Matched betting, or back and lay bet matching, (also referred in the United States as double betting) is a betting technique used by individuals to profit from the free bets and incentives offered by bookmakers. It is generally considered risk-free as it is based on the application of a mathematical equation rather than chance. A typical return for a matched bet where the stake is returned is 85%+ of the free bet offer amount, and 70%+ where the stake is not returned.Concept
The concept of matched betting requires an account with a bookmaker who would offer a free bet with favourable conditions, and at a betting exchange, which is required to offset the loss made at the bookmaker. Generally, bookmakers would incorporate terms in which that individuals must first place a bet using their own money in order to qualify for the free bet. For this, a bet is placed on a particular results occurring with the bookmaker and a second bet placed on the same result not occurring at the betting exchange. The latter is required to offset any loss in the event that the result does not occur, for instance, if a team loses. Once the free bet has been qualified, the same process is followed with the exception that a free bet is being used. No matter which result occurs, there will always be a guaranteed profit because the bet was made free of charge.Approaches
There are three different approaches to matched betting, manual, assisted and automatic.
There are a number of websites and software packages that claim to help people take advantage of free bets using matched betting automatically. [ 1 ] Automatic websites or software packages are usually aimed at individuals with little or no experience in matched betting. Automatic systems will automatically scan the market, calculate the right bet to minimise the initial loss and maximise the return on the free bet. The system will then provide the individual with instructions as to how to place the bets to generate a profit. These websites usually filter out offers where there is a mathematical chance of making a loss to ensure users cannot put their money in offers where they could lose money. The websites are usually financed by advertising, affiliate programs, commission on winnings with a betting exchange and membership fees.
Assisted matched betting refers to websites or software packages which provide comparison tables of markets for individuals to bet on. These are commonly known as 'auto-matchers' [ 2 ] [ 3 ] . Auto-matchers are usually used by individuals who have an understanding of matched betting. Auto-matchers will usually provide the individual with a matched betting calculator to be used in conjunction with the comparison table, in which the user can select the type of bet, stake, bonus and time-frame. Assisted matched betting websites are usually financed by advertising or by affiliate programs.
Matched betting manually is where the individual finds the offers, markets and odds him/herself and also makes the relevant calculations. Matching the right odds can be time consuming and may require a high level of numeracy and betting knowledge. There is the potential for the individual to make more money than with automatic matched betting, because he/she can take advantage of offers where there is a mathematical risk of making a loss.
Matched betting is perceived to be risk-free because the a portion of the free-bet offsets any potential losses and betting exchange commission.Worked example
Note that the following example uses indicative figures.
Bookie X offers a £10 free bet. First, the individual has to make a bet of £10 with Bookie X to qualify for this.
Bookmakers often require individuals to make a bet before giving them the free bet.
The first stage is to qualify for this free bet – e.g. making a £10 bet with Bookie X for England to win. There is a chance that England might lose – in which case, you would normally lose the £10.00. This bet is referred to as the Back bet. However in matched betting, this loss is minimized by placing a bet at the same time at a betting exchange for England not to win ( i.e. to lose or draw). This is called a 'lay bet'.
By applying the correct equations, the individual making the bets knows how much to place at the betting exchange so that no matter the outcome of the England match, the same small loss will be made (typically under 10% of the value of the free bet offer). However, by making this initial bet, they have then qualified for the free bet.
The second stage is to use the free bet, for example, making a £10 back bet with Bookie X for France to win. Again a lay bet is placed for France not to win to offset any loss.
The mathematics of matched betting means that the profit made is identical, regardless of result. In this example, it is assumed that the overall profit from this match is £8, since any loss is offset by larger winnings achieved through laying this bet. This means that matched betting individuals will know for sure how much profit they will make before the match starts. Less the initial loss, the matched better's net profit is £7.00.Other points to consider
Matched betting is legal and a spokeperson for William Hill has indicated that the betting industry does not have a problem with this use of free bets. [ 1 ]References
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Pedro Marrero, Havana, Cuba 07 Oct 2016 8:00 pm (GMT)
Key Stat: The first and the last win of Cuba over the USA was in their first meeting back in 1947. The second meeting between these sides finished with a draw (1949). Since then, the USA have a win streak of nine consecutive wins against Cuba. The previous meeting of these two international teams finished with a win for the USA of 6-0.
Expert Verdict: Speaking of team rosters, team strength and coaches, the Yanks should easily go through this game and win it comfortably. Although Jurgen Klinsmann may experiment with his team, for sure he will build a winning squad in order to try and retain the run of nine consecutive wins of the Americans over Cuba. USA will be looking for a fresh start after their disappointing losses in the semi-finals and the match for the 3rd place in the Copa America Competition.
On the other side, Cuba will try their best to make a mark in their football history and interrupt the winning streak of the USA.Our prediction
Cuba Team News, Updates, and Facts
Having won only one of their eleven matches against the USA, Cuba will be seeking to make a mark in their football history with a win over the Yanks. Their last meeting in the 2015 CONCACAF Gold Cup finished disastrously for the Cuban International Football Team with a loss of 6-0. Even though on paper there isn’t much to say about the Cuban team, still they have had some success over the last years winning the Caribbean Cup in 2012, as well as reaching the quarterfinals of the Golden Cup in 2013 and 2015. In their last five matches, Cuba have won only one of them and lost even four.Cuba likely XI:
Defenders:-Yasmani López, Yaisnier Nápoles, Andy Vaquero, David Urgelles
Midfielders:-Alberto Gómez, Arichel Hernández, Daniel Luis Sáez, Roberto Peraza
Forwards:-Yasnai Rivero, Maikel Reyes
USA Team News, Updates, and Facts
Being favorites in this match are of course USA with a very stronger team and a much better form, winning three of their last five matches. Jurgen Klinsmann will surely combine and experiment with his lineup and will try to make this game a comfortable win for his side. With nine wins over Cuba, the Yanks would want to continue this winning score against the current Cuban squad which the coach Julio Valero is in charge of.USA likely XI:
Defenders:-Fabian Jonson; John Brooks; Geoff Cameron; DeAndre Yedlin
Midfielders:-Michael Bradley; Christian Pulisic; Paul Arriola; Sacha Kljestan
Forwards:-Bobby Wood; Jozy Altidore
Cuba vs USA Head-to-Head Stats
The Cuban and the USA International Football Teams have played eleven matches through their all-time history. USA have won nine of them while Cuba have won only one (their first meeting back in 1947 in a friendly match), and one of the matches finished with a draw. The margin of these two sides is 31-5 for the USA. Their last match against each other finished with a 6-0 win for the USA.
Cuba vs USA: Prediction
It’s fair to say that this match should be a piece of cake for the Yanks, having in mind the previous meetings between these two sides, as well as the overall form and team’s capabilities of Cuba and USA. It wouldn’t be a surprise if the USA win with a high margin. Yet, Cuba shouldn’t be underestimated as they have some quality players too and play on home turf (Estadio Pedro Marrero).Cuba vs USA: Betting Tips
An away win for the USA is a worthy bet in this match. Also, you should have a look at the “over 3 goals” option, as Cuba are unstable defensively (conceded 22 goals in their last seven matches), while the USA know how to score (11 goals in the last seven matches), but also have conceded 6 in their last three games.
For a variety of legal and commercial reasons a significant number of online sportsbooks do not accept clients from the United States. Some well-known sites that will not open accounts for USA residents include Betfair, Bet365, Ladbrokes, William Hill and Paddy Power. There are, however, a number of online sportsbooks that do accept USA residents as clients, and that do offer markets for cricket betting.
www.Bodog.com: Bodog has been catering to US clients since 1994, and provides a variety of markets for cricket matches, tournaments and series. Bodog offers outright result markets, as well as some future and prop markets, such as top run-scorer.
Bodog recommends either Digital Pin, a prepaid telephone account, or MyPayLinq, a type of e-wallet, to deposit funds. Funds can be placed into a MyPayLinQ account via credit card, eCheck or Western Union, and then transferred into the Bodog account. Bodog also accepts direct credit card deposits, although they cannot guarantee that deposits will be approved or how long the process will take. Withdrawals from a Bodog account are made via courier-sent check.
www.5Dimes.com: 5Dimes is based in Costa Rica, and is open to US residents. It covers current international cricket matches and provides markets on the outright result.
5Dimes offers ACH bank transfers using MoneyLineWallet as an intermediary. Funds are placed into a MoneyLineWallet account through bank transfer or eCheck, and can then be transferred into a 5Dimes betting account. Cash can also be deposited directly into a 5Dimes account using Money Gram or Western Union. Withdrawals are made by bank transfer onto a savings or checking account.
www.BetOnline.com: This Panama-based site is open to US gamblers, and covers most major cricket matches and competitions. Markets are usually available for outright match results only, and cover current and future matches.
BetOnline accepts all major US credit card deposits and currently have one of the highest acceptance rates in the whole of the online sports betting industry. Should your card be rejected or if you prefer to use another deposit method, BetOnline recommends either cash deposit through MoneyGram or Western Union, or deposits via eCheck from a checking account. You can also try prepaid cards which you can get at most local convenience stores. Check with BetOnline for your best options. Withdrawals are made via direct transfer onto a checking account.US Cricket Betting Laws and Regulations
The legal status of online sports betting in the USA is complex, with legal penalties differing depending if someone is offering online gambling, advertising online gambling, facilitating payments to bookmakers or actually placing bets online. There are three sets of laws that are relevant to the online gambler: the 1961 Wire Wager Act, the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA), and individual state law. However, contrary to popular belief, it is 100% legal to place online cricket bets in the United States.
Although there is no federal law against placing a bet online, a number of states do have specific laws against online gambling. These include Illiniois, Indiana, Louisiana, Montana, Nevada, Oregon, South Dakota, Washington and Wisconsin. Some of these laws apply only to the offering of online bets, but even where the placing of bets online is specifically outlawed there have been no reported prosecutions of individuals for making bets via the internet.
Aside from individual state law, there are two federal laws relevant to the online gambler. The first is the 1961 Wire Wager Act. This act prohibits, amongst other things, the taking or placing of bets on sporting events using electronic communication, and the transmission of information electronically that facilitates the placing of bets. It is generally accepted that the Wire Act applies to internet gambling, and although the act is not used to prosecute casual bettors, it does mean that online bookmakers, even those based outside the USA, can and have been prosecuted under the act.
The second piece of relevant federal law is the 2006 UIGEA. This act makes it illegal to accept or transmit funds via electronic transfer, check or credit card for the purpose of internet gambling. The act does not make it illegal to place or take a bet online, but by criminalizing the transfer of funds it resulted in the withdrawal of several major online bookmakers from the US market. Also due to the act many financial organisations, including banks and online payment services such as Neteller, stopped providing channels for depositing funds into online gambling accounts.
The combined impact of the various state laws, the UIGEA and the Wire Act is twofold: firstly, the range of sportsbooks open to US-based gamblers is limited to companies based overseas, and many of these voluntarily refuse US-based clients for a variety of legal and commercial reasons; and secondly, the options for depositing funds into betting accounts are more limited than they are for non-US residents. Whilst it is extremely unlikely that any individual would be prosecuted for holding an account or placing a bet with an online sportsbook, it does make online gambling a more complex process than it is for residents of many other countries, where internet gambling is licensed and regulated by the state.Depositing and Withdrawing Funds for US Bettors
The Wire Act and the UIGEA place a number of restrictions on transferring funds electronically in the USA, limiting the options when seeking to deposit funds into an online betting account. Despite this, sportsbooks that are open to US residents do offer a range of methods for depositing and withdrawing funds.
The most popular depositing method at the major US sportsbooks is of course credit cards. Almost all the leading sportsbooks accept deposits from bettors who use Visa, Mastercard and American Express cards. If your credit card deposit is rejected, you can call the site’s support team who will often be able to manually process your deposit over the phone.
If your credit card cannot be used to deposit at a sportsbook, there are a number of valid options available. Many sites are now accepting instant echeck deposits that work in almost the same way as paper checks. Money transfers via Western Union and Moneygram are also widely accepted as are eWallet deposits from sites such as MoneyLineWallet and MyPayLinq. One other deposit method gaining in popularity is prepaid cards such as those offered by Digital Pin.Cricket Competitions in the United States
Despite taking part in the first international cricket match in 1844, the United States has a limited range of cricket competitions, focused mostly on junior and non-professional competitions. The national side competes at Division 4 of the World Cricket League alongside Nepal, Tanzania and Denmark.
Cricket in the USA is run by the United States of America Cricket Association, although several other organisations have been formed in recent years in an attempt to develop a professional cricket league. These include Major League Cricket (an affiliate of Major League Baseball) and the American Premier League. These organisations and the competitions they run are not approved by the USACA. There are no online gambling sites that offer markets on domestic American cricket.
Despite of the legal status of sports betting in the US, estimates show that more than $4 billion is wagered by US citizens on the outcome of the Super Bowl alone. And most of those wagers have a disputable legal status, i.e. most of that money is wagered illegally. This fact shows that Americans are already keen on sports betting and that it is very difficult to stop people from placing wagers online. Firstly, it is very difficult for the federal authorities to keep track of every possible wager than might have been placed by an American citizen, especially knowing that a wager might be placed anonymously via various platforms. Secondly, reports show that sports betting is more popular than ever. In the current circumstances it is clear that the online betting is here to stay.
The authorities and lawmakers aren’t stupid. They realize that if people are willing to spend money on sports betting that it is much better for everyone to have that money taxed in the US. Knowing how keen Americans are on betting it is clear that both the federal and a state budgets will have benefits from these increased revenues. That is why you can bet on the future of online betting. It probably won’t be long before the process of legalization starts irreversibly. Moreover, the leagues and the organizations associated with sports teams in the country openly or somewhat secretly cooperate with entities that are somehow connected to sports betting and whose business depend on sports betting, therefore the league organizers would have no problems with the eventual legalization of sports betting in the country. MLB has just announced that MLB matches will be played abroad, or to be more specific in the UK, where sports betting is completely legal. In this, the MLB will be following the steps of the NBA and NFL which already held some of the matches on UK soil.
If at least one of the states legalizes online betting in the near future, this will be a clear example that sports betting has a bright future in the country. If that doesn’t happen, the current status-quo will most likely be kept and the US sports betting fans will keep betting away from the eyes of the authorities. However, knowing the potential benefits of an eventual legalization, it is highly unlikely that the states and the federal government give up on such huge revenues.
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