Betting BasicsBetting OddsWhen betting online there is normally just two types of betting odds to choose from, either fractional odds or decimal odds, although bear in mind other odd types do still exist.Fractional OddsFor those of you that have bet before, you will most likely be familiar with fractional odds. Favoured byUKandIrishbookies alike, and with strong ties to horse racing, fractional odds show the net return that the bettor could potentially win, relative to their given stake. For instance fractional odds of 3/1 (three-to-one) indicate that the bettor could make a 3 profit for every 1 staked, i.e 3 for every 1. Note when betting with fractional betting odds, your stake is always returned along with your winnings, so 1 bet at 3/1 would return 4 in total if your bet was to win.Decimal OddsAll prices quoted on abetting exchangeare in 'Decimal' Odds. Decimal Odds differ from the Odds traditionally quoted by UK bookmakers in that they include your stake as part of your total return. If you place a bet of 10 at Decimal Odds of 4.0 and win, then your total return (including stake) is 40. In a traditional bookmaker this would be quoted as 3/1, returning to you winnings of 30 plus your original stake of 10.Types Of Free BetsPractically every online bookmaker offers a free bet or bonus as an incentive to attract new custom or encourage existing customers to bet again. Bookies promotions come in many different forms, but one thing is certain, without them matched betting would simply not exist! Below you will find a complete list of all the different bookmakers offers; below we have outlined their differences -free bets,deposit bonuses,post-wager bonusesandfirst bet refundoffers.What is a free bet?A free bet is an introductory incentive offered byonline bookmakersto encourage new members to join them. For example, the free bet offer maybe bet 25 with us and we will give you a 25 free bet . Since free bets cant be withdrawn until you actually bet with them, free bet offers normally consist of two bets, the first with your own cash to qualify for the free bet and the second with the free bet itself. Bookies free bets can be broken down into two types of free bet, stake returned free bets (SR Free Bets) and stake-not-returned free bets (SNR free bets). Both free bet types normally require a qualifying bet of equivalent value to be made with your own money before the free bet is credited to your bookmaker account.What is a stake returned free bet (SR Free Bet)?The same as placing a bet with your own cash , when you bet with a stake returned free bet, both the free bet stake (the free bet amount) and the winnings from the bet are returned to you if your free bet wins.

For example if you placed a 10 SR free bet at odds of 4.00, you would make10 x 4.00 = 40What is a stake not returned free bet (SNR Free Bet) ?Unlike the above, when you bet with a SNR free bet, only the free bet winnings are returned to you if your free bet wins, excluding the actual free bet stakeFor example if you placed a 10 SNR free bet at odds of 4.00, you would make(10 x 4.00 = 40) - 10 Free Bet Stake = 30What is a deposit bonus?Unlike free bets,deposit bonusesare credited as cash, awarded as a bonus % based on your first deposit amount. For example, receive a 100% bonus on your first deposit up to 100. Normally the bonus is added to your balance after depositing, occasionally however a qualifying bet must be placed first. Naturally bookmakers will not allow you to just withdraw this free bonus, so to prevent this they attach terms, and these come in the form of wagering requirements.Wagering simply refers to the total amount that you must bet (deposit + Bonus) in the bookmaker before the bonus can be withdrawn.For example a bookmaker may offer a 100% deposit bonus up to 100, the bonus and deposit must then be wagered 3 x before the bonus can be withdrawnStarting balance = Deposit 100 + Bonus 100 = 200Wagering Requirement = Deposit 100 + Bonus 100 x 3 = 600Note, wagering requirements do not have to be completed in one go, they can be completed in any number of bets at any bet amount as long as the total bets placed meets the set wagering requirement.What is a post wager deposit bonus?Apost wager deposit bonusis similar to a normal deposit bonus; the bonus amount that you receive is based on a % of your first deposit amount, for example, receive a 100% bonus up to 100. The difference is deposit bonuses are credited instantly whereas post wager deposit bonuses are not. The post wager bonus is only credited after you have met the set wagering requirement. This means you need to bet a certain amount in total before the bonus is released, once its released it can then be instantly withdrawn.For example, receive a 100% bonus up to 100 based on your first deposit, the deposit amount must be turned over 5x before the bonus will be releasedStarting Balance = Deposit 100Wagering Requirement - Deposit 100 x 5 = 500This means you must bet 500 in total in the bookmaker before the 100 bonus is credited to your account. This can be made up of one or a series of bets, if you lose your initial deposit, simply re deposit and bet again until wagering is completeNote, wagering requirements do not have to be completed in one go, they can be completed in any number of bets at any bet amount as long as the total bets placed meets the set wagering requirement.What is a first bet refund offer?Afirst bet refundoffer is inherently risk free to begin with, if your first bet with the bookmaker loses, the bookie will refund your stake, if your first bet wins, you get to keep your winnings. The potential refund amount is stated on the bookmakers website and will be based on your first deposit & bet amount. For example, 188Bet offer a 25 first bet refund, if your first 25 bet loses they will refund your stake, if your bet wins you keep the winnings.Free Bet Terms & ConditionsNaturally online bookmakers dont want to give away free cash for nothing; if they did one may argue business suicide. To ensure that customers dont get too much of an easy deal, bookmakers will often add terms & conditions to their free bets or bonuses. These come in different forms and we will outline these below. By all means dont let this put you off as we take everything into consideration, and when we say everything we mean it!What are minimum odds?These are the minimum odds that your first bet must be placed at or above in the bookmaker in order to qualify for a particular free bet or bonus. This information is displayed in the free bet terms and conditions on the bookmakers website (We also show all minimum odds on our free bet table).For example, in order to qualify for the 25 free bet your first 25 bet must be placed at odds of 2.00 or aboveWhat does partner friendly mean?Some bookmakers only offer one free bet per household, if the bookmaker is partner friendly it simply means that all members of the household can open an account with that particular bookmaker and still qualify for the free bet. This information can be found in our free bets table.What are existing customer offers?Existing customer offers are offers that are available to existing customers i.e. those that already hold an account with the bookmaker. These come in the form of reload bonuses, loyalty programs and unique offers based around various sporting eventsBetting ExchangesTo begin matched betting you will need to open an account with a betting exchange, we recommendBetfair.Unlike betting with a traditional bookmaker, a betting exchange is a market where ordinary people can bet against each other. The major benefit being, you have the additional option to place both Lay bets as well as back bets, and this additional option to lay makes the exchange a crucial tool for matched betting.Unlike betting with a traditional online bookmaker, you are able to choose the price you want to bet at and not the price you are told you can have. Every bet placed on a betting exchange, involves a backer and a layer, a backer thinks a particular outcome will happen, a layer thinks that it wont happen. The odds and amounts that you see on each market are people asking for or offering bets, these are called unmatched bets. When someone accepts one of these bets by either backing or laying the bet is on, its then called a matched bet. Betting exchanges match punters opposing back and lay bets and deduct a small commission from the winning side, commission rates varies from 3 5% depending on the exchange.The two main betting exchanges are shown below:

BETFAIR Thebest oddsin the business! Extensivein-play coverage. Superbmobile bettingapp. Highest liquidityon offerRegister NowRead Review

BETDAQ Loweststarting commissionrate No high roller taxfor consistent winners Bestback up exchangeon offer Accumulcate free betswhen bettingRegister NowRead Review

For more information on betting exchanges we highly recommend that you follow the video tutorials for Betfair below. The betting exchange is paramount to matched betting and will be used in every matched bet you place, its therefore vital that you have a deep understanding of how they work.The ConceptMatched Betting is a betting technique used by individuals to profit from thefree betsandincentivesoffered byonline bookmakers.Many online bookies will offer youfree betsand or cashback bonuses when you open a new account. They do this because they know that the majority of people will gamble away the bonus along with their initial deposits. However as a matched bettor you now have the power to profit from the bookmakers generosity by turning the tables on them.Matched betting is not a new concept, nor a get rich quick scheme, its 100% legal and based on simple maths. Matched betting can only be carried out once per person, but when carried out correctly you stand to make over 1000+ in profit. This works out to an hourly rate of around 22. If further proofs required, feel free to readThe Guardianslatest newspaper article on this long established concept.So how does Matched Betting work?When you receive a bonus from a bookmaker their terms will often require you to bet your deposit plus any bonus received before you can withdraw the money, now obviously just betting your money like this creates a risk so we use matched betting to eliminate this risk by placing an opposite bet with another bookmaker.Lets take a look at an exampleA typical bonus offer might be a 10 free bet after youve deposited and bet with 10 of your own money. Deposit 10 of your own money Bet 10 Get a 10 free bet

The basic strategy here being, you place a bet with your own 10 in the bookmaker offering the free bet, and cover this risk by placing an opposing bet elsewhere. Depending on the price of which you place the opposing bet, the result of this bet will be either a small loss or a break-even!To explain this concept visually, we will take a tennis match, for the purpose of this example both tennis players are equally matched in skill, theres a 50% chance that either player will win and the same odds on each (1 to 1 / 2.00).Our fantasy bookmaker is offering the followingBet 10 and qualify for a 10 free bet**Free Bet cannot be withdrawn until its bet withQualifying BetAs previously mentioned, in order to release our free bet we must first place a bet with our own cash. Remember though, we are strictly not gambling here and need to ensure that our money is safe, how, by making the bet risk free. We will therefore bet both for and against.

QUALIFYING BETPlease note that this Matched Betting example uses tennis.In this example we will demonstrate the concept of betting for and against and how this allows you to profit from bookmakers free bets.

Both of the tennis players are equally matched in skill.Therefore there is a 50% chance that either player will win.odds = 1 to 1odds = 1 to 1

We start with 20 of our own money.Place 10 on RED player and 10 on BLUE player***

Outcome one... We break-even.THE WINNING PLAYER IS RED PLAYER***

Outcome two... We break-even.THE WINNING PLAYER IS BLUE PLAYER***

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As you can see, regardless of the final result we break-evenFree Bet ObtainedBy placing our 10 qualifying bet we have now unlocked the 10 free bet. We will now repeat the process again, betting both for and against, but this time we will use the 10 free bet instead of our own cash for one of the stakes. This allows us to lock in a guaranteed profit from the bet no matter what the final result.

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Please note that this Matched Betting example uses tennis.In this example we will demonstrate the concept of betting for and against and how this allows you to profit from bookmakers free bets.Both of the tennis players are equally matched in skill.Therefore there is a 50% chance that either player will win.odds = 1 to 1odds = 1 to 1

Starting balance = 20 + 10 FREE BET (free bet cannot be cashed out until its staked).Place 10 FREE BET on RED player and 10 of your own money on BLUE player

Outcome one... Make 10 profitTHE WINNING PLAYER IS RED PLAYER

Outcome two... Make 10 profitTHE WINNING PLAYER IS BLUE PLAYER

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As you can see, regardless of the final result we earn 10 profitConclusionFrom the examples shown above we have established that whatever the final outcome maybe all eventualities were covered, our own money was never put at risk and all of the risk associated with placing a traditional bet was removed.When matched betting all possibilities in the bet are also covered and if the two opposing bets (both for and against) are placed correctly your own money is also never put at risk. Take a horse race for example; when matched betting if you were to bet on a horse to win a race, you would also need to bet against that same horse winning. Matched betting works by simply betting both for and against, by placing two opposing bets on the same selection that effectively cancel each other out. As long as the bets are placed correctly and accepted, your cash will never be at risk and you will know exactly what you will make back before the event even begins.To learn more about matched betting, please proceed to the next step, backing (betting for) an outcome.