Matched betting mistakes can be costly and put all your profit at risk. Additionally, the mental damage can be much greater, perhaps even causing you to give up on matched betting. It means that all the time and effort you put in will go to waste.
Matched betting mistakes are easy to make, especially if you are a beginner. Learning from the mistakes others have made means you can be more cautious and avoid them yourself. Plus, if any of this ever happens to you, you will know how to fix your matched betting mistake.
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Table of Contents
Matched betting mistakes you do not want to make
1. placing your lay bet before your back bet
With a lay bet, you have more to lose (your liability) than too gain (your stake), therefore, it is crucial to place your back bet first. If you place your lay bet before your back bet, you will sooner or later run into problems.
This is because your back bet will not always go through, leaving you with an unprotected lay bet. For example, your bookmaker account may become stake restricted so you cannot cover your whole lay bet. Or there may simply be technical errors.
If you find yourself with a lay bet without a corresponding back bet, you can still rectify the situation. You can either trade out your lay bet or place a back bet. If there is not enough liquidity in the market and you have to place another back bet, the exchange most likely has the best back odds.
Thus, you can simply pop the back odds from the exchange into your calculator and place a back bet at the exchange.
2. Using Betfair exchange to lay bets
Beginners commonly start with Betfair as their exchange of choice because the user interface is easier to understand. However, Betfair charges you a not negligible commission (2% or 5%) that eats into your profit.
Virtually all experienced matched bettors use Smarkets as their exchange. Smarkets charge 2% by default but you can easily get a 0% deal. Simply set up an account with Profit Accumulator and place a bet from the integration in the oddsmatcher.
Profit Accumulator charges £17.99 a month or £150 a year. However, you will make up these costs easily just by not having to pay commission. Plus, you get more important benefits such as access to their oddsmatcher and daily offers list.
3. Not using an Oddsmatcher
If you do not use an oddsmatcher, you have to manually search for close odds. This is time consuming and tedious. Furthermore, you are unlikely to find the best matches. Thus, you lose money by not taking the best matches and waste time by searching for odds. As a consequence, you can only place a few bets per day and lose out on many additional offers.
The oddsmatcher enables you to always find the closest matches. This means you can minimise the losses from your trigger bets and maximise the profit from free bets.
Again, Profit Accumulator has got you covered. Their oddsmatcher enables you to filter for close matches for a specific bookmaker and develop a customised filter for different offers.
4. Matched betting mistakes: Arbing your accounts
Arbitrage betting (arbs) means placing a bet where the bookmaker odds are higher than the odds at the exchange. You will make a profit from the bet but your accounts will also quickly be shut down.
A better way to profit from bookmaker accounts is doing matched betting offers. You should avoid arbs at all cost unless they are promotional price boosts.
5. Stopping a casino offer after a big win
Low-risk casino offers are profitable, especially if you have multiple sportsbook restrictions (gubbings). Many beginners stop casino offers halfway through because they are up and have made a profit.
However, this is not a true profit. Stopping an offer midway is always expected value (EV) negative. If you do this, you will lose money over the long term. Therefore, you should always complete every offer you start.
6. Matched betting mistakes: Not diversifying
It is easy to just stick with the offers you know and make a matched betting income from them. However, this is dangerous as bookmaker offers change all the time, they may close down, or you become gubbed.
For making a sustainable income, it is essential that you diversify and try out new offers constantly. To find new offers, you can look at Profit Accumulator‘s daily offers list. The general rule is that you should try each offer you find there at least once (unless they are high-risk casino offers).
7. Giving up because of gubbings
As time goes on, more and more of your accounts may become restricted (gubbed). Many matched bettors find this disheartening and give up on matched betting entirely. This means they are missing out on huge profits.
Becoming gubbed is only part of the journey as matched bettors. There are still many ways you can profit from matched betting. One example is setting up a Bonus Accumulator account and focusing on casino offers. Bonus Accumulator will list many casinos that are more hidden and you have probably not signed-up for yet.
Matched betting mistakes you do not want to make summary
Matched betting mistakes are easy to make but also easy to fix if you spot them in time. Common mistakes include:
- Placing your lay bet before your back bet
- Using Betfair exchange to lay bet
- Not using an oddsmatcher
- Arbing your accounts
- Stopping a casino offer after a big win
- Not diversifying
- Giving up because of gubbings
Remember that matched betting mistakes are part of the journey and do not give up because you make a mistake.
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