This guide will cover the top four extra place strategies that can be applied to horse races to lock in some big profits, each of the four strategies covered will target extra place races in a slightly different way although lots of the techniques will be similar. 

Video Walkthrough

What Are Places?

Traditionally bookmakers payout on standard places on horse races that have more than four participants. 

Places are essentially runner up positions which are specified by the bookmaker on their website.

Recreational punters may decide to opt-in and cover more positions than just the win with their bet. 

If a punter decides to back up their bet with some runner up positions, they are required to select a small checkbox on their bet slip entitled E/W (each way).

Once selecting the checkbox, the punter’s stake would be doubled down, half on the horse to win and the other half on the horse to finish in a place. For example, a £5 stake becomes a £10 stake and a £20 stake becomes a £40 stake.

It’s important to note that bookmakers class the first position (the winner) as a place.

Learn More About Places And Extra Places Here…

What Are Extra Places?

Like most things in matched betting, extra places are a promotion run by bookmakers that can be exploited for large profits! As touched on, bookmakers payout on standard places on horse races that have more than four participants. 

Below, is a list of the standard places that bookmakers offer along with the fraction of the back odds that the bookmakers provide for those places.

In certain races, bookmarks may decide to enhance the number of places they payout on in order to entice their core audience to continue to pump money into their books. 

For example, in a race with ten runners, the bookmaker may decide to pay out on an extra place making the total number of places being offered by the bookmaker four as opposed to the initial three. Extra places can be used as an edge in matched betting to lock in some nice profits!

Targeting The Extra Place

Strategy one is the most common and most popular method of doing extra places, this strategy is the positive EV strategy, commonly known as targeting the extra place.

Example Of Me Earning Just Over £400 Using This Strategy

This technique is the easiest and the fastest to complete, however, it has the lowest strike rate of the four extra place strategies.

This strategy relies on covering a small number of horses in the race, this is done by backing each horse that you are looking to cover win and E/W with the bookmaker, placing a lay bet on the win market on the exchange for each of the horses you are targeting and finally placing a lay bet on the place market on any horse that you target also on the betting exchange.

The second lay bet used on the place market on the betting exchange covers the standard amount of places that are traditionally paid by bookmakers, in our example, this is three. Whereas your each-way bet with the bookmaker covers the additional extra place position 4th, along with the traditional standard places.

This strategy results in a profit when a horse you are targeting lands in an extra place that is covered by the bookmaker but not covered by the traditional amount of places on the betting exchange. 

With this procedure you should aim for high matches using OddsMonkeys extra place matcher, this, in turn, will result in small qualifying losses and large extra place profits should your targeted horse or horses land within an extra place position.

Highlighted in the image above, the red circle shows an 11p qualifying loss, this is really good as the potential loss is very small in relation to the potential extra place profit which is highlighted in the green circle.

In the example displayed in the image, if the horse covered lands in fourth place I will make a profit of just short of £275 but if not and it lands in any other position, I will take a qualifying loss of just 11p.

Arbing The Place Market 

Strategy two is arbing, this technique is often overlooked by many matched bettors as the profits are generally small and consistent as opposed to large and inconsistent like with strategy one. Applying this technique is great when high match ratings aren’t available on the extra place matcher for strategy one.

Video Walkthrough

When arbing the place market, you are taking value from the exchange and their place market as opposed to traditional arbing where the value comes from bookmakers offering out value prices.

As your taking value from the exchange and not the bookmaker, this form of arbing is safe to do and won’t result in fast restrictions on your bookmaker accounts. Arbing the place market works by taking ratings that are above 100% on the extra place matcher. 

Any rating above 100% will result in a profit, however, there is a catch!

A Rating Of 105% securing a £10 Guaranteed Profit

It’s important to ensure that the win back odds that you get with the bookmaker are shorter than the win lay odds you get with the betting exchange with each horse you target with the arbing strategy.

Doing this will keep the bookmaker happy as you are not taking value prices with them. The value and the arb is derived from laying off the place bet in a different place market that has shorter odds.

For example, with strategy one, if a bookie was paying out on four places boosted from the traditional three places, you would lay in the traditional three-place market on Betfair and hope to see your horse lands in fourth for the big profit.

Betfair also has other place markets which you have the option to use when your matched betting.

Various Place Markets Displayed Across The Market Navigation Menu On Betfair

If we are to take advantage of Betfair’s four-place market as opposed to the three-place market we are able to snap up some much shorter odds.

If you use your place lay bet in a higher place market (generally the same amount of places that the bookmaker is paying out on including their additional extra place), in many cases, this will provide a rating of above 100% on the extra place matcher, this, of course, is an arb.

The odds are shorter in the higher place market as a result of the horse having more of a chance of landing in the specified places, for example, a horse is much more likely to land in the first four places as opposed to landing in the first three places, as a result of this the odds are shorter in the four-place market, this is where the arb comes from.

Two downsides to the arbing strategy are the fact that you will cover all the possible outcomes with your three bets, your win and each-way back bet with the bookmaker covers the same amount of places as the win lay bet and the place lay bet on the betting exchange Betfair or Smarkets.

The second downside is that you will be limited to the amount of liquidity on offer in the additional place markets on Betfair, the bigger the race the more liquidity, however, the standard place market will always be the most liquid place market on the exchange.  

So if the horse was to land in the extra place you wouldn’t hit a huge profit, but as your place bet was used in the higher place market which provided the arb you would simply guarantee a small profit across all the runners in the race regardless of what happens. 

Covering The Field

Strategy three is covering the field, this strategy can only be implemented where there are lots of high match ratings above 95% on the extra place matcher throughout the day.

Video Walkthrough

This strategy is great and is beloved by many experienced matched bettors as it allows you to lock in very large guaranteed profits before the horse races even start.

The fundamentals of this strategy are the same as strategy one but this time you simply repeat strategy one across every horse within the race.

As touched on, it isn’t possible to do this on every single horse race and it’s only going to be profitable at extremely high profile races and meetings such as each year at the Cheltenham festival. 

Matches On Lots Of Different Horses Highlighted In Green Throughout The Day Is Required For This Strategy To Be Profitable

The idea behind this strategy is to target every horse in the race ensuring that you have really small qualifying losses across each of the runners, it’s highly recommended to use various bookmaker accounts and to cover no more horses than the number of places that each bookmaker is paying out on, this will help you to remain under the radar as much as possible and prevent gubbings.

It’s very important that you are certain that you will be able to lock in a guaranteed profit before committing to this strategy, to do this, you must confirm that the smallest potential profit that you can take from one of the horses landing in the extra place is larger than the total accumulative qualifying loss across all the horses you have covered.

To expand on this, each time you cover a horse by backing the win and each way with the bookmaker, laying off the win on the betting exchange and laying off the place also on the exchange you are likely to take a small qualifying loss.

Each of your qualifying losses added together from targeting every single runner in the race must not exceed the smallest potential extra place profit that you have on any one of the runners. 

For example, if your total QL was £103 and the smallest potential profit you could score for a horse landing in the extra place was £95 there is a chance that money could be lost, granted another horse with a large EP profit could land in the extra place but this, of course, relies on taking risk and if you’re not able to quantify the expected value it isn’t recommended to take to many risks on your downside.

Dutching The Place Market 

Strategy four has a lot of similarities to the third strategy, the fourth and final technique used to lock in some big profits from the extra place promotion is called dutching.

https://www.youtube.com/watch?v=7_xXQ5ZcbKg

Video Walkthrough

Dutching is one of the only matched betting strategies which doesn’t involve the use of lay bets and a betting exchange. Instead, this technique is completed exclusively by placing back bets with bookmakers.

As the concept is simple and requires very little effort it’s commonly regarded as many matched bettors favourite EP strategy.

When implementing the E/W dutching strategy you should target races that meet very specific criteria.

You should target races that have a very small overround figure, as close to 100% as possible.

Convert the decimal odds across all the horses to implied probability and add all the percentages up to provide you with this figure.

Win Overround For a Race At Newcastle 

You should also look to target races with bookmakers paying out on as many extra places as possible whilst they maintain their ¼ odds terms on the place payout.

Using a free spreadsheet accessible for OddsMonkey premium members, you should enter all the necessary information such as the win back odds with each horse respectively, the place terms on each runner and your desired approximate return on each of the horses landing in a place whether that be a standard place or an extra place.

Download The 4 or 5 Place Dutching Sheet Here

After entering all the required information the spreadsheet will populate two boxes in the upper right-hand corner, the lowest return and highest return boxes.

If the lowest return shows a total larger than £0, this represents the fact that you will be able to guarantee a non-fixed profit by implementing the dutching strategy. 

The final profit when using the each way dutching strategy will be somewhere in between the lowest return figure and the highest return figure.

In most races, there will be some form of downside in your lowest return box, there are exceptions to this where the race will provide you with a guaranteed profit such as at festivals like Cheltenham but for the most part, there will be a downside.

For this reason, you must ensure that your downside is very small in relation to your upside, you can do this by targeting races that fall into the criteria specified earlier.

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Video Walkthrough

Trying To Win All Your Lay Bets on The Betting Exchange

Mistake one is the age-old classic of trying to win the vast majority of your lay bets on the betting exchange as opposed to winning your back bets with a bookmaker.

There are generally two reasons why newbie matched bettors will make this mistake, the first of which is the most common, trying to protect their bookmaker accounts.

Bookmakers restrict the accounts of users who win more money than they lose by taking value, so it stands to reason that if you can win all of your profits and all of your bets on the betting exchange and lose the vast majority of your bets with a bookmaker, this is what you would want to do to give off the impression you are a losing punter who isn’t taking value from the bookmaker.

Bet365 Restricting My Account For Taking Value From Them

The second reason newbies fall for this trap is less common, a newbie could be looking to transfer money from a bookmaker account to a betting exchange should they have their money trapped in that account.

Money trapped in a bookmaker account can occur as a result of many different situations, extensive know your customer forms, anti-money laundering documents to fill in or the bookmaker asking you to provide documents regarding your monthly income just to name a few.

With either of these two reasons, the process of trying to win the vast majority of your bets on the betting exchange and lose as much as you can with the bookie generally relies on placing a back bet with a bookmaker at high back odds and then laying off that bet on the betting exchange Betfair or Smarkets using high lay odds.

On the surface this appears logical as betting a high odds generally results in losing back bets, however this is not always the case.

Betting odds are a representation of probability, taking the back odds of 8.5 we can convert these odds to implied probability which works out at around about 11.7% chance, although bookmakers odds are not a true reflection of probability as they weigh them in their favour the probability of a back bet winning at odds of 8.5 will be at or around this mark.

With a probability of 11.7%, we will win our bet just over one in every ten times on average and lose the remaining nine times.

Let’s assume we always place our back bets with the bookmaker at high odds of 8.5, we will achieve our goal of winning most of our lay bets on the exchange and losing most of the back bets with the bookmaker.

Again this all seems good for if we are looking to fool the bookmaker into thinking we are a losing punter, however, the problem arises when we get that one in ten win.

As we are backing at high odds with the bookmaker we also need to lay at high odds too, this means the liability will of course be large on the betting exchange on each of our lay bets.

When the one in ten back bet wins, all the money that we had previously been winning into the exchange as a result of backing and laying at high odds will come flying back to our bookmaker account, yes we will have lost nine out of ten back bets on average but on the tenth occasion all that money would simply slip back over to the bookmaker.

When matched betting we have an edge which is derived from bookmakers bonuses, as a result of this you will generally find that you end up with more profit in your bookmaker accounts because that’s where the edge is coming from.

Unmatched Bets

Mistake number two in matched betting is unmatched bets, this error is specific to placing lay bets on a betting exchange.

When placing a lay bet on a betting exchange, the concept is slightly different from that of a bookmaker who would take your bet no questions asked.

Bookmakers are not in charge of betting exchanges, people bet amongst each other on these platforms, you have the choice of placing a back bet or you have the choice of placing a lay bet and being in the role of a bookmaker.

As the concept relies on market participants to place bets against each other there must be enough money available at the odds you’re looking to place a lay at provided by another exchange user to fully match up bets with.

If there isn’t enough money or liquidity available at the odds you are looking to place a lay bet, its likely that only a portion of your bet will be matched up with the exchange user on the other side of the bet, if this occurs you will have an imbalance between your back and lay bets which will leave you with unwanted exposure.

This isn’t a big problem and it’s a very easy fix, check out the video below for a tutorial on rectifying unmatched bets.

Mixing Up Liquidity And Liability 

Both associated with betting exchanges, these two words sound similar but are very different in what they actually mean.

Liability 

Liability is the amount of money you’re exposed with any bet that you place on a betting exchange, let’s say I lay £10 at odds of 3.0, my liability or amount of money I stand to lose on that bet is £20.

The liability formula on a lay bet is worked out by taking the stake and multiplying it by the lay odds and then taking away the stake, £10 x 3.0 – £10 = £20 liability.

Liquidity 

Liquidity is the amount of money going through the market and therefore the amount of money available at each of the individual prices on the exchange with every passing second, there is much more to liquidity but for matched betting understanding the basic concept is all that is required.

When matched betting we should look at the number underneath the lay odds at the price we are looking to place our lay bet.

The money underneath the odds is the liquidity, ensuring that the lay stake we are using is less than the total amount of liquidity at the desired price is required to ensure our lay bet gets matched.

Commitment 

Commitment holds many people back from earning lots of money when they come into matched betting

I believe a big part of this is down to the stigma around betting in the UK, the general public perceives betting as a recreational form of entertainment with a significant chunk believing you cannot earn a living from the betting industry, which as we know is not the truth.

Informing people of your matched betting journey and being met by negative feedback can be very disappointing and not feel too great on a psychological level, my advice would be to try and disregard what these people think, if you’ve got an edge and you can quantify the edge which you can with matched betting, hit it as hard as you can to make as much money as possible from the online side hustle.

Mixing up Variance For Gambling

Mixing up variance for gambling and mindless betting is the final mistake on my list.

The matched betting concept is very, very basic as we all know, back, lay unlock a free bet repeat for a profit.

This system is very easy and very relatable which feels great as you earn more and more money each time you apply it.

When variance is introduced to matched betting, as this system no longer brings in a small guaranteed profit each and every time newbies can start to panic.

The most variable offers in matched betting such as the 2up offer, the extra place offer and low-risk casino offers are generally what get to newbies and impact their psychology once they go on a downswing.

The Casino Hub Is Great For Profiting From Casino Offers

If you are in this position yourself I would recommend reading and understanding the characteristics behind the variance that comes along with each of these offers.

After this, if you fully accept the reality of the situation and the reality behind the way the maths works (which can be confusing at first) you are then ready to jump into variable matched betting offers, be sure to only partake in an offer which has a positive expected value.

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A technique that allows you to continually beat the bookmakers and make hundreds if not thousands of pounds each and every month. 

This guide will cover the legalities around matched betting and answer the question once and for all, is matched betting legal in the UK?

Is Matched Betting Legal?

The simple answer is yes, matched betting is completely legal as when it’s broken down all that you are doing is placing two different bets with two different companies to guarantee a profit.

Matched betting is completely legal and you have nothing to worry about in terms of the law, the concept of matched betting has been endorsed on money saving expert and the guardian newspaper along with other well-respected mainstream media outlets. 

What is Matched Betting?

Matched Betting relies on the use of bookmakers promotional offers to guarantee a profit.

Predominately this is achieved using free bets that bookmakers provide to all of their customers. 

A free bet is exactly what it says on the tin, a free bet is essentially free money offered out by the bookmaker for the customer to use on whichever outcome they like. 

If their bet wins they pocket the winnings, if their bet loses they simply dont lose any money as the customer’s bet was placed using the bookmaker’s free bet money and not their own.

Free bets and bonuses are the only slither of value bookmakers can offer out to their customers, the odds they offer dont represent any form of mathematical value and there are much better options for prices elsewhere.

As bookmakers dont offer value with their odds they are forced to entice recreational punters to remain on their platforms by offering out bonuses and free bets.

If you are smart and you want to make money online with matched betting you can use these bonuses and free bets to guarantee a risk-free profit each and every time.

Click here to learn more about matched betting…   

Are There Any Risks To Matched Betting?

Matched betting is an astonishingly low-risk form of gambling, the risk is so low many people argue that matched betting isn’t actually gambling at all and is simply an online money-making system that just happens to be implemented by using online bookmakers.  

With this being said there are very small risks associated with matched betting. 

Human Error

The first of which is human error and making a mistake, entering the wrong stake on a bet, having a bet only partially matched on the betting exchange and betting on the wrong outcome on the bookmaker’s website are the most common errors.

Luckily when these errors occur they are a very easy fix and if they are not tended too will generally only result in really small losses which are completely outweighed by the profits that are continually made each and every day from matched betting.

It’s also possible to make one of these errors and actually profit, if this happens it’s important to mark it down as a mistake in which you managed to get lucky and refrain from making the same error again. 

Palpable Error

This risk arises from the side of the bookmaker, typically this is specific to the lower quality lesser-known bookmakers. 

The palpable error is a shady trick that smaller bookmakers are known to implement, although this isn’t common it still occurs.

The palpable error sees a bookmaker void your entire back bet that you placed with them or inform you that they made a mistake with their initial pricing that you managed to get with your bet, subsequently paying you out at the new shorter price.

Example Palpable Error (click to enlarge)

This is a problem as you will be covering the back bet with the bookmaker with a lay bet on the betting exchange, once the palpable error is applied its possible to be left with a significant imbalance between the two bets. 

There is an easy fix to this however, only matched bet with mainstream high-quality bookmakers which arent required to be overly cautious with bets that they take.

Palpable errors with these bookmakers are much less common and should they occur you will generally be notified in advance of the start time of the event you have your bet on, this will allow you time to rectify the potential imbalance between your back and lay bets.

Why Doesn’t Everyone Do Matched Betting?

There are various reasons as to why everybody doesn’t do matched betting, this is due to many different people with different backgrounds encountering the concept.

People who discover matched betting can generally be placed into two different groups, non-gamblers and recreational gamblers.

Check out the video I have provided below for more information on the topic.

Is Matched Betting Still Worth it?

The simple answer is yes, anytime there is easy money to be made from such a basic concept it’s always worth investing your time in.

Although bookmakers have tightened up their tolerance to customers who continually take value from them and who dont fall into the betting habits of recreational customers, there is still lots of money to be made online with matched betting.

From the welcome offers alone on OddsMonkey there is just short of £1000 of risk-free cash to be earned, from there you have the opportunity to make anywhere from £200-£2000 per month dependant on how much time your willing to invest and how much money you have on hand to invest into your matched betting.

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Combined liability is a great technique to use when it comes to horse racing extra places along with completing various matched betting welcome offers at the same time, useful for matched bettors with a smaller bankroll.

Video Guide

What Is Combined Liability 

Combined liability allows us to place lay bets on the same market which have a larger accumulative liability than what is contained within our betting exchange balance, this is possible due to the fact that the betting exchange knows that only one outcome can occur within a market.

Let’s use the below example displayed in the image,  in this race I layed two different horses, the first of which was Hayyel, this runner had a liability of £1322.15.

The second horse that I layed in the race was Tauran Shaman, the liability on this runner was £1053.17.

Added together these liabilities totalled £2375.32. 

Initially this would appear to present a problem for me as my betting exchange balance was just £1400, however, I successfully managed to place both of these lay bets irrespective of the fact that my balance on the exchange was less than the total accumulative liability on both of my lay bets, this was possible by using combined liability.

To break this down let’s say Hayyel wins the horse race, as I have bet against this horse by laying it I would lose the liability that I had associated with that lay bet which was £1322.15.

Of course, if I was to lose my liability on Hayyel as that horse won the race it would be impossible for me to lose the liability on Tauran Shaman as two horses cant win the same race. 

In this example, Tauran Shaman’s liability would be returned to my balance along with its lay stake as a profit.

Next, let’s say Tauran Shaman wins the race and therefore I lose my liability of £1053.17 on this runner, of course this means that Hayyel cant win the race and therefore my liability on that runner (£1322.15) can be returned to my balance along with the lay stake on that bet as profit.

As you can see there is no need for the exchange to take the liabilities on both these runners when I place my bets before the start of the race as only one could possibly win.

Only the horse which has the largest liability will be taken from your balance by the betting exchange, in my case my largest liability was Hayyel therefore the exchange took £1322.15 from my balance leaving me with a remaining balance of £77.85 from my initial £1400.

Combined Liability On Extra Place Markets

Combined liability in place markets on the betting exchange works slightly different to the standard win markets although the concept is exactly the same.

This time the place market that you are laying in represents how many horses liabilities you will be required to combine, if the market is 4 places this is the number of liabilities that will need to be combined. 

Only the top four liabilities that I have need to be added together and combined, any further lay bets that I place in this place market after this arent taken for my balance by the exchange as it is only possible for 4 horses to place.

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Different Formats Of Betting Odds 

There are two primary types of betting odds, both of which convert to implied probability or % chance.

Fractions:

Fractional odds are the oldest format of odds which are still commonly used with online bookmakers specifically in the UK. 

Fractional odds essentially represent a ratio of risk to reward (amount returned for a winning bet VS. amount staked).

The first number in a fraction represents the return should your bet win, this is provided by whoever is taking the bet, in most cases this will be a bookmaker.

The second number that is used in fractional betting odds represent the stake that you are required to use to secure the profit from the bookmaker should your bet win.

If we take the fractional odd of 13/5, the bookmaker will return 13 pounds of profit to your balance for every 5 pounds that you bet, along with this profit from the bookmaker you will also have your stake returned on any winning bets. 

Betting £5 at odds of 13/5 will result in a return of £18, £13 of which would be profit. 

You are not limited to staking whatever the second number is in the fraction, for example, if you wanted to place a £10 bet at odds of 13/5 the bookmaker would then double their return from 13 to 26 as you have doubled down your stake on your side of the bet.

Example Of Fractional Odds 

Decimals:

Decimal odds are a modern format of betting odds that continue to increase in popularity due to how intuitive they are.

Decimal odds range from 1.01 – 1000, the former represents a very small monetary return in relation to the risk that you use on your back stake as the event in question is almost a certainty to come to fruition. 

The latter is simply the opposite and represents a very large monetary return in relation to the risk that you use on your back stake as this time the event in question is almost a certainty to fail to occur.

To work out the return from a winning bet using decimal odds, simply take the back stake you are using to place your bet and times it by the decimal odd.

For example, £5 x 3.6 = £18.

£13 Profit

£5 Stake Returned.

Example Of Decimal Odds

How To Convert Fractional Odds To Decimal Odds 

To convert a fraction into a decimal you simply divide the two numbers in the fraction together and then add one, lets use the fraction 13/5.

5 goes into 13 2.6 times, if we add 1 to the total we get 3.6, this number is the conversion and the decimal odd.

There are lots of betting odds calculators that you can use to do all the hard work for you!

How To Work Out The Implied Probability Of Betting Odds

After converting a fraction into a decimal you can then work out the probability being offered with the odds in question.

Sticking with the theme, if we use the decimal odd 3.6 (which we converted from 13/5), to work out the implied probability or percentage chance of this odd we can simply take the number 1 and divide it by the decimal odd in question, after working out this total we then times it by 100 which will provide us with the percentage chance of the odds being offered.

In our example, 1 divided by 3.6 equals 0.27777, we then times this number by 100 which provides us with our implied probability which is 27.77%.

Example Of Odds In Implied Probability

How Do Bookmakers Stack Betting Odds In Their Favour

Bookmakers are always looking to stack betting odds in their favour, this isn’t just an old saying, this is the business model of all bookmakers whether that being on the high street or online.

The way in which they do this and the way they stay in business and bring in more money than they lose is by offering their customers shorter odds than what the true odds are on all the markets they have. 

Let’s say the true odds of Everton winning a football match are 3.6 or 27.78% implied probability, the bookmaker in question would be likely to offer a customer a price of 3.0 or 33.33% implied probability.

This means that bookmakers try to sell their customers on an outcome being more probable than it actually is, or, in other words, they offer customers shorter odds than what the true odds are. 

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What is Arbitrage Betting 

Arbitrage betting or “arbing” for short, is the act of placing a back bet on a certain outcome and subsequently placing a lay bet on the very same outcome at a shorter price.

For example, if you placed a back bet on Liverpool at 2.8 you would then place a lay bet on Liverpool at 2.6, this action provides a profit on the outcome that you have backed and layed.

With the profit generated from backing and laying the same outcome, you have the option to take a free bet on the outcome in question, (Liverpool in my example), or take a smaller guaranteed profit across all of the possible outcomes in that market (team A to win, team B to win or the match to finish as a draw in my case).

When arbitrage betting the back bet is usually placed with a bookmaker and the lay bet placed with a betting exchange.

Video Guide

Free Bet VS. Fully Hedged Profit 

As touched on, you have the option to take a free bet on the arbed outcome that you have backed and layed, or you can simply take a smaller fully hedged profit across all the outcomes within that market.

To take the free bet load up the matched betting calculator on OddsMonkey, enter all the relevant information into the calculator, such as back odds with the bookie, back stake with the bookie, lay odds with the exchange and exchange commission.

After you have provided all the necessary information, navigate to the “mode” drop-down box in the top right-hand corner of the calculator.

Once you have opened out the mode drop-down box simply click on advanced mode, this will provide three different boxes, underlay, standard and overlay.

Using the lay stake provided within the underlay box you should place your lay bet on the betting exchange, this will provide you will a larger profit if the arbed outcome occurs but a breakeven scenario should that outcome fail to occur. 

To take the guaranteed fully hedged profit, simply use the lay stake provided within the standard box to place your lay bet, this will provide a smaller guaranteed profit regardless of the eventual outcome. 

Where Do Arbs in Betting Come From

Arbs can be found on a daily basis, as a rule of thumb they are generally derived from the mispricings of bookmakers on their sportsbooks. 

For the most part, arbitrage opportunities are only available for a short period of time as bookmakers will always scramble to get their back prices shorter than the lay prices on the betting exchange.

With this knowledge it’s important to act as swiftly a possible when you receive the information of an arbitrage opportunity. 

How To Find Arbs In Betting 

There are various ways to locate arbs in betting, the first option would be to scour both the bookmaker’s websites and betting exchanges all day long monitoring the back and lay prices between the two.

The second alternative and most productive method is to use software to scour these websites for you, this saves lots of time and energy.

When using software all that is required on your end is to place your back bet and lay bet respectively. 

The software I recommend is a matched betting software which is called the oddsmatcher, this software is provided by OddsMonkey.

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After loading up the oddsmatcher it’s time to define the criteria that you are looking for the oddsmatcher to locate for you.

To create an arbitrage betting preset on the oddsmatcher you should click into the filter box, this will bring up multiple selection boxes for you to refine your filter.

Below I have listed the information that I recommend you select within the filter tab to receive as many high-quality arbs as soon as they become available, these markets are popular selections and they are punter friendly which is good for account health with bookmakers.

limit sports: football and horse racing 

limit markets: winner and match odds 

limit bookmakers: select whichever bookie accounts you are looking to arb with

limit exchanges: select whichever exchange accounts you are looking to arb with

match rating: 100.50% – 105.00%

back odds: 1.0 – 10.00 

Once you’ve got all the criteria that you’re looking for, simply hit apply filter and OddsMonkey will scour all the bookies and the betting exchanges and locate some arbitrage opportunities for you!  

You can also set the oddsmatcher to ping you alerts straight through to your mobile phone as soon as an arb is available, this is very handy and prevents you from having to sit at your computer at all hours.

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The post What Is Arbitrage Betting – Basic Guide appeared first on Profit Pineapple.

I earned over £5000 in 2020 using the basic maths that I will introduce you to in this article.

What Are Casino Offers

Casino offers are promotions run by bookmakers in the hopes of enticing punters to continually play online games of chance. 

Similar to matched betting where a bookmaker may run a promotion offering a customer a £10 free bet in return from them placing a £5 bet, a bookmakers casino offer may offer a customer 30 free spins in return for the customer playing through £10 worth of spins on their website.

Video Tutorial

How Do Slot Machines Work

Once you have the knowledge regarding how slot machines determine when and where to payout you will be able to make guaranteed profits from casino offers in matched betting.

There are many slot machines online, although they look and feel slightly different they all work in the exact same way.

In the above image, you will see the slot machine gonzo’s quest, deal or no deal and berry burst, each of the slots are themed and skinned a little bit differently but they each work in exactly the same way.

The objective (although based entirely on luck and not skill) is to try to get as many of the symbols in a row as you possibly can, each spin that you do requires you to stake your own money, the larger you stake on each spin the larger the reward for a win, very simple which is generally why they appeal.

How Do Slot Machines Decide Who Wins

Each slot machine is programmed by a very complicated computer algorithm to pay out a % return of whatever’s is put in.

For example, on the slot gonzos quest megaways, the programmed return rate or return to player (RTP) is 94.66%.

This means for every £1000 that is input into the machine, the machine will return 94.66% of this amount in winnings, this total is £946.60.

The machine then pockets the remaining percentage which is known as the house edge, in this case the edge is 5.34%, this percentage tallies up to £53.40.

Each slot is programmed to payout in completely random patterns which can not be correlated as this is determined by a highly sophisticated computer algorithm.

The one thing that is known, as it is provided by law, is the level of variability of each online slot. In other words, does a machine payout continually but these payouts are relatively small, or, does the machine payout inconstancy but the payouts are large.

This is often referred to as variance or volatility with slot machines, a low variance slot will provide lots of small consistent payouts whereas a high variance slot will provide lots of large inconsistent payouts.

The variance level on slot machines is defined as low, medium or high. The slots database on OddsMonkey will provide all this information on each of the individual slots along with all their RTP’s respectively.  

With this knowledge, gambling on slot machines is of course a negative strategy, if you do gamble on slot machines over a longer period of time it’s almost a certainty that you will lose more money than you win.

How To Make Money From Casino Offers in Matched Betting 

Based on the previous information I can imagine you’re probably asking yourself “well if that’s the case how can we actually make money from doing casino offers”.

The process is very simple, in the above image I have included some real-life casino offers, the one thing that these offers have in common (as shown in the green boxes) is that they all have a positive expectancy or a positive expected value (EV) for short.

Expected value, is based on maths, it provides a number as to how much profit you’re expected to make from completing the offer.

This number represents a lineal view on how much you are expected to make per offer, however, the maths comes with the variance as the slot machines payout in random patterns. 

This means that on each individual casino offer that you partake in, you may win money and you may lose money on either side of the EV. 

As the RTP levels are provided on each slot, accumulating EV over an extended period of time is very likely to coincide with the amount of profit you will earn, for example, if you accumulate £200 of expected value your profit is also likely to be at or around this number. 

When doing casino offers you should partake in as many offers as you can that have a positive EV, although you may lose money on certain offers over the long run you will be profitable as this process and system is based entirely on maths.

How To Work Out The Expected Value Of Casino Offers

Although most of them are, not every offer is positive in EV, it’s important to determine if an offer has a positive expectancy before partaking.

To work out the expected value of an offer, the formula is very simple, you would simply take the amount of money that bookmaker requires you to stake on the offer to unlock the bonus, this is £20 in my example above example. You would then take the RTP of the game in which your money needs to be wagered on, quantum blackjack has an RTP of 99.4%.

From there we are able to work out how much we are expected to lose on the wagering based on the maths, we do this by working out 99.4% of £20 in my example.

The answer to this is £19.88, therefore we would expect to lose 11p of our overall stake.

We then take the expected loss from wagering (11p in my case) and we add it to our expected bonus win from the bonus side of the offer.

To work this out simply take the bonus amount provided by the bookmaker on their offer which is £5 in my case (5x£1 golden chips). Next, take the RTP of the game which again is 99.47% and work out that percentage in relation to your bonus amount.

To work out the EV we take our 11p loss which we took from the wagering side of the offer and then add it to the expected bonus win which is £4.34.

£-0.11 + £4.34 = £4.23

There is a dedicated casino hub on OddsMonkey’s website which comes with a basic EV calculator to do all the hard work for you.

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There are many reasons that you might want to lay an accumulator if you are a matched bettor, the most common is if you’ve got a free bet with a bookmaker and you need to use that free bet on an accumulator with the bookie, so you would want to lay those outcomes on the exchange for a profit.

You may also simply be placing a trigger bet with the bookmaker to unlock a future bonus or free bet, in which you can use the freebie to make a guaranteed profit by backing and laying using your bonus. 

Or perhaps the bookmaker has boosted the price of an accumulator on their website and as a result, the lay price on the betting for the same teams is shorter (know as a price boost), this also would be a situation where placing a lay bet on an acca would be highly beneficial.

Or finally, if you are mug betting and placing a mug acca with a bookie you can simply jump over to smarkets and lay your accumulator really quickly.   

In this guide, I’ve got a free bet with a bookmaker which they have specified needs to be used on an accumulator. 

Video Walkthrough

Placing An Accumulator With The Bookmaker 

The first step is to load in your accumulator’s legs with the bookmaker, the more legs you add the larger the cumulative odds will be, doing this will increase the liability of the subsequent lay bet that I will be placing on the betting exchange in just a few moments. 

In the above image, you can see I’ve loaded in three legs to my accumulator and that’s provided me with my cumulative odds which as you can see is 6.67.

Once satisfied I place my back bet on the accumulator with the bookmaker.

How To Lay An Accumulator On a Betting Exchange

I’m going to locate the same games that I used on my acca with the bookmaker on the betting exchange.

Once I locate each of the individual games on smarkets, instead of clicking on the lay odds box next to each of the outcomes (the blue boxes) we actually click on the back odds boxes (the green boxes) even though we are looking to lay these teams.

As you can see in the above image, I have specified the same teams in my betting exchange bet slip as the teams that I have backed on my accumulator with the bookmaker.

We now need to change our bet type on Smarkets from a back bet to a lay bet. 

To do this simply locate the multiples box in the bet slip on the betting exchange and change the option from buy to sell (on smarkets buy represents a back bet whereas sell represents a lay bet).

Once you change the bet type to sell this will increase the odds.

It’s important to note that you can only place a lay bet on an accumulator if there is at least £1 of liquidity underneath each of the blue lay boxes of each section that you are looking to use in your accumulator on the exchange.

Next, load up the matched betting calculator on OddsMonkey and select the bet type that you have, in my case this is a free bet so I select “free bet SNR”.

After specifying the type of bet you have, enter the back stake, back odds and lay odds that you are going to be using between the bookmaker and the betting exchange respectively.

In my case, the free bet back stake I used with the bookmaker was £25, the back odds I got with the bookmaker were 6.67 and the lay odds on the same accumulator on the betting exchange were 8.8.

After providing all the required information to the calculator a lay stake will be generated, enter the lay stake into your bet slip on smarkets, you should double-check that all the outcomes in your lay acca match those in your back acca, you should then check the liability on the matched betting calculator matches up with your liability on your bet slip on the betting exchange, if so click on the sell button and confirm to lay your accumulator.

How To Lay Accas on Your Mobile Phone

To lay an acca on your phone to process is very similar and just as simple.

To do this on the smarkets mobile phone app you should locate the outcomes that you want to lay on the exchange.

After locating all the desired outcomes you should turn on the multiples mode slider tab in the top right-hand corner of the screen, this activates multiples mode.

Selecting multiples mode deactivates all the lay odds boxes on each of the outcomes, simply select the back odds boxes for all the selections that you are looking the lay, and then, just as before, simply switch the tab in your bet slip to sell as opposed to buy.

Finally enter in all your information such as the back stake you used with the bookmaker, the back odds and the lay odds into the matched betting calculator. 

Once this information has been added to the calculator, use the lay stake provided to place your lay bet on your acca on the exchange, be sure to double-check all the selections match your back bet and the liability matches what is displayed on the matched betting calculator.

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The post How To Lay Accas on Smarkets – Step By Step Guide appeared first on Profit Pineapple.

6 Months Profit & Loss From My Bet365 Account

The Secret To Winning at Betting 

Winning at betting and beating the bookmakers is that classic age-old question, I’m sure you have heard all the classics from people who haven’t managed to become profitable at betting “the house always wins” is usually the main go-to statement. 

But in truth, those people claiming that winning at betting and beating the bookmakers is impossible are likely to be placing bets using gut feeling and emotion and essentially looking in the completely wrong direction when it comes to becoming profitable at betting.

So the secret to winning at betting is this…

To win at betting you must place bets based on maths and probability and not based on gut feeling and emotion.

You should also avoid listening to any of the mainstream media punditry who may have a plethora of knowledge when it comes to horse racing or football but that doesn’t necessarily translate to them having the knowledge as to when and where to place a value bet.

Finally, winning at betting is very much a numbers game and it’s not based on each individual bet that you place (contrary to the way the UK mainstream media promotes it).

You could easily go on a 5-10 bet losing streak but still come out as profitable at the end of the month because the betting strategy that you are implementing has a positive expectancy.

Video Tutorial

What is Value in Betting?

Value, this word is thrown around so much in the betting industry but most people have little to no perception of the definition of value when it comes to placing bets or how to find valuable bets either.

Winning at betting and making more money than you lose at betting is all about taking value, if you do this with every bet that you place over the long run you will be profitable based on the maths.

Value in betting is defined as betting on an outcome with higher odds than the true odds of that outcome occurring.

For example, if Manchester United’s true price to win a football match was evens or 1/1 which is 2.0 in decimal odds, if you could manage to place a bet on Manchester United at 2.2 or 6/5 this would be a good value bet because you have got better odds than the true odds on that particular outcome.

It’s important to note that bookmakers will make this process incredibly difficult as they are doing the inverse of this by offering customers shorter odds than what the true odds are which is ultimately how they make money as they do this on every single market they have.

For example, if Manchester United’s true price was 2.0 they would be likely to offer out a price of 1.9, this is not value and you should not place a bet irrespective of your thoughts on Man Utd picking up the win as it is below the true odds of 2.0.

So of course this means that you need to be able to identify the true odds of an outcome occurring in order to understand what odds you need to bet at to take value, I will show you define this later in the article. 

It’s important to note that most people find it hard to understand that regardless of whether you win or lose this bet you’ve taken value, and doing this over the long run on every bet that you place will result in you being a profitable bettor.

Do Bookmakers Like Value Bettors?

The short answer is no, this is due to you being bad for their business as ultimately you will cost them money and they won’t be able to make money from you with each month that goes by.  

Bookmakers don’t like long-term winners, this fact isn’t promoted by any of the media channels which promote bookmakers or any of the tipsters that receive commissions from losing bets of people that they refer to the bookmakers.

On top of this, the dark secret of the betting industry is the fact that bookmakers will literally stop you from using their website or restrict the amount of money you are allowed to place on your bets if and when they identify you as a value bettor. 

Bet365 restricting my account for being a profitable bettor (click to enlarge).

There are certain activities you can partake in which will throw bookmakers off your scent such as mug betting but ultimately preventing the inevitable is impossible.

So of course, if you are going to do this and you are going to start winning at betting, it is important to bear in mind that you are going to need to have various bookmaker accounts as over time each of these accounts will slowly start to become restricted. 

Any money that you win value betting is of course 100% yours to keep whether your restricted or not restricted.

How To Find Value Bets

To find value your attention needs to shift from bookmakers over to betting exchanges, a betting exchange is essentially a stock market for betting odds.

On a betting exchange, you aren’t limited to placing back bets you can also place lay bets (betting on outcomes not to occur), this concept results in users buying and selling odds or backing and laying as it is termed within the industry.

What is commonly found on a betting exchange is if more people are backing an outcome than laying an outcome, so more people are backing a horse than laying the horse, the price on that horse will shorten and steam down and on the opposite side of that if more people are laying an outcome than backing an outcome the price will tend to drift or move out.

As you would expect, prices are moving around all the time on betting exchanges and when more money is traded on a market on the exchange and the closer to the start of the event you get the more efficient the prices become, specifically on the first few runners in a horse race where the most interest lies.

Betting markets do have inefficiencies predominately due to human psychology but over the long run it’s widely excepted that the markets are highly efficient, this means that they are fairly priced and a fair representation of chance. 

With this knowledge, we can use the betting exchange Betfair as a template and as a way of defining the true chance of outcomes occurring. 

As the prices become more efficient as more money gets traded and the closer to the event that you get, this is where we will be looking to take advantage of a value bet with a bookmaker.

Take a look at the below image, as you can see the price on the runner Rare Connor is 7.5 with the bookmaker Bet365. 

If we look at the second image taken from the betting exchange Betfair the price is 7.2 on the same runner.

To place a value bet with the bookmaker you need to place a back bet with the bookmaker at a higher price than what the price is on the exchange, you also need to do this as close to the start of the event as physically possible.

If you do this with every single horse racing bet you place or every single football bet you place, over the long run it’s almost a certainty that you will make more money than you lose from betting, yes you’ll win and yes you’ll lose but your wins will outweigh your losses.

As touched on earlier, bookmakers will not make this easy, they will constantly be looking to price their markets shorter than the betting exchange as the prices on the exchange are a true reflection of the chance and odds, you will need to be quick and snappy when placing your bet with the bookmaker before they wipe the value and offer out their usual non-value prices.

Winning each individual bet that you place is an irrelevance when you are taking value, think of value betting as a robotic system based entirely on maths, this, of course, is the complete opposite to recreational punting which is not based on maths which sees participants place bets on their emotions or gut feelings on certain outcomes occurring, this style of betting has no edge and doesn’t have a positive expectancy.  

It’s advised to use software when value betting to identify opportunities and to alert you instantly as appose to locating them yourself manually.

The matched betting provider OddsMonkey has a designated oddsmatcher which can scrape bookmakers and betting exchanges and can do the work for you.  

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The post How To Win at Betting – Make Money From Betting appeared first on Profit Pineapple.

I would just like to preface by saying this comparison review is based on my own personal opinion of using both matched betting websites. As someone who is tech-savvy and has a good understanding of matched betting and matched betting tools, I was able to get a good feel and understanding of the features quickly.

What is Matched Betting?

So if you’re brand new to the concept of matched betting and making guaranteed, risk-free profits from the bookmakers on a daily basis allow me to very quickly explain how it all works. 

Matched Betting essentially relies on using bookmakers bonuses most commonly free bets but also other offers they have such as the Bet365 2up offer, the extra place offer, the bore draw offer, price boosts and many more.

When bookmakers dish out all these offers with the intention of sucking in recreational customers money and growing their companies they also provide value to people looking to rinse them for all their worth and make money online.

This can be done really easily by using a website called a betting exchange to bet against an outcome that we have backed with a bookmaker, the concept is very simple to understand and start making money from straight away, click here to watch the Profit Pineapple matched betting crash course and get started today.

Which Matched Betting Website Do I Use?

To start this comparison of OddsMonkey and Profit Accumulator I thought it was only fair to mention that I use OddsMonkey and have done for quite a long time, it’s helped me make a lot of money online using matched betting.

OddsMonkey

For the purposes of comparing the two websites, I decided to grab myself a £1 trial of PA which gave me full access to all their premium features, as I am already with OM I felt this would be the only way to make my comparison as fair as possible.

Profit Accumulator Vs. OddsMonkey Review

https://www.youtube.com/watch?v=yK_bibpwM-g

Video Comparison

So with all that out of the way, let’s dive into this comparison review. There is an enormous plethora of tools and features not just on OddsMonkeys website but also on Profit Accumulators website too, for my comparison I have decided to cover and compare the main matched betting tools and features you are likely to use the most as some of the secondary stuff on both of these sites is unlikely to be used by you the matched bettor very often.

For each tool or feature on one website that outdoes the feature on the other, we will award that company with a point.  

Matched Betting Calculators – Profit Accumulator VS OddsMonkey

So the best place to start is with the calculators, the basic calculators provided by OddsMonkey and Profit Accumulator look aesthetically similar. After putting some basic information into both the calculators on each of the websites respectively I was provided with the same calculations on both, as you would expect. 

However, the results section of the two calculators were both very different from each other, one of them was simple and easy to look at whereas the other was convoluted and slightly confusing.

See the image below for a visual comparison between the two. 

OddsMonkey	Profit Accumulator

As you can see with OddsMonkeys calculator the layout is very simple and to the point and with Profit Accumulators calculator there was much more going on and it was a little bit too wordy.

I also decided to check out another calculator on both websites to see whether this trend of complexity would continue on Profit Accumulators website.  As you can see in the above image, although they provide the exact same result the early payout calculators look very different, OM’s looks simple and clean whereas PA’s looks convoluted with too many words and numbers. 

OddsMonkey	Profit Accumulator

This first point goes to OddsMonkey.

Matched Betting OddsMatchers – Profit Accumulator vs OddsMonkey

So with OddsMonkey 1 point up let’s see if Profit Accumulator can pull it back level with their OddsMatcher. As you can see from the images below both OddsMatchers look similar, visually Profit Accumulators matcher looks slightly nicer and more aesthetic although the matchers on either website are both very easy to use. 

OddsMonkey	Profit Accumulator

As we all know, looks aren’t always everything though, if they were PA would be pulling a point back here. 

There are two main differences that set OddsMonkeys OddsMatcher apart from Profit Accumulators OddsMatcher, the first being the fact that Profit Accumulator doesn’t have risk-free bet included within the list of options on their OddsMatcher at the time of writing this review, whereas on OddsMonkey they have the risk free bet option included so that is a little bit of a downside, if and when you do have any risk-free bets you’ll have to manually place them using another calculator.

The second massive issue, and ultimately the deal breaker is the fact that on Profit Accumulator you can’t set up filters to your email address and therefore your are not able to receive alerts of 2up’s to your mobile phone.

This feature of getting the OM to send you alerts of criteria specified in your filter is present on OddsMonkey and it has helped me earn thousands of pounds from Bet365’s 2up offer.

The second point goes to OddsMonkey which puts the score at 2-0.

Training Guides – Profit Accumulator vs OddsMonkey

Moving on to the next section we’ve got training guides, first up if we start with OddsMonkey training guides, their guides are all categorised very nicely. In terms of the content contained within the guides and the way in which they teach you how to use certain aspects and features of their website, I would categorise this a decent, nothing special but also nothing wrong with them at the same time.

Moving over to the Profit Accumulator training guides section we have a very similar layout, there is a picture showing both training guides pages.

OddsMonkey	Profit Accumulator

In my opinion, Profit Accumulators video tutorials are better than OddsMonkeys and slightly more informative, they are also easy to grasp the concept of what is being presented so for that reason this point goes to Profit Accumulator.

We now have a 2-1 scoreline in favour of OddsMonkey.

Extra Place Matchers – Profit Accumulator Vs OddsMonkey

Next, we’ve got the extra place software on both OddsMonkeys website and Profit Accumulators website, extra places are a gold mine and if you want to learn more about how they work click here.

OddsMonkey	Profit Accumulator

Both the extra place matchers look and feel very similar, it’s likely that they were both programmed and designed by the same person or company so they will both work in the way that you need them to. If you have a good understanding of extra places you can very much pull out some big profits online with your matched betting using these matchers.

With the being said there are some minor differences that give the edge to OddsMonkey.

All these differences I found to be in the filtering section of both extra place matchers, OddsMonkeys filter section is very clean and easy to look at with all the bookmakers and betting exchanges represented with their branding logos, whereas on Profit Accumulators website the bookie and exchange logos aren’t present, this makes it slightly less convenient to set up your filter and it takes a little bit longer.

OddsMonkey	Profit Accumulator

OddsMonkey also displays the number of places that each of the bookmakers is paying out in brackets next to all their logos, a small thing but this is surprisingly very beneficial. PA dont display the number of places being paid, instead, they have opted to go for a scrollable list which looks a little outdated in my opinion.

With these differences this point goes to OddsMonkey, which makes the score 3-1. 

Racing Matchers – Profit Accumulator vs OddsMonkey

The final tools I looked at were the racing matches, the difference between these two pieces of software from a visual perspective is astonishing.

OddsMonkey	Profit Accumulator

Looking at OddsMonkeys racing matcher I found that it’s all very visual with lots of logos and lots of bright colours making it very easy to look at, I learn better and I feel better when the software that I’m using feels clean and uses lots of bright intriguing colours.

Subsequently, I also looked on the Profit Accumulators racing matcher which they have branded as the match catcher. 

The match catcher is very plain and there’s hardly anything going on, there are no bright eye-catching colours and logos like there is on OddsMonkey and it also feels very old fashioned as it uses lots of wording as opposed to a more visual aesthetic. 

There is only one winner in this one for me, that is OddsMonkey.

Profit Accumulator vs OddsMonkey

Based on my review and comparison and in my opinion, there is only one clear cut winner between the two matched betting websites, that being OddsMonkey.

I have included the pricing of both the products below, at the time of writing OddsMonkey also happens to be cheaper than Profit Accumulator for a monthly membership. 

OddsMonkey	Profit Accumulator

As the features provided by OddsMonkey outweigh those of Profit Accumulator and the fact that OddsMonkeys product is cheaper I recommend OddsMonkey as being the best option for any aspiring matched bettor.

Join OddsMonkey For FREE And Earn £63!

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