Matched betting is a reduced-risk betting method that involves betting on opposite outcomes at two or more different sportsbooks. The point is to ensure a win/profit, even if a small one. It’s a simple but effective strategy. Read on to learn more about matched betting and how this tactic, when applied properly, can benefit you.
Matched Betting: Basic Terms Explained
Matched betting can perhaps be better understood by its more informal designation: bonus hunting. It’s a usually two-way betting method where you place separate back and lay bets on the same event on opposite outcomes using complimentary bonus funds supplied by your betting operator.
Wait, what is a lay and a back bet you ask? Let’s get you familiarized with the basic terms used in the context of matched betting.
- Back bet – Back betting simply means betting on a specific outcome. You stake your money that that outcome will happen. Whether for a team to win, cover the spread, or something else.
- Lay bet – The opposite of back betting, ‘laying’ means ‘betting against’ (an outcome). When you ‘lay’ a certain outcome, you bet that that outcome won’t happen.
- Laying the points – Betting against a favorite team to cover the spread.
How Does Matched Betting Work?
Matched betting involves betting on opposite outcomes i.e. placing both a back and a lay bet. You bet on all possible outcomes, therefore ensuring that one bet always wins.
For example, let’s take two relatively strong NBA teams playing in the early stages of the regular season: Denver Nuggets (the favorite) and Oklahoma Thunder, where the former is only a slight favorite to win.
First, you need an NBA bonus bet from a sportsbook offering it and back the Nuggets. Next, you lay the same team i.e. you bet on an opposite outcome at another sportsbook (or an exchange) offering bonus bets for NBA games. This effectively leads to a winning ticket as you cover all outcomes by taking both sides of the bet. You win regardless of which team wins/loses.
Matched betting may also work in three-way moneyline sports like hockey, soccer, and even American football, where a tie is possible. If, for instance, you place both a back and lay moneyline bet, you win if either team wins or if the game ends in a tie. In this case, the lay bet also includes a draw as an opposite outcome instead of just the team you backed to lose.
Note: In some cases, a tied result may end in a ‘push’ (as with draw no bet wagers), and your bet will be refunded.
Is Matched Betting a Good Strategy?
Matched betting is a low-risk method that guarantees a payout. However, in the worst-case scenario, it can also result in a loss. For instance, placing a total of $100 to back and lay a team ($50 on each outcome) can lead to a small loss if the payout for one of the outcomes is lower than $100. Whether you make a profit or not depends on the price of the market and the size of your bet(s).
However, since you’re using bonus bets, and that is the essence of matched betting, you’ve suffered no financial loss out of your own pocket. There are many website out there now dedicated to matched betting, such as ProfitDuel, that provide software to help with your matched betting activities. There are only a few matched betting alternatives available if you are keen to explore them too.
A ‘draw no bet’ wager can be useful in matched betting. This bet eliminates ‘draw’ as a possible outcome in three-way moneyline sports. For example, placing a draw no bet wager at one sportsbook and a double chance bet at another covers all outcomes and guarantees a win (unless it’s a push), but not necessarily a profit.
Main Benefits and Drawbacks of Matched Betting
Betting is fun until you lose. Implementing a low-risk strategy like matched betting is always worth a try, despite its shortcomings.
Pros
- Reduced-risk betting strategy
- Simple but proven method
- Guaranteed payout
- Using bonus funds to bet
- Odds variations at different sportsbooks can add value
Cons
- The method mostly generates small profits
- Some sportsbooks prohibit this form of betting
- Bonus bets are not always available
- Careful research and calculations are required to ensure a profit
Is Matched Betting Legal at Sportsbooks?
In theory, matched betting is not illegal, but most sportsbooks have strict conditions for their bonuses that would limit the possibility of making matched bets. If an operator suspects you of abusing one of their promotions, they are fully within their rights to rescind the bonus or take back any money you made on the bonus.
Therefore, if you are going to use a matched betting strategy, you will need to be extra careful to not use it too often, or, to cover your tracks better, use a matched betting strategy with multiple sportsbooks. Use a bonus bet at Sportsbook A and hedge it at Sportsbook B to ensure a profit.
Top Sportsbooks for Matched Betting
Bonus bets, also known as insurance bets, or ‘no sweat bets’, are almost always available during regular seasons, sometimes even in the postseason. If you don’t know where to start, I advise you to look into BetMGM, FanDuel, Caesars Sportsbook, DraftKings, bet365, and one of the newest sportsbooks, Fanatics.
These are staple betting sites and regularly promote bonus bets. Remember, the size of the bonus may not always be enough to generate a profit, which is why you should crunch some numbers before you wade in.
Important note: Matched betting is prohibited at most sportsbooks. Creating two or more separate betting accounts is necessary to avoid possible sanctions, as well as to find better prices on given outcomes.
