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Matched betting requires an account with two or more bookmakers or betting exchanges where at least one offers the user a free bet. A free bet is placed and another bookmaker or betting exchange is used to hedge all the possible outcomes.
This means that no matter what happens the value of the free bet is retained. Simply, a matched bet involves placing a back bet using the free bet at a bookmaker and placing a lay bet at a betting exchange.
When you are familiar with the process then bets on multiple bookmakers (dutching) may be placed to avoid the commission charged at a betting exchange. Many bookmakers have terms that require clients to first place a bet using their own money to be able to claim the free bet. So back with the bookmaker and lay at the betting exchange.
Once the free bet has qualified, the same process is followed using the free bet. There will always be a guaranteed profit because the bet is free.
Matched betting is legal but most bookmakers have staff looking for customers taking too much value.
Bookmakers will place restrictions on customers take advantage of promotions too often, such as preventing them from placing very large bets. There is a risk you could be banned from that bookmaker’s site. But why not get involved? While you can?