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How have I lost money?

  • Decided to give matched betting a go and followed a guide elsewhere. I bet £5 at Coral with odds of 3.10 with a lay of £4.84 at Betfair. The Coral bet lost creating a net loss of 16p.

    I then used Coral’s free bets, staking £5 x 4 with odds of 5.25, with a lay of £14.61 and odds of 5.90 at Betfair. The Coral bet lost again.

    So I’ve deposited £25 total at Coral and £85 at Betfair for a total of £110, but my “winnings” at Betfair are £103.48.

    How have I lost money here? My Coral settled bets say I staked £10 on each of my free bets, was I supposed to stake £0 instead of £5?

    +0
    JustBeardy
    0
    March 22, 2019 at 11:25 pm

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    LivelyArts 7 March 23, 2019 at 7:50 am

    You haven’t lost money – you’ve only deposited £5 at Coral….that plus the £85 Betfair deposit = £90.

    You’re float is now £103.48 so you are £13.48 up…

    You need to look for bigger odds and closer matches for your free bets – see Matts guide above but otherwise not a bad start.

    I’d also suggest using free bets on different things to look like a mug punter…..

    🙂

    +1
    Mr Crispy 34 March 23, 2019 at 8:40 am

    Yeah, it sounds like you’ve bet £5 of your own money plus the £5 freebet on each of the bets.

    Normally if you can select the free bet then you don’t include a stake. If I’m not sure, I try with 0 stake first, if that doesn’t work then you must have to enter the stake.

    Easy to do, you’ll just have to chalk that one down to experience.

    +1
    LivelyArts 7 March 23, 2019 at 12:28 pm

    Oops – apologies – didn’t twig that you’d deposited £25 @ Coral – as Mr Crispy says it looks like you’ve bet and done the free bet as well…not a massive mistake – just an annoying one…would have been good if it had won though!!

    See my post below on this forum as well about going back and checking – always check the expected return at the bookies against both the the lay payout and your liability at the exchange.

    +0
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