Matched Betting Discussion [OT] Discussion about Matched Betting II {Beginners Guide in 1st Post}

[frostique]

Quick newb question...

(there is a good chance I'm overthinking this, please just say if that's the case)

Would it be ok to use my regular bank account to dip my toes in the water and then if I find I can get my head around this and want to do more than the initial PA offers, change to a new bank account with those initial bookies? Will that just look bad? Should I wait and open a new bank account before I even start?

I'm hesitant to try and open a bank account I might not need in the long run because I'm not employed and I don't want an unnecessary hit on my credit file.

(yes, I think I'm probably overthinking this)

 

[Uhhhhh]

[member=3828]frostique[/member] I think you'd be fine in just doing the free trial opening offers with PA or OM through your normal bank account and then you can open a new dedicated bank account if you decide that you want to continue with it.

That's exactly how I did it too ;D

 

[Falanouc]

Your deposits/withdrawls are only linked to a bank card, not an account so it's very easy to add a different card. As long as the address is the same there shouldn't be any problem.

 

[Pbrail]

Quick newb question...

(there is a good chance I'm overthinking this, please just say if that's the case)

Would it be ok to use my regular bank account to dip my toes in the water and then if I find I can get my head around this and want to do more than the initial PA offers, change to a new bank account with those initial bookies? Will that just look bad? Should I wait and open a new bank account before I even start?

I'm hesitant to try and open a bank account I might not need in the long run because I'm not employed and I don't want an unnecessary hit on my credit file.

(yes, I think I'm probably overthinking this)

Bookies don't show up on credit checks so will have no impact at all on a day to day basis. The only 3 ways it'll potentially be an issue is:-

1) If you're planning to get a mortgage any time soon - they normally require a number of recent bank statements when applying and as this is a manual check rather than a credit check, they wouldn't look too kindly on reams of bookie transactions on your statement.

2) If you jump in with both feet and there are bookie transactions all over the place, there's a small chance transactions might get flagged with your bank for being fraudulent activity (from the perspective that they might think your account has been compromised because you're acting out of character - outside of that, they couldn't give a rats who you are doing business with).

3) MB transactions will be mixed in with all your normal transactions, so it might be a little bit harder to keep track of what's going in and out of your account.


Most people recommend a new, separate account because it keeps things simpler, however aside from the mortgage application reason, it's not actually necessary. I just use my own bank account, it's been fine

 

[Jordan135]

Hi,

In Regards to Mug betting whats every bodies strategy? I am just working through the sign up offers at the minute - so have not done any.

I was thinking when I do - A couple of times a week I will do £1 accumulators on my account. (unlayed). And once a week do a larger bet on each of my accounts (Layed obviously).

Would this be ok?

Thanks,

 

[Uhhhhh]

Thank you sooooooo much

I got the grips of it last night and placed my first bet on the Wales vs Portugal name. Your explanation has it to a 'T' and nown get the reason for the B/roll initially to maximise overall profits.

Going to do a few more so I have the full understanding then will increase B/r.

Thank you

[member=2138]odaddybee[/member] No problem! Let me know how you get on and if you need anything else ;D

 

[Uhhhhh]

Hi,

In Regards to Mug betting whats every bodies strategy? I am just working through the sign up offers at the minute - so have not done any.

I was thinking when I do - A couple of times a week I will do £1 accumulators on my account. (unlayed). And once a week do a larger bet on each of my accounts (Layed obviously).

Would this be ok?

Thanks,

I didn't do any mugs whilst doing the opening offers and just waited until I moved on to the reloads.

Personally I tend to do one mug alongside each offer (e.g. this week I have some offers on the Wales game and so will do some mugs on the Germany game and vice-versa) and go for similar odds, not normally lower than 2.0 unless it's a big game. I also do some low-stakes accas for funsies, don't do every single offer a bookies has to offer, use my free bets on doubles, avoid the horsies on weekdays and don't go for silly high odds on free bets. 8)

 

[Jordan135]

Thanks Uhhhhh,

That is great, do you also do a mug for every qualifier you do? For ease of use for every free bet I do I was going to do a couple of Acca bets. Do you think that would work - or would you try and bet on similar games like you are doing for the Wales and Germany games?

Thankyou,

 

[frostique]

Thanks all, really helpful, time to get on with it and take the plunge!

 

[katbythesea]

Quick newb question...

(there is a good chance I'm overthinking this, please just say if that's the case)

Would it be ok to use my regular bank account to dip my toes in the water and then if I find I can get my head around this and want to do more than the initial PA offers, change to a new bank account with those initial bookies? Will that just look bad? Should I wait and open a new bank account before I even start?

I'm hesitant to try and open a bank account I might not need in the long run because I'm not employed and I don't want an unnecessary hit on my credit file.

(yes, I think I'm probably overthinking this)

I find Paypal very useful if you have an account with them - not all bookmakers accept it and PLEASE always check terms & conditions when doing offers as sometimes Paypal is excluded.

 

[katbythesea]

Hi,

In Regards to Mug betting whats every bodies strategy? I am just working through the sign up offers at the minute - so have not done any.

I was thinking when I do - A couple of times a week I will do £1 accumulators on my account. (unlayed). And once a week do a larger bet on each of my accounts (Layed obviously).

Would this be ok?

Thanks,

I didn't do any mugs whilst doing the opening offers and just waited until I moved on to the reloads.

Personally I tend to do one mug alongside each offer (e.g. this week I have some offers on the Wales game and so will do some mugs on the Germany game and vice-versa) and go for similar odds, not normally lower than 2.0 unless it's a big game. I also do some low-stakes accas for funsies, don't do every single offer a bookies has to offer, use my free bets on doubles, avoid the horsies on weekdays and don't go for silly high odds on free bets. 8)

Sounds like great advice! Must look at doubles - never done them before and your post has just reminded me - might be good time to look as I have £30 in free bets from the weekend.

 

[SarahLu]

Personally I tend to do one mug alongside each offer

Do you do one mug per offer or one for each free bet? For example the current Euro offers where you get a free bet for each game your outright team wins..one mug for the whole offer, or a mug each time your team wins?

 

[MuckleMaker]

Need to check my thinking on the maths of MB...

I've been blindly using the PA calculator but I wanted to understand the calculations and it my be sending me a little crazy.

Lets say I lay Portugal to win (so I'm betting against Portugal to Win) at 2.28 and my stake is £10 then according to Smarkets my liability will be £12.80 and the return would be £22.80. My understand is that if I win the liability (£12.80) is cancelled and the return (£22.80) is added to my balance so in effect my balance increases by £35.60 (I haven't won £35.60, just that I've got my liability back plus my return).

Is what I've just said correct?

Reason I ask is that a couple of bets haven't worked that way, that said I have conflicting lays which plays havoc with your total liability and it could be that which is throwing me.

 

[askgar]

Need to check my thinking on the maths of MB...

I've been blindly using the PA calculator but I wanted to understand the calculations and it my be sending me a little crazy.

Lets say I lay Portugal to win (so I'm betting against Portugal to Win) at 2.28 and my stake is £10 then according to Smarkets my liability will be £12.80 and the return would be £22.80. My understand is that if I win the liability (£12.80) is cancelled and the return (£22.80) is added to my balance so in effect my balance increases by £35.60 (I haven't won £35.60, just that I've got my liability back plus my return).

Is what I've just said correct?

Reason I ask is that a couple of bets haven't worked that way, that said I have conflicting lays which plays havoc with your total liability and it could be that which is throwing me.

If you lay £10 @ 2.8 your liability is £18, the outcome loses you get £10 + your liability back, the outcome wins you lose your liability.

If you have lays on 2 outcomes, A & B then the liability sharing comes in and it can be confusing.

A: Lay £10 @ 2.8, liability is £18.
B: Lay £10 @ 3.2, liability is £22.

If A wins , that means your lay LOSES so you lose your liability with A (-£18) but your lay WINS with B so you get £10 + your liability back. (-£8 at exchange overall).
If B wins, that means your lay LOSES so you lose your liability with B (-£22) but your lay WINS with A so you get £10 + your liability back. (-£12 at exchange overall).
If A & B LOSE, that means you win with A & B so you get both lay bets (£10 + £10) + your liabilities back. (+£20 at exchange overall).
As the MOST you could lose in this case is £12 (if B wins), so the total liability on that market will be £12

The liability isn't actually removed from your account until the outcome settles, just held in a reserve so you can't go into debt.

 

[MuckleMaker]

Need to check my thinking on the maths of MB...

I've been blindly using the PA calculator but I wanted to understand the calculations and it my be sending me a little crazy.

Lets say I lay Portugal to win (so I'm betting against Portugal to Win) at 2.28 and my stake is £10 then according to Smarkets my liability will be £12.80 and the return would be £22.80. My understand is that if I win the liability (£12.80) is cancelled and the return (£22.80) is added to my balance so in effect my balance increases by £35.60 (I haven't won £35.60, just that I've got my liability back plus my return).

Is what I've just said correct?

Reason I ask is that a couple of bets haven't worked that way, that said I have conflicting lays which plays havoc with your total liability and it could be that which is throwing me.

If you lay £10 @ 2.8 your liability is £18, the outcome loses you get £10 + your liability back, the outcome wins you lose your liability.

If you have lays on 2 outcomes, A & B then the liability sharing comes in and it can be confusing.

A: Lay £10 @ 2.8, liability is £18.
B: Lay £10 @ 3.2, liability is £22.

If A wins , that means your lay LOSES so you lose your liability with A (-£18) but your lay WINS with B so you get £10 + your liability back. (-£8 at exchange overall).
If B wins, that means your lay LOSES so you lose your liability with B (-£22) but your lay WINS with A so you get £10 + your liability back. (-£12 at exchange overall).
If A & B LOSE, that means you win with A & B so you get both lay bets (£10 + £10) + your liabilities back. (+£20 at exchange overall).
As the MOST you could lose in this case is £12 (if B wins), so the total liability on that market will be £12

The liability isn't actually removed from your account until the outcome settles, just held in a reserve so you can't go into debt.

Thanks very much for that. I clearly have been assuming too much - rather cake and eat it. Your explanation makes it clearer now.

The PA calculator whilst being a great tool can make you a little lazy...

 

[frostique]

so, here I am, sat with my toes dangling in the water...

... and I think I've already messed up somehow because I don't understand all the numbers.

I've placed my qualifying bet, all good (I think)

I've then gone to place my free bet, possibly foolishly on a horse of all the stupid things to do, and the exchange is saying that part of it is unmatched (for the life of me I don't know where I was meant to look for that bit of info).

Race is in 2.5 hours - should I try and find another horse at same odds (its ok I've realised this wouldn't work - doh!) and match up the bit that's currently unmatched or wait (and hope) that the odds shift again and the rest is matched on this horse?

Good people of the Money Shed, help me please!

 

[Falanouc]

Use this - http://blog.themoneyshed.co.uk/unmatched-or-partially-matched-bets-matched-betting/

POssible the odds changed while you were making the bet

 

[askgar]

Need to check my thinking on the maths of MB...

I've been blindly using the PA calculator but I wanted to understand the calculations and it my be sending me a little crazy.

Lets say I lay Portugal to win (so I'm betting against Portugal to Win) at 2.28 and my stake is £10 then according to Smarkets my liability will be £12.80 and the return would be £22.80. My understand is that if I win the liability (£12.80) is cancelled and the return (£22.80) is added to my balance so in effect my balance increases by £35.60 (I haven't won £35.60, just that I've got my liability back plus my return).

Is what I've just said correct?

Reason I ask is that a couple of bets haven't worked that way, that said I have conflicting lays which plays havoc with your total liability and it could be that which is throwing me.

If you lay £10 @ 2.8 your liability is £18, the outcome loses you get £10 + your liability back, the outcome wins you lose your liability.

If you have lays on 2 outcomes, A & B then the liability sharing comes in and it can be confusing.

A: Lay £10 @ 2.8, liability is £18.
B: Lay £10 @ 3.2, liability is £22.

If A wins , that means your lay LOSES so you lose your liability with A (-£18) but your lay WINS with B so you get £10 + your liability back. (-£8 at exchange overall).
If B wins, that means your lay LOSES so you lose your liability with B (-£22) but your lay WINS with A so you get £10 + your liability back. (-£12 at exchange overall).
If A & B LOSE, that means you win with A & B so you get both lay bets (£10 + £10) + your liabilities back. (+£20 at exchange overall).
As the MOST you could lose in this case is £12 (if B wins), so the total liability on that market will be £12

The liability isn't actually removed from your account until the outcome settles, just held in a reserve so you can't go into debt.

Thanks very much for that. I clearly have been assuming too much - rather cake and eat it. Your explanation makes it clearer now.

The PA calculator whilst being a great tool can make you a little lazy...

The biggest thing I found missing from PA is an explanation of multiple lay bets on the same market, it's actually a really useful way of getting more out of your exchange funds.

 

[frostique]

[member=3120]Falanouc[/member] - thank you!

I've got it all sorted now (I THINK!) thanks

 

[Jon]

Glad it's sorted

Been working like a maniac on a few things today and am behind the times on here lol