What is Matched Betting, and How Does It Work?

Introduction

Matched betting is an easy way for bettors to earn money without risk. It involves betting strategically on sports to earn regardless of their outcomes. It uses the free bet bonus offer to achieve this purpose. 

It is not the same as gambling since you’ve covered all your losses with the free bet bonus. However, this established method of turning the free bets into real cash can be illegal, especially when you abuse the terms and conditions of certain bookmakers. Below is a Matched betting tutorial for beginners and the threat associated with them.

How Does Matched Work? 

Anybody can engage in matched betting. You only need a device connected to the internet and some start-up capital. Then you find a bookmaker and an exchange where you can back and lay your bets. Once you’ve selected them, fund your exchange account and follow these simple steps.

Step 1: Free Bets 

Find a Free Bet Offer on any bookmaker of your choice. 

Step 2: Back Bets

Back Your Bets on the Bookmarker using your free bet bonus. For instance, Manchester United won a football match with a $50 stake.

Step 3: Lay Bets

Lay the same bets at the betting exchange using the same amount. For instance, Manchester United to lose or draw a football match with a $50 stake.

Step 4: Earn Money

Next, you wait for the event to finish and earn money from your bookmaker or betting exchange. 

Is Matched Betting a Threat?

Matched betting can fall anywhere between legal and illegal, depending on how you do it. And even the slightest alteration can lead to breaching the terms and conditions of an online bookmaker. It is profitable. However, it is taking advantage of the sign-up bonus offers of bookmakers and exchanges, which is why bookies do everything in their power to curb it. But the effort of these bookies seems futile, and some veteran matched bettors engage in bonus hunting to find the best bonus offers and use free bets to earn money, but this most times breaks the terms and conditions of these online bookies. Another abuse related to matched betting is multi-accounting, which sees punters creating multiple accounts to earn free bet bonuses several times. This abuse is a real threat to the income viability of online betting operators, as it can lead to the illegal accumulation of significant amounts of money by some fraudsters.

How Bookmakers React to Matched Betting

Although Matched betting enables punters to earn free money, it is a real threat to bookmakers. Recently, these bookmakers have reacted to it by employing several strategies and techniques to curb it to ensure the free bet bonus attracts new customers. 

Stringent KYC Verification 

Matched betting has made several bookmakers give tighter requirements for their bonus and sign-up offers. Some bookmakers now demand KYC and ID verification before any bonus. Other bookmakers request that you make a certain amount of deposit to claim their welcome offer. To some extent, it is a balance, and the bookies with generous offers have stringent requirements to prevent the abuse of such bonuses. However, these bookies need to be cautious when they make these requirements, as very tight restrictions will cause friction and lead to them losing customers instead of attracting them.

High Rollover Requirements 

Another way bookmakers try to curb matched betting is by demanding high rollover requirements. These rollover requirements are the number of times a bookmaker requires a punter to use a free bet before the withdrawal. It prevents punters from abusing the offer and making easy bonus withdrawals. However, due to high competition in the gambling sector, especially in the iGaming space, many bookies find it hard to achieve it.

Real-Time Monitoring and Rating Risk

Many Operators have upgraded their systems to the latest advanced technology to prevent the exploitative activities of several matched bettors. This method is effective and looks into each user’s account individually. It combines data points from their browser, card details and location history to assign a unique identification to a particular user. Once the device detects an irregularity, it triggers a heavy KYC process against the normal process required when opening an account. The result will determine if the bookmaker will ban or release your account. Besides this, other fraud prevention techniques continue to evolve, and with machine learning to study past bonus abuse cases, matched betting is becoming non-existent.

Closing Accounts Unfairly

A side effect of the upgraded technology is bookies unfairly closing the punters’ accounts. It is a regular occurrence within the betting space. The review site has several reports of bookmakers shutting out their customers even after depositing, thereby losing their funds. But this issue is not particular to matched betting as it happens to any brand and social media outlet. 

Conclusion

Many online punters know the profitability of matched betting, and you can earn much even if you are a beginner. In the post, we’ve looked at how to get started and the threats you may face in matched betting. If this post is helpful, check out other related articles on our blog.