I was browsing the web out of boredom, and found a little bit of info about it. I decided to dig deeper into the info, but unfortunately people can't legally participate in the US.
Matched betting is when you place two different bets, one of them using a signup bonus for free/nearly free bets, and the other bet is paid for out of pocket and is a bet for the exact opposite outcome. The outcome of the bet matters very little, because you have it set up to win money either way.
Say you pay a site £5 and get £20 in free bets. You then bet that money on a certain outcome. For this example, the amount you earn is 2.4x the betting amount (£60). You then hop on a site like BetFair, and put up a lay bet (opposite bet). For this example, we look for someone willing to bet £17.5 at 2.6x on the same bet (£45.5 out of your pocket).
If the free bet wins, you get £60 from that site and lose the £45.5 on the other bet. The difference is £60-£45.5-£5(cost of "free" bets) = ~£9.5 profit
If the other bet wins, you lose the £5 you spent getting the "free" bets, but gain the £17.5 from BetFair, netting a profit of ~£12.5.
The main risks of matched betting are bad math or if the free bets don't cash out. Has anyone tried something like this? Is matched betting still around?
Matched betting is when you place two different bets, one of them using a signup bonus for free/nearly free bets, and the other bet is paid for out of pocket and is a bet for the exact opposite outcome. The outcome of the bet matters very little, because you have it set up to win money either way.
Say you pay a site £5 and get £20 in free bets. You then bet that money on a certain outcome. For this example, the amount you earn is 2.4x the betting amount (£60). You then hop on a site like BetFair, and put up a lay bet (opposite bet). For this example, we look for someone willing to bet £17.5 at 2.6x on the same bet (£45.5 out of your pocket).
If the free bet wins, you get £60 from that site and lose the £45.5 on the other bet. The difference is £60-£45.5-£5(cost of "free" bets) = ~£9.5 profit
If the other bet wins, you lose the £5 you spent getting the "free" bets, but gain the £17.5 from BetFair, netting a profit of ~£12.5.
The main risks of matched betting are bad math or if the free bets don't cash out. Has anyone tried something like this? Is matched betting still around?
