In order to receive a free bet, there are a few steps we would need to follow first. In this step by step example, I’ll show you how you would use Matched Betting to make a profit with Coral, using the £20 free bet.
This is just an example, I would encourage you just to follow this step-by-step example as a guide, to read and understand how this technique makes guaranteed profit.
(Please note, this is just a guide. Don’t attempt to do the sign up offer unless you know exactly what you are doing. I personally recommend using a Matched Betting service like Profit Accumulator, before placing any real bets)
You will need to make a new account and sign up through their welcome offer. This will be the place where you BACK your bets.
In order to receive the £20 free bet you will need to deposit £5 into your account with Coral (you can use different types of payment methods such as Debit Card, Paypal etc).
Tip: Make sure to always read the Terms and Conditions of each sign-up/welcome offer.
You will now need to make an account with Betfair. This will be the place where you LAY your bets.
You will need at least £5 in your Betfair account known as the ‘liability’, which is the amount you need in order to place your LAY bet. (Don’t worry, you don’t lose this money).
You will be using an ‘odds matching’ software to find an event to bet on. In this example, the minimum odds for your £5 bet with Coral is 1.5. Therefore we need to find odds that are close to 1.5 for our BACK bet.
We’ll need to find odds that are very close (or as close as possible) to our BACK bet odds
So in the example, our BACK bet odds are 1.62 (blue) and our LAY bet odds are 1.67 (pink)
We have our BACK bet (aka Bookmaker Stake) amount which is £5. We have our BACK bet odds of 1.62, and LAY odds of 1.67. We now need to work out how much to LAY at the betting exchange. So we use the calculator:
From this we can now see that we need to make a LAY bet of £5 at the book maker, and have a liability of £3.35 (hence the £5 deposit)
Now looking at the calculator we can see that we’ve made a loss of £0.25p. Don’t worry, this is perfectly normal. Although we’ve made a loss, it will release our free bet, which will more than cover the £0.25p.
Search for your chosen events on Coral and Betfair, and make sure the odds are still the same. Then place your bets.
Once you’ve place your bets on both accounts, you will immediately qualify for your free bet.
(Please note: not all bookmakers release the free bet straight away, some release 24-48 hours after the event has occurred to release the money)
This initial step used to release our free bet is called “A Qualifying Bet”
You will soon be credited with a £20 FREE bet. Now you can follow the same steps above, but using your free £20 bet instead.
You’ll also want to look for odds higher then 4.0, in order to maximise your profits. You can go for higher odds, but the higher the odds, the higher the ‘liability’ you’ll need.
When I did this offer I used lower odds than 4.0 as I had a smaller starting budget (so if that’s the same for you, then try and stick to lower odds, but just bare in mind that lower odds=lower profits).
In this example, the BACK odds are 5 and the LAY odds are 5.
With our Free Bet, we need to select “Free Bet (SNR)”, in order to get the right calculation. So we enter:
This means we need to LAY £16.16 at Betfair. As the odds are higher, the ‘liability’ we need at Betfair will also be higher. In this case it is £64.64. Therefore, you would need to deposit this money into your Betfair account. If you have a bigger starting balance, then try and go for the higher odds. However, if you’re starting out with a lower balance, like I did, then stick to lower odds. See example below:
Above we have much lower odds. The BACK odds are 2.5 and LAY odds 2.52. So if we input those figures into the calculator we get:
As you can see, the liability is much less, but you’re still able to make a decent profit. So in this case, I would deposit another £18.47 (or rounded to £20) into my Betfair account, to cover the liability of this bet.
So now, in order to work out our total profit, we’ll need to subtract the £0.25p we lost from the ‘qualifying bet’. Therefore:
At the Higher odds
If Coral bet wins (a.k.a BACK bet wins):
£15.36 – £0.25 = £15.11
If Betfair bet wins (a.k.a LAY bet wins):
£15.35 – £0.25 = £15.10
At the Lower odds
If Coral bet wins (a.k.a BACK bet wins):
£11.53-£0.25 = £11.28
If Betfair wins (a.k.a LAY bet wins)
£11.54 – £0.25 = £11.29
There you have it...RISK FREE money guaranteed!
I hope this example has shown you that Matched Betting really does work.
Initially you may be feeling unsure about having to put in your own money, don’t worry, I felt the same at first. But honestly, this will be a small investment into what you can achieve if you follow the steps accurately.
If you’re still confused or just want some more clarification, below is a video I came across that really helped me understand Matched Betting in a very simple, straight forward way. Hopefully you’ll find it as useful as I did in understanding the basics of Matched Betting.
Furthermore, if you’re ready to get stuck in and start making money with Matched Betting, then I would highly recommend joining a Matched Betting Service, especially if you’re completely new to the whole concept of Matched Betting. I personally recommend Profit Accumulator for beginners, however there are others available which I have listed here.