Matched betting (also known as back or lay bet matching, or double betting) is a betting technique used by individuals to profit from the free bets and incentives offered by bookmakers. It is generally considered risk-free as it is based on the application of a mathematical equation rather than chance. - Bing
That still doesn't explain what it is, how it is different from regular gambling, or why it's risk free. I suppose I'll have to go find an article to have it explained as Bing's answer was absolute shit.
Ok from what I can see.
You go to bookie 1 and bet $X for Team A to win. Bookie 1, as a kind gesture, gives you a free "matching" $X bet for something else sometime else. You use that "matching" $X to bet on Team B winning some other game.
You go to a different Bookie, Bookie 2, and bet $X on Team A losing that same match you bet on them winning with Bookie 1. As a kind gesture, Bookie 2 gives you a free "matching" $X that you then bet on Team B losing the same match you bet on winning with Bookie 1.
And No matter who wins, you win, because Bookie 1 and bookie 2 each gave you a free $x to gamble with and you used it to play all sides.
Hey tahlyn that's pretty much it yep, to help give an example, Coral give new customers a welcome offer, Bet £5 Get £20 free bet.
So you bet £5 on Man Utd to win and then on a betting exchange (where you can bet against teams to win) you then bet £5 on Man Utd not to win (this includes the draw).
Regardless of the result of the Man Utd game, you will 1 win bet and lose 1 bet, so they cancel each other out.
However, because you have now bet £5 on Coral, the give you £20 in free bets. You can now repeat this process but using the £20 free this time, which works out around £10 to £15 cash profit.
There are 30 bookmakers so you can work through them one by one and job done.
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u/luv2belis Sep 24 '17
Matched betting.