The five most common mistakes when Matched Betting and how to avoid them!
Procrastinating
Just do it! This seems kind of obvious, but the main reason people don’t succeed with Matched Betting is actually that they don’t even start in the first place!
Yes, it can seem overwhelming at first, and there’s a lot to sort out at the beginning, like registering with eWallets, betting brokers, betting exchanges, but we promise you: it will be worth it! Others have done it, so you can do it too.
Just set aside a couple of hours next weekend and do your first offer. And then carry on!
It really helps to schedule a certain time in the week where you have enough time to really concentrate on placing a few bets. Just take it slowly at first and don’t plan too much for your sessions.
At DoppelWetten, we really want to help you become a successful Matched Bettor, and we have developed a step-by-step guide to lead you through the first three months of your Matched Betting journey, earning €500 each month. This includes the specific offers you could be doing after your initial trial period offer, and is designed to be manageable with spending no more than about two to three hours per week.
Not paying sufficient attention to the bookmaker’s terms and conditions
They are not the most exciting read, we admit, but absolutely essential if you want to avoid losing money unnecessarily. Over time, you will become more and more practised at reading the T&Cs and extracting the most important information in a relatively short time. Just make a note of these key points for each offer that you’re doing:
Minimum odds – always enter the minimum odds into the Oddsmatcher filter for each qualifying bet that you are placing.
Important: if you are placing bets at close to the minimum odds, make sure you don’t get caught out if the actual odds are a little lower than the ones given for the bookmaker in the Oddsmatcher (and possibly then just below the minimum odds for the offer). This is especially true for bookmakers that are not listed in the Oddsmatcher and whose odds may be just below those of a comparable one in certain cases.
Time to complete the offer – even though you usually have 30, 60 or even 90 days to finish a rollover, sometimes the time can be as short as 14 days or a week. With such a short time, do NOT place bets on matches that will only take place in a few days’ time. It’s fine if your bet loses, but if it wins, you might not have enough time to complete the rollover. Maximum amount per bet – this is a condition that only applies to some offers, but if it does, make sure you stick to it. Sometimes, you’re allowed to place higher bets, but not the full amount will contribute to the wagering, and you therefore increase your qualifying losses unnecessarily. In the worst case scenario, you will lose your entire bonus and associated winnings because you didn’t adhere to the bonus terms. Minimum amount to wager – this is actually your maximum. Do not place more bets than you have to! You will only increase your qualifying losses if you do. If you’re not sure whether or not you have already completed the rollover, you can always contact the bookmaker’s support. Any cap on winnings? – there are only very few offers that have a maximum amount that can be paid out after the offer is finished. At DoppelWetten, we don’t recommend those offers, as they usually cannot be done without risk, but if you do attempt such an offer, make sure you bear this condition in mind. Time to use free bets – the time in which to use free bets once you have earned them is usually fairly short. Often you have a week, but sometimes only a few days. Always make a note of your free bets and make sure you use them before they expire! If you have a free live bet for the same day, just set the timer on your mobile so you don’t forget.Not checking all the details before placing bets
This is important when you’re starting out, but perhaps even more so when you’ve already had some Matched Betting experience. You may be becoming very familiar with the process of placing bets and doing it a lot faster than at the beginning, but that’s exactly where mistakes can start creeping in, and all of a sudden you’ve placed a free bet as a qualifying bet, or you’ve chosen the wrong market.
Mistakes will happen inevitably, but it’s worth always checking these key points before you place your back and lay bets:
On the bookmaker site, look out for the Bet ID displayed in your betting slip, which indicates that the bet has been accepted, and you will also see your balance change (refresh the page if it doesn’t).
On Orbit, you should get the message that your bet has been fully matched, and of course your balance will also change. If you get a message saying that you have an unmatched bet, don’t panic! This will again be covered under the next point.
Unmatched or partially matched lay bets
Be aware that odds do fluctuate, so once you are ready to place both back and lay bets (and you have checked and double-checked everything), place the back bet and then the lay bet straight after. Don’t wait for too long in between, to minimise the chances of the lay odds changing in the meantime.
If despite all that, the lay odds have changed after you have placed your back bet, or even while you are placing your lay bet, DON’T PANIC! Even if you end up with an unmatched or partially matched lay bet, this is not the end of the world. You just have to follow a few steps outlined in our specific guide for this situation.
Please read our guide on unmatched bets now, so you are prepared if and when you encounter this problem.
Betting on high odds to try and lose funds to the exchange
Yes, we have all done this, in an attempt to finish an offer quickly, but we have probably all seen this strategy backfire as well …
To save yourself added stress, just stick to odds around 2,00, and over time, you will see about 50% of your bets lose. If they don’t, no big deal, as you haven’t won that much and the bookmaker will likely not do mean things to you like stake-restrict or even gub you. And there’s still a chance that you won’t have to go through the entire wagering.
If you’re worried about losing too much in fulfilling the wagering, you can always use Extreme Underlaying, but your best bet would be to stick to one strategy: either always use Extreme Underlaying, or never use it.
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