Can Matched Betting Go Wrong?
Matched betting can go wrong if mistakes are made, with some errors being more costly than others.
We look at these matched betting mistakes and how matched betting can go wrong to help ensure that you start positively. We also look at the common question – can you be banned from matched betting.
Detailed awareness of the areas in which matched betting can go wrong will help avoid these potential pitfalls.
With attention to detail and careful following of our guides, tips and advice, most mistakes should be avoided or at least not have significant consequences or loss of money if they occur. It pays to be careful, especially when starting matched betting for the first time.
Table of Contents
Matched betting is entirely legal, safe, secure, and, if carried out correctly, risk-free. Understandably, some worry about the potential of losing money from matched betting through mistakes or due to factors beyond their control.
Matched betting (as with all activities involving money), has the possibility that you can lose money if you make mistakes.
We aim to help you maximise the opportunities that matched betting brings for incredible profit in a safe, secure and risk-free way and give some helpful advice here and also in our Top 10 Matched Betting Tips.
Back and Lay Bets - Changing Odds
It can be challenging to keep up with the different odds for your matched bets, especially when placing multiple bets, and if these change or fluctuate, it could cause you problems.
If your calculated odds for your matched betting offer change and you don’t recalculate them, then your back or lay bet (sometimes referred to as your cover bet) may be incorrect, and you could lose money or lose out on the value of the offer.
There will be a gap in time between when you place your back bet with the bookmaker and when you lay it off at the exchange (and even if you also place your bet at another bookmaker – known as dutching).
An excellent idea to minimise this risk is to multi-screen your activity so that you can place your matched bets without any significant delay. Use a matched betting site to assist with this, as you can have the lay bet and overall calculator ready on another screen to place the bets accurately and quickly.
Software from OddsMonkey, allows you to place these bets through the calculator directly without having to do it at the exchange (when you have a linked account with Smarkets). Also, having a connected exchange account with OddsMonkey usually ensures you receive the 0% commission offer with Smarkets, saving you cash.
Choosing Betfair for your exchange can be considered a mistake when there is an option to receive 0% for every lay bet you make!
Remember always to place your back bet before your lay bet; this is because the odds tend to drop more sharply at a bookmaker compared to the exchange. It’s also easier to cancel or amend the bets at the exchange than with a bookie, which is usually impossible!
Alongside picking up the basics of matched betting, it’s also essential to sign up to a matched betting site so you can identify the offers you need.
Signing up to one of the best matched betting sites is a no brainer.
We advise joining through the free trials on offer first so you can see their value before you sign up fully. Also, why not consider the Profit Squirrel Lifetime VIP option!
Not only does a matched betting service identify the offers to make, but it also provides you with all the essential details that ensure the matched bet does not go wrong, including minimum qualifying odds.
Following the listed offers also helps you avoid complicated and best-avoided offers such as those with substantial wagering requirements.
The oddsmatcher is also an essential tool for matched betting, and without one, things could go very wrong!
Matched Betting Common Mistakes -
Calculations
Matched betting calculators are an essential tool, and although relatively straightforward to use with experience, some common errors can occur if you are not careful.
Using the right setting for the calculator is essential to create the correct output, such as ‘normal’ or ‘standard’ mode for qualifying bets.
When you calculate the matching calculations for your free bets, you must use either the ‘free bet SNR’ or ‘free bet SR’ modes.
If you accidentally use the normal mode for free bets, you won’t gain the profit you expected.
It’s most likely that it will be the stake not returned option you use as this is standard with most bookmaker offers.
When starting out, ensure you pay extra attention and double-check things. A good idea for the beginner is to have the offer on your spreadsheet and the calculator simultaneously to quality assure the bet and also to track your bankroll. For matched betting beginners with a smaller bankroll, it’s crucial as you will likely need to move money around.
Matched betting service calculators, profit trackers and spreadsheets can be used in conjunction with each other. Don’t be put off using spreadsheets because they can be simple and effectively track your profit without complex formulas.
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Matched Betting Common Mistakes -
Lay Bet Liability
If you are not careful, then matched betting can go wrong at the exchange when you lay off your bets. With this being a constantly repeated step, you must have enough money deposited.
The exchange will only let your liability be as high as the amount of money deposited in your account at that time. Unlike the bookmaker, for lay betting, you have to cover off the amount at risk (of course, with matched betting, this case is not ultimately at risk).
The balance required is higher for bets with higher odds, and it’s essential to know the difference between the lay bet amount, the specific liability, and the market liquidity. Prevention is always better than cure!
Matched Betting Common Mistakes -
Liquidity, Partially and Unmatched Lay Bets
Matched betting can go wrong at the exchange when there is not enough liquidity in the market.
Double-check the bet’s liquidity in the market before completing the bet (see more below). Check this even before you place the back bet, as otherwise, the market may not be viable for the offer. If you lay a bet when there is not enough liquidity, then the bet will be unmatched or partially matched, which is not good news.
Avoid markets with low liquidity or a high likelihood of changing odds, such as football games about to start or betting on horse racing close to when the race begins (when the market is likely to change significantly).
It’s vital to ensure the worst case is loss of a few pence rather than putting yourself in the position of taking on a gamble, which we always avoid with matched betting!
Want to find out more about lay betting? Check out our betting exchange guide. We pick up how to amend unmatched and partially matched bets and deal with other typical Exchange issues.
Bookmaker Account Restrictions -
'Gubbing'
Although there are no legal issues with matched betting, this doesn’t mean that bookmakers are fans of the activity, not least because it takes value from them.
Can you get banned for matched betting? Yes, you can, by specific bookmakers, and if you usually carry out mug bets and want to keep these accounts, it’s essential to know all about this.
To be restricted is to be ‘gubbed’ – see full post here, and mug betting is an often-used tactic tried to try and avoid this, with mixed results. Gubbing is when you are banned from promotions and/or stake restricted by a bookmaker.
Beginners tend to over-worry about being gubbed. Still, it’s important to remember that it will happen eventually, and there is only so much you can do and ultimately nothing to stop it from happening in the end.
Can matched betting go wrong by being banned by a bookmaker? Yes, it can; however, there are countless offers and opportunities to exploit, so it’s best to stay focused on taking the value and concentrating your efforts on ensuring you realise a profit.
Spending too much time worrying or deploying tactics such as mug betting can remove your focus from getting value which is what matched betting is all about.
It nevertheless pays to avoid silly mistakes that might get your account restricted quickly, such as betting on obscure sports instead of the major European football leagues.
Following essential matched betting tips is vital to reducing the chances of losing money by getting banned by bookmakers.
Stop Matched Betting Going Wrong -
Keep it Simple
As we explain in our Top 10 matched betting tips, a beginner must start slow. Take your time with completing every welcome offer (including accumulator bets!).
Don’t overcomplicate things by trying to complete multiple offers simultaneously or starting advanced strategies before you have completed the sign-up offers, or taken advantage of reloads and Casino offers.
There is profit after welcome offers, but there’s also no rush to get to speed ahead. Trying to do too much too soon can increase the chance of an error occurring.
We also advise you not to ignore accumulator bets, but these are probably best dealt with after the more introductory standard bets. It’s also advisable to stay well clear of arbs when you first start matched betting.
Stop Matched Betting Going Wrong -
Being Organised
Doing too much at once can cause you to fail to carry out the offer correctly.
Can matched betting go wrong in these circumstances? Yes, it can, as you may lose track and fail to properly qualify for the offer (or fail to notice such things as detailed wagering requirements), and therefore ultimately, it is possible to miss out on receiving your free bets.
If you have kept your qualifying bets close and low (as is best practice), then the cost to you will be minimal, but it’s far from ideal to lose out on an offer and waste the time you have taken with it.
Each offer will have a specific qualifying amount and require a set amount of money to complete in your exchange and bookmaker accounts.
It’s likewise essential to have a firm grasp of your current bankroll and where your money is so you can quickly move it around. More advanced strategies (such as 2up Early Payout and Extra Places offers) rely on having a much higher bankroll to profit.
There is no catch with matched betting, but it takes time, and to maximise your profit, you need to be efficient and smart with your time to build your bankroll and earn a consistent profit with the hours you can commit to it.
It’s always best to know your active bets, offers and deals, and good organisation ensures you know when to take action, including knowing when your free bets activate.
Stop Matched Betting Going Wrong -
Using the Right Tools
A matched betting spreadsheet or profit tracker is a crucial way to keep track of matched betting, and you may also wish to consider using a separate bank account or e-wallet to keep the best track of your activities.
These kinds of tools can help you avoid when matched betting can go wrong, such as missing the window in which to place qualifying bets or to utilise your free bets.
Free bets will only last for a limited time or only be useable against certain types of sports betting. Always check the offer’s details and record this on your spreadsheet or in the notes section of your activity/profit tracker all the relevant information and set reminders.
Remember that each bookmaker will have their own rules and guidelines for each offer; it’s terrible to lose profit because you haven’t placed the bets in time or followed the requirements.
To reduce these risks and match betting mistakes, start slow and measured with matched betting. Also, ensure you have the necessary bankroll for the offers before starting them, such as covering the betting exchange’s liabilities.
Can Matched Betting Go Wrong -
Final Thoughts
Matched betting can go wrong if you make any of these mistakes. When you know what they are and how they occur, then for the large part, they are easy to avoid.
If a mistake occurs, there is also usually a way to rectify it, and it’s best to calmly consider the options as over-reacting can sometimes result in worse impacts.
Realistic expectations are essential in matched betting, and rushing to somehow ‘get rich quick’ is never sensible.
That said, with commitment, matched betting remains a straightforward way to earn an extra income online (especially as it requires no sporting or technical knowledge).
When starting matched betting, always ensure you start slow, double-check your calculations and read the terms of all the offers, and you are unlikely to go wrong.