Matched Betting in Canada: A Step-by-Step Guide
Simply place a bet with the bookie who offered you the free bet and then lay, or bet against, the same outcome elsewhere. Instead of placing just one bet with a bookie you actually place two by ‘matching’ that bet with another one at a betting exchange. This allows you to cover every potential outcome and secure a profit regardless of the final result.
With matched betting, you’re not putting your money at risk as it is a technique based on the application of mathematics rather than chance. A typical return for a matched bet where the stake is returned is more than 85% of the free bet offer amount, and over 70% where the stake is not returned. Most free bets do not return your stake. More advanced versions of matched betting Canada strategies involve placing bets with multiple bookmakers to avoid the commission charged for using an exchange.
There are several common strategies for matched betting including manual and assisted betting. The former is where the individual finds the offers, markets and odds themselves and also makes the relevant calculations. Matching the right odds requires a high level of numeracy and in-depth betting knowledge.
Assisted matched betting refers to software packages or websites that provide comparison tables of markets for individuals to bet on. These are known as ‘auto-matchers’ which provide people with a matched betting calculator to be used in conjunction with the comparison table allowing the user to select the type of bet, stake, bonus and timeframe.
You can get involved with matched betting with as little as $50.00 and build up your bankroll as you complete the welcome betting offers. Once you’ve completed those, you can tackle the reload offers for existing customers. Monthly profits of $500.00 are achievable, although this is dependent on your starting bankroll and the amount of time you are willing to commit. Matched betting is a great way to boost your income from just a few extra hours of work.
Understanding matched betting takes a little time, but the process is actually quite simple. You start by signing up for your chosen bookmaker, make an initial deposit and placing a qualifying bet.
For instance, a bookmaker has an offer to ‘Bet $50, Get $50’ in free bets. To get the $50 bet from the bookmaker, you have to place a bet of $50.Next, you must choose an event to wager on. Using the Premier League game between Tottenham Hotspur and Manchester City as an example you decided to back the away side.
The odds for City are 1.53 (back) at your bookmaker and 1.57 (lay) on your chosen betting exchange. You now place a bet of $50 on City to win with the bookmaker.
To calculate your optimal lay stake on the exchange, use this simple equation:
To complete the qualifying bet lay City for 1.57 on the exchange and enter your stake as $49.35, which will mean your liability is $28.13. You will need to ensure your account has that amount in to cover the liability if City win, but remember you have won with the bookmaker if that happens. So if you placed this qualifying bet, you would lose $1.63. However, you will receive your free $50 bet and can now place your matched bet.
The process is now similar to the initial qualifying bet – back the outcome with the bookmaker and lay on the exchange. In this example, you decide to place your bet on City of Love to win the 7.15 at Woodbine. The odds on City of Love are 7.00 (back) with your bookmaker and 7.50 (lay) on the exchange. As previously, place a $50 back bet on City of Love win at odds of 7.00 with the bookmaker, and work out your lay stake for an even profit on the exchange using the calculation below:
To complete the matched bet lay City of Love at odds of 7.50 on the exchange and enter your stake as $40.11, leaving you a liability of $260.71. You will need to ensure your account has $260.71 in to cover the liability if City of Love wins, but you will have won with the bookmaker if that happens. Regardless of whether City of Love wins or loses your matched betting strategy will return over $39 profit.
Now you understand how simple matched betting is to make a profit from, you can use it to grab extra income every month.
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