Step-by-Step Guide to Placing Back and Lay Bets in Matched Betting

Here’s a step-by-step guide to placing back and lay bets in matched betting:

Step 1: Find a Suitable Betting Opportunity

• Identify a bookmaker offering a free bet or bonus
• Use an odds matching tool to find close back and lay odds between the bookmaker and betting exchange

Step 2: Place the Qualifying Back Bet

• Log into your bookmaker account
• Navigate to the chosen event and select your back bet
• Enter your stake amount (typically the minimum to qualify for the free bet)
• Double check all details and place the back bet

Step 3: Place the Matching Lay Bet

• Log into your betting exchange account
• Find the same event and betting market
• Select the lay bet option
• Use a matched betting calculator to determine your optimal lay stake
• Enter the lay stake amount
• Ensure you have sufficient funds to cover the liability
• Double check all details and place the lay bet

Step 4: Record Your Bets

• Note down all the details of both bets for tracking purposes

Step 5: Place the Free Bet

• Once you receive your free bet, repeat steps 1-4
• Use the “Free Bet” setting on your matched betting calculator
• Place the back bet with your free bet stake
• Place the corresponding lay bet at the exchange

Key Points to Remember

• Always place the back bet before the lay bet[2]
• Double check you’re using the correct calculator setting (qualifying vs free bet)[3]
• Ensure you have enough funds in your exchange account to cover the lay liability[3]
• Place bets well before event start times to avoid unmatched bets[3]

By following these steps carefully, you can execute matched bets effectively and minimize errors. Remember that attention to detail is crucial in matched betting to ensure you lock in profits consistently.

Citations:
[1] https://help.smarkets.com/hc/en-gb/articles/115000350131-How-to-calculate-matched-betting-bets
[2] https://outplayed.com/what-is-matched-betting
[3] https://www.beatingbetting.co.uk/matched-betting-tips/matched-betting-mistakes/
[4] https://outplayed.com/what-is-lay-betting-or-laying
[5] https://profitpineapple.com/what-are-back-bets-and-lay-bets-in-matched-betting/
[6] https://matchedbettingblog.com/topic/backing-and-laying-on-underover-markets/
[7] https://www.oddsmonkey.com/matched-betting/lay-betting-explained-beginners-guide/
[8] https://www.oddsmonkey.com/matched-betting/what-is-matched-betting/