Beginner's Guide to Matched Betting

Matched betting is a way to turn bookmaker promotions, mostly Freebets, into money you keep, whatever the result of the game. You bet on one outcome at one bookmaker and on the opposite outcome at a second bookmaker, so every result is covered and the two bets cancel out. This beginner matched betting guide walks you through how it works, the maths behind it, and how to complete your first offer step by step.

What is matched betting?#

Bookmakers compete for customers with offers like "Bet €10, get a €10 Freebet". Normally you would have to gamble to use that Freebet. Matched betting removes the gamble by betting on every outcome of an event, each at a different bookmaker:

• At Bookmaker A you bet that tennis player A wins the match.
• At Bookmaker B you bet that player B wins.

A tennis match has exactly two outcomes, so one bet always wins and the other loses. If you size the second stake right, you get the same amount back whoever wins, and your result is fixed before the first serve. This is called Back-Back BBBack-Back, two normal bets at two bookmakers. You only need bookmaker accounts, and every number in the calculation is something you can read straight off the bookmakers' websites.

Bookmakers build a small margin into their odds, so covering both sides usually costs you a little, until a Freebet or bonus tips the balance in your favour.

What you need to get started#

1. Accounts at two or more bookmakers. Sign-up offers are the obvious start, but many bookmakers also run recurring offers for existing customers, like weekly Freebets, refunds and odds boosts. The offer is at one bookmaker; the other one covers the opposite outcome.
2. Deposit Funds at both. You need the stake for each side at its bookmaker. A starting bankroll of a few hundred euros makes things much easier.
3. Verified ID. Bookmakers verify your identity before withdrawals, so have your documents ready.
4. Calculator A calculator and a tracker. The matched betting calculator works out the second stake for you. Something to log every bet, deposit and Freebet stops you losing track after the first few offers.

Key terms#

Worked example: the qualifying bet#

Say the offer at Bookmaker A is "Bet €10 at odds of x2.0 or higher, get a €10 Freebet". You find a tennis match where player A is x2.10 at Bookmaker A and player B is x1.85 at Bookmaker B.

You want the same amount back whoever wins. Your €10 on player A returns $10·\text{x2.10}=\text{€21.00}$, so the covering stake on player B has to return that too:

Whatever happens, you lose about €0.35 and Bookmaker A gives you the €10 Freebet.

Worked example: the Freebet#

A Freebet is usually "stake not returned": if it wins, you get the profit but not the €10 itself. So a winning Freebet at odds of x4.50 pays $10·(\text{x4.50}-1)=\text{€35}$, and that is what the covering bet has to match:

Higher odds keep more of the Freebet's value, so Freebets are usually placed on the outsider. With player A at x4.50 at Bookmaker A (the Freebet) and player B at x1.28 at Bookmaker B:

That locks in €7.66, a retention of about 77%. Together with the qualifying loss, the whole offer makes about €7.31 no matter how either match ends.

More than two outcomes#

A football match has three results: home win, draw and away win. You can cover all three the same way, with one bet per outcome at up to three bookmakers, each stake sized so every result returns the same. The maths is identical, just with one more line; the N-Way calculator N-Way calculator does it for you. As a beginner, two-way markets like tennis or over/under goals are the easiest place to start.

Your first offer, step by step#

1. Read the terms. Look for the minimum odds, which markets count, the deadline, whether the Freebet is SNR, and any wagering requirements.
2. Find a two-way market where the offer's bookmaker and a second bookmaker together have good odds on the two sides. The closer $\frac{1}{{\text{odds}}_A}+\frac{1}{{\text{odds}}_B}$ is to 1, the less covering costs.
3. Calculate the covering stake with the calculator, using the current odds.
4. Place both bets straight after each other, before the odds move. Check that they really are opposite outcomes of the same event and market.
5. Wait for the Freebet to be credited, then repeat steps 2-4 with the Freebet formula.
6. Log everything: stakes, odds, the Freebet, its expiry date and the final profit.

Other promotions you will meet#

Freebets are the most common offer, but not the only one. Across MB-Tracker every type has its own icon and colour, so you can tell them apart at a glance:

• Freebet: a bet paid for by the bookmaker. Usually the stake is not returned, only the winnings.
• Refund Refund: your stake back if the bet loses, often paid as a Freebet.
• Cash Cash: money credited to your balance that you can withdraw.
• Credits Credits / bonus money: a bonus balance that usually has to be wagered before you can withdraw it.
• Rollover Rollover: how much you have to bet before bonus money becomes withdrawable.
• Boost Boost: higher odds or a higher payout than normal on a selection.
• Bonus on win Bonus on win: an extra payout, cash or Freebet, when your bet wins.
• 2UP early payout 2UP: your football bet is paid out early as a win once your team leads by two goals.

Each needs a slightly different calculation, so always check which type an offer pays out in.

Common beginner mistakes#

• Leaving an outcome uncovered. In football, "Team A wins" and "Team B wins" miss the draw. Make sure your bets cover every possible result.
• Different settlement rules. Bookmakers don't always settle the same way, for example when a tennis player retires injured. Check both bookmakers' rules for the market, or one bet can be voided while the other loses.
• Using the qualifying formula for a Freebet (or the other way round). An SNR Freebet needs the Freebet formula, or your result is no longer the same both ways.
• Waiting between the two bets. Odds move; place the covering bet right after the first one and re-check the stake if the odds changed.
• Ignoring the minimum odds or other terms, then not getting the Freebet at all.
• Letting Freebets expire. Most have a deadline.
• Not tracking. Once you have several bookmakers, deposits and Freebets open at once, it is easy to forget what is pending and where your money is.

Keep track of your progress#

Matched betting is a numbers game: lots of small, predictable profits. A tracker shows what you have actually made, which bets are still open and which Freebets are about to expire. MB-Tracker brings your bets, bet groups, deposits, withdrawals and rewards together on one page, with built-in calculators. If you are choosing a tool, see how it compares with other matched betting sites.

Bet responsibly#

Done correctly, matched betting does not depend on the results, but mistakes, uncovered outcomes and misread terms can still cost you money. Only use money you can afford to lose, never chase a mistake with a riskier bet, and take a break if betting stops being under your control. If you are worried about your gambling, contact a gambling support service in your country.