This handy Matched Betting Calculator, also known as a Free Bet Calculator, allows you the chance to work out a matched lay bet to ensure that you guarantee a profit from any free bet you may have been offered by a bookmaker.
How to Use the Matched Betting Calculator
Hereâ€™s what youâ€™ll need and how to use the calculator above:
What do I need to use the Matched Betting Calculator
To use this calculator you need to have two things:
– An account with a betting exchange
– To have qualified for a Free Bet offer with any bookmaker
As you know, many bookmakers offer new customers a free bet when they join and make a deposit or first bet with the bookmaker.
This Matched Betting Calculator allows you to use this cash, along with your Betting Exchange account, to turn an overall profit regardless of whether your free bet wins or loses.
Step One: With your bookmaker : Enter the Free Bet Details
The first part of the calculator is to enter the details of your free bet. Firstly, denote that the bet you are making is using free bet cash by clicking on the Free Bet Box so that it is ticked.
In the Stake Forfeit box, you need to enter into this box how much of your stated stake is forfeited from your bet, in the event if your selection winning.
Most bookmakers, when offering you a free bet, will deduct the free bet cash from any returns, meaning that the stake is forfeit. If this is the case with your free bet offer, simply indicate how much of your stake will be forfeited if you win.
In most cases, this is likely to be all of your free bet stake. You enter this stake in the Stake box underneath the first section, in the Back (bet for) column.
Once you have entered your stake, simply enter the odds you have backed your selection at in the Back Odds box and you have now completed everything you need to do with your bookmaker and it is time to head to the betting exchange.
Step Two: The Betting Exchange â€“ Laying against your selection
Once youâ€™ve selected your bet, you then head to the betting exchange with the intention of laying against that selection, to ensure an overall profit over both bets.
Find the selection you have just backed and check out the odds for laying it at the betting exchange.
You will also need to know what commission you will be charged on any winnings with your betting exchange (anywhere up to 5%, which is easily selected via a drop down menu).
Simply enter the lay odds for your selection in the betting calculator in the right hand column, together with the commission underneath and then click on the blue Calculate button.
Using the data entered above, the calculator will then work out how much you need to lay against your free bet selection, in order to guarantee an overall profit.
What do I need to look for?
To maximise your profits from using the Matched Bet Calculator, you need to find a market with the closest and lowest possible odds.
So for example, letâ€™s say I have placed a Â£25 free bet (stake forfeit) on a horse at odds of 5.0.
I then visit my betting exchange and look at the lay market against that same horse and discover that the lay odds are 3.0, with my betting exchange taking a 5% commission.
By entering this information into the calculator, I discover that in order to make a profit, I need to place a lay stake of Â£33.90, for a total Lay Risk of Â£67.80, which would guarantee me a profit of Â£32.20 over both bets.