What is Matched Betting? Understanding How Matched Betting Works

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Bram Welch

Bram Welch Sports Editor

Bram Welch has been writing about sports betting and iGaming for over five years now, starting as a freelancer before joining our team. Previously he worked teaching English as a foreign language and as a journalist for the UK's largest regional newspaper.

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Sports Editor

and

Neil Roarty Senior iGaming Journalist

Neil is a gambling industry veteran with over 15 years experience as a content writer, editor and speaker at events. He has a Masters degree in English Literature and Philosophy and has combined this analytical inquisitiveness with a passion for sports betting and casino gaming. Neil started his career with Bettingpro.com and helped build not only that site but various others such as LiveTennis.com, LiveDarts.com and numerous other sports informational sites, including GG.co.uk and RacingTips.com He then made the transition to the North American market, working both in the UK and in New Jersey to launch various sports betting and casino sites, including AmericanBettingExperts and NewAmericanCasinos. Working with regulators, Neil has helped to review sports betting sites and also test the regulated betting apps in a professional capacity. He now works almost exclusively in the US market and is one of the main reviewers and fact checkers on SportsLens gambling content. He also speaks at various gambling conferences including ICE, iGB Live and SBC Americas and has contributed to GamblingInsider, EGR Magazine and a number of others in a consulting capacity.

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Neil Roarty Fact Checker

Updated 04 Dec 2023

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Matched betting is a technique that sports bettors use to guarantee a profit by placing a bet on one outcome. using free bonus funds. at one sportsbook and then wagering a specific amount of money on the opposite outcome at another sportsbook, meaning that whatever the outcome they will receive a return. It is a completely legal way of using the free bet which you receive when joining a sportsbook and will help bettors utilize free bets to guarantee profit.

It involves the use of two sportsbooks. One sportsbook must have provided you with a free bet or bonus funds, typically through a welcome offer, while the other must have the same betting market. Offers and free bet promotions are less important for the second site but you can choose to use free bets at both sites to minimize your exposure even further and ensure that you don’t lose money.

How Does Matched Betting Work?

Matched betting requires you to place two opposing bets on the same outcome. You place a back bet on the betting site with bonus funds and free bets while placing an opposing lay bet at the other sportsbook with real money. Both bets must be of similar odds value in order for matched betting to work. It is difficult to find two odds that match perfectly so sometimes matched bettors are willing to deal with “acceptable losses”. These tend to be around $1. This section explains some more of the terminology on matched betting.

Back Bet

A back bet is simply a bet that wagers an outcome will happen, these are the same as sports bets people place every day. For example, if you bet on the 76ers to beat the Knicks, that is a back bet. We use a specific term only to distinguish it from a lay bet. In matched betting, back bets are normally placed using betting bonuses or bonus funds.

Lay Bet

The lay bet is the opposing bet that you place on the other betting site. For matched betting to work, the odds for both of these outcomes should be similar. Ideally you would place a lay bet by using betting exchanges. There you can find the exact same selection that you have backed and bet on it not happening. As opposed to betting on the opposite team, you will bet on the one team not winning. This is preferred because one team winning does not necessarily mean the other will win. There could be a tie or a disqualification. However, online betting exchanges are not accessible in all states but that is okay as we can use other markets that have binary outcomes.

Free Bet

Matched betting only works with the use of free bets or bonus money. Without free bets, you are using your own money for both back and lay bets so the loss from one would cancel out the profit from the other. Whereas with a free bet, you are not using your own money on one of the bets, so any profit from that wager is pure profit. Therefore free bets are a vital component of this process.

Gubbing

This is an invented term that describes any action taken by online bookmakers on an account to halt matched betting. If they suspect someone of matched betting a sportsbook could rescind your access to bonuses and promotions, this would be gubbing.

Qualifying Loss vs Acceptable Loss

A qualifying loss is any real money you had to wager in order to unlock a free bet or other betting bonuses and promotions. Acceptable losses, on the other hand, are the small amounts of money you lose when your back bet loses.

What Do I Need To Start Matched Betting?

It can seem like a daunting task to decode the process of matched betting and start doing it for yourself with free bets. Do not be alarmed, this is a common misconception and it is actually really easy to start matched betting. This section details some of the important things you will need before you can get started.

Access to Technology

You will need a computer device which could be your laptop, desktop computer, or one of the best sports betting apps on your smartphone or tablet. You will need an internet connection and all casinos require an email address to join.

Starting Funds

You will need a starting budget and a way to deposit that money into a sports betting account. This could be fiat money from a bank account or you could choose one of the top cryptocurrency sportsbooks and deposit using Bitcoin or whichever crypto-coin you prefer.

Multiple Sportsbooks

You will need to be a member of at least two different betting sites. You will likely be prevented from betting on contravening outcomes at the same betting site. More on what makes a good matched betting sportsbook in the next section but at least one of them should have a good welcome bonus and plenty of offers for existing customers.

How to Find a Sportsbook for Matched Betting

Not all betting sites were created equal and not all of them are great for matched betting. Let’s take a look at some important characteristics of matched betting sportsbooks and of gambling sites in general.

Bonuses & Promotions

Matched betting requires the use of bonus offers in order to guarantee a return, therefore the presence of promotions is absolutely vital to a matched betting strategy. It is worth looking for gambling sites with generous welcome bonuses but you should also check that they have ongoing reload bonuses for when you’ve exhausted your welcome offer. Look out for bet insurance promotions and free bet offers too.

Loyalty Scheme

This is not necessarily needed for matched betting and is slightly different to free bets but it can be a good method of finding new bonuses while there aren’t any available to the public. It is also a good sign if a casino rewards loyalty, it suggests they look after valuable customers, and therefore bonuses are likely to continue and new ones will arise.

Variety of Sports

The more sports you can choose from the more likely you are to find back and lay bets with similar odds. This is also true if they have plenty of markets for each sport too. Make sure you thoroughly check out their selection before you commit to signing up.

Licensing

Only use casinos that are fully licensed and regulated, whether that is from within your state or from offshore. When using offshore casinos make sure the licensee is reputable, the Malta Gaming Authority, Directorate of Offshore Gaming in Antigua, and the UK Gambling Commission are all respected in the industry.

Safety & Security

You will be transmitting a lot of personal data and financial information to sign up to and deposit into multiple sportsbooks so ensure they keep your data safe. Make sure you use betting sites that are encrypting your data and ensure they are open about which of your data is stored and how.

Matched Betting On Different Sports

In theory, you can use matched betting for any outcome in any sport if you have free bets to hand, however, you should bet on events that only have two possible outcomes. Sports like basketball and football are incredibly high scoring and rarely end in a tie so moneyline bets are more possible with these sports. They are also good for matched betting because the method of scoring determines the amount of points you win per goal. Whereas in soccer or hockey, a goal is a goal and there is possibility of a tie so things are a little more complicated. In these cases, a betting exchange would be preferable.

NBA Matched Betting

There has never been a tied game in the history of the NBA. Even at college and junior level they use five and three-minute overtime periods to force a result in the event of a tie. If you can find a match that has similar moneyline odds for each of the teams to win, then basketball matches are perfect for matched betting. If none of the moneyline bets match up there are plenty of other markets to find potentially matching bets in this sport.

NFL Matched Betting

NFL does not have the same record as NBA in terms of tied games but they are still uncommon. So far this decade, there have been four tied games. Therefore as a general rule, moneyline bets on NFL matches are great for matched betting even if they are not foolproof. There are other yes or no outcomes in NFL betting, for example, you could explore prop bets for other binary outcomes.

NHL Matched Betting

The NHL eliminated the chance of tied games by introducing overtime and penalty shootout rules in the 2005-06 season. As a result the NHL is also an excellent choice of sport for matched betting. Other markets that you could use for matched betting on the NHL include betting on, the team to score first, first team to 20 points, and team to win the first quarter. There are also player props such as the over/under markets on fouls committed or goals scored.

MLB Matched Betting

Ties are also extremely rare in Major League Baseball, extra inning rules mean that only certain and unlikely-to-occur conditions lead to a tie. In September 2016, the MLB saw the first tie in around 11 years so it is a great sport for matched betting. You should also consider baseball due to the number of prop bets that could also be good for matched betting. They include game props like most hits, person/team to hit a home run, team total runs, first/last team to score, both teams to score, race to 2 runs, race to 3 runs, etc.

Soccer Matched Betting

In the case of soccer, the possibility of a tie is significantly more likely than in basketball or football matches. Generally you cannot simply lay your bet by wagering on the opposing team because the match could end in a draw. If you have access to a betting exchange then you can avoid this issue by betting on outcomes with similar odds for laying on the exchange as backing on the betting site.

However, there are other ways around this by using different markets with yes or no outcomes. Our soccer betting guide has a great overview of potential soccer markets. You can match moneyline bets on football using the Double Chance market. As an example, let’s take this Premier League match between Newcastle and Aston Villa.

You could place your back bet on Newcastle to win then go and find the same match at another betting site, we have used Everygame as an example in the screenshot below.

Now you can use double chance or draw no bet markets to lay your bet. This match is potentially an option because the double chance bet on Villa to win or a draw, has similar odds as Newcastle winning on BetOnline. With $10 bets, if Newcastle win, you will get back $7.70 which would be a small loss of around $2. Whereas if Villa win you will profit $10.06 and get your $10 stake back.

Matched Betting on Tennis

Players win sets in tennis by being the first to win six games in that set, however, they must also win by a margin of two or more. The use of tiebreaks and deuce ensures that a tennis match does not end in a tie. They will continue on the following day if necessary. There are endless options for totals betting that can be used as over/under matched betting options for Tennis. Consider betting on the number of aces, sets, breaks, double faults, and much more. These are also options you could explore in other racket sports like badminton and table tennis but also other sports that use a middle net such as volleyball and water polo.

Best Markets for Matched Betting

Moneyline bets are not the only option when it comes to matched betting with free bets. Spread betting and over/under betting work too. A team either beats the spread or they don’t or the match is either over this amount or under this amount. You should also prepare to explore more obscure markets. Delving deeper into the prop markets can open up your potential matched betting options far more and enhance your matched betting profits. Take a look at some markets you could consider.

Both Teams To Score

An option for the lower-scoring sports like baseball, soccer, and hockey, this market has a binary outcome of either yes both teams scored or no only one or neither of the teams scored. Soccer teams keep clean sheets every day and baseball does see some no-hitters so both of those markets are a potential option for those sports.

Team Total Points or Goals

Instead of just the match totals betting that typically appears as a main option, you could bet on the points or goals scored by a specific team. This is a great way to open up a potential new market for matched betting. You can wager that one of the teams’ points scored or goals scored total will be over or under a certain level. Similarly your back bet could be over 2.5 team goals and the lay bet would be under 2.5 team goals. Either one of these is guaranteed to happen.

Corners and other set pieces

This is a good use of the prop market for different over/under bets. You could bet on the number of corners or any other set piece to take place in a soccer match or any sport with set pieces. Using soccer as an example you can use your back bet to wager that there will be over 7.5 corners in a match, and your lay bet to say there will be under 7.5 corners in the same match. Of course, you must check that the odds are correct for matched betting.

Half With Most Points or Goals

Another great binary option, bet on statistics from different halves of the game such as which half will have the most goals. As there are only two options in most sports. Either the first half or the second half will see the most amount points. Be careful with sports like soccer where a 0-0 draw is possible because then neither half will have more points. This is probably a better offer for lesser-tied sports such as football, tennis, and basketball.

Points/Goals Odd/Even

Will the total number of goals or points scored in this match be an even number or an odd number? Just when you thought you might run out of markets before you find a matched bet to back, markets like this one come along. This is again a binary option where the number of points or goals will either be odd or even. Now this is another one that might not be appropriate for soccer where the game could end with 0 goals scored.

Understanding Odds For Matched Betting

There tends to be a choice of three different formats at matched betting sportsbooks. A good understanding of odds is important before you start matched betting. You will have difficulty finding matching odds if you do not understand them. Typically we use decimal odds for matched betting but this section provides a guide to all odd formats and will allow you to calculate your matched betting profits.

American Odds

The default setting for betting sites is American Odds. They are expressed in three-digit numbers with a + or – sign. Those with a plus sign tell you how much you would win if you bet $100. American odds with a minus sign tell you how much you need to stake to win $100. Positive American odds are the ones that offer the biggest return and are therefore considered less likely to happen, whereas the negative odds are the more favored selections that offer smaller payouts.

In this example from the Women’s World Cup, Spain are the clear favorite because the moneyline odds on Spain are -114 and Netherlands’ moneyline odds are positive. A $100 bet on Spain will return $188 whereas $100, whereas $100 on Netherlands returns $440 ($340 winnings plus $100 stake).

You can use American odds for matched betting but it can get tricky. When you think you’ve found similar odds but then you realize one of them is actually a minus number and the disparity is bigger than you thought.

Fractional Odds

These odds tend to be the default setting at betting sites in the UK and parts of Europe. They are expressed as a horizontal fraction. The number on the left is the numerator and the number on the right is the denominator. The numerator is the profit that you will make if you wager the denominator. Don’t forget that on top of the profit, you will receive your stake back on a winning bet.

Whilst this may initially look confusing, the fact that Spain’s odds of 50/57 have numerator lower than the denominator, means that they are odds on and, therefore, more likely to win than not win. This is because your profit (numerator) is less than any stake which you wager (denominator). In short, a $57 dollar bet on Spain will only return $50 profit plus the stake back.

These are potentially the worst odds format for matched betting because of top-heavy fractions and changing denominators. For example 14 to 3 is between 4/1 and 5/1 but that is not immediately obvious from looking. This is why this odds format can take a little more work. Matched betting doesn’t necessarily rely on speed but sometimes it may be important. For example, if a match is about to kick off or your bet is about to run out.

Decimal Odds

This odds format is the simplest to translate into potential winnings. They are expressed as simply a decimal numeral, that you can multiply your stake by, to work out how much you can win. The smaller the decimal the smaller the odds and therefore perceived as more likely to happen. The larger the decimal the bigger the win but also seen as less likely to happen.

Decimals are easily the best odds format for matched betting. There aren’t multiple numbers to worry about and there are no negatives and positives to decipher. You simply look at a decimal numeral and see whether the number is similar to the odds of another selection. It is much easier to tell the difference between 2.04 and 7.3 than it is between 17-5 and 5-1.

Tips For Successful Matched Betting

Sometimes the returns you get from matched betting can slow down and your profit grows more gradually. You will still be generating profit but perhaps not at the rate you hope. Here are some tips that could help.

Engage With The Community

You don’t necessarily need to pay for premium matched betting services to begin using this strategy. Instead, get involved with the forums buzzing with people discussing potential upcoming matched bets. Not only will it help you find more chances for matched betting but you might also make some friends along the way.

Branch Out

We all have our preferences, whether that’s our preferred sports or the markets that you tend to bet on. Either way, you should be prepared to branch out when it comes to matched betting. The possibilities are endless so you could find some profit from the next Lakers and Suns game or you might find yourself looking to see how many disposals are made by one player in the next Australian Rules Football League match.

Use A Variety of Betting Sites

You have more chance of finding matching back bets and lay bets when you are using multiple gambling sites. On top of that you will also be able to make matched betting wagers using different value free bet promotions and different types of betting bonuses.

Persevere

Your success from matched betting will vary from time to time. There will be periods where you might be without a bonus to use or there aren’t as many selections for potential matched betting opportunities, but it could just be a quiet month in sport. It will surely cycle back round. Keep it up through the quiet times, and your profit margins will soon come back around.

Start With Bonuses

Matched betting is normally associated with free bets, but these offers tend to be one-time only. Whereas when you use your welcome bonus and reload bonuses to start matched betting with you can save the free bets for when you really need them. Make sure there isn’t an expiry date on your bonuses because you will want to use them before they go.

Check Rollover

Sometimes the rollover conditions or the wagering requirements of bonuses can mean that your winnings from matched bets are not immediately accessible. You may be required to wager a certain amount before your winnings are available as funds that you can withdraw.

Double Check and Triple Check

Odds can change at the drop of a hat, so we recommend lining up your bets entering the stake for each of them but before you confirm, make sure neither odds have changed. You will make mistakes, we all make mistakes but taking extra steps to double-check and triple-check your bets will help. We would advise researching a free matched betting calculator to help you, if you are unsure of the maths.

How Much Profit Can I Make Matched Betting?

There is a direct correlation between the amount of profit you can raise from matched betting and how often you do it. While you will experience occasional losses, if you are matching the odds of your back bet and lay bet correctly, then these losses should be minimal. The amount you can make will also depend on the value of the betting bonuses that you are using.

How Much Do I Need to Start Matched Betting?

There is no definite amount that you need to start with. You could have a budget worth dozens, or hundreds, or thousands, and either way you will make profit. What you need to consider is how much it costs to unlock bonuses at various sports betting sites. This will have to be accounted for in your budget. The BetOnline welcome bonus requires a deposit of at least $55 to unlock, and your lay bet will have to match that back bet so you need to account for at least $110 to start matched betting at BetOnline.

What is No-Risk Matched Betting?

No-risk matched betting is essentially a lie. You will see the idea of no-risk matched betting touted online but it is impossible to guarantee that you won’t lose the odd dollar and cents here and there. What matched betting does do, is reduce the risk associated with sports betting.

Is There Any Risk to Matched Betting?

If you do it right, you can manufacture a scenario in which you don’t lose any money on your matched bet. however, this is not always the case.

The impetus behind matched betting is that it reduces how much you are risking. So rather than losing all of the money you put into a losing back bet, you will recoup some of this with the lay bet. Depending on your bonus it won’t always be the full amount but should be significant enough for you to continue. When you wager on the wrong outcome in matched betting, you don’t lose all of your stake because you recoup most of it with the lay bet. What you will see is that over a long period of time, you are more likely to be in profit with your betting than in the negative.

Is Matched Betting the Same as Arbitrage?

Arbitrage is similar to matched betting in that they both involve backing opposing outcomes but arbitrage betting, or arbing, does not require the odds of each outcome to be similar. In fact, it involves using matches with a larger odds disparity between outcomes.

Another main difference is that it tends to involve using your own money on both the back and the lay bets. The returns of arbing are less valuable than those from matched betting. It is often reported that 98% of arbitrage bets return less than 1.2%.

Instead of starting with the odds like in matched betting, you start with what you want your winnings to be and use arbing to ensure that is the case. Take a look at the example, using international basketball matches, below for more info on how arbitrage betting works.

Let’s say you want to win $50 from betting on Lithuania vs France. You need to divide $50 by 8.00 (the odds for Lithuania to win) and also by 1.20 (the odds of France winning). 50/1.20 = 41.66 and 50/8 = 6.25. The result of those equations determines how much you need to bet on each result. Therefore you need to bet $41.66 on Lithuania and $6.25 on France to win. These two values added together are less than $50 which is how much you aim to make, therefore you are guaranteed to have wagered less than you are guaranteed to win.

Arbitrage betting opens up the possibility of betting on markets with multiple possible outcomes, it is also good for hedging parlay bets too.

Is Matched Betting Legal?

Yes, matched betting is completely legal. It may be against the code of practice at different betting sites within the betting industry but the operator needs to spot your activity before they can curb it. Sportsbooks do use software to track behavior that may indicate the use of matched betting but the worst action that will be taken is the closure of your account. You could appeal this decision but bookmakers are private businesses that have the right to refuse service to anyone. In this event, you can simply open a new account at another sportsbook.

Pros & Cons of Matched Betting

Naturally, with any betting system there are some positives and negatives. It does take some work and potentially some research to start matched betting so it may not be for everyone, especially if you have a busy schedule.

Matched Betting FAQs

In this section we will answer commonly asked questions about match betting, to further explain how to use bookmaker’s free bets correctly and to further explain the betting strategies you’ll need when starting matched betting.