You stake the free bets, then using a betting exchange such as Betfair — which acts a marketplace between bettors — "lay" bet against your original bet. By laying the right amount, you guarantee a profit regardless of the result. Usually you have to stake a bit of your own cash to get the free bet to begin with, but by laying this as well you can limit your initial loss and guarantee an overall profit. My first few bets are straightforward enough.
Britain has some of the most liberal gambling laws in the world, which is why there are so many online bookmakers vying for your cash. They all offer essentially the same product, so one way of standing out from the or-so other bookies is with enticing free bet offers. A miniature industry has sprung up to capitalise on the money available through matched betting, usually in the form of products offering advice and software to help people extract profit from bookmakers.
I spoke to Jack Taylor, commercial director of Profit Accumulator, which is one of the two main companies to offer these services, along with its rival, Odds Monkey. Jack had just got back from a gambling industry conference in Lisbon, where he'd gone undercover to keep tabs on the bookmakers.
While some people do it full-time as their primary income, he says most just put in a few hours a week to top up their salary. Bettors are split fairly evenly between those who do it off their own back, finding offers and using free services to make a return, and lazier people who pay companies like PA and Oddsmonkey to do some of the legwork. I asked a number of bookmakers but they all stayed tight-lipped about it.
Jack says he thinks it just doesn't hit their profits enough for them to worry about it — and besides, there's not a lot they could do, even if they wanted to. It seems easy enough, though pretty monotonous, to follow the process and build up winnings.
I carry on signing up to bookies and placing free bets, but pretty soon I make my first fuck up, hubris burning in the back of my throat like a sicky burp. Somehow I bet for, instead of laying against, a game at the exchange, and have to cash out both my bets to avoid the chances of a big loss. Laying games at high odds which is important for making better profits requires putting up a large "liability", the money you are putting on your other bet not to come in. While matched betting technically guarantees a profit, it doesn't account for human error, and I soon realise that my combination of being rubbish with numbers and susceptible to lapses in concentration isn't a great mix for a matched bettor.
Even though he's made so much in a relatively short period of time, he admits he's not immune to mistakes — and I don't think he's just saying it to make me feel better. Advertisement "I backed a horse at the bookie and then layed it at the exchange, only to realise that the back bet hadn't been placed," he says. As I plough through offers to hit my target, the time-consuming bureaucracy begins to wear me down. So much for easy money; it feels like an actual job as I sit for hours on my laptop, filling out details, depositing money, finding bets, laying them and keeping track of it all in a spreadsheet.
Each bookie has different verification processes for withdrawal: email addresses, phone numbers, copies of bills, bank statements, credit and ID cards. I feel wired after pulling myself away after a few hours at the laptop, numbers and score-lines reeling around my head. When I close my eyes the spreadsheet is burnt onto the back of my eyelids; liabilities and odds start cropping up in my dreams.
Advertisement The amount of money I'm pumping into various bookies and at the betting exchange to cover the big liabilities is also proving to be a source of anxiety. A wise thing to do as a punter but we must recognise that we have no right to expect the bookmaker to be thrilled. So rather than simply moan about the bookies, we need to do what we cant to keep our accounts open.
One less bookie to choose from and you may struggle to get the best value odds available. So how can you avoid having your other betting accounts closed? Some of these include. Rest winning accounts in favour of losing accounts One wise OLBG member suggested "Keep records of each accounts profit and loss, try to rotate bets, try to balance bets - i.
Maybe best odds guaranteed or another special is available that allows you to take lower odds and still place a value bet. Maybe the each-way terms are generous. Whilst consistently taking advantage of any bookmaker offers could flag your accounting, varying your bets so they aren't all at the best available odds on the selection may help keep your account alive. Doing the same on a busy Saturday afternoon might not get the same attention.
Simply be careful not to stand out like a sore thumb. Placing bets on higher turnover markets Some OLBG members have advised trying to replicate a mug punter. Have small bets around different sports, markets, even some have suggested playing on the casino games. If you regularly make money from betting, maybe spending some of it to help keep your accounts open could be a tactic.
Not one we find easy to endorse though. Whether this is something that bookmakers look at when making a trading decision on your account we aren't sure about. But there are other benefits to using different deposit methods when betting. Losing funds to bookmakers, whilst laying to betfair We didn't like the sound of this one at all.
How can you deliberately lose money? But maybe it does make some sense if you want to go to such lengths. Round Up Your Stakes Some have suggested that accounts could be flagged when strange amounts are staked. Perhaps indicating a system, strategy, automated programme of some sort? Large Stakes, spread your bets This makes a lot of sense. If you do fancy a selection at larger odds and want to have a reasonable size bet, rather than have it all with one bookmaker, consider spreading your stake around.
For a few minutes extra work you may prolong the life of your betting accounts. Avoid being tagged as a bonus abuser Bonus abuse is on the rise in the UK. This is where people don't genuinely want a betting account with a particular bookmaker but open one purely to take the bonus. Typically a single bet to trigger the bonus would be placed and then no more than is required to withdraw any winnings.
Avoid being tagged as a bonus abuser by depositing more than is required for the initial free bet or just using the account in a normal nature. But if you don't want to go to these lengths, which bookies are the least likely to close your accounts down? What about fixed odds bookmakers who are winning punter friendly? If you read through the bookmaker reviews at OLBG you will get a good feeling for what punters think about the different bookmakers.
We have received reports from members being limited with just about every bookmaker. The bookmaker which consistently comes out well in reviews though is bet who at the time of writing have a rating of 4. In recent years we have received very few complaints about bet closing or limiting winning betting accounts. That is just ahead of Betfair on 4. Head over to the reviews section now to see how regular sports bettors rate their bookmakers and share your opinions on yours.
Avoiding Restrictions Tips from OLBG Members Remember that bookmaking is a business so we can see why they want to restrict big winners and their terms and conditions allow them to do so at any time. It would be much fairer if bookies treated their big losing customers like their big winning punters but there isn't much chance of that happening without government legislation. We are in a time when monitoring customers is very easy for bookies so restrictions simply have to be considered one of the hazards of betting.
How To Avoid Restrictions We have a depth of experienced online betting experts at OLBG within our membership base, and here are some tips that have been shared by a couple of our members with account restriction and closure issue experience. Limit Withdrawals Man O Bong suggests you don't withdraw too often or make it look like you have a set betting bank as the more strategy you show the bookies, the more likely your account is to be restricted.
If you are winning, let your account balance rise. This isn't as crazy as it sounds. If you are having a good run in an account Man O Bong suggests backing selections you think will lose and laying them off on the exchanges. You'll need to ensure your liabilities don't exceed your potential returns though.
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