In matched betting, it is fundamental to find “good” odds. Betting on all the outcomes of an event usually results in a small loss. To qualify for the bonuses or to make them withdrawable we have to accept these momentary small losses as we will gain much more later thanks to the bonus.
These losses are the reflection of the difference between the back odds and the lay odds. Back odds are usually smaller than lay odds. This is what causes the small loss. We are looking for back odds as close as possible to lay odds to minimize these losses. To find matches with the best odds to bet on we will use the Oddsmatcher.
The Oddsmatcher is a software that automatically scans all the websites and compares the odds for us. There are many oddsmatcher online, we think the best is https://www.okeyno.com/
You will see a table with different football matches listed, let’s see what every column means:
- Exchange: The Exchange we’re using to place the lay bets, in our case Matchbook.
- Competition: the sport > country > competition of the listed match.
- Game: The name of the two teams that are playing the game
- Outcome: the outcome of the listed match to bet on. You can bet on one of the two teams/players or on the draw.
- Back odds & Lay odds: The odds for the back bet and the lay bet that you will find on the Bookmaker and on Matchbook for the listed match and outcome.
- Liquidity: the available liquidity for that lay bet on Matchbook.
- Return: how close are to each other the back odds and the lay odds, 100% means that they are the same.
- Date: the date of the match, take this factor into account when choosing which match to bet on, you may not want to wait a week for the result of a match.
For every bet, you will need to know how much to lay bet to be sure to have the same profit for every outcome of the match. The calculator will make this calculation for you! You will need to type the back bet stake and the back and lay odds as indicated on the Oddsmatcher. The calculator will tell you how much to lay bet on matchbook and how much you will gain if the back bet or the lay bet wins.
You will find a Calculator like this in every step-by-step guide. You can play with the odds and the back bet stake to see how the lay bet stake and the final profit change.
You can notice that in both cases you will have a small loss (or a gain if the back odds are higher than the lay odds). These small losses are necessary to convert the bonuses to real money. These losses are only a small fraction of the money you will gain with the bonus. You can expect to convert around 95% of the bonuses amount to real money (the 5% that you lose is caused by these small losses).
It is time to apply what you learned so far! Start by registering on Matchbook.