By Darren Hall, www.bet72.com
The profitable world of risk free betting is open to everyone whether you are a newbie starting out with no previous online bookmaker accounts or a more experienced player with every account under the sun already open, there will be plenty of opportunity to make some risk free profits.
However there are a basic set of do’s and don’ts for anybody looking to get their hands on some of this free money.
So here are our deadly dozen top tips to help you maximise your risk free betting experience…..
Test. Perfect planning prevents poor performance. Limber up with a little testing of all the risk free betting concepts. Read the guides on our site and then do plenty paper testing to confirm you fully understand the process. Familiarise yourself with our matched betting spreadsheet (you will get a copy when you join the aforementioned mailing list), our online calculator and of course, our free software, Oddsmatcher. Look at the different permutations and outcomes that placing differing qualifying and cash out bets at varying odds has to your outlay and subsequent profits. Also pay close attention to the liabilities that placing such bets will have on your betting exchange account. No point finding the most profitable outcome for your free bet if you cannot cover it in the betting exchange to make it risk free!
Take your time. This is a marathon not a 100m sprint. Don’t dive into an offer you don’t fully understand just because it is there and you think might miss out. Like the number 17 bus, if you miss one don’t worry another will be along soon!
Keeping Uptodate. The World Wide Web is a big old place and you could literally spend hours trawling it to find out where all the latest and greatest offers are, this can become a fulltime job in itself. So why do all that yourself when we can do it for you? A simple signup to the bet72 mailing list will ensure you receive regular updates and newsletters so you will never miss a free bet. If there is a free money offer on the net, you will know about it!
Never, ever, ever, play with that you cannot afford to lose. Whilst in most cases this is a totally risk free concept it is not immune from human error or other factors that could cause you to lose money. The first rule for anyone ever placing a bet, whatever the circumstances, is never, ever, ever, play with that you cannot afford to lose.
Terms and Conditions. Read, read and read again. We all love to hate them but rules is rules and you must fully understand the terms of any transaction you are entering into. We work hard to point out potential pitfalls of certain offers on the site but you must always check them for yourself too. Never place a bet until you feel comfortable with the terms of the offer are looking to play.
Don’t be afraid to ask. There is no such thing as a stupid question; we have all been in the same newbie boat at some stage. If you don’t understand something just shout, we are always happy to help. We get plenty of feedback and comments on the various offers from people who have done them on the site. Chances are that anything you encounter, somebody else has seen before and if not we will do our best to find out and explain it all for you.
Budget. Set aside a budget / bankroll just for matched betting and work on the offers accordingly within these limits. A figure as low as £50 is perfectly adequate to start with and just kick off with the lowest offers first, there are enough £10 and £20 to get started on and build your bankroll and confidence in the process from there. One of the key elements with this process is keeping on top of your cashflow. A win at the bookmakers may leave your betting exchange account feeling light and stop you from moving onto another offer. Likewise having all you money tied up in the exchange may slow you down too so always operate within your own personal limits.
Accounts. Get a second Betfair account plus a Betdaq / WBX account for all your matched betting activity. There is no limit on the number of simultaneous betting exchange accounts you can have. If you are using a betting exchange currently to follow other systems and services within your betting / trading portfolio then having a separate account will keep all the risk free betting transactions away from this and in one place, making tracking / record keeping much easier.
Keep good records. Like any online activity, record keeping is vital. Not only to keep track of your profits but also for knowing which bookmaker offers you have done so you don’t miss out on any. Also it is key that you know how much and where the money from each bet will end up so you can reconcile this and withdraw once any offer is completed. Likewise always ensure your online details are uptodate. The only way these guys can contact you to tell you about future offers is via the details you have stored with them, so again don’t miss out because of out of date information.
ID. Some bookmakers require identification to release funds to you or just to verify your sign up. To speed things up have a scanned copy of your payment card, some photo id i.e. passport / driving licence and a recent bank statement or utility bill available to send. When sending copies via email, just show the last 4 or 6 digits of your scanned card and blank out the security number on the back. It can also be useful to add a “watermark” to all images; this is easily done using many of the popular “paint” type applications found online.
Don’t see this as a get rich quick scheme. Slow and steady wins the race. By following risk free matched betting you will not be down the yacht club putting down a deposit anytime soon, but, done carefully and correctly, you will start to accumulate steady and consistent profits that will become a valuable tax-free income and it is surprising how seemingly small sums can soon start to add up.
Remember this is all about just good maths. You don’t need to be the worlds greatest football expert or a horse racing buff. Remember the principles of matched betting are purely mathematical. Just apply these principles and follow the advice outlined above and you really can generate some risk free profits.