Matched betting can be a fantastic way to earn risk-free profits, but this article is all about avoiding potential matched betting mistakes. Even seasoned bettors make errors from time to time, but if you’re aware of the common slip-ups and know how to avoid them, you can stay profitable and stress-free.
If you’re new to matched betting, you may want to start with this detailed guide to help you get started. Below, we’ll cover the most common matched betting mistakes and how you can avoid them.
Misunderstanding Qualifying Bets
Misunderstanding qualifying bets is one of the biggest matched betting mistakes. Qualifying bets are required to unlock free bet offers, but they often have minimum odds or staking requirements.
Example:
Placing a qualifying bet at odds below the minimum requirement.
Not selecting the opt-in button before placing a qualifying bet or making a deposit.
Not betting on the specified sport, leagues, or within the required time frame.
How to Avoid: Carefully read the offer terms and double-check before placing bets. Using a matched betting platform like Outplayed can simplify this process by providing tools and calculators designed to eliminate guesswork.
Forgetting to Place the Lay Bet
Placing the back bet without placing the lay bet on the betting exchange is one of the most common and costly matched betting mistakes. This leaves you with an unsecured, one-sided bet and means you could risk losing capital should your back bet lose.
Example:
Placing a back bet with the bookies but then forgetting or simply not confirming the lay bet with the exchange.
Placing lay bets that don’t get matched or confirmed because of an odds disparity or lack of liquidity in the exchange.
How to Avoid: Always double-check that both bets are placed before completing the process. Ensure your bets have been matched and confirmed in the exchange, if not adjust your odds and lay again before the event starts. Stick to sports with high liquidity like high-level football and horse racing.
Incorrect Lay Bet Calculation
Using incorrect lay stakes or liability amounts can eat into your profits and lead to unnecessary losses. This is one of the easy matched betting mistakes to avoid by checking your back and lay odds and the figures in the calculator before confirming your bets.
Example:
Misreading the back and/or lay odds when inputting them into the Outplayed calculator.
Odds change while you are in the process of making your bets.
How to Avoid: Use reliable matched betting calculators, and double-check the figures before confirming your bets. Be prepared to quickly adjust your figures in the calculator to account for fluctuations in the betting odds – this is especially true with live events and in-play bets.
Using Free Bets Incorrectly
Free bets are the backbone of matched betting, but not placing them correctly or failing to meet specific conditions can ruin a profitable run. Much like with the qualifying bets I discussed in an earlier point, free bets sometimes must be placed in a certain way or for certain events.
Example:
Letting a free bet go to waste because it had a short expiry date.
Not being able to use a free bet because you are trying to bet on the wrong sport or an event with incorrect odds or payout limitations.
Not claiming a free bet because you were required to log in and do so.
How to Avoid: Always read the terms thoroughly and place the bet according to the requirements. If your free bet has not been automatically credited and you’ve done everything right with your qualifying bet, get on the live chat with the bookies and find out where it is. Make a note of free bets due to you.
Poor Bankroll Management
Not tracking profits and losses can make it hard to know if you’re making money. I highly recommend you keep a ledger close by when matched betting and keep track of EVERYTHING you do. This way you will avoid losing track of bets, deposits, and withdrawals you have made.
Example:
Forgetting you have money in betting accounts because you haven’t used them for a while.
Tallying up your accounts but not realizing that a withdrawal is still pending somewhere.
Spending profits before you have earned them and digging into your matched betting float.
How to Avoid: Maintain a dedicated matched betting bankroll and use spreadsheets, ledgers, notebooks, or apps to track progress. Keep a record of every bet, profit, and loss. Click here for my top 10 tips for matched bettors.
Not Doing Smaller Bets
Some matched bettors I know only go for the big fish and the big free bet promotions. But by doing lots of smaller matched bets you can keep your bankroll healthy and the profits will rack up.
Example:
Choosing not to opt in for a promotion because it’s only a £5 free bet.
Declining the opportunity for a free bet because it requires you to make 5 bets in a week.
Not participating in free games because they rarely produce a profit.
How to Avoid: Keep active with profitable bookies by joining any small bet clubs or weekly promotions available to your account. Smaller profits can rack up quickly and add significant numbers to your monthly profits. If it will make money, do it!
Getting Greedy and Opening Multiple Accounts
When the money starts rolling in and you begin to see how much can be made through matched betting, it is tempting to want to open multiple accounts to maximize the number of free bets and opening offers you receive from the bookies. This is a surefire way to get your accounts blocked and profits seized.
Example:
Signing up for a second account with a bookie to take advantage of an excellent welcome offer.
Getting gubbed by a bookie so attempting to sign up for a new account with slightly different details.
How to Avoid: Don’t sign up for multiple accounts. If you have friends or family members who are willing to get involved, consider matched betting on their behalf and take a cut of the profits. Most bookies only allow free bets to be credited per person, per household, and occasionally per IP address.
Gubbed Accounts (Getting Restricted or Limited)
Bookmakers may restrict or limit accounts if they suspect you’re only betting on promotions.
Example:
Receiving a notification that you are no longer eligible for promotions or free bets.
Not ever being sent another promotion via a bookie that has evidently gubbed you.
How to Avoid: Bet smartly by mixing regular bets with matched bets and avoiding obvious patterns. Using a service like Outplayed can help you find new offers and maintain profitability even if some accounts get limited. Their Odds Checker is also a great tool for finding mug bets with minimal losses.
Overlooking Mug Betting
So now you know that If you only place promotional bets, your account may look suspicious to bookmakers, increasing the risk of restrictions. There are ways to delay this matched betting inevitability and to actually make yourself more likely to receive promotions and free bets.
Example:
Only ever placing bets because they will release a free bet.
Choosing to bet solely on promotions and never placing a ‘normal’ bet.
How to Avoid: Regularly place normal bets to maintain the appearance of a genuine bettor. Mix in these bets alongside your matched bets to reduce the risk of gubbing. Use the Outplayed Odds Checker to find bets with minimal losses, you may even be able to break even or make money with a mug bet.
Rushing the Process
Impatience or lack of attention to detail is a certain way to make costly errors. Once you learn how to do matched betting it becomes second nature, but when starting out you need to familiarize yourself with these processes slowly and thoroughly. Even now as an advanced matched bettor, I take my time.
Example:
Not using the correct figures to lay off a bet.
Not reading the terms and conditions of a qualifying bet.
Having too many bets on the go at once and overlooking a bet you were supposed to make.
How to Avoid: Take your time and double-check everything. Successful matched betting requires discipline and attention to detail so keep a ledger of every move you make so you can organize and stay on top of things.
Conclusion
Matched betting is incredibly profitable when done correctly. Avoiding these common mistakes will help you stay on track and maximize your earnings. If you’re looking for an all-in-one solution to simplify the process, check out Outplayed. They offer tools and resources that make matched betting straightforward.
Want to learn more about building your travel fund through matched betting? Be sure to check out our comprehensive guide here.
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