Matched Betting is an excellent way to earn extra income, but as with any process, beginners can make mistakes when they’re just starting out. The good news? Most errors are easy to avoid with a bit of preparation and attention to detail. This guide highlights the most frequent mistakes made by matched betting beginners and provides actionable advice to prevent or recover from them.
1. Forgetting to Lay a Bet
The Mistake:
Placing a Back Bet with the Bookmaker but forgetting to place the corresponding Lay Bet on the Exchange. This can result in unexpected losses if the back bet doesn’t win.
How to Avoid It:
- Use a checklist or the OddsMonkey Profit Tracker to keep track of every step in the process.
- Double-check that you’ve placed both the back and lay bets before confirming.
- Take your time to ensure everything is correct—rushing increases the likelihood of mistakes.
How to Recover:
- If you realise you’ve forgotten to lay the bet, you can still place it in some cases, even after the event has started. However, this depends on the type of bet:
- For horse racing, Odds tend to change rapidly during the race, making it challenging to find a stable lay option.
- For football or similar events, if your back bet involves a specific outcome (e.g., a goal scorer or event within the match) that has already occurred, the bet may become unlayable.
Always check the situation carefully and use a matched betting calculator to adjust your lay stake based on the updated odds.
2. Mismatched Odds
The Mistake:
Placing a lay bet with odds that don’t match or are significantly different from the back bet odds, which can reduce or eliminate your profit.
How to Avoid It:
- Always use an odds matcher tool, like the one on OddsMonkey, to find the best odds.
- Refresh odds before placing your bets, as they can change frequently.
- Confirm that both back and lay odds are aligned before submitting your bets.
How to Recover:
- Adjust the lay stake using an updated calculator to minimise losses. If the odds have changed drastically, consider skipping that offer and moving on to another one.
3. Not Reading Terms and Conditions Carefully
The Mistake:
Overlooking critical terms of a bookmakers offer such as minimum odds, stake requirements, or time limits, leading to missed or invalid free bets.
How to Avoid It:
- Read the terms and conditions of every offer before starting.
- Highlight key points, like Qualifying Bet requirements or expiry dates, to stay on track.
- Use tools like the OddsMonkey offer calendar, which simplifies offer requirements.
How to Recover:
- If you’ve placed a bet that doesn’t meet the requirements, check if you can still meet them with a second bet (e.g., placing another qualifying bet within the time frame).
4. Miscalculating Lay Stakes
The Mistake:
Entering incorrect values into the calculator, leading to higher-than-expected liabilities or reduced profits.
How to Avoid It:
- Use an accurate matched betting calculator, such as the one on OddsMonkey.
- Double-check all inputs, including odds, stake, and commission.
- Familiarise yourself with how the calculator works by practising with small bets first.
How to Recover:
- If you realise the mistake before placing the lay bet, recalculate and correct it.
- If the mistake has already been made, calculate the impact and adjust your next bets to compensate for the loss.
5. Betting on the Wrong Event or Outcome
The Mistake:
Placing a bet on an event or outcome that doesn’t match your intended offer, such as betting on the wrong team or market.
How to Avoid It:
- Double-check the event, team, and market before confirming the bet.
- Compare the bookmaker’s market with the betting exchange to ensure they align.
How to Recover:
- If caught early, try to cash out or hedge the bet to minimise losses.
- Treat this as a learning experience and ensure you slow down and check carefully next time.
6. Ignoring Exchange Commission
The Mistake:
Forgetting to account for the commission charged by betting exchanges, which can reduce your profit or even result in a loss.
How to Avoid It:
- Include the exchange commission percentage when using a matched betting calculator.
- Look for promotions offering reduced or zero commission, especially for beginners.
How to Recover:
- Recalculate your lay stakes for future bets with the commission included.
- If you’ve lost money, treat it as a minor setback and factor in commissions going forward.
7. Rushing Through Bets
The Mistake:
Hurrying to complete offers, leading to errors like incorrect stakes, mismatched odds, or missed steps.
How to Avoid It:
- Set aside dedicated time for matched betting when you’re free from distractions.
- Follow a checklist or guide to ensure each step is completed correctly.
- Start with small stakes to build confidence and reduce pressure.
How to Recover:
- Pause and review your process to identify where the mistake occurred.
- Learn from the experience and adjust your routine to minimise future errors.
Final Thoughts
Mistakes are a natural part of learning matched betting, but with careful preparation and attention to detail, you can minimise them. By using tools like the OddsMonkey profit tracker and matched betting calculator, taking your time, and staying organised, you’ll be on the path to consistent profits in no time.
Remember, every error is an opportunity to improve your process. Stay patient, keep learning, and reach out to the Odds On Campus community or OddsMonkey support if you need help along the way.