Typical Matched Betting Mistakes
No matter how organised and diligent you are there will always be times when your matched betting goes wrong…
Your Account is Closed or Restricted
This section focuses on might go wrong when you place a matched bet. However, NEVER FORGET that Account Preservation is key to making good long profits from Matched Betting. See ACCOUNT PRESERVATION/MUG BETTING
Lay bet placed first
What if you have committed the cardinal sin of placing your lay bet first? Your easiest option is to place a back bet on the same exchange. Adjust the back stake so there’s the same amount of profit or loss regardless of whether the selection wins
Back bet placed on wrong selection
It happens! If you’ve made a mistake with your back (bookie) bet you can use a betting exchange to place a lay bet to offset the back bet. Use a Matched Betting Calculator to work out the lay bet stake as you would normally. If you place a back bet on the wrong selection, some bookmakers allow you to cancel the bet by using the cash out option.
Wrong Calculator Setting
Let’s use the Smarkets calculator as an example. The settings for bet type are quite clear. You will be calculating stakes for either : –
- a Qualifying Bet
- a Free Bet – Stake Not Returned
- Free Bet – Stake Returned.
Qualifying bets are used to trigger free bets or to calculate stakes for Mug Bets. This is usually the standard-setting, so the problem occurs when you don’t switch it out of Qualifying.
Free bet stake not returned is the format bookmakers usually use when paying out free bets. By placing your Free bets in the Qualifying setting instead of this one will affect your profits!
So make sure you double-check you’ve chosen the right setting for your Bet Type. Then the other most likely mistake will be to input the wrong exchange commission rate. This will normally be 2% if you are using Smarkets or Betdaq. Also for Betfair provided you’ve chosen the Betfair Basic plan. If other rates apply, make sure you adjust the rate. Maybe because Betdaq has a 0% commission offer or you’ve chosen another Betfair plan.
Unmatched Bets
This is something that all matched bettors will encounter. However, you can help prevent it by making sure you fully understand the way the exchange back and lay prices are displayed and some of the key points.
Take the example below and let’s assume you want to place a lay bet on the last selection in the list. you’ll see that you can lay the horse at 12.5 but there is only £2 available. If you want to lay £10 then you can still place your bet. But you will have £2 matched and then the remaining £8 at 12.5 will move to the Back side and replace the current best back price of 12. Hopefully your unmatched bet will soon be matched because someone is willing to back the horse at 12.5. However, that’s not guaranteed. So you MUST ensure you watch your unmatched bets closely and you might need to lay at a higher price.
What you can do to avoid getting caught out is make sure you are betting in a stable market. By that, we mean not trying to bet close to the event start time. In horse racing markets, prices change quickly in the 10-15 minutes before the race starts as more money comes into the market. I wouldn’t place matched bets in horse race markets unless it is at least an hour until the start.
Good liquidity also helps create a stable market. In the example above, if there was £500 available to back at 12 and the same amount available to lay at 12.5 you would be very unlucky not to place a fully matched lay bet at 12.5…
Matched Betting Services have tools to help you managed your various offers.
Free Bet Not Credited by my Bookie
There can be a number of reasons that you haven’t been credited a free bet during a promotion.
Does the promotion involve minimum odds or specific selections to be eligible for the free bet? If so you may not have met these. You can place a further bet that meets the required terms and, ordinarily, you will then receive the free bet
Have you deposited using an e-wallet? Some promotions are rendered void if you deposit using an e-wallet such as Paypal or Skrill. Always double-check the terms and conditions for depositing on an offer. For signups, especially, always use a debit card for first deposits.
When should the free bet/bonus be credited? A lot of free bets are not credited instantly. Some are 24 hours after the bet settles and some as much as 7 days after the bet has settled. Check the terms to see when you should receive them
You may have been “Gubbed” or restricted by the bookies. Being gubbed means that you will no longer be eligible for promotions with that bookie.
The free bet may have been delayed due to issues at the bookie. This can happen say during the Cheltenham Festival in March when the volume of bets is way higher than usual. My advice is to wait before raising a query with the bookie. You want to maintain the look of a Mug Punter not someone who is actively monitoring free bets. I would wait a couple of days at least before getting in touch depending on the terms of the offer…
Letting free bets expire
This can happen quite easily if you are managing a number of offers at the same time. If free bets aren’t that valuable, it might be worth letting some slip through without using them. However you want to do that because you know when the bet will expire not because you’ve forgotten.
The solution is quite simple. Make sure you’re diligent in reading terms for each offer and keep records of all your bets and offers.
Technical Failure
If the bookie site goes down or there’s an error message when you try to place your back bet, no real harm done.
You can try refreshing your browser,. Maybe see if you can place your bet via your mobile app or just leave it for a while. But if you’ve just placed your back bet and you find that your exchange site is having problems then you need to have a Plan B. The easiest way is to have another exchange account you can log into and place your lay bet there.
Not Enough in your Exchange Account to Cover Liability
You’ve got a Free Bet and worked out which event and selection to use for your Back and Lay bets. You’ve tapped the numbers into a Matched Betting Calculator and all is set. The Back Bet has been placed and you go to place the Lay bet . But you realise your target liability is more than you have in your exchange account.
Your lay bet isn’t complete. Or maybe you have placed a partial lay bet using all the funds you have in the exchange account. You are now in a panic. You’re worrying if the lay price will increase while you try and deposit more funds into your account. Maybe you swap to another exchange to see if you can the funds there to place the lay bet.
This is a common problem when managing a number of offers at the same time and you’re rushing to get all the bets completed. A little planning and you can easily avoid the problem. Worst case, you hold off your back bet until you know you have enough funds to cover your liability. Maybe consider creating your own checklist of points to double-check before you place each set of bets.
Summary
Problems will always occur. What matters is how well prepared you are to react when matched betting goes wrong. I hope you found this page helpful but if there’s anything else you think we should cover, please Contact Us
