fwww.oddsmonkey.com%2fHome.aspx

https://www.oddsmonkey.com/matched-betting/learn-in-1-minute/

TRANSCRIPT:

Hi, I'm Paul and I’m the founder of OddsMonkey. In this quick video, I'm going to explain matched betting in its simplest form to help you understand exactly how everything works.

Now, bookmakers are constantly offering free bets and promotions like ‘bet £10 and get a £30 free bet’ and you'll see these on websites and billboards and advertised on tv. These offers are designed to try to entice new customers to create new accounts and start gambling. But we can show you how to be cleverer than that.

With the help of our software, we can show you how you can convert these special offers and promotions into cash that you can withdraw straight to your bank account.

We'll pick one of these bookmakers to use as an example and I’ll walk you through the process. In this example, we'll say that William Hill have the following offer: ‘bet £10 and get a £30 free bet’. So let's start by looking at the problem with this offer. The bookmaker, William Hill in this example, wants you to first risk £10 of your own money before they give you the £30 free bet. Ideally, we don't want to risk any of our own money in order to unlock the free bet and that's exactly where matched betting comes in.

I find the best way to explain how this works is to think about a tennis match. This also works for lots of other sports as well and it's also worth noting that you don't need any sporting knowledge whatsoever. In this example, we'll say that Roger Federer is playing a tennis match against Rafael Nadal. We're going to start off with £20 of our own money and we're going to place two £10 bets. First we'll bet £10 with William Hill for Roger Federer to win the match and then we'll also bet £10 with Smarkets for Rafael Nadal to win the match. And now we've covered all outcomes. So let's take a look at what could happen.

If Roger Federer wins the match, then our bet with William Hill would win and we'd be £10 better off. But our bet that we placed with Smarkets on Rafael Nadal would lose and we'd be £10 worse off. So we'd be right back to where we started with our original £20. If Rafael Nadal was to win the match, then we'd have lost our bet with William Hill, so we'd be £10 down but we'd have won our bet with Smarkets, so we'd be £10 better off. Regardless of who won the tennis match, we end up back with our £20 again. And you've probably worked out the best bit…

William Hill will now give us the £30 free bet and we didn't have to risk any of our own money to get it. So what do we do with that £30 free bet?

We can use the exact same process to convert that £30 free bet into around £24 of cash that you can withdraw straight to your bank account. And that's all tax-free profit! Now, I can fully appreciate if you've never heard of matched betting it can take a little while to fully understand the process and you could be thinking that this seems like a lot of effort to earn £24. But I can assure you that once you get going with matched betting, you'll find that the steps that I’ve just explained you can complete in just a few minutes and £24 tax-free profit for a few minutes work isn't too bad.

I hope this has helped demystify the process around matched betting for you a little bit. If you're interested in learning more, then you can create a free account at OddsMonkey.com and we've got further guides that will take you through the process in even more detail so that you can feel totally comfortable before you get started.

If you've got any questions then just drop us an email at support@oddsmonkey.com and I, or one of the support team, will be happy to get back to you and answer any queries that you've got.

Thanks very much for watching. I hope it's helped and take care.