Reply to: Matched Betting

[DaveB]

Be aware that some bookies do not release the sign-up bonus until you've bet a set amount through them, even if the bonus becomes part of a winning bet.

So if your bonus is £20, you put £20 in yourself and then win at 2/1, you'll only be able to collect £60 - the bonus won't be freed until you've put something like £200 worth of bets through them.

Obviously it's not an issue if you win on the matched account, but it's a bit of a pain if not.

Hence Zippy's quote about trying to lose at the bookies

[Qdos Contractor]

Be aware that some bookies do not release the sign-up bonus until you've bet a set amount through them, even if the bonus becomes part of a winning bet.

So if your bonus is £20, you put £20 in yourself and then win at 2/1, you'll only be able to collect £60 - the bonus won't be freed until you've put something like £200 worth of bets through them.

Obviously it's not an issue if you win on the matched account, but it's a bit of a pain if not.

[Freamon]

Just read through those two threads... very entertaining, in a schadenfreude sort of way.

It wasn't anything to do with matched betting though, it was a bunch of numpties thinking they were taking advantage of the overround but infact they didn't understand the non-starter rule.

True, but it does demonstrate that there are pitfalls associated with betting arbitrage and you have to do your research before entering into it. That's not to say it can't be done safely, but that you really have to understand what you're doing and make sure you have genuine matched bets as opposed to a strategy which might seem similar on the face of it, but in reality is totally different.

[DaveB]

Maybe things have changed...

Old housemate of mine used to be obsessed with it. He would be up all hours trying to match bets on tennis, footy etc all over the world.

In the morning he'd look like sh!te and tell me about hi £6.70 winnings, which as he put it was "about a tenner if it was taxed earnings"

It's a good idea on paper but not worth the effort IMHO. Not trying to whizz on your cornflakes and as I said, things may have changed.

It think your thinking about the arbitrage side of it. That does sound like hard work cos you need to find the gaps in the market to make it work. This is just matching bets to take advantage of the free bet offers the bookies give you.

[MrRobin]

Be very careful - make sure you stick to matched bets and do some serious research before moving onto any other strategies.

As an example of what can go wrong, here's an MSE thread from 2007 where they decided to start playing the overround on the First Goalscorer market for an Arsenal Chelsea game. You can see about pg 3-4 of the thread where the realisation slowly sinks in that, since not all the players in the market started the game, some of their lay bets would be cancelled, leaving them unhedged and in for thousands of pounds worth of losses:

Overround Thread - Does Not Work!!! Ignore - MoneySavingExpert.com Forums

And here is the "so, how much did you lose?" thread:

How much did you lose today on the Dutching Fiasco - MoneySavingExpert.com Forums

Just read through those two threads... very entertaining, in a schadenfreude sort of way.

It wasn't anything to do with matched betting though, it was a bunch of numpties thinking they were taking advantage of the overround but infact they didn't understand the non-starter rule.

[Pondlife]

It only takes 10 minutes or so to do, so the hourly rate is actually pretty good.

Maybe things have changed...

Old housemate of mine used to be obsessed with it. He would be up all hours trying to match bets on tennis, footy etc all over the world.

In the morning he'd look like sh!te and tell me about hi £6.70 winnings, which as he put it was "about a tenner if it was taxed earnings"

It's a good idea on paper but not worth the effort IMHO. Not trying to whizz on your cornflakes and as I said, things may have changed.

[FiveTimes]

It only takes 10 minutes or so to do, so the hourly rate is actually pretty good.

10 mins to do, but hours to research and find the correct bet.

[DaveB]

When you look at it in £/hr you end up better off with a paper round.

It only takes 10 minutes or so to do, so the hourly rate is actually pretty good.

[DaveB]

£25 for placing a couple of bets seems easy to me and well worth the effort.
And try to arrange it so you lose at the bookies.

Plus a lot of the bookies offer cash back via Quidco and the like. An extra £5-10 a time.

There seems to be a decent amount of free bet offers around at any one time to take advantage of.

Loosing at the bookies is the trick I haven't twigged yet. Any suggestions.

[Pondlife]

£25 for placing a couple of bets seems easy to me and well worth the effort.
And try to arrange it so you lose at the bookies.

When you look at it in £/hr you end up better off with a paper round.

[Zippy]

£25 for placing a couple of bets seems easy to me and well worth the effort.
And try to arrange it so you lose at the bookies.

[Pondlife]

Anything other then Betfair arbitrage it way too much effort for the return.

I'll have a pop at it on BF if I'm watching the game anyway and I think the odds are too extreme.

[Freamon]

Be very careful - make sure you stick to matched bets and do some serious research before moving onto any other strategies.

As an example of what can go wrong, here's an MSE thread from 2007 where they decided to start playing the overround on the First Goalscorer market for an Arsenal Chelsea game. You can see about pg 3-4 of the thread where the realisation slowly sinks in that, since not all the players in the market started the game, some of their lay bets would be cancelled, leaving them unhedged and in for thousands of pounds worth of losses:

Overround Thread - Does Not Work!!! Ignore - MoneySavingExpert.com Forums

And here is the "so, how much did you lose?" thread:

How much did you lose today on the Dutching Fiasco - MoneySavingExpert.com Forums

[DaveB]

Isn't it just gambling? The bookies are the only winners.

No it isn't, that's the point. It's exploiting the bookmakers free bet offers to make money.

[MrRobin]

Did it once or twice but you quickly run out of offers, and it's not really worth the hassle for the small sums involved.