How to do Matched Betting? Guide and Tips Canada
Ever signed up to a bookmaker and been bombarded with free bet offers? Matched betting is a method which can help you turn those generous welcome bonuses into hard cash. In order to do this, you need to place more than one bet so you can cover every potential outcome of a sporting event. In this guide, we’ll take you through the whole process of matched betting, to teach you how to start making money right away.
What is matched betting?
Matched betting is a practice whereby gamblers use the free bet promotions offered by different betting companies – such as “bet £25 with us and we’ll give you a £25 free bet!” – in order to mathematically guarantee themselves a profit. This is a sure-fire way to make money on a bet, but in order to make it a success, you need to know the mechanics of matched betting and be careful not to make any mistakes. Matched betting works on a two-way basis: you need to match a ‘back’ bet with a lay bet’. Not sure what these terms mean? Read on for our match betting tips Canada gamblers can rely on.
How much money can you make from matched betting?
The amount of money that you can make from matched betting is all down to how much time you put into it, as well as the deals which are currently being offered by online bookmakers. Some people who take advantage of matched betting treat it almost as a full-time position, while others try it once or twice and make a relatively small amount. The most profitable time for most matched bettors is when they first start, as a lot of well-known bookmakers offer generous sign-up deals. This means that you can quickly make thousands if you do matched betting correctly. While there is an almost unlimited number of online bookmakers, sign up offers can quickly become quite hard to find, so after you’ve first started you might find yourself putting more and more time into discovering new betting sites. It’s worth remembering that you don’t have to pay tax on matched betting earnings, so you can quickly rack up quite a sum.
Can you really have ‘no risk matched betting’?
Yes! In theory, matched betting is totally safe and 100% risk-free – however, because it is reliant on human input, errors leading to you losing your money are possible, which is why it is important to take care when you first get started. In addition to this, there’s also a small window of opportunity for the betting odds to change in the time between you place your back bet and your lay bet, which means that the bet is no longer properly matched. However, there’s no need to worry: if you follow all the steps laid out in our matched betting guide, Canada residents will quickly find themselves in profit!
Is matched betting gambling?
In one way, matched betting isn’t gambling. It doesn’t involve you taking a punt on an outcome ending up in your favour. You don’t risk your money on something occurring, you back both sides of the bet meaning that it is impossible to lose. However, there is some overlap between matched betting and gambling, and the practice does require you to place bets – so you will need to be of legal age to gamble in your respective province – 19 in Ontario and Saskatchewan, 18 in Alberta and so on and so forth.
What is no-risk matched betting or risk-free matched betting in Canada?
No-risk matched betting is slightly different from matched betting in that your qualifying bet is effectively free.
This is often offered by new bookmakers or those looking to attract new customers, with deals such as “get your money back if your bet loses” deals, free spins on slot games, or no-deposit bonuses.
It isn’t always possible to bet risk-free as, unsurprisingly, bookmakers aren’t always willing to give out such generous deals, but it’s certainly worth keeping your eye out for them.
Did you know?
- If you’re not sure of the risk involved in no-risk matched betting opportunities, there are plenty of online bet calculators you can use to assess where you stand.
How to do matched betting
Getting started on your no-risk matched betting journey is simple. All you really need to begin with is a device which can connect to the internet. Preferably you should have also a good internet connection, to enable you to quickly move between tabs and windows without worrying about your connection freezing and the odds changing on your chosen bet. It’s also recommended that you set up a new email address to use when signing up for online bookmakers with whom you’ll be conducting your matched betting activities. This is so that your main inbox doesn’t get clogged up with hundreds of spam emails – you’ll also easily be able to hunt out any sign-up offers that do get sent over and quickly be able to act upon them.
Matched betting tips Canada: how much money do you need?
In order to make money from matched betting, Canada gamblers will need to use some of their own hard-earned cash. This is what’s known as your float or bankroll and the amount you start with will inevitably depend on how much you can afford to put down. It’s recommended that you begin with at least $50, but the more you have in your bankroll, the more you’ll find that you can earn. A large bankroll equals more offers you can sign up for simultaneously, and you will spend less time waiting for your money to transfer between the banks, the bookmakers and your betting exchange account.
Matched betting guide Canada: do you need to set up a new bank account?
It’s not necessary to set up your own bank account for matched betting; you can easily use your existing account. However, you might soon start to find this confusing, especially if you have a joint account with lots of incomings and outgoings.
It’s recommended, therefore, that you establish a separate account which will enable you to track how much is going in and out without you having to worry about withdrawing in time to meet your monthly financial obligations. As we’ll go on to outline in this matched betting guide Canada bettors recognise that, although matched betting can be profitable, it does require lots of patience!
How to: matched betting guide
In the next few paragraphs, we’ll take you on a complete step-by-step guide which will help answer the question ‘what is matched betting’ and which will allow you to start betting yourself. Before we get started, it’s important to get your head around two different betting concepts: the back bet and the lay bet. Combined, these two different betting terms make up the whole underlying idea behind matched betting and without a knowledge of the two, you won’t be able to make money from matched betting in Canada.
How to matched betting guide: back bets
A back bet is the typical type of bet you place at any bookmaker, whether they operate online or in a bricks and mortar shop. When you place a ‘back bet’, you are backing a certain outcome to come true. As an example, we’ll use a football bet. Say you believe that Real Madrid will win their next match. You would walk into the bookmaker, or place a bet online and, if Real Madrid did indeed win, you would win the bet. If they drew or lost the match, you would lose your bet and the stake you placed on that bet. As long as that makes sense, we’ll now move on to introducing the idea behind the lay bet.
Matched betting guide Canada: lay bets
A lay bet is the opposite of a back bet and involves betting against a certain outcome. In the above example, if you were placing a lay bet, you would be betting against Real Madrid winning – in other words, laying them. If Real Madrid drew or lost the match, you would win the bet. Laying a bet is effectively what a bookmaker does against you every time you place a bet. For you to lay a bet, you need to register with a betting exchange. Now that we’ve got a handle on what a back bet and a lay bet is, we can begin our matched betting adventure!
Matched betting guide in Canada: the first steps to take
First things first: you need to sign up to a betting exchange to be able to lay your bets and cancel out the risk you’re taking on when backing a bet at a bookmaker. Betting exchanges allow you to bet against other people – and some even offer free bets for new customers, so keep an eye out. Then, you’ll need to sign up to your chosen bookmakers: the one which is running the best welcome sign-up bonus. The best matched betting sites Canada gamblers can sign up to include those that offer $20 free bets which require you to deposit a relatively small amount, such as $5 – we’ll be using this in the example below. Before you deposit your funds, make sure you double check the terms and conditions to ensure there are no restrictions which would prevent you from withdrawing your money.
Finding and placing your qualifying bet
You’re looking to place a sporting bet which has close odds on the bookmakers (the back bet) and the betting exchange (the lay bet). For the free bet to qualify, you’ll probably have to choose a bet with odds of 1.50 or greater, but try and stay as low as possible. As an example, imagine you’re backing the Montreal Canadiens to beat the Detroit Red Wings at odds of 2.25. Once you’ve placed this bet, you then lay the same bet on the betting exchange at 2.36.
The difference between the bets is 0.11, which is calculated as $0.37 – the most you can possibly lose on this qualifying bet. Say the Red Wings win, you now have a profit of $4.87 with the betting exchange which, after they take their commission, is $4.63. You have lost the $5 bet with the bookmaker, but you’ve now qualified for a free $20 bet! Meanwhile, you have $14.63 in your Betfair account (the profit from the last bet plus the initial deposit).