So what on earth is Matched Betting?!
I have been matched betting now for almost 10 years! The majority of this time was spent taking rests and having the children however!
Match betting whilst can be very profitable long term is also hard work on the brain. This can be minimised through use of various tools to help you (Seperate blog post will cover this). You need a lot of concentration, organisational skills, ability to learn thoroughly (NOT speedily!) and work very fast on the keyboard!
Matched betting involves betting on 2 outcomes and making no over all loss.
An example would be a football match. You might want to bet on Man U to win over Sunderland.
There are 3 outcomes here when betting on Man U to win - Man U win, Man U lose and Sunderland win or they draw.
In betting a draw and a loss come under the same outcome so the three outcomes are - Win, lose or Draw.
Another example of betting would be something like this: Person 1: "I bet she doesn't sleep tonight!" Person 2: "Nah I bet she will sleep fine she's tired". These are 2 outcomes. Either she will sleep and one person is betting she will! And she won't and another person is betting she won't. They are opposite outcomes but one outcome will happen.
In matched betting you can bet for an event to happen: She will sleep, Man U will win or She won't sleep and Man you won't win (or will draw meaning they also haven't won so this comes under the outcome of not winning). This brings the outcomes down to 2 win or not win!
You bet for an event to happen at a place called the bookmakers - Eg: Ladbrokes, Coral, Betfred etc or you can bet against this happening (It won't win!) at a place called the exchange Eg: Betfair or Smarkets.
Betting for it to win at the Bookmaker is called Backing an event to happen. You think this event will win so you want to put a bet on it and back it!
Betting for it to lose and not win at the Exchange is called Laying: You are laying (betting against it winning) this event down as either a draw or a loss meaning it has not won.
When you bet on an outcome it has a selections of odds. These are how likely it is to happen. The lower the number the more likely it is to win and the higher the more unlikely it is to happen.
Eg: Man U - 2.00 is a more likely outcome that it will win rather than odds of say 14.00.
Book makers give you the option of betting in Fractions or Decimals. Decimals are much easier to understand so always set to decimal.
You can calculate how much you win by the odds and how much money you want to put on a bet. You want to spend a tenner.
So say you are backing Man U to win and you want to put on £10. The odds the bookmaker are offering is of 2.00 for Man U to win.
So £10 back amount of money X 2 (odds the bookmaker is offering) = £20 return to you.
Next time we will talk about how laying a bet works and just how we make money from this over all! This involves making use of the FREE money that the book makers offer us to walk away with this free money and thus make a guarenteed profit.