How to Make Money from Free Bets. A Simple Guide to Matched Betting.
I recently wrote a post here that explains how to make £1000 online in the UK. This method does not require an initial investment. The first step in the post utilises switching offers from banks and the second step uses matched betting to make money from free bets. This matched betting guide will walkthrough the process of matched betting and show you how to make money online using free bet promotions from bookmakers.
What is Matched Betting?
Matched betting is a process that allows you to make money from risk free bets. No previous knowledge of gambling or sports is required. There is also software that calculates exactly what to bet so you do no have to work out the calculations.
The way matched betting works is you place a bet at a bookmakers using your own money, this is called the qualifying bet. Once you have placed this qualifying bet you then lay against this bet at a betting exchange.
For example, you would place £10 on Manchester United to beat Arsenal at a bookmakers. You would then go to a betting exchange and lay against Manchester United to beat Arsenal. To lay a bet means to bet against an outcome. E.g I bet that a bet against Manchester United to beat Arsenal will not win. You cannot just place any bet and lay against any bet and that is where the calculations and software come into play.
You will always loose a small percentage of your initial bet with the qualifying bet. However, this then rewards you with the free bet promotion you signed up for. Once you have your free bet you repeat the process again. This time you receive about 70-80% of the total of your free bet. This means you are guaranteed profit no matter what the outcome.
A Step by Step Guide to Making Money from Free Bets.
Now we have had an overview of what matched betting is and how the process works, I will brake down each step. This will give you an understanding of exactly how to make money from free bets with matched betting.
Step 1: Sign up to OddsMonkey
The first step is to sign up to OddsMonkey. This website is priceless when it comes to matched betting. They offer multiple guides and videos to each free bet promotion. They also have a community forum where members share free bet promotions and discuss matched betting techniques.
The guides and videos on OddsMonkey are an excellent resource but the main feature of the site is the Oddsmatcher tool. The oddsmatcher tool compiles the odds from multiple bookmakers and betting exchanges in highlighting the best events to maximise your profits.
You can sign up for a free OddsMonkey account here: oddsmonkey.com. This will allow you to test there software on two bookmakers. Following their free guides you are guaranteed more than £30 in profit.
Once you have made £30 profit from their free account you can sign up for a premium account for £17.99 (leaving you with £12.01 profit). With a premium account you have access to multiple guides and free bet promotions that can make you over £600 in under a month.
There are also multiple existing customer offers that you can exploit to make money from free bets.
Step 2: Sign up to a Bookmaker promoting Free Bets.
Once you have signed up for OddsMonkey and completed the two guides to make your first £30 you should have an idea of how to make money from matched betting. However, I will highlight each step in order to provide a comprehensive guide that you can refer to and show your friends and family.
OddsMonkey has a library of free bet promotions on their website, these can be found under the offers section.
The first offer that most people complete is the Coral offer which is ‘Bet £5 get £20 in Free Bets’. This entitles you to £20 in free bets once you have deposited and staked your initial £5. With this promotion you can make between £12-£15 depending on how much bankroll you have and how good the odds are.
If you already have an account with Coral you will be unable to benefit from this promotion. However, there are plenty of other bookmakers to exploit in order to make money from free bets, and there are also multiple promotions for existing customers.
Step 3: Sign up to a Betting Exchange
Now you have an account with OddsMonkey and Coral you will need to open up an account with a betting exchange. Unlike a bookmaker, a betting exchange allows you to place bets against other members for a percentage of the winnings.
There are two major betting exchanges that OddsMonkey recommends; Betfair and Smarkets. Personally I use Betfair, the commission is slightly higher (5%) but I am familiar with the brand and their site is integrated with OddsMonkey so it makes the process much simpler.
Once you are signed up with a betting exchange and bookmakers you want to change the odds on both platforms to decimal to make it easier to use the Oddsmatcher tool.
Step 4: Log in to OddsMonkey and open the Oddsmatcher Tool.
Once you have an account with Coral and you are eligible for their free £20 bet you need to log in to OddsMonkey and open up the Oddsmatcher tool. When the Oddsmatcher tool is open you can filter the results to relate to your enquiry.
In this instance you want to filter bookmakers by Coral, betting exchange by the relevant exchange and also filter the odds in line with the promotion (Minimum odds 1.5 to be eligible for Coral promotion). Always double check the eligibility for free bets as there is usually a minimum odds between 1.5 and 2.
Now you have the correct results filtered OddsMonkey will highlight all the odds that are relevant to your search. You can sort these results by time, odds and sport.
Step 5: Select your Qualifying Bet and then Lay.
For qualifying bets we will always lose a small percentage of our initial bet. Because of this we want to keep the odds as low as possible to minimise our losses.
Clicking on the information tab of your bet will open the OddsMonkey calculator and this will tell you exactly how much to lay against your bet once you fill out the relevant information. For a qualifying bet you need to select ‘Normal/Qualifier/Arb’ bet on the calculator, then enter your bet stake (£5 for Coral) and update the odds if they have changed.
I also recommend picking football as these bet’s are more realistic and less likely to be gubbed (when bookmaker’s stop sending you promotional offers).
Once you have selected the bet you want to go ahead with you simply find it on the Coral website, place the a £5 bet and then lay against it on the betting exchange. For simplicity I have integrated Betfair with OddsMonkey to I click ‘lay this bet’ in the Oddsmatcher and OddsMonkey will lay my bet with Betfair.
Now you have backed your bet and layed against it you just need to wait for the bet to come in. Win or Lose OddsMonkey will show you exactly how much you will lose but this does not matter as we only want to minimise our losses so we receive our free bet.
Step 6: Back and Lay you Free Bet in order to Maximise Profits.
Here is the stage where we make money from free bets. We basically repeat Step 5 with a few alterations.
Again, we open up the Oddsmatcher tool and input the relevant filters. When we are placing our free bet we want to pick odds between 5.0 and 8.0. The higher the odds the more profit we will gain but this requires more bankroll. Between 5.0 and 8.0 is a sweet spot for maximising profits and we can usually generate between 75-80% of our free bet stake.
Once we have chosen our bet we want to open up the OddsMonkey calculator in the information tab again. Instead of selecting ‘Normal/Qualifier/Arb’ for our free bet we select ‘SNR: Stake Not Returned’. Again, we want to double check our odds, enter our stake and then OddsMonkey will do the rest.
Once we have calculated how much to lay, we can go over to Coral and place the bet. We then need to lay our bet on Betfair or select ‘Lay Bet’ in the OddsMonkey calculator. Once the bets are settled this will return 75-80% of our free bet stake as risk free profit.
Conclusion: What to do Next, I Want to Make More Money
If you are a member of OddsMonkey they have plenty of step by step guides showing you how to make money from free bets with multiple bookmakers.
These guides can make you over £600 on new customer sign ups alone. They also have guides on bingo and casino offers that allow you to multiply your risk free profits.
You can sign up to OddsMonkey here for £17.99 a month or £150 for the year. This will give you access to multiple tutorials highlighting how to make money from free bets on new and existing bookmaker accounts.
Once you have completed the initial sign up offers there are various strategies that allow you to exploit bookmaker promotions and it is not unheard of to make over £1000 a month extra income from matched betting.