Sometimes, things can happen outside your control. Especially when it comes to betting odds, bookmaker decisions, and sports events. In this post, we’ll look at some matched betting dangers you should look out for. Some of the pitfalls below are easily worked around, while others are things you just need to be aware of.
Matched betting dangers
Bookmaker verification documents
Verification is a legal requirement with bookmakers. They need to check that their customers are of legal age, reside in the UK, and have a valid UK bank account. This is to avoid any fraud or money laundering issues. Some bookies can be a bit of a pain and request this at the least convenient time. And they may ask for more than what you think is reasonable. Sometimes it is just easier to submit what’s required so you can get your account active and then head over to Resolver for guidance. Some bookmakers can even ask for the documentation more than once. If this happens, just submit it again. One way to make things easier is to have the documents ready before opening a new bookie account and just send them through immediately after signing up.
Tennis retirement rules
Tennis is a tricker sport to bet on than say football or horse racing. With football and racing, you usually just back a bet to win and then lay it at the betting exchange. Simples. However, with tennis, the retirement rules need to be considered. You need to make sure that the bookie and exchange have the same retirement rules. If they do, you can back and lay. But if they don’t, then you need to take a look at dutching. Dutching is when you don’t lay an outcome but rather place a series of back bets to cover all the outcomes. OddsMonkey members can find out more in our full training guides.
Non-runners in horse racing (Rule 4)
When a horse is withdrawn from a race, all of the odds on the other horses are readjusted. Sometimes, the odds at the exchange and not readjusted by the same amount as the bookie. The stakes remain the same though. So if your horse ends up winning at the exchange, then the Rule 4 deduction has had no impact on your bets and your return is the same as it was before the readjustment.
If your horse goes on to win, then this means that your bet loses at the exchange and wins at the bookie. Now, depending on how much the odds have been readjusted at the bookie, this can lead to a profit and sometimes even a loss if the back odds have been readjusted at a lower level than the exchange. Please do keep an eye out for this. The bookie doesn’t generally show the odds readjustment until after the race has finished and if your horse wins. So you can do the calculation manually using the Rule 4 calculator on OddsMonkey.
If your horse withdraws from a race, your bet is simply voided and funds are returned to you at both the bookie and exchange.
Sequentially laying accas
Accumulator bets are a popular advanced matched betting technique. And many OddsMonkey members like to use the lay sequential method for their accas. This means laying each leg – one at a time – after each match has ended. They then stop laying once a leg loses ie it wins at the exchange.
A benefit of laying sequentially is that some odds may shorten before you lay them giving you an opportunity of getting a better value.
Having said that, the opposite can happen; odds can drift. This then takes away value from your acca leading to lower profit or a higher qualifying loss.
Additionally, there is much more room for error as you may forget to lay a leg, leaving you out of pocket if the result isn’t in your favour.
You will need a decent bankroll when using the lay sequentially method, especially if you’re using higher odds. The reason is that funds are tied up in an acca up until it loses (leg wins at the exchange). So each time a leg wins, you have to lay the next ones and need the liability to do so and this can get hefty if the odds are high.
Account restrictions / gubbings
Account restrictions can and will happen. Unfortunately, they are inevitable in matched betting as you’re constantly taking value from the bookie. Matched betting is a fun way to make money online but it’s unlikely for anyone to do it forever. So while it can be disheartening when your favourite bookie sends ‘that’ dreaded email, the important thing is to remember that you profited first.
If you’ve come across any other matched betting dangers, let us know by leaving a comment below. However, don’t let any of this put you off matched betting. It’s a fantastic way to turn free bet offers into profit. The important thing to remember is that there isn’t always a way to avoid these matched betting dangers.
Alternatively, if you’ve got any other questions, join our Facebook group for answers and advice.