Can someone explain matched betting simply to me?

[Bozza]

Originally Posted by jobelly

If you win your lay bet on betfair do you not pay your liability out (so you pay nothing to betfair) but you get the win amount from the back bet?sorry if I’m being dense!
Also do you have a separate account just for this? I would only want to try it with a set amount of money and if it didn’t work out then I’m not risking any more.

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At Betfair you are saying "I'll accept £10 of your money at odds of 3.0 that Manchester United do not win" which is the reverse of backing Manchester United to win at the bookmaker.

So, if Manchester United do not win, you get to keep the £10 (minus commission) from the lay on Betfair.

TL;DR the following is always what happens:

1. Qualifying bet - your back and lay pretty much balance out such that regardless of the outcome of the sporting event you are levels-ish - generally losing a few pence.

2. Free bet - your back and lay are such that you will be left with a profit of c70-80% of the value of the free bet, ie a £10 free bet will be worth £7-8 clear profit to you.

You can use a separate bank account - most MBettors do, as it keeps things distinct from your day to day money. However, having a separate account does not limit your exposure, that is limited to what you choose to deposit with bookmakers and betting exchanges, regardless of where it comes from.

Once again though, as you follow the process you should never be risking more than a few pence.

[jobelly]

Thank you all for your patience! My husband and father in law are very sceptical and both place the odd bet but I can follow more now and am going to give it a try.
Is there a particular reason than starling is used by many? Is there a good incentive to open?

[loves2plan]

Originally Posted by jobelly

Thank you all for your patience! My husband and father in law are very sceptical and both place the odd bet but I can follow more now and am going to give it a try.
Is there a particular reason than starling is used by many? Is there a good incentive to open?

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No reason for Starling other than it's very easy to set up.

A lot of people are skeptical, but once you've tried a few of offers and see that it does work, then you'll be pleased you gave it a go

[neilhd]

Originally Posted by jobelly

Thank you all for your patience! My husband and father in law are very sceptical and both place the odd bet but I can follow more now and am going to give it a try.
Is there a particular reason than starling is used by many? Is there a good incentive to open?

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The scepticism is very understandable. It's pretty much money-for-nothing (well, there's a time investment I suppose), but it really is real, and essentially risk-free (as long as you don't mess something up - which at some point you almost certainly will!)

[markpwa8]

Originally Posted by loves2plan

Did you watch the videos too?

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No not yet, but I will do this weekend.

[jobelly]

Sorry another question! I’ve explained it again to my father in law and he now understands it but said to me that the online bookies only pay out in free bets and you can’t withdraw cash but that can’t be right. Can someone just confirm that you can take any winnings in cash from both the back bet and the lay bet.

[loves2plan]

Originally Posted by jobelly

Sorry another question! I’ve explained it again to my father in law and he now understands it but said to me that the online bookies only pay out in free bets and you can’t withdraw cash but that can’t be right. Can someone just confirm that you can take any winnings in cash from both the back bet and the lay bet.

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Yes, you can withdraw all money won from the free bets. What you can't do is withdraw a free bet as cash.

[jobelly]

Thanks again loves2plan!

[Guest]

trying to follow all this.

What do you all do about record keeping. Do you need to?
I'm a spreadsheet fan myself, is it necessary or useful for this?

[loves2plan]

Originally Posted by FamilyGWales

trying to follow all this.

What do you all do about record keeping. Do you need to?
I'm a spreadsheet fan myself, is it necessary or useful for this?

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I use a spreadsheet for mine, and I think it helps when you're starting to keep on top of everything.