Matched betting is a method people use to make low-risk profit from bookmaker promotions (especially free bets).
It works by placing two opposite bets:
Back bet – betting for something to happen at a bookmaker.
Lay bet – betting against the same outcome at a betting exchange.
Because the bets cancel each other out, you cover all outcomes and extract value from the free bet or promotion.
Common betting exchanges people use:
Betfair – popular betting exchange
Smarkets – another betting exchange
Step-by-Step Basics
1. Sign up to a matched betting platform
2. Sign up for a bookmaker offer
3. Place a qualifying bet (Back Bet)
4. Bet £10 on an event at the bookmaker.
5. Lay the same bet on an exchange.
6. Receive the free bet
7. Use the free bet with another matched bet
Example
Event example: Football match
As you can see the odds are decimal. We use decimal rather than fractional as it’s a lot easier and more compatible with matched betting calculators.
Matched Betting 101 