Matched betting for newbies – how to get started
There are a couple of different steps to using a matched betting strategy that you need to know before proceeding. You don’t need to be a genius to use a matched betting strategy but there are important elements you need to remember. With that said, we answered the question “what is matched betting?” below:
First things first, you need to find 2 suitable online sportsbooks to use to make your matched betting strategy work. You will first need to pick out a standard online sportsbook, for example, DraftKings, that also offers you a free bet offer whether as a new customer bonus or as a standard promotion. The second sportsbook you need to sign up for is a betting exchange. A betting exchange is the only type of sportsbook that allows you to place a lay bet but we will get to that in a moment.
The free bet offer
The free bet offer you are going to cash in on is the most important part of a matched betting strategy. Once you have found a suitable online sportsbook that gives you the opportunity to claim a free bet offer, you will need to make an initial deposit and then wager your qualifying bet (where you will take a small initial loss that you will get back and then some later on). Once your qualifying bet settles, your account should reflect that you now have your free bet offer. Now, we can use the free bet offer for the matched betting strategy.
Back and lay
You are then going to use your free bet offer at the standard sportsbook and place it on a team to win. This is known as a back bet. Then, you are going to place another bet on the same team to lose with the betting exchange that you signed up for. This is called your lay bet. You need to make sure that both of your bets are of equal value and that they are placed on odds that are as close to one another as possible. Once that has been done, you have now covered every possible outcome of the match. This is why a matched betting strategy is so popular, as it removes all of the risks. With that said, there are still some matched betting risks as online sportsbooks don’t typically enjoy this strategy being used on their site.
A basic example of matched betting
Even if you are new to online sports betting as a whole, all you really need is a good example, followed by your own practice using a matched betting strategy. Let’s think about a basic example using a match from the NFL.
You want to use your matched betting football strategy on a match that features the Dallas Cowboys and the New England Patriots. You think that the Patriots will likely get the win over the Cowboys so you place a back bet on the Patriots with your free bet bonus. This free bet bonus could have only come to you after you have already wagered your qualifying bet and had it settled.
You would then sign up for an online betting exchange where you would go against your first instinct. This means you would then place a bet of equal value to your back bet but as a lay bet on the Patriots to lose. A key point of importance here is that you are trying to find odds that are fairly similar to your initial back bet. Now you can see that you covered every outcome for the match between the Cowboys and Patriots. If you are worried about finding the right odds of making sure that you are making a profitable bet with your free bet bonus, we suggest taking a look at how a matched betting calculator can help you in this regard.
The best online sportsbooks to use matched betting with
You might be pondering where you can use matched betting in the US. Since there has been a slew of states in the US that have legalized online sports betting, a number of the best sportsbooks have poured into the country. This gives bettors ample platforms to choose from, here are a few of our favorites:
We have already dropped their name once in this piece and that is because they have to be considered as one of the best sportsbooks in the US right now. Not only can you bet on tons of sports and play daily fantasy sports on the side but you also have access to a plethora of sports betting promotions as well. These promotions regularly contain free bet bonuses which makes it the ideal place for a matched betting strategy.
With Jamie Foxx as the face of the sportsbook, it’s hard not to be enticed to sign up to this platform. The sportsbook itself is a dream to use with its beautiful design and layout, all while containing the biggest sporting leagues from around the world. If you are looking for a place to set up shop for your matched betting strategy, this should be pretty high up on your list.
Different betting strategies to use
A matched betting strategy really is a wonderful thing but we are sorry to say, it can’t actually be used in the US right now. This is not because the strategy itself is illegal or anything like that. The reason behind its restriction is that federal law dictates that players can’t bet across state lines. This means that betting exchanges would have limited player bases (they require far more input from players on these sites).
As a result of this disappointing revelation, we felt it necessary to give you an alternative to a matched betting strategy. Sure, we will keep watch on any changes in the US and let you know if you will be able to use a matched betting strategy in the future but for now, an EV betting strategy is the way to go. Now, you may be asking yourself, is value betting profitable? Simply put, yes it is. It is a betting strategy that requires attention to detail and razor-sharp focus but when used properly, it can help your betting profitability head for an upward trajectory. Just like a matched betting strategy, it’s a good idea to use an EV betting calculator to help you find where the real value bets are with online sportsbooks in the US.
Conclusion to our guide
That brings us to the end of our guide to using a matched betting strategy. It’s obviously clear now that using a matched betting strategy is actually quite straightforward, you just can’t use it in the US right now. That is why we recommend using an EV betting strategy for the time being until (hopefully) the federal law allows for matched betting strategies to be viable in the US.
Matched betting for beginners FAQ
Matched betting is an exciting way for bettors to approach their online sports wagers but like any new betting strategy, it does come with a learning curve. Our guide to matched betting will shed some light on how easy the strategy is for new sports betting fans to learn.
Like most strategies for betting online, a matched betting strategy will require you to at least invest a little of your own money. Our guide to matched betting will let you know what the average capital investment parameters are for this type of betting strategy.
Not every betting strategy is going to be ideal for certain sports. That is why our guide makes sure to cover what sports you can actually bet on when you use the matched betting strategy.