Frequently Asked Questions – Bookmakers
Wondering what the bookmakers are on about, below are some of common questions – if you don’t find the answers you’re looking for, just drop us an email at email@example.com and we’ll be happy to assist.
Where do I find offers and free bets?
On our Daily Offer Calendar.
I’ve made a mistake. Can I cancel my bet?
Once a bet is placed with a bookmaker, it can’t technically be cancelled. Instead, there are a couple of ways you’ll be able to cancel out the mistake. Some bookmakers offer a cash out option, where you can get some of your stake back. Alternatively, you can offset the bet by laying in a betting exchange, such as Betfair, using one of Oddsmonkey’s handy calculators.
When can I withdraw my winnings?
You’ll need to read the terms and conditions for each bookmaker. Some will let you withdraw straight away whereas others will require you to reuse your winnings a few times first.
How to avoid being gubbed
Getting gubbed is something you’ll experience from time to time no matter how cautious you are. But we want to minimise our chances of getting gubbed and keep our accounts healthy so we can continue to profit long term.
Luckily, there are a few ways we can look to keep the bookies from gubbing us:
This is the process of placing a bet with the bookie that has no offer attached. Usually it’s a good idea to bet on high profile football matches or other high profile events. This will make us look like a typical punter and not someone who is purely interested in extracting bonuses. Of course we are matched bettors so we don’t want to lose any money, so we always lay these bets off at the exchange in the same way we would a qualifying bet.
Pick a team
Betting on your favourite team every week is something a mug punter would be doing so you should do that too. Choose a team and bet on them to win every week, again laying the bet.
Deposit more than needed
Quite often, an opening offer will require a qualifying bet of £10 so instead of depositing exactly £10, deposit £20 or a different amount. This makes the bookie think you are there for more than just their opening offer.
Mix it up
Don’t go for the full refund every time. On the horses for example, there are often money back offers for coming second. They are usually capped at £25. Instead of betting £25 why not bet £20 or even go higher and bet £30. We still qualify for the offer but it makes it less obvious we are just after the refund.
You can find more tips on avoiding getting gubbed on this blog post: https://www.oddsmonkey.com/blog/matched-betting/top-tips-to-avoid-account-restrictions-and-being-gubbed/
What's the difference between a bookie and a betting exchange?
A bookie such as Ladbrokes or William Hill is where we place our back bets. We are betting on an outcome to happen. For example betting on Arsenal to beat Manchester United. If Arsenal win, then we win our bet but if they lose or the match ends in a draw we have lost the bet.
A betting exchange allows us to bet against an outcome. For example betting that Arsenal won’t win. So if Arsenal lose the game or it ends in a draw we win the bet. If they do win the match though we have lost the bet. This kind of bet is known as a lay bet.
We can use both the bookie and the exchange to place 2 bets to cover all outcomes of an event by backing it to happen at the bookie and betting it won’t happen at the exchange.
You can find out more about lay bets here: https://www.oddsmonkey.com/matched-betting/lay-betting-explained-beginners-guide/
Can I open multiple accounts with bookmakers?
No, you really shouldn’t do this. This is known as multi accounting or gnoming. While it may be possible to do it on occasion the bookies have systems in place to detect this activity and if they catch you they will close your accounts and seize your funds. From a legal point of view you may be breaking the law by doing this as well so we highly recommend avoiding the temptation to do this.
Who offers best odds guaranteed?
Most of the main bookmakers will offer best odds guaranteed on horse racing. This is where you will get paid at the odds the horse starts the race if they are higher than the odds you backed at. This is great for matched bettors, as when it happens we get all the extra money as profit.
The big bookmakers like Bet365, Ladbrokes, William Hill, Paddy Power, Betfred and Coral all offer best odds guaranteed. As do many others. Some of the more obscure bookies don’t though. To find out you can check the promotions page of each bookmaker.
Can I take advantage of matched betting if I already have bookmaker accounts?
Yes! Absolutely you can. You won’t be able to take advantage of the sign up offer with that bookmaker but you can start doing all the other free bet offers and bonuses they offer straight away.
The sign up offers are great and a fantastic way to get started on matched betting but the profit doesn’t stop once they’re done. Most bookmakers are doing new offers every day that we can take advantage of.
It’s also really unlikely that you have all the bookmaker accounts available to you. There are dozens of them, some of them you might not have even heard of. We have guides on all the bookmakers sign up offers inside our premium area.
What is Skrill?
Skrill is a bit like PayPal. It’s an E-wallet that is accepted by most bookmakers. It is useful as it allows us to quickly move money around between our accounts and the exchange without having to wait for the lengthy process of a bank withdrawal.
Quite often, bookmakers won’t honour sign up offers if you make your first deposit with Skrill so watch out for that. Once you have all your accounts established though it is a great way to get money out of a bookmaker and back to your exchange account ready for the next matched betting opportunity.
What is Neteller?
Neteller is an e-wallet a lot like PayPal. Many bookmakers will accept Neteller payments. Like Skrill, it is a great way to move your money around between bookmaker and exchange accounts and avoiding the slow process of a bank withdrawal.
Many bookmakers won’t honour sign up bonuses when you make your first deposit with Neteller so it’s best to use a debit card to start with. Once your accounts are established though you can use Neteller or Skrill to more quickly get our money back to the exchange ready for the next offer.