Win or lose: what winning and losing bets mean | OddsMonkey Bites
With matched betting, it doesn’t matter if your bets win or lose. You can lock in some real profits, whatever the outcome. In this video we’ll look at how you can still make money whether your back bets and lay bets win or lose.
TIME STAMPS:
0:05-0:22: Your bet wins.
0:23-0:36: Your bet loses.
0:37-1:32: What happens when you use a free bet?
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TRANSCRIPT:
Win or lose
The bet wins:
If the back bet wins, I’ll win £100 at the bookmaker but lose my £100 liability at the exchange. But what does that mean overall? Well, £100 winnings minus the £100 liability means that there’s no overall loss and I’m back where I started!
The bet loses:
However, if the back bet loses, I’ll be down £20 at the bookmaker and up £20 at the exchange. Again, if we look at what that means overall, you’ll see that the amounts balance each other out and I don’t lose anything.
With a free bet it works the same way but we need to lay a bit less to ensure a profit. This is known as underlaying. The OddsMonkey calculator will tell you how much you need to lay. With a £20 free bet example, again using odds of 6 at the bookmaker and 6 at the exchange, I would place my £20 free bet at the bookmaker and place a £16.67 lay bet at the exchange.
If the bet wins, I will win £100 at the bookmaker but lose my liability of £83.35 at the exchange. Leaving me £16.65 up overall.
If the bet loses I will lose nothing at the bookmaker as it was a free bet but I will win £16.67 at the exchange leaving me £16.67 up overall.
No matter the outcome of the bet, we have locked in a profit.