No risk matched betting is a great way to make money online in your spare time and has become one of the most popular money-making methods of the past 5 years.
In this matched betting guide, we’ll be taking a look at what no risk matched betting is, how it works, what you need to get started and hopefully answer some of your questions and concerns you may have about it.
What is no risk matched betting?
It’s likely that you have heard about no risk matched betting from a friend or have seen it mentioned online but unsure of how it works or if no risk matched betting is a scam.
Well, it’s definitely not a scam as thousands of people in the UK are currently making money from matched betting and hopefully, once you’ve finished reading this guide, you will be too.
You may have read that matched betting is a risk free way of making money online and that you can make profits of £500-£1,000 per month from home. Sound familiar? We’ll get into the potential risks soon but let’s first start by taking a look at what matched betting is.
There are hundreds of online bookmakers, some of which you may have heard of such as Ladbrokes, William Hill or Paddy Power and some lesser known ones. Pretty much all of these bookmakers offer new customers something in return of opening an account with them. They do this as there is a lot of competition and so to encourage people to use their betting site instead of others, they offer an incentive. These incentives usually come in the form of free bets and it is from these that we are able to make a profit using matched betting.
How does no risk matched betting work?
Many people are sceptical about matched betting as they don’t believe it is possible to lock in a profit on a bet. After all, there can only be one winner. However, what if you have a bet on all outcomes? You’ll be guaranteed to win one of them. This is what we do when matched betting – we cover all outcomes and are able to return a profit regardless of the result.
When you sign up to a bookmaker, you usually have to place a bet with your own money in order to receive the free bet that they offer to new customers. Our main aim when matched betting and making money from free bets is to receive the free bet for as little cost as possible.
A typical punter who signs up to a bookmaker will place their initial bet on something like a football match and hope that it wins. It may win, it may not. They would then receive a free bet and place this on another event. Again, they may get lucky and win but they may lose. It’s possible that both their bets lose leaving them out of pocket. With matched betting, we eliminate the risk of our bets losing and we do this by backing and laying our bets so that all outcomes are covered.
Back bets and lay bets may be new to you if you are new to matched betting so let’s take a look at what they are.
You place back bets on a bookmaker website such as Ladbrokes or Paddy Power. Back bets are when you are betting on something to happen. For example, if you placed a bet on Man Utd to beat Chelsea, this would be a back bet. Your bet would win if Man Utd won the game and your bet would lose if they didn’t. ie. Chelsea won or the match ended in a draw.
Lay bets are placed on a betting exchange such as Betfair Exchange, Smarkets or Matchbook. You can’t place lay bets on a standard bookmaker website. Lay bets are when you are betting on something NOT to happen. For example, if you placed a lay bet on Man Utd, you are betting on them not to win. Therefore, your bet would win if Chelsea won the game or the match ended in a draw and your bet would lose if Man Utd won the game.
So, why do we need to place a back bet and a lay bet?
By placing both a back bet (to win) and a lay bet (not to win), we are covering ALL outcomes.
Let’s take a look at an example.
Event: Man Utd v Chelsea
For simplicity, let’s say that Man Utd were evens (2.0) to win and the lay odds on Man Utd (not to win) were also evens.
- We place a £10 back bet on Man Utd
- We place a £10 lay bet on Man Utd
Total stake = £20
- Man Utd win – We win our back bet and make £10 profit & lose our £10 lay bet – We break even
- Man Utd lose – We lose our £10 back bet & win our lay bet which makes £10 profit – We break even
- The match ends in a draw – We lose our £10 back bet & win our lay bet which makes £10 profit – We break even
As you can see, we have every outcome covered and will break even whatever the result is.
So what is the point if we just break even?
As mentioned earlier, the main aim is to receive the free bet for as little cost as possible. If we back and lay our initial bet then we will receive a free bet and it has cost us absolutely nothing!
This initial bet that you have to place in order to receive your free bet is called the ‘Qualifying Bet‘.
Qualifying Bet – This is the bet you place in order to receive your free bet. As you are backing and laying your qualifying bet using your own money, you won’t make a profit. The aim of this bet is to qualify for the free bet with little to no cost.
Free Bet – You receive your free bet usually after your qualifying bet has settled. It is with this free bet that you are able to make an overall profit.
We now know that we need to place a qualifying bet in order to receive our free bet and that the aim of this bet is to simply lose as little as possible so that we can receive our free bet and make an overall profit from it.
So how do we make a profit from our free bet?
Making money from no risk matched betting
So, we’ve placed our qualifying bet, broken even there or thereabouts and have now received a free bet. In order to make a profit from our free bet, we must repeat the process of backing and laying a bet, except this time, instead of using our own money for our back bet, we use the free bet. As we are doing this, we’re able to reduce our lay stake and make a profit regardless of the result.
The easiest way to demonstrate this is through an example.
Example of No Risk Matched Betting
In order to calculate our lay stakes, we need to use a matched betting calculator. There are many of these about such as the one available to Profit Squad members which contains many features and extremely user-friendly.
Tip 1: When using free bets, selecting a bet which has higher odds will return a greater cash profit. Odds of 4/1 (5.0) or greater are generally recommended.
Tip 2: You will return a greater profit when the back odds on the bookmaker website are close to the lay odds for the same bet on the betting exchange. You can use a Matched Betting Odds Matcher tool for this which will automatically find good matches for you. The one on Profit Squad automatically updates when the odds change.
Let’s say that we have a £10 free bet and have found a bet on the Arsenal v West Ham match using the Odds Matcher tool. The back and lay odds are as follows:
Back odds on the bookmaker for West Ham to win: 6.0
Lay odds on the betting exchange: 6.1
We then put these details into a matched betting calculator to determine the ideal lay stake to make a profit regardless of the result.
If we place our £10 free bet on West Ham to win at odds of 5/1 (6.0), the calculator tells us to lay our bet with a stake of £8.20. By doing so, we will make an £8.18 profit if West Ham win the game and an £8.20 profit if they lose or the match ends in a draw.
Let’s take a look at the maths behind it.
For our back bet, we are risking none of our own money as we are using a free bet.
For our lay bet, we are risking our own money and so our returns need to be higher than this amount on all possible outcomes if we are to make a profit.
You’ll notice on the calculator that our ‘liability’ is £41.82. This is the amount we are risking on our lay bet. When placing lay bets, we are essentially acting as the bookmaker. The lay stake is the punters’ stake and the liability is their profit should it win. Therefore, as we’re acting as the bookmaker, if the bet wins, we, as the bookmaker, will keep the punters’ stake which in this example is £8.20 and if it doesn’t win, we will pay the punter their winnings which is £41.82.
West Ham win
- Our back bet wins and we get back £50 from the bookmaker
- Our lay bet loses and we lose the liability amount which is £41.82
- Our overall profit is £8.18
West Ham don’t win (lose or draw)
- Our back bet loses. We don’t lose any of our own money, just our free bet
- Our lay bet wins and our profit is the amount of the lay stake which is £8.20
- Our overall profit is £8.20
Therefore, whatever the result of the match, we will make between £8.18 and £8.20 profit. As the free bet cost us nothing to receive, as we backed and layed our qualifying bet, we have made an overall profit!
The example above shows how you can make a profit from no risk matched betting. However, in reality, there is something else to consider – Betting Exchange fees. The majority of betting exchanges charge a fee which is usually on winning bets but terms vary depending on which exchange you are using. Commission fees are usually in the range of 1.5% – 5%.
Although the exchange fees will reduce your overall profit and often cause you to make a loss on your qualifying bet, the effect is very small and you should still be able to make a good profit in most cases.
A good matched betting calculator, such as the one found on ProfitSquad, allows you to select which betting exchange you are using and will factor in their commission fees when determining the ideal lay stakes.
How much money can you make with no risk matched betting?
You may often see no risk matched betting being advertised with the potential to make between £500 – £1,000 a month. The truth is that there is no accurate number that anyone can give you. There are matched bettors who make several thousand pounds every month and there are some who make just a couple of hundred pounds.
The amount of profit you will make depends on a number of factors such as:
- How much time you dedicate to matched betting
- How many offers you do
- What type of offers you do, eg sports, casino, bingo, advantage play, extra places, dutching or all of them
One thing is for sure and that is that matched betting can be extremely profitable. It can be done in your spare time so there is never any need to dedicate time to it which is better spent elsewhere. Whether you do matched betting fulltime or just when you have a few minutes free on an evening or weekend, there is profit to be made.
The number of profitable betting offers is endless. Bookmakers run promotions every single day from which you can make a profit which makes profiting from matched betting in the long-term entirely possible.
Matched Betting Risks
Matched betting is often referred to as risk-free but is this true?
The maths behind matched betting is flawless and does result in a profit regardless of the result. The only risk is with human error. It is possible that you place a bet on the wrong event or with the wrong stake. If this happens, it is possible that you could lose money if you don’t correct it. That is why it is a good idea to double check all of the details before placing a bet every time. It’s also a reason to join a matched betting site such as Profit Squad. Profit Squad provide members with easy to follow training and video guides to ensure that you are educated to a level where you are unlikely to make errors. We also have a great community of members and experienced staff who are online 7 days a week to help you should you make a mistake or have a question. Our live chat feature is great for this as you can expect a prompt response in most hours of the day.
If you’d like to learn more about matched betting and get access to hundreds of profitable betting offers worth thousands of pounds in profit, you can join Profit Squad on a 14 day trial for just £1 by clicking the button below.