Congratulations on completing your first matched betting offer! You’ll be pleased to hear that there are plenty more sign up offers to take advantage of.
In this guide, I’ll walk you through making another £15 profit, this time from Sky Bet’s sign up offer. It’s the exact same process again, though I still recommend taking your time and completing this guide at your own pace. So, if you’re ready, let’s get going…
Second Offer Walkthrough
The offer I’m going to walk you through is a new customer offer from Sky Bet. From this, you can make a guaranteed £15. This offer is very similar to the Coral offer you’ve just completed, so it’s another good one to start with. Again, the stakes are small, which is perfect for keeping the momentum going and building up your confidence.
Just as I did with the first offer, I’ll guide you through the process of placing each bet step by step.
1. Open a Betfair account
Before you can place any bets, you’ll need to open a betting exchange account. If you already have your Betfair account set up, you can skip ahead to the next step. I’ll be using Betfair in this guide as I think they’re the best option for newbies. They’re the largest of all the betting exchanges, which makes it easier to match bets with other users.
2. Open a Sky Bet account
Sky Bet are offering new customers £20 in free bets when you place a bet of £5.
There are bigger welcome offers out there, but I always recommend starting small and working your way up. Once you’ve completed your first couple of offers, you’ll feel more confident and have a bigger bankroll for completing the larger offers.
3. Switch to decimal odds
You’ll want to switch to decimal odds, so that you can easily compare odds. That’s because betting exchanges use decimal odds by default. You can learn more about decimal odds in my Betting Odds Explained guide.
You can usually switch to decimal odds at the top of the page, in the sidebar, or failing that in your account settings.
4. Qualifying bet
Now you have your accounts set up, you can claim your offer! The bet you’ll place in order to qualify for your free bets is known as your ‘qualifying bet’.
It’s important to check the terms of each offer, as there may be specific requirements you need to meet. The key terms of your Sky Bet sign up offer state that you can place your qualifying bet on any Sky Bet market, but it must be placed at odds of 2.00 (evens) or greater. Every offer I post includes the key requirements you need to meet.
You should place your bets on popular events that regular people will be betting on. This will make it easier for you to match your bets. Football matches are usually the best option.
Qualifying bets should always be placed at low odds. In the case of your Sky Bet offer, that means above and as close to 2.00 as possible.
You also need to look for close odds between your back bet at the bookmaker (Sky Bet) and your lay bet at the exchange (Betfair).
Doing both of these things means you can claim your free bet by losing just a few pence overall. If you feel you need to go in depth on qualifying bets, take a look at my ‘Qualifying Bets Guide’.
Place your back bet
At the time of writing, I’ve found odds of 2.00 for Juventus to beat Napoli at Sky Bet. This is your back bet. On Betfair (your exchange), you can lay Juventus at odds of 2.10. (Remember, ‘laying’ means you’re taking the role of bookmaker and therefore betting on Juventus NOT to win).
So, your outcomes will be covered as below.
You can now place your qualifying bet at Sky Bet. You know you need to place a bet of £5 to qualify, so you can do that now.
Simply click on the ‘2.00‘ button for ‘Juventus’, enter your stake of £5 and click ‘Place £5.00 Bet.’
Place your lay bet
What you don’t know yet is how much you need to stake at Betfair to even out your bets. This is where my Matched Betting Calculator comes in!
You simply select the ‘Qualifying Bet’ setting and input the stake and odds from your back bet, plus the odds of your lay bet. The calculator will then tell you how much you need to stake at Betfair to be as close to breaking even as possible. Based on my Juventus example, that is a stake of £4.88 and results in a small overall loss of 37 pence. You can see the calculator populated with my numbers below.
Note, in my example I’ve entered ‘Lay commission’ of 5%, which is Betfair’s default rate. If you were offered 0% commission by Betfair when signing up, I would recommend keeping the calculator set at 5%. That’s because the commission is still charged initially, before being refunded to your account each Wednesday.
Now, you can place your lay bet. Click on the ‘2.1’ lay button at Betfair and enter your stake of £4.88.
It tells you that your liability is £5.37 and it’s good practice to check this figure against the expected exchange loss on the calculator. As you can see, they’re both the same but for a penny (due to rounding), so you know you have entered the correct lay stake.
You’ll need to deposit enough funds into your Betfair account to cover your £5.37 liability as this is the amount you stand to lose if Juventus win. Don’t worry though, your winnings at Sky Bet will cover all of this but for a few pence.
Your Betfair screen should now update to display your potential profit or loss for each possible outcome.
Let’s have a look at your overall potential profit/loss for each outcome.
As you can see, regardless of whether Juventus win, lose or draw, you’ll incur a small loss of £0.37. This loss is worth it though, as you’ve just qualified for £20 in free bets!
5. Using your free bets
Nice work! You’ve just completed your second qualifying bet!
Now, you could just place your free bets on anything you like and see if they win or lose, but you’d be relying on luck! With matched betting, you want to know for sure that you’ll make a profit from those free bets. How do you do that? You simply repeat the process you’ve just done.
Your £20 in free bets at Sky Bet will be credited as 2 x £10 free bets. Again, it’s important to check the free bet terms for any specific requirements.
As with the vast majority of free bets, your Sky Bet free bets are ‘stake not returned’. This means that each of your £10 stakes will not be returned to you with any winnings. You only get back what would have been your profit on a normal bet. It’s also worth noting that the free bets do not have an expiry period.
The only real difference in the process this time around is that your free bets should be placed at high odds in order to maximise your profit. As always, the closer the back and lay odds, the better. If you feel you need to go in depth on free bets, take a look at my ‘Free Bets Guide’.
Place your back bet
At the time of writing this guide, the following odds are available for a Premier League match between Leeds and Man City.
The odds on Leeds to win are pretty high and back odds of 8.00 and lay odds of 8.20 are nice and close.
You can go ahead and place your 2 x £10 free bets at Sky Bet. You can select them by tapping the ‘present’ icon on your betslip.
Place your lay bet
Again, you need to calculate how much you need for your lay stake at Betfair. This time on my Matched Betting Calculator, you simply select the ‘Free Bet’ setting and input your odds and total stake. You can leave the ‘Stake returned’ box unchecked as your free bet stakes are not returned for this offer.
As you can see, the calculator tells you that your lay stake should be £17.18. So, just as before, you click on the ‘8.2’ lay button at Betfair and enter your stake of £17.18.
It tells you that your liability on this bet is £123.70 and again it’s good practice to check this figure against the expected exchange loss on the calculator. As you can see, they’re both the same but for a penny (due to rounding), so you know you have entered the correct lay stake.
If you feel the liability is too high or you’re starting with limited funds, you can simply place the free bets separately, waiting for the first one to settle before placing the next. That should reduce your liability to around £60 per bet. It’ll just take you a little longer to work through them both.
If you’re happy to place them both at once, you’ll need to deposit enough funds into your Betfair account to cover your £123.70 liability as this is the amount you stand to lose at Betfair if Leeds win. Don’t worry though, your winnings at Sky Bet will more than cover it. Once done, just as before, you’ll see your potential profit or loss at Betfair for each possible outcome.
Let’s have a look at your overall profit for the possible outcomes.
So, regardless of whether Leeds win, lose or draw, you’ll make a minimum of £16.30 cash from your £20 in free bets! Given that your qualifying loss was just £0.37, you’ve made at least £15.93 profit overall from Sky Bet’s welcome offer.
Summary and next step
Congratulations on completing your second matched betting offer! That’s the Coral and Sky Bet sign up offers ticked off and a little over £30 profit bagged so far.
Hopefully, the process is now starting to feel a little more familiar. Things will get easier with each offer you complete.
When you’re ready, I’ve got another offer lined up for you to complete for a further £23 profit. Exactly the same process, a step by step walkthrough and a yet more profit in your back pocket! See you there!