Matched betting- the penny has finally dropped

jessicamb

magic_pants wrote:

I am well aware what "matched betting" is! It's gambling plain and simple. The free offers given by betting companies is a great way to earn free bets but for people who can treat money responsibly. Someone getting into 30 grand worth of debt is not one of these people and, indeed, the OP decided to set aside £100 from th enext pay packet (their words not mine) to start gambling. I'm sorry but this is just ridiculous state of affairs.

Can I please explain how it works.

I bet £10 on A at 2.0 so I can win £20 or lose £10
I lay £10 on A at 2.0 so I can win £10 or lose £20

If I win I get £20
If I lose I get £20

This is the match

Overall effect is nil - useless with my own money, but with a £10 bonus from a bookmaker I have only spent £10 of my own money on this match and made £10 profit.

It is a simplified mathematical explanation but this is how it works in principle.

magic_pants

"I'm just impatient to get started now (but it would be wrong to use my overdraft for this wouldn't it "

Hey! You wrote that, not me! What is someone supposed to but be judgemental about a statement like that?

OK, well let's just leave it at that, I wish you the best of luck!

southernscouser

magic_pants wrote:

It's got nothing to fo with being rude. I have the utmost respect for those on this board but this cannot be the forum for encouraging entering into betting or gambling of any sort. I'm sorry but that is just the way I feel. I am just surprised that no-one else can see this! You can spin it any way you like but gambling is gambling and those with huge debts are walking a thin tightrope if they think that this is the way out of it.

Do you have a gambling problem because you have the same mindset as those that do who always say it's wrong.

Don't get me wrong, gambling is a mugs game.

But this isn't gambling. You say you are aware what it matched betting is but clearly you don't as there is no risk. It's called a loophole. People have and are making thousands of pounds risk free for nothing. How can that be a bad thing?

kathfisch

magic_pants wrote:

It's got nothing to fo with being rude. I have the utmost respect for those on this board but this cannot be the forum for encouraging entering into betting or gambling of any sort. I'm sorry but that is just the way I feel. I am just surprised that no-one else can see this! You can spin it any way you like but gambling is gambling and those with huge debts are walking a thin tightrope if they think that this is the way out of it.

You are most certainly being rude.

You clearly have no respect for those on this board... words like 'irresponsible' describe people's past, not the way they are tackling their debts. It is offensive and judgemental to say such things when you do not know the people involved.

Matched betting is not risking any money and is helping people to pay their debts off faster.

Again, if you don't agree that's fine, leave us to our stupidity! :rolleyes:

magic_pants

"But this isn't gambling. You say you are aware what it matched betting is but clearly you don't as there is no risk. It's called a loophole. People have and are making thousands of pounds risk free for nothing. How can that be a bad thing?"

it's not..IF you can control your activity and restrict it to the parameters within the "free bet" and "no risk". What I am concerned about is people with huge debts seeing this as a solution, that's all. It's not a dislike of gambling as I enjoy a flutter on occaison.

(and no, I don;t and have never had a gambling habit).

Mrs_Sparkle

magic_pants wrote:

"I'm just impatient to get started now (but it would be wrong to use my overdraft for this wouldn't it "

Hey! You wrote that, not me! What is someone supposed to but be judgemental about a statement like that?

OK, well let's just leave it at that, I wish you the best of luck!

Look, I don't want to argue. This forum is a really pleasant place and fortunately judgemental people are in the minority. I made it clear I was waiting for pay day to do this and the overdraft thing was a joke. If you haven't got anything polite to say to me I suggest you stay from matched betting threads which obviously wind you up (your loss not mine).

tsharp

Can someone tell me where and when to put my money on a matched bet? That way i can break into the matched betting lark, and hopefully get a fast track insight into how this malarkey works. I kinda get the principle, effectively betting against yourselft with bonus cash from the bookie to protect against loss, but the minutae of the beginner's thread is making my brain hurt...

MrsTinks

magic_pants wrote:

I am well aware what "matched betting" is! It's gambling plain and simple. The free offers given by betting companies is a great way to earn free bets but for people who can treat money responsibly. Someone getting into 30 grand worth of debt is not one of these people and, indeed, the OP decided to set aside £100 from th enext pay packet (their words not mine) to start gambling. I'm sorry but this is just ridiculous state of affairs.

No it's not "gambling plain and simple"
Do you REALLY think Martin would allow a whole forum to it if it was Gambling?

Also note the following thread It clearly explains the do's and don'ts of matched betting.

Just because the OP has a debt of £30k doesn't mean they can't do well at matched betting. I will admit I don't know HOW the OP ended up in debt byt like my OH it COULD be due to forexample an ex who was the cause of a HUGE loss of money - just a thought... :A

kathfisch

magic_pants wrote:

it's not..IF you can control your activity and restrict it to the parameters within the "free bet" and "no risk". What I am concerned about is people with huge debts seeing this as a solution, that's all.

But the matched betting is part of the solution. You are assuming that anyone starting this cannot control themselves... because in the past they have run up huge debts (which you know nothing of the circumstances around).

There are big warnings on the forum about matched betting, and certainly someone who thinks they won't be able to control their gambling should not do it, but why make such assumptions about a group of people you've never met?!

southernscouser

magic_pants wrote:

it's not..IF you can control your activity and restrict it to the parameters within the "free bet" and "no risk". What I am concerned about is people with huge debts seeing this as a solution, that's all. It's not a dislike of gambling as I enjoy a flutter on occaison.

(and no, I don;t and have never had a gambling habit).

So you've gone from saying it's irresponsible to not being a bad thing! :rolleyes:

It's part of a solution. In earning more money to pay the debts off. It's not the way to do it on it's own but it sure bloody helps when put with budgetting and everything else that goes with becoming DF!

There are posts/threads warning of the pitfalls and risks of gambling with your own money.