No risk matched betting, to good to be true?
Whatever article, blog or website you read about matched betting you will more than likely have heard matched betting is risk free. Although i myself even state that it is risk free in my own step by step matched betting guide and in the main it is, there isn’t no risk matched betting completely. The reason for this is that we have to factor in human error, mistakes do happen and when they do it can be really costly especially when it involves backing and laying large stake matched bets.
The whole process of matched betting the sign up offers in theory is no risk matched betting because we are guaranteed a free bet to extract profit from when we complete our qualifying bets. If we get the whole process of getting the qualifying bet right and then extracting the profit from the free bet we will have completed a risk free matched bet but what happens if we lay the wrong amount against our back bet? Or what about if we get ourselves stuck in a wagering cycle and do not have enough funds to cover extra bets? These things can and do happen every now and again and take away the no risk matched betting element. I myself have found myself caught in a bad wagering cycle that was supposed to have been a sign up offer for a matched £200 free bet, luckily i had the bank to cover the extra bets. However by the end of the wagering i only made around £8 from the £200 free bet because the bookmaker also added restrictions to my account! I was close to busting out.
Because of these risks i fully recommend that you join a matched betting service such as Oddsmonkey so that if the worst should happen help is at hand to sort the problem out and limit the damage as much as possible. There is a 1 week trial and then it is £15 per month but can be cancelled at any time, the tools and help make it well worth the fee especially if you find yourself in a pickle!
Is matched betting no risk after the sign up offers?
Once you have finished the sign up offers you will find yourself trying to make money from the existing customer offers. This is where the serious money can be made but along with that the risks increase as we usually work with increased stakes and fast moving exchanges. Some offers involve more risk than others and there is not generally a guaranteed profit at the end of it. In my last guide the Betfair each way edge loophole i showed you how in an example how you could of risked 6p for the chance of £45 profit, which if you take out the human error side of things is near enough no risk matched betting but it doesnt always go that way. It is human nature to want more and it can be tempting to let the odds run to try and get a better match once you have backed a bet but the odds can drift leaving you in the predicament of deciding if you should cash in for a loss or leave it in the hope that the odds come back in. These are the perils you will face especially when doing the horse racing matched bets.
My tips to make matched betting as risk free as possible are,
- Take your time to read through the guides before placing bets.
- Double check any back and lay before you put the bet through.
- Do not gamble on the lay odds increasing\decreasing instead wait to back and lay at the same time at odds you are happy with.
- Check the terms and conditions of all offers thoroughly before placing a bet to make sure there are no crippling wagering conditions.
- Join a matched betting service like Oddsmonkey so you can get help to sort any issues as they arise.
I hope this blog post has helped in some way and shown that there is no such thing as no risk matched betting, although the risks can be seriously minimised by taking steps to prevent them in the first place!