Matched betting- the penny has finally dropped

leon103

Dan29 wrote:

It is confusing when you first see it. You use the spreadsheet for each individual bet you do. E.g. if the bookie offer is "Place a £20 bet to get a £10 free bet", your first bet (made with your own money) is:

Free stake: £20 (actually means "stake")
Stake forfeit: 0
Back Profit and Lay Profit then actually tell you how much you'll return you'll get, so if they say £19 you're actually making a £1 loss on this bet.
Lay Stake is what you type into Betfair - it's the amount of stake money you're accepting from the punter (remember, at Betfair you're acting as the bookie).
Lay Risk is how much you have to have paid into Betfair.

For the second, free bet:
Free stake: £10
Stake forfeit: 0 if stake returned free bet, £10 if non-stake returned free bet (don't worry about the difference between these for now!)
Again, Back Profit and Lay Profit are the return on this bet, although this time it really is a profit as you're betting with free money
Lay Stake is what you type into Betfair and Lay Risk is how much you have to have paid into Betfair.

To get your actual profit from these two bets, you subtract any loss you made on the first bet from your profit on the 2nd.

EDIT: Forgot to say, Lay Commission % is 5 for Betfair.

Right, that helps.

Just copied that post into the spreadsheet. I am going to give this a try in the next couple of days.

Thanks

southernscouser

tsharp wrote:

So the bonus money (the 'free' bet offered by the betting company when you sign up) is not actually placed, just withdrawn (along with any winnings)?

No sadly they won't let you withdraw it without by betting it. But by doing the same process as with your own money there is no reason why you can't keep £24 of a £25 freebie! :j

tsharp

If you sign up to a deal, say free £10, then place your bet with your money, then match it at a betting exchange site as per instructions, what happens to that free additional £10 you got in the first place? Does it just sit there with any winnings etc and accumalate?

If it does just stay there, i suppose you can use it to make another bet that you can match...

jessicamb

tsharp wrote:

If you sign up to a deal, say free £10, then place your bet with your money, then match it at a betting exchange site as per instructions, what happens to that free additional £10 you got in the first place? Does it just sit there with any winnings etc and accumalate?

If it does just stay there, i suppose you can use it to make another bet that you can match...

No not quite.

first step you are matching with your own money - as above

second step you match the free bet with your own money. You will then gain an amount equal to or less than the free bet value withdrawable in cash at either the betfair or the bookie. It doesnt matter who wins/loses because the return is the same.

You withdraw the money back to your debit card then

There is no more gain to be had from the funds risk free.

FrugalJo

Oh I don't get it, I think I'm just not destined to do it. I understand that whatever happens you 'win' and the free cash but I can't see how it accumulates to such big figures.
Sigh <wanders off to find dunces hat>

jessicamb

FrugalJo wrote:

Oh I don't get it, I think I'm just not destined to do it. I understand that whatever happens you 'win' and the free cash but I can't see how it accumulates to such big figures.
Sigh <wanders off to find dunces hat>

FrugalJo

The big money doesnt just come rolling in. Its a slow steady way to make a few £s a week. As the profits start to build up its best to reinvest them at first so you have a larger fund. Then you can do some bigger offers. Most of the offers I have done so far are for around £25 a time - so £10k+ isnt going to be made overnight :rotfl: . Thats a lot of devotion for those kind of figures. Personally I started doing one a week and then two. This weekend I did four special offers and one 'arb' to make approx £65. I might do one today if there is any football on (see how little I know about sport ) and then see how much cash I have in the bank to do some more at the weekend.

COOLTRIKERCHICK

i think i got it....its a bit fuzzy round the edges ..but i think i got it... ..so bacially when you got to betfair... you also say you want team x to win.. but you allways press the lay button... and make sure with the 2 sites that the odds are more or less the same...

not to sure how odds work.. but as long as their about the same.. is that right..

also when you register through quidco to these sites... have you got to do the bet straight away.. to get yuor cashback... or have you got a bit of breathing space to work out these bets...

GreyPilgrim

southernscouser wrote:

:wall:
Can you define what gambling is? To me gambling means taking a risk where you can lose. Whether it be money, shares, property, whatever the stake is.

"Neddy doesn't believe in insurance, he considers it a form of gambling"
(Maud Flanders to Marge Simpson after the Flanderereres house is destroyed by a tornado):rotfl: :rotfl:

jessicamb

COOLTRIKERCHICK wrote:

i think i got it....its a bit fuzzy round the edges ..but i think i got it... ..so bacially when you got to betfair... you also say you want team x to win.. but you allways press the lay button... and make sure with the 2 sites that the odds are more or less the same...

not to sure how odds work.. but as long as their about the same.. is that right..

also when you register through quidco to these sites... have you got to do the bet straight away.. to get yuor cashback... or have you got a bit of breathing space to work out these bets...

I think so..

1. Pick Your Bookie
2. Find odds that are similar to the lay option at Betfair
3. Bet at the bookie = you want this to happen
4. Lay the same outcome at Betfair = you dont want this to happen


Odds work as follows:

Try and pick decimal odds so you dont have to figure out fractions.

My £10 stake is odds of 1.0 If I win I get £10 back
At odds of 2.0 I get back the original £10 and £10 winnings

With fractions you need to divide the top by the bottom and then add 1, to odds of 2/1 are 2+1 = 3.0 or 1/1 is 1+1 = 2

With Quidco I would suggest betting in the same log in session - but it doesnt have to be within 5 minutes or anything like that.

HTH

FrugalJo

Thanks Jessica.
Some questions though.
I registered with betfair when it was flutter.com some 4 years ago so no free bet for me. I've also had ladbrokes and willhill accounts in the past, no freebies there either

I've got £20 ish from the £1,024 challenge to invest so if I sit down with a cold one, quidco in one window, perhaps coral and betfair in the others I may attempt something. After all my chinese proverb in my sig says it all.
<takes dunces hat and trashes it>