Frequently Asked Questions

This Matched Betting FAQ has been put together to answer some of the most common questions.

Matched Betting

What is Matched Betting?

See Matched Betting

Is Matched Betting legal?

Yes, so long as you are aged 18 or older.

How much money do I need to get started?

As little as £10 to open an account with a bookmaker, and around £50 to cover your first lay bet at a betting exchange. If a bookmaker offers to match your initial bet with a free bet, say £50, then it is advisable to have between £100 and £250 available. Of course, you get this back as soon as the bets are settled, so the money will be back in your bank account within 3 to 4 days.

Cashback Websites

What is a cashback website?

Cashback websites give you money back for every betting transaction you make through using their website first.

Do I have to use a cashback website?

No. If you do not click through the cashback website first - you will just lose out on the cashback offers available.

Which are the best cashback websites?

Rpoints, Greasypalm, Mrs Cash Back and Freefivers.

How much money can I really make from a cashback website?

Presuming that you use Rpoints as your cashback website then you could make about £100 in cashback on top of your Matched Betting earnings.

Betting Exchanges

What is a betting exchange?

Betting exchanges are crucial to Matched Betting and allow the Matched Bettor to extract free cash from bookmakers offers. A betting exchange provides a service that Matched Bettors use to set their own odds for a particular outcome of a sports event. A betting exchange allows the Matched Bettor to act as both punter and bookmaker.

The best betting exchange is Bet Fair who offer a £25 welcome bonus to newcomers. Other popular betting exchanges include Betdaq, WBX and Mansion.

What is a lay bet?

A lay bet implies that you believe an outcome of a sports event will not happen.

Bookmakers (Bookies)

What is a bookmaker?

A bookie, bookmaker or turf accountant is a person or an organisation that accepts bets and may pay you winnings depending upon the result and the odds.

What is a back bet?

Money risked in a wager or gambling game. Also referred to as a stake. A back bet implies that you believe an outcome in a sports event will happen.

What is a qualifier bet?

Qualifying bets are put in place by bookmakers and betting exchanges alike to ensure that you are a genuine punter. Qualifying bets are also seen as the first test of the Matched Bettors patience and determination to extract the free incentives.

Free Bets

What is a free bet?

are the Matched Bettors reward for their patience and determination. Similar to qualifying bets, free bets must be completed by: adhering to the terms and conditions of the free bet, finding the best odds, placing a back bet then placing a lay bet. Free bets range from £5 to £250 in some instances and are offered as incentives for joining a bookmaker or betting exchange.

Terminologies

Arbitrage

Arbitrage is the practice of taking advantage of a price differential between two or more markets. This is achieved by placing a back bet of greater odds than a lay bet.

Odds (Price)

Odds are the amount that the bookmaker will pay out on winning bets. Accepting odds of 4/1 means that you are prepared to risk £1 to win £4.

Outcome

An outcome is the final result of a sports event. For example, a football match has 3 possible outcomes - a home win, an away win or a draw.

Punter

A punter is prepared to risk money on an event with an uncertain outcome with the primary intent of winning additional money. A punter is also known as a gambler.

Stake Returned (SR)

See Stake Returned Free Bets

Stake Not Returned (SNR)

See Stake Not Returned Free Bets.

Wagering Requirement (WR)

The number of times you must bet at the bookies before you can withdraw your winnings. A 3x wagering requirement means you must bet 3 times your initial wager. If this initial wager was £25 then you would need to Matched Bet a further 3 £25 bets (usually on different sports events) at that particular bookmaker before they will release your winnings.