What is Matched Betting?

Matched betting is a popular betting strategy where you take advantage of the many different promotions and offers that are available from different sportsbooks. While the bookies use these free bet bonuses to encourage you to sign up to their platforms, savvy punters use several together to lower their risk (or remove it entirely) and increase their chances of winning.

How does Matched Betting work?

Matched betting, which is sometimes called no risk matched betting, uses sportsbook bonuses to stack the odds in your favor. This is achieved by covering all of the possible outcomes in a game or other sporting event by placing a bet on each one. Provided you do it correctly, it doesn’t matter which team wins or what the score is when you place matched bets. Because the aim of matched betting is not to predict the outcome of a game, you don’t need to have any knowledge about the sport. That’s not to say matched betting requires no work, it takes time to make sure you place all the right wagers and to find the right free bet bonuses. Essentially, a matched bet is when you place two wagers - one on a team to win and another on it to lose. In a game that can’t end in a tie, then you can also bet on the opposing side to win as this covers the two possible outcomes

Is Matched Betting legal?

Because matched betting is a way to extract cash from the free bet bonuses offered by almost all of the sportsbooks in the United States, it makes sense that you might be thinking that it sounds too good to be true. Be in no doubt, matched betting is not some sort of get rich quick scheme but it is 100% legal. In fact, those in the industry have even indicated that sportsbooks don’t have a problem with it. If you do generate winnings from matched betting in the USA, it is likely that you’ll need to pay tax on it.

Matched Betting Examples

Given that it is the biggest and most-watched sport in the country, it should be no surprise that the NFL is one of the most popular options for American punters that want to place a matched bet. If you fancy giving this a go, most bets will work provided you can make a wager on both possible outcomes, though there are a couple of different options that are used most commonly.

• Moneyline - This is one of the easiest types of NFL matched betting choices because all you have to do is back both teams. If you have access to an exchange in your state, then back Team A with your free bet and use the betting exchange to make a lay bet. If you don’t, just use a second bookmaker to bet on Team B too.
• Spread - Spread bets are some of the most common types of wager in the US, especially on the NFL, and you can use them in matched betting. The same principle applies here as it does with moneyline matched betting. You need to place a bet that the spread will be met and a second one against it.

• Totals or Over/Under - Totals bets work by making a wager on how many points will be scored in a game, rather than which team will win. You can use matched betting for this too, just find two sportsbooks (or a bookie and an exchange) offering similar odds on the same total amount and make opposing bets.

It’s worth noting that matched betting usually requires two possible outcomes otherwise you’ll need to be placing three or more wagers. Yet, technically, NFL games can end in a draw, meaning there is a chance that neither the back nor lay bet will win. Usually, this results in a push, meaning you get your wager returned to you, so a matched bet can still work. Ties are very rare in the NFL, so this doesn’t happen very often. Let’s use a game between the Miami Dolphins and New Orleans Saints as an example. The two teams have these moneyline odds:

• Dolphins -154
• New Orleans Saints +145

If you used free bets to place $100 on both sides, you would receive a payout of $164.94 if the Dolphins win or a payout of $245 if the Saints win. However, since you’d bet $200 in total, a Miami win would result in a $35.06 loss. However, because the bets were free, you didn’t actually spend anything in the first place. Alternatively, at odds of +145, you’d only need to wager $69 to win $100 (plus your $69 stake), resulting in a loss of just $4. Therefore, playing around with the amount you bet on both sides can help you to break even (or come close) on either outcome. Things are a little closer if you look at the points spread.

• Miami Dolphins -3 (-110)
• New Orleans Saints +3 (+100)

In this case, your two $100 wagers would yield payouts of $190.91 and $200 respectively. Again, a Dolphins win creates a slight loss, but if you reduced your Saints bet to $95, that loss would only be $5. Though, since you used free bets, that still doesn’t matter. It is this reason why fans often refer to it as “no risk matched betting”.

Back Bet & Lay Bet

In matched betting, there are two types of wager that you’ll make. These are referred to as back bets and lay bets. A back bet is one when you place a wager on a team to win. The name comes from the fact that you are “backing” that team with your bet. They are about as easy to understand as is possible, as they payout if the team you picked wins the game. In contrast, a lay bet is one against an outcome. When you place a back bet with a sportsbook, the bookie is essentially making a lay bet with you as they win if your prediction doesn’t materialize. You can make lay bets directly on sports betting exchanges where you make wagers with other punters rather than the house. Alternatively, in games like basketball which cannot end in a tie, you can make two back bets (one on each team) and achieve essentially the same thing.

Betting Exchanges

Betting exchanges are commonly used while making matched bets. They work in a very similar way to traditional sportsbooks but instead of having punters make wagers with the house, an exchange matches two customers together so that they can place bets with each other. This means it’s possible to use betting exchanges to make lay bets, where you wager against an event occurring rather than one where you back it to happen. Betting exchanges are very popular in Europe, but you can also find them here in the United States, with brands like Smarkets which operates through its SBK app. While traditional bookies make their money from their house edge in their odds, betting exchanges, by their very nature, can’t do this so charge a small fee on each bet. Despite the fee, they can still work out better for some customers.

How to get started with matched betting?

Now that you understand what matched betting is and how it works, you can try it out for yourself. To help you get started, here are some handy tips to keep in mind while matched betting.

1. Keep Things Simple - If you’re new to betting, it might seem a bit daunting at first. So only use the signup offers and free bet bonuses that you understand and be sure to read everything carefully. As you become more experienced, you can begin to use more complicated offers.
2. Keep Track of Your Accounts - Because matched betting requires you to create multiple sportsbook accounts, it is a good idea to keep a track of which ones you have. Do this in whatever way works for you, but you may wish to use a spreadsheet or a password manager like LastPass or Keeper.
3. Use Autofill - Signing up for multiple sportsbook accounts takes time. To speed this up and to keep your fingers from aching, consider using the autofill function in your browser so you can enter all the data in one click. Just be sure your computer is protected with a strong password if you’re going to do this.
4. Manage Your Bankroll - As well as tracking which accounts you have, it’s a good idea to keep a record of how much money you have in each one. This will help you more accurately tally up your balances in each so you don’t forget about any cash you have in an old one.
5. Get help - There is a thriving community of people that take part in matched betting online, so if you ever have questions or want to learn more, you’ll find plenty of like-minded people online.

Frequently Asked Questions About Matched Betting

What is no risk matched betting?

Matched betting is sometimes called “no risk matched betting” because theoretically, there is no chance of losing if you’re using free bets to place two opposing wagers. However, this assumes you don’t make any mistakes, so the phrase “no risk” is never used by any sportsbooks.

Is matched betting still worth it in 2022?

Provided there are free bet promotions that you can take advantage of in your state, then it is likely that matched betting is still possible. Whether it is “worth doing” is more of a subjective matter. Some people do it because they enjoy doing the calculations and searching for free bets, others do it as a way to bet on sports with little to no risk, and others do it purely for money. Matched betting takes time and patience though, so you should always factor that in before you decide whether it’s for you.

Is matched betting too good to be true?

With some people calling it “no risk matched betting”, it may seem like it’s too good to be true. Be in no doubt, it is not a get rich quick scheme or anything like that. It is a trick for combining multiple free bets together that requires some time and effort on your part. Provided you spend the necessary time on it, it is possible to successfully place matched bets. Is matched betting really “no risk”?

Matched betting is often described as being “no risk” because you’re placing free bets that (just about) cancel each other out. However, in many parts of the world, sportsbooks themselves are not allowed to say that matched betting is “no risk”. This is because, while it works on paper, there is an opportunity for you to make a mistake. Therefore, it is always a good idea to follow the five steps above to help you get the most out of your matched betting. Most importantly, start out simple and be sure you understand everything before placing any bets.

How easy is matched betting?

Matched betting can be a little tricky to get your head around, but the actual process is relatively straightforward once you understand it. If you’re thinking of giving it a go, be sure to do your research first.

Can you keep making matched bets when you’ve used all the signup offers?

Once you’ve exhausted all the free bet signup bonuses and other offers, you will have fewer opportunities to place matched bets. However, it is still possible to take advantage of recurring bonuses and other promotions that sportsbooks run from time to time.