Tip #1 – Tight back and lay odds. Our first tip relates to matched betting. When it comes to matched betting, you can select any market to place your bets. However, some markets are better than others. Our first tip is to select a market where the back and lay odds are close together. The tighter the odds, the more money you make. As a reminder, you’ll back a bet at the bookmaker and lay a bet at the betting exchange.
A betting exchange acts as a middleman between a backer and a layer. That said, in order for a wager to take place, there needs to be a bettor to back an outcome and a bettor to bet against it, that is, to lay the outcome. Both the backer and the layer need to agree on the odds and stakes before the wager is accepted.
Back and lay odds. These are two different terms back and lay. In betting, when you are using the term back, this means that you are betting on something to happen. For example, you are betting and you back Football Club Barcelona this means that you are placing your bet on Football Club Barcelona to win the match. In the same way, when you use the term lay, this means that you are going against the team.
If you lay them for £25 you are guaranteed a total profit of £14.25 win, lose or draw at the end of the match. A simpler form of betting which involves both back and lay bets is matched betting. As the name suggests, matched betting is where you match back and lay bets.
Back-to-lay is at the heart of many successful exchange bettors’ strategies. The key to this idea is backing when you think the market is undervaluing a team or player’s chances and laying when you think the market has either overcorrected or come back to its correct price.
If a team scores, the odds on a Draw increases (to e.g. 6.8) and you place a “back”-bet on the Draw. Now you place 6.62 Euros on the Draw which would mean you get the profit of the “back”-bet” of 38.40 Euros (6.62 stake x 6.8 – 6.62 stake = 38.40) in case of a Draw.
Our OddsMonkey calculator allows you to see potential profits on both normal and free bets and can be adjusted to show you all the info you need for qualifying bets, free bets where the stake is not returned (SNR), and free bets where the stake is returned (SR). You can use this free matched betting calculator alongside our OddsMatcher tool to find and calculate the best odds when you are matched betting so that you can maximise your earnings.
Back Odds Range: Lay odds Difference: Qualifying Bets: 1.01-2.0: 0.9: 2.01-2.5: 0.1: 2.51-4.0: 0.15: 4.01-10: 0.2 >10.0: Exact match* Free Bets: 4.0-6.0: 0.2: 6.01-8.0: 0.4: 8.01-10.0: 0.6 >10: 1.5