Oftentimes, those who take an interest in the world of sports betting are hesitant to make their first bets because of the risk of losing. That’s where matched betting can help get you started.
Despite what many people may think, winning a bet does not only rely on luck (though everyone could surely use some). It takes a lot of knowledge and research to build effective winning strategies and return a profit. Matched betting is a great beginner strategy to get to know the betting industry while still securing a profit.
Here, we’re going to explain what matched betting is so you can finally get things going by making your first wager to enjoy sports betting as an income-generating hobby.
What Is Matched Betting?
Matched betting is a strategy where a bettor takes advantage of bookmakers’ promotional offers to guarantee a profit. This technique works due to the fact that bookmakers often provide enticing promotions to attract new customers or encourage existing ones to keep betting. A bettor then capitalises on these offers to make “no-risk” bets.
By placing bets on both possible outcomes of a specific event using different betting platforms, users can offset potential losses and ensure a net gain, although it requires research and specific platforms to identify the best opportunities to place a matched bet.
How Does It Work?
Matched betting is done by placing two opposite bets on the same event which are called the back bet and lay bet. This method ensures a profit regardless of the outcome and relies on careful calculations and the use of online tools to find suitable matches with high odds.
Of course, you would need to know where to find the latest bookmaker promos. There are a number of online bookie websites to check out and assess which ones offer the best promotions for your matched bet.
Related: Top 5 Tips for Taking Advantage of Bookie Promotions
Back Bets and Lay Bets
As mentioned above, back bets and lay bets are the key to your matched bets.
A back bet is the type of bet that we traditionally place at a bookmaker. It is a bet on a particular outcome to occur. For example, if we bet on a football team to win a match, we are placing a back bet on that outcome. When we place a back bet, we are essentially backing or supporting that outcome.
On the other hand, a lay bet is the opposite. It is a bet against a particular outcome to occur. In matched betting, we place lay bets on a betting exchange, which acts like a platform where bettors can place bets against each other. When we place a lay bet, we are effectively becoming the bookmaker and offering odds to other bettors who are placing back bets.
In matched betting, we carefully calculate the stake amounts for both the back bet and the lay bet to ensure that the potential profit is the same, regardless of the outcome. A thorough understanding of the relationship between the two is vital in making an effective betting strategy and returning a profit.
Is Matched Betting Legal?
Matched betting is legal, however, it may be against the terms and conditions of a betting operator, similar to arbitrage betting. As a result, a lot of research and precaution should go into using bookie promotions for these types of bets to avoid certain penalties.
Related: Statistical Arbitrage vs. Matched Betting
Conclusion
Matched betting is a good way to start as a novice bettor in order to get a feel for real betting and understand how the system works without risking a lot of money, but it should always be done with care.
It’s good to remember that betting is also about the thrill of winning, so be prepared to evolve into greater strategies as a skilled sports bettor.
Related: Key Tips to Improve Your Sports Betting Strategy
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