How does a BETTING EXCHANGE work? What is a LAY BET? The BETFAIR EXCHANGE and SMARKETS are betting exchanges that we use to MAKE PROFIT when matched betting, by placing LAY BETS.

By using ODDSMONKEY, we can use free bets from bookmaker bonuses, then placing lay bets at an exchange (at The Betfair Exchange, Smarkets, Matchbook and Betdaq) to make guaranteed profits from risk free betting. This is the best sports betting strategy, it’s a fun side hustle and is a great way to make money online in 2020. The bookies hate matched betting and arbitrage betting, this sports betting loophole is genius.

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Previous video “Matched Betting Explained”:

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🕘 Timestamps:
0:00 – Introduction
0:25 – Recap
0:39 – Back & Lay Bets
1:40 – Betting Exchanges
2:42 – Smarkets
2:57 – Matched Betting Example
3:59 – OddsMonkey
4:14 – Outro

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🎥 Video:
So in this video we go through exactly what a betting exchange is, how they work, and how we matched bettors, use them to make profit.

So when matched betting, It’s important to remember that everything is always made up of 2 PARTS, A BACK bet and a LAY bet. But a LAY bet works a little differently and is the opposite of a BACK bet – A LAY bet is where you place a bet on something NOT to happen. Another way of thinking about lay bets, is that by placing a LAY bet, you’re becoming the bookmaker. So if someone is backing an event, you’d be on the other end of it, to lay that same event. With a LAY BET: You would get paid if the back bet loses, but you’d pay them out if the back bet wins.

Bookmakers allow us to place BACK bets on all kinds of events. But when matched betting, we also need to be able to bet AGAINST those same events. This is where betting exchanges come in. There’s loads of online bookmakers, each with their own new customer offer, that we can take advantage of, but there’s only a handful of betting exchanges.

Websites like The Betfair Exchange and Smarkets, are popular online betting exchanges, that allow us to place lay bets on a ton of different markets. Matchbook and Betdaq are two others as well. Betting exchanges make our life so much easier, because it gives us a platform where we can quickly and easily bet against our back bets. This is important so that we can make sure that all outcomes are covered, and that we’re not leaving ourselves exposed to chance or luck.

Imagine if betting exchanges didn’t exist and we couldn’t take advantage of lay bets… In this hypothetical, we’d need to have to back every single potential outcome on a different website. This would end up getting incredibly complicated, it leaves a lot of room for mistakes and tracking all these bets would be a nightmare. Imagine trying to back every single CORRECT SCORE market. This is why betting exchanges are so powerful – All you need to do is place your back bet, then place your lay bet on the betting exchange, then you’re done.

On Smarkets all the green boxes are the back odds, and all the blue boxes are the lay odds. On the exchanges we always make sure to use the LAY odds! This is because we’re only interested in using the exchange to lay off our back bets (that we’ve placed at the bookmaker).

So when matched betting, how do we use betting exchanges? When bookmaker’s provide an offer like “Bet £10, then get a £30 free bet” (or anything else). We have to make a £10 qualifying bet, to be able to unlock our £30 free bet later on. But the trick is – after placing our qualifying bet, we match it on the betting exchange by placing a lay bet on the same event. So now these 2 bets match each other and whatever way the game finishes, we’d win on one website and lose an equal amount on the other website. So NET, the two bets cancel each other out – but we still unlock our £30 free bet. We’d repeat a similar process when using our free bet, and this is where we’d make money. Backing with the free bet, then laying it off at the exchange, and that way we can can make guaranteed profits from our free bet.

#MatchedBetting #OddsMonkey #TheFrugalife

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