Coral are one of the top UK bookmakers and offer new customers £20 in free bets when they sign up. To claim this offer a new customer's first bet must be £5 on odds of 1.50 or more. For matched bettors this new customer offer from Coral gives the opportunity to make around £14 in guaranteed profit.
Matched Betting Offer Level: EASY
As this is the very first offer in our Beginner's Guide to Matched Betting we go through each step in lots of detail so you can understand what you are doing and learn good matched betting habits from the very start. Consequently, if you read through everything carefully this offer may take you up to an hour to complete. However, as you become more experienced, you will be able to complete offers such as this within ten minutes.
CLICK HERE and you'll be automatically directed to the correct page for the new customer offer at Coral.
The special Coral sign-up page will have a promotional offer stating "New Customer Offer. Bet £5 Get £20 in Free Bets. Bet Now". If you click the "Bet Now" button you will be taken to Coral's new customer registration form.
Fill out the form with your details. All bookmakers tend to ask for the same personal details as they need to make sure you are over 18 (the legal age for gambling) and are a UK resident.
TOP TIP: As you're registering don't forget to opt in to receive offers and promotions from Coral via email as these regular customer offers help you make even more guaranteed profits via matched betting in the future.
After registering Coral can sometimes request that you check your email and click a link in the email to verify your account. Please do this if requested to.
TOP TIP: This would be a good time to note down your login details in the relevant section of the Wild Dog Profits Tracker. If you haven’t already you can download the tracker here. (MS Excel required).
Although we endeavor to provide up to date information on the bookmaker new customer offers we always recommend to double check the terms and conditions of any offer as you register just in case there are any recent changes. If you see any changes in a promotional offer's details or terms and conditions then please drop us an email to firstname.lastname@example.org
If not prompted on registration you can find the deposit button at the top right-hand corner of the Coral website. (It's a green button).
Coral is a great bookmaker to make long-term matched betting profits from. Due to this we highly recommend your first deposit into Coral be £10-£15.
To ensure that you will be eligible for the new customer offer you must make your first deposit into Coral via UK debit or credit card. This is the same for the vast majority of bookmakers that we will be matched betting with, so it's a good idea to have your card to hand when you are doing a new customer offer.
TOP TIP: After depositing you should see the amount you deposited appear next to "Cash Balance". The free bet balance will currently appear as £0 as we haven't placed our first bet yet.
In the UK fractions (10/1, 20/3, 5/2 and similar) are the standard format bookmakers use to display their odds. As matched bettors though we prefer to work with decimal odds (personally we find them much easier to understand anyway!). Plus our matched betting calculators only work with decimal odds. Fortunately for us though the majority of bookmakers offer the option to switch to use Decimal Odds on their website.
On the Coral homepage you can find the word 'Decimal' near the top of the page (in small writing, next to the date and time). Just click the word decimal and the entire website will change to display decimal odds.
TOP TIP: For those who have never used a betting website we recommend you take a couple of minutes now to browse around the Coral website. Try to find today's upcoming football matches, upcoming horse races and see the type of bets you can place. If you can try click on a set of odds from a game so that you can see the bet-slip appear. DO NOT PUT ANY STAKE AMOUNT IN YET! Just look at the bet-slip then click the red 'clear bet slip' text when you've finished.
Leave the Coral website open in one tab on your browser and proceed to the next step.
If you already registered with Smarkets please login now. Check your balance is at least £50.
If you haven't already registered with Smarkets then you can CLICK HERE and you'll be automatically directed to the correct page to sign-up to Smarkets Betting Exchange. Smarkets give all new customers a £10 welcome bonus. To be eligible to receive this bonus you need to deposit a minimum of £20 with a UK debit/credit card when you register. We highly recommend depositing at least £50 into Smarkets though (and even £100 if you have the cash float) as you will need around this amount in the exchange to do your first matched betting offer easily. (The £10 bonus will be given to you when you "lose" your first £20 out of Smarkets. This money is never actually lost though - just relocated to one of your bookmaker accounts instead. Effectively Smarkets are just handing us £10!)
TOP TIP: Most people, even those who have used traditional betting sites, have never used a betting exchange before. Take the opportunity now before we place our first bets to look around the Smarkets website. The search bar at the top is a useful feature. Also try clicking on one of the BLUE ODDS boxes and you will see the AGAINST betslip pop up. Again DO NOT put any stake in yet, just have a look at where everything is.
As we are matched betting we only place lay bets at betting exchanges, which means at Smarkets we only look at and use the odds that appear in the blue boxes. #bluebox!
The first type of matched bet we are going to do is referred to as a Qualifying Bet. This type of matched bet is specifically made in order to release a free bet, bonus or other promotion from a bookmaker.
As with all types of matched bets, a Qualifying Bet is made up of two parts, a back (for) bet at the bookmaker (in this instance Coral) and an equivalent lay (against) bet at the betting exchange (Smarkets). An example of a Qualifying Bet would be placing a back (for) bet at Coral for Manchester United to win at odds of 1.60 and then placing a lay (against) bet at Smarkets for Manchester United not to win (i.e. saying they will lose or draw) at odds of 1.62. For the Qualifying Bet, the closer the back odds and lay odds are we find the better (e.g. 1.60 and 1.62 are closer and therefore a better match than 1.60 and 1.75).
As matched bettors we are always trying to find the closest MATCH possible between the back odds and lay odds for all types of matched bet we do.
A – Find a Back (for) Bet on Coral at odds of 1.50 or more
It's generally a bit easier when doing a Qualifying Bet to find a good match between the bookmaker and exchange when the odds are below 3.0. So ideally you need to look for a back bet that is somewhere between the odds of 1.5 to 3.0.
It's entirely up to you what sport you place your back bet on - football, tennis, horse-racing etc. If you are thinking to bet on horse racing remember we recommend you choose a race that is at least one hour from starting (otherwise the odds can start changing very quickly which makes it quite hard to place bets when you are just a beginner at matched betting). Do not go to the in-play section of the Coral website - only advanced matched bettors bet in-play on live games as it is quite difficult to do.
TOP TIP: For those who are new to Matched Betting, or are new to betting of any kind, we recommend you start by looking at odds from football games in the Premier League, Champions League or other popular UK and top European leagues (in Spain, Italy, France etc.) to place your bets on. Avoid little-known football leagues in countries like Ecuador, Morocco and Japan.
Below you can see a snapshot from Coral for odds on some Premier League football games. We will use this as an example for you to follow along with. On the snapshot we've highlighted a few possibilities from the Match Winner (90 minute) market that are in the ranges of odds we are focusing on to do our Qualifying Bet on (1.50 to 3.0).
TOP TIP: The Match Winner (90 minute) market in football is always the best place to start, but if you can't find any good potential odds in this market you can click on the +176 Bets (or similar number) button in the 'More' column to see all the other markets available for each game. Other markets to browse for good odds in are - Both Teams to Score, Half Time/Full Time, Half Time Results, Over/Under 2.5 Goals (or alternative goals) and Correct Score.
When you've found some potential odds on the football at Coral (as we have highlighted in the example above), note down the three LOWEST options available (for ours it would be Liverpool to win at 1.50; Tottenham to win at 1.67; and Stoke to win at 1.87) then leave the Coral website open in one tab with those odds displayed and head over to Smarkets in another tab on your browser.
B – Find a good matching Lay (against) Bet on Smarkets
Now what we're going to do is try to find a good matching lay (against) bet on Smarkets #bluebox! with one of the possible back bets we just identified on Coral.
It's best to start looking for a good match by using the the LOWEST back bet odds you found at Coral (important note: rememebr your back odds should not be 1.49 or lower though). In our example the lowest back bet odds we could see at Coral were exactly 1.50 for Liverpool to win vs. Brighton. Now we need to find the SAME game in Smarkets and see what the lay (against) odds are for Liverpool (i.e. the odds for Liverpool NOT to win and thus to lose or draw).
TOP TIP: To reach the right football game and see the odds quickly at Smarkets, just start typing the team name (such as 'Liverpool') in the search bar at the top. The game will then appear in a drop down list, as shown below.
Click on the game in the drop-down menu and all the game's odds will open, with the odds in the Match Winner (90 Minute) Market at the very top. For other markets in that game (such as HalfTime/FullTime and Both Teams to Score) you just need to scroll down the page.
When you have found your correct football game (double check you are on the right game!) you should now see something similar to the screenshot below, with all the available odds for the game you're interested in. #bluebox!
Now, there are FOUR key things to check when you first open a game or horse race's page:
No. 1. Are you in the correct market? In this case, the Match Winner Market. This may seem silly but it is ALWAYS worth double checking.
No. 2. Double check you are on the correct team's section before looking at the lay odds. In our example the correct team's section (Liverpool) is quite obvious because they are expected to win the game relatively easily, so the lay odds are very different between each team and for the draw as well. For games between closely ranked teams though, the odds can sometimes be the same or very similar, so it's a good habit to double check you are looking at the correct lay odds.
No. 3. Make sure you are checking the lay odds only - these are the odds in the dark blue box. Ignore any odds in the dark green box and the grey boxes, we don't need them. #bluebox! (The lay odds for Liverpool in our example are 1.53).
No. 4. Check that there is enough liquidity available. Good liquidity is at least TEN TIMES what your back bet stake at the bookmaker will be or higher. So for this Coral Qualifying Bet example our back stake will be £5. So 5 x 10 = a minimum of £50 liquidity is needed at Smarkets). The liquidity is displayed just below the lay odds dark blue box. In our example there is very good liquidity: £1017.
TOP TIP: These four key things to check can be summarized as: Market >> Outcome >> Lay Odds >> Liquidity. Try to remember these.
Looking at these key things will eventually become second nature as you work through our guide. We are just emphasizing them now to help you as much as possible and get you into good habits. 🙂
IMPORTANT! If you have low liquidity on Smarkets (£50 or less) we would recommend disregarding the game you've found immediately. You will need to look at your next potential back odds or return to Coral and look again for more options.
Now in our example, the back (for) bet odds of 1.50 at Coral for Liverpool to win, and the lay (against) bet odds of 1.53 at Smarkets for Liverpool NOT winning (and therefore losing or drawing) provisionally seem like quite a good match for a Qualifying Bet.
How do you know if you've found a good match between your odds though? You need to use your Qualifying Bet Calculator.
C – Use the Qualifying Bet Calculator to see if you have a good match
So how do we check if we've found a good match between the back bet odds at Coral and the lay bet odds at Smarkets?
We use our QUALIFYING BET CALCULATOR to calculate what our Qualifying Bet loss will be if we place these two bets. If the Qualifying Loss is small then we've got a good match to work with.
TOP TIP: Always have your calculators ready to go as they are key to everything. We always have our calculators open on a separate tab on our browser so we can refer to them quickly. You can open the matched betting calculators in a separate tab by CLICKING HERE.
There are four things you need to input into your Qualifying Bet calculator:
- the back stake (which is £5 at Coral);
- the back odds (in our example they are 1.50 for Liverpool);
- the lay odds (in our example they are 1.53 against Liverpool);
- and the commission percentage at the exchange (for Smarkets this is always 2%).
After you've input all this information your calculator should appear similar to the screenshot below, but with the back and lay odds you are considering to use for the game or horse race you have found yourself.
For our example, according to the calculator, a £5 back bet at Coral with odds of 1.50, matched to lay odds on Smarkets of 1.53 would require a lay stake amount of £4.97, with a liability of £2.63.
Placing these bets would then result in a QUALIFYING LOSS of just -£0.13!
TOP TIP: When using the calculators double check you have entered everything correctly and not made any typing errors.
So in our example, we managed to find a relatively good match on the first football game we considered. Sometimes it can take a little time to find a good match between the bookmaker and exchange odds so you just have to work your way through one game or event at a time comparing the odds. Over-time you will 'get your eye-in' for this and find matches quite quickly.
TOP TIP: For a £5 back bet you are ideally aiming for a qualifying loss of -£0.35 or less. A qualifying loss of -£0.20 or less would be considered as very good. If you find a good match between your back and lay odds that gives a small Qualifying Loss we always recommend going for that match rather than spending too much extra time looking for that slightly smaller qualifying loss.
Hopefully you have also found a good match between the back odds at Coral and the lay odds at Smarkets #bluebox, which will mean you are now ready to complete your first matched bet.
D – Place the back (for) bet at Coral then the lay (against) bet at Smarkets
Before placing any bets the first thing we need to do is look at our Qualifying Bet Calculator again. Specifically what amount it's telling us to use for our lay stake, and how much liability we need in Smarkets.
Based on what the Qualifying Bet Calculator tells us for our Liverpool example, we will now PREPARE to do the following:
Place a back bet of £5.00 on Liverpool to win at Coral at odds of 1.50.
Then immediately after this we will place a lay bet of £4.97 against Liverpool winning at Smarkets with odds of 1.53. Our liability at Smarkets will be just £2.63.
IMPORTANT! Before you place any bets it is vital to ALWAYS check that you have enough balance in Smarkets to cover the liability of the lay bet you are about to do. If you have a balance of £50 in Smarkets then the maximum liability you can have is also £50. In our example we will need to have a liability of just £2.63 to place our lay bet so we have plenty of balance in Smarkets to do this. Always check before placing any lay bets that your Smarkets balance is greater than the estimated liability displayed on the calculator.
You should now be ready to place a back bet of £5 at Coral along with your lay bet at Smarkets, using the lay stake your Qualifying Bet Calculator is showing based on the matching odds you've found from your selected game or horse race
So let's get our bets ready to place now.
At Coral, just click on the odds you want to bet on, the box the odds are in will turn orange and your selected bet will appear in the Betslip on the right side of your screen.
Double check the the bet details (team and odds) are correct on the Betslip and then write 5.00 in the stake box. Do NOT press the "Place Bet" button yet! Our Betslip example is shown below.
TOP TIP: On rare occasions, or when a game is just about to start, the odds can change in the Betstlip from what they were. Although the bookmaker usually informs us when the odds change, it is a good habit to double check them. If the odds do change as you are getting ready to place your bet, don't panic. All you need to do is update the odds in your Qualifying Bet Calculator, recalculate and if the Qualifying Loss is still good just continue as you were. If the odds change causes the Qualifying Loss to increase substantially to much more than -£0.35 then we just recommend to look for a new and better match between the odds on a different market, game or horse race.
Leave the Coral betslip with the stake amount in and go to the Smarkets tab on your browser.
In Smarkets click on the dark blue box which has the lay odds you want to use. A grey betslip will appear directly underneath the odds with a blank space in which you can type in your lay stake provided from your Qualifying Bet Calculator. Again, do NOT click place bet yet. Your Smarkets betslip should look similar to the screenshot below where you can see we've typed in our lay stake of 4.97.
TOP TIP: In the Smarkets drop down betslip the most important thing to check is that on the top left the betslip the word AGAINST appears in blue. This is Smarkets way of making it clear you are about to place a lay bet. In our example the betslip shows AGAINST LIVERPOOL.
Once you have typed in your lay stake on Smarkets, do not click the "place bet" button yet and return back to your Coral tab.
Now what you will do is the following in succession:
- Click the "Place Bet" button on Coral and make sure the bet goes through successfully. Coral will confirm the bet has been placed and it will then appear in the tab named Open Bets on the Betslip.
- As soon as Coral confirms the bet go straight to your Smarkets tab and click the "Place Bet" button. The button will change to say "Confirm Bet" and then click that too. Your lay bet will then be placed.
IMPORTANT! We always place the back bet at the bookmaker first and then the lay bet at the exchange second. Back bet first, lay bet second. Always.
Once your bet has been confirmed at Smarkets the lay bet will then appear on the right side of your screen in the section called 'YOUR BETS' (and ALL ACTIVE BETS in the drop down). You now want to check that the amount you used for your lay stake (4.97 for our example) has appeared in the column named 'MATCHED', as shown in our example below:
If there was enough liquidity available before you placed your lay bet then the lay stake amount you used (ours was 4.97) will be fully 'matched' (or accepted) immediately by Smarkets. This is why it is so important to check the liquidity before you go to place your bets at the exchange. If the liquidity is low Smarkets may not accept your entire lay stake amount immediately and this just makes life complicated! So avoid it altogether. In our example there was over £1000 in liquidity when we came to place the bet which was way more than enough.
CONGRATULATIONS! You've now done your first Qualifying Bet!
Coral will now release £20's worth of free bets from which we can now extract our guaranteed profits from!
Before we start making money by doing our Profit Bet, we need to be clear on what we've just done, and what will happen based on the outcome of the game/horse race we've bet on. For instance, in our example one of three possible outcomes could occur:
Liverpool win and beat Brighton;
Liverpool draw with Brighton or;
Liverpool lose to Brighton.
If you look underneath the Qualifying Bet Calculator there is a section called Summary of the Settled Bet. This section tells us where our money ends up being located (the bookmaker or the exchange) based on the outcome of the event we bet on. It also shows that no matter what the outcome of the event is, that we still have exactly the same Qualifying Loss.
Using our example, let's break the summary of the settled bet down further now so you can get a good grasp of what's happening, where your money moves around to and how your the small Qualifying Loss comes about.
What happens if the outcome was Liverpool beating Brighton?
So if you started with a £5 deposit in Coral, placed your £5 back bet and that back bet won, your balance at Coral will now consist of your original £5 stake (it's been returned) PLUS whatever your winnings were. At Smarkets however, your pre-Qualifying Bet balance will be down by the amount you were liable for on your lay bet because your lay bet lost. (So if in our example at Smarkets we had started with a £50 balance and lost the £2.63 that we were liable for if Liverpool won, our Smarkets balance would now be £47.37).
What happens if the outcome was a draw between Liverpool and Brighton?
So if you started with a £50 balance in Smarkets and your lay bet won, you will be up by the amount that you originally staked on your lay bet minus the 2% commission to Smarkets. (In our example we staked £4.97. So we won that but then gave Smarkets 2% of this, so we end up with £4.87 extra in our balance - so a new total balance of £54.87). At Coral, if your starting balance was £5 then your Coral balance will now be £0.00.
What happens if the outcome was Liverpool losing to Brighton?
The exact SAME thing as to what happened with the draw.
So HOW your lay bet wins doesn't matter - the same process happens for both outcomes. You will end up with extra money in Smarkets, a balance of £0.00 in Coral and the difference between the two will calculate to be your Qualifying loss (which for us was -£0.13).
TOP TIP: As a Matched Bettor it is useful to understand that although whatever outcome happens doesn't matter to us in monetary terms (i.e. we make the SAME qualifying loss and the SAME profit from the free bet whatever happens in a game or race), we do tend to prefer it when our lay bet wins. This is because we end up with a larger balance in Smarkets to be placing future lay bets with and because the bookmaker believes we are losing money and are therefore a good customer.
REMEMBER - For our Qualifying Matched Bet we already know BEFORE the game/race even happens exactly what our Qualifying Loss will be and know it will be the SAME LOSS WHATEVER THE OUTCOME of the game/race is. (i.e. win, lose or draw we have the same Qualifying Loss). What we do not know is WHERE the money will be moved around to. The bookmaker or the exchange? We cannot know this until AFTER the game/race has happened. Anytime the back bet wins it ends up in the bookmaker. Anytime the lay bet wins it ends up at the exchange.
Don't worry, we're almost ready to do our Profit Bet and make some money! Before we do that though, you need to add the Qualifying Bet you just did to your Wild Dog Profits Tracker. You are best to do this immediately after you've completed your Qualifying Bet.
If you click the tab in the tracker for "Bet.Tracking.Records" you will see some example entries for Coral already. Edit the row for the example Qualifying Bet (i.e. the bet details, the odds, stake amounts, liability and qualifying loss).
The records tracker is set up to record your overall profits from Matched Betting. We highly recommend not skipping this - it is very important in the long-term to track your bets for sustained and successful Matched Betting.
Ok so we're finally here - money making time!
We are now going to make some guaranteed profit from the £20 in free bets Coral has just provided us. Coral provides the free £20 as four separate £5 free bets. We need to do these free bets one at a time. How do we do this? Well in a really similar way as to how we did the Qualifying Bet - but with a few slight differences.
Let's get started!
A – Find a Back (for) Bet on Coral at odds between 4.20 and 6.00
So a key difference in the process when you come to do the Profit Bet is that you actually want to look for higher odds to place your bets on than the odds we used for the Qualifying Bet. We want to try to find a back bet with odds of at least 4.20 which have good matching odds on Smarkets if we want to make a good profit from our free bets.
TOP TIP: For free bets the higher the odds, and the closer the match, the more profit you make.
HOWEVER...how high you can actually can go depends on how big your starting cash float is, or more specifically how much money you have in your balance in Smarkets. Why is this? Well, the higher the lay odds are the higher the liability will be. Remember...to place a lay bet successfully our Smarkets balance needs to be larger than what our liability is. If we don't have the liability available in our Smarkets balance we won't be able to place our lay bets. Have a look at the table below as an outline for what we mean.
From this table you can see that as the lay odds increase so does the liability needed - but so too does the profit you make from the free bet. Remember this is the profit you make no matter the outcome of the event. If you only have a balance of £20 in Smarkets you can't place a lay bet at odds of 7.1 because you don't have enough to cover the £25.85 liability. Instead you have to compromise a little bit on your profit and use lower odds (or around 5.1 if your Smarkets balance is £20) so that you can successfully place your lay bet at Smarkets.
For now if you had a small starting cash float and you only have a £50 balance in Smarkets we recommend looking for odds between 4.20 to 6.00. If you have a large starting matched betting cash float and a larger balance (£100 or more) in Smarkets you can look for odds that go up to 8.00
So let's start hunting for possible back bets on Coral.
TOP TIP: We highly recommend that you do your profit bets on the SAME sport type that you did your Qualifying Bet on. As our Coral Qualifying Bet was placed on football game we we will only look at the football for our 4 x £5 Profit Bets too. (i.e. avoid doing your Qualifying Bet on football then your Profit Bet on the horses, or your Qualifying Bet on horses then your Profit Bet on rugby).
So let's head straight to the football and have a look what games are coming up today. Use the left navigation menu on Coral to go to the football section. We'll look at the Premier League games again first.
In the screenshot above we've highlighted some potential options from the Premier League Match Winner (90 Minute) Market that we could consider using for our Profit Bet. As we mentioned before, when you are looking for good odds and you can't find any in the Match Winner Market, you can look in other markets for alternative options (e.g. Both Teams to Score, HalfTime/FullTime and Correct Score).
When you've found some potential odds on the football at Coral, as we have in the example above, note down the three HIGHEST options available (for ours it would be the draw between Chelsea and Newcastle at 5.75; Watford to win at 5.20; and Swansea to win at 4.80). Leave the Coral website open with those odds up and head over to Smarkets in another tab on your browser.
B – Find a good matching Lay (against) Bet at Smarkets
From the potential odds we’ve noted down let’s start with our optional HIGHEST back bet odds. In our example the highest back odds we found were 5.75 for Chelsea and Newcastle to draw. Let's see what Smarkets can offer for the lay bet odds on this game. Remember to use the search bar on Smarkets again to quickly find the game you want.
REMINDER! As you're looking for good matching lay odds, remember to double check the Market you are in; the outcome you are looking at; that you're looking at the lay odds in the dark blue box; and have considered the amount of liquidity available on those odds. (The liquidity available is the grey numbers that appear under the relevant lay odds in the dark blue box).
Here are the lay odds for the draw between Chelsea and Newcastle (i.e. the bet against the game being a draw, and that Chelsea will win or Newcastle will win).
The liquidity is just acceptable at £48 (i.e. it is very nearly £50, or ten times what our Coral free back stake of £5 will be).
Now provisionally we can see that back odds of 5.75 and lay odds of 6.6 don't seem like the best of matches - they seem quite far apart.
REMEMBER! The closer the odds are together the better the match is. The better the match the more profit you will always make.
To check how good the match is we have to input the back and lay odds we've found into our Profit Bet Calculator and see how much profit we would make if we placed these bets. This will indicate how good the match between the odds are.
C – Use the Profit Bet Calculator to see if you have a good match
On a separate tab in your browser you should already have your Profit Bet Calculator ready to go. If you don't then you can click here and the matched betting calculators will open in a new tab.
Make sure you are on the PROFIT BET CALCULATOR.
We are now going to check how much profit we will make from backing the draw between Chelsea and Newcastle with odds of 5.75 at Coral with our £5 FREE bet, and laying the draw at Smarkets with odds of 6.60. You can do the same with the back and lay odds that you've found to possibly use.
You use the Profit Bet Calculator in exactly the same way we used the Qualifying Bet Calculator - just to make life easy 🙂
REMEMBER! Double check everything you've put in the calculator is correct.
So, according to the calculator, a £5 FREE back bet at Coral with odds of 5.75, matched to lay odds at Smarkets of 6.60 would require a lay stake amount of £3.61 and a liability of £20.21 (i.e. a balance of at least £20.21 in our Smarkets account). Placing these bets would then result in a Free Bet Profit of £3.54. This equates to a 71% profit extraction from the free bet.
TOP TIP: A 71% profit extraction is not the best of matches between the odds. Really good matches are a 78% profit extraction or more, whilst OK matches would be a 73-77% extraction. Personally, we tend to not bother with anything that has less than a 72% extraction as there are usually better options out there with closer matches and a better profit. We may just need to hunt around a bit more to find them. It's not the end of the world if we did decide to do this matched profit bet though as we still make a £3.54 profit (and would still have more profit to make from the remaining 3 x £5 free bets).
We think we can do better that 71%, especially as this is the first game we've looked - so we have to go back to the 'drawing board' as it were and try to look for a better match between the odds. If you've found a good match with a 73% extraction or more you can scroll down and skip ahead to section D.
In our example our next highest odds we noted down were in the Watford vs Tottenham game - for Watford to win at 5.25. So let's take a quick look at the lay odds against Watford winning on Smarkets.
REMINDER! As you're looking for good matching lay odds, remember to double check the Market you are in, the outcome you are looking at, that you're looking at the lay odds in the dark blue box and the amount of liquidity available on those odds.
The liquidity is really good at £1,560 (this is much larger than ten times our Coral free bet back stake of £5).
Now provisionally we can see the back odds of 5.25 at Coral for Watford to win and the lay odds of 5.30 at Smarkets against Watford winning are probably going to be a good match. They are quite close.
We need to go back to our Profit Bet Calculator though to input these new odds and see what Profit we would make.
REMEMBER! Double check everything you've put in the calculator.
So, according to the calculator, a £5 FREE back bet at Coral with odds of 5.25 for Watford to win, matched with lay odds at Smarkets of 5.30 against Watford to win will require a lay stake amount of £4.02 and a liability of £17.31 (i.e. a balance of at least £17.31 in Smarkets). Placing these bets would then result in a Free Bet Profit of £3.94. This equates to a 79% profit extraction from the free bet.
79% is a much better extraction from the free bet than our previous 71% find. This is a good match between the odds. We will go ahead with this matched bet to make our first profit.
D – Place the back (for) bet at Coral, then the lay (against) bet at Smarkets
Before placing any bets the first thing we need to do is look at the Profit Bet Calculator again. Specifically what amount it's telling us to use for our lay stake, and what amount we need in Smarkets to cover our liability.
Based on what the Profit Bet Calculator tells us for our Watford example, we will PREPARE to do the following:
Placing a FREE back bet stake of £5.00 on Watford to win at Coral with odds of 5.25.
Then immediately afterwards placing a lay bet stake of £4.02 against Watford winning at Smarkets with odds of 5.30. Our liability at Smarkets will be £17.31.
REMEMBER! Check you have enough balance in Smarkets in order to be able to place this lay bet (for our example we need £17.31 in our balance at least).
You should also be ready to place your first £5 FREE back bet at Coral along with your lay bet at Smarkets, using the lay stake your Profit Bet calculator is showing based on the odds you’ve found.
So let’s get our bets ready to place.
At Coral, just click on the odds you want to bet on, the box the odds are in will turn orange and your selected bet will appear in the Betslip on the right side of your screen.
Now in the Betslip you need to double check the odds are correct. Next, YOU MUST select to use one of your £5 free bets using the drop down arrow in the section below where you wrote your stake in. DO NOT CLICK PLACE BET YET!
TOP TIP: At almost all the bookmakers the BetSlip is where you choose to use your free bet or not. It is not automatic, you must ALWAYS SELECT to use the free bet. So keep this in mind when doing a Profit Bet and ALWAYS SELECT TO USE THE FREE BET IN THE BETSLIP!
Our Betslip example is shown in the snapshot below, you can see we've selected the £5 free bet using the drop down arrow.
As we were on a desktop computer in order to use the free bet at Coral we also had to write the stake amount into the slip as well. (Basically we are telling Coral the stake should be £5.00 but that the money should be taken from the free bet rather than our balance).
TOP TIP: (reference only - still don't click place bet yet!). Each bookmaker varies on how to select and use the free bet. With some you have to write a stake amount in as well, others you don't. It can also vary between mobile and desktop at the same bookmaker too. To deal with this the best practice we recommend is to always select the free bet ONLY and then try to place the bet without entering any stake amount. If this doesn't go through then you need to write the stake amount in the betslip, select to use the free bet again, and then click the place bet button.
Now leave everything as it is on Coral and go into your Smarkets tab.
As before, in Smarkets click on the dark blue box which has the lay odds you want. A grey betslip will appear directly underneath the odds with space for you to write your lay stake in (for our example it's £4.02). It will look similar to the screenshot below.
Once you’ve input your lay stake and are ready to go, do NOT click the Place Bet button yet. Go back to your Coral tab.
Now what you will do is the following in succession:
- Making sure your FREE Bet is definitely selected, click place bet on Coral. Coral will confirm the bet has gone through successfully and it will show that the free bet has been used. The bet will then also appear in your Open Bets tab.
- As soon as Coral confirms the FREE bet has been placed go straight to Smarkets and click Place Bet. The button will then change to Confirm Bet. Click this too.
The lay bet you have just done in Smarkets will then appear on the right side of your screen in the section called ‘YOUR BETS'. (You may also have to select ALL ACTIVE BETS from the drop down menu as well). As before, your lay stake amount (£4.02 in our example) should now appear in the column named 'MATCHED'. This is confirmation that that lay bet has placed successfully.
If there was enough liquidity available before you did the bets the lay bet will be fully matched (accepted) immediately by Smarkets. Again, this is why it is so important to check the liquidity before you place your bets at the exchange. (Remember we had over £1,500 in liquidity available to do our Watford lay bet).
TOP TIP: You may have noticed we always say to do the back bet first at the bookmaker and then the lay bet afterwards at Smarkets (once you know the back bet has gone through, and has been confirmed at the bookmaker). This is an essential matched betting practice to get in the habit of now!
CONGRATULATIONS! You’ve now done your first Profit Bet and are now in profit!
What's more is that there are still THREE more Profit Bets to do with the remaining three £5 free bets from Coral.
BUT before we continue making more guaranteed money, lets just be clear on what we’ve done and what will happen based on the outcome of the game/race we’ve bet on.
In our example one of three possible outcomes can occur in the game:
Watford can win and beat Tottenham;
Watford can draw with Tottenham or;
Watford can lose to Tottenham.
If you look at the bottom of the Profit Bet Calculator there is a section called "Summary of the Settled Bet". This section tells us where our money ends up being located (the bookmaker or the exchange) based on the outcome of the game/horse race we have bet on. It also shows we make exactly the same profit no matter the result of the game/race. (Hence why we say matched betting gives us a guaranteed profit!).
Let's break this summary down further so you can get a good grasp of what's happening.
The first possible outcome is Watford winning.
So when you placed your free £5 bet at Coral your balance at Coral should not have changed. If your back bet won, you will only get the winnings into your account, as it was a 'stake-not-returned' free bet. Your balance at Coral will now be up by the amount you've won. In our case that would be +£21.25.
£3.96 of this £21.25 is our guaranteed profit.
At Smarkets however your pre-Profit Bet balance will be down by the amount you were liable for on your lay bet. (So say at Smarkets we started with a £50 balance and lost the £17.29 that we were liable for if Watford won, our Smarkets balance would now be £32.71).
TOP TIP: If your free back bet wins at the bookmaker, the guaranteed profit you have made will be sitting in your balance at the bookmaker once the bet settles (i.e. after the game is finished).
What happens if the outcome was a draw between Watford and Tottenham?
So if you started with a £50 balance in Smarkets, and your lay bet wins, your profit will be the amount that you originally staked on your lay bet minus the 2% commission to Smarkets. (In our example we staked £4.02. So we won that but then gave Smarkets 2% of this, so we end up with £3.94 profit in our balance. Our balance would be £53.94). At Coral your balance will not have changed at all as you used their free money to place the bet.
TOP TIP: If you are using a free back bet at the bookmaker and it loses (i.e. the lay bet wins) the guaranteed profit you have made will be sitting in your balance at Smarkets (the exchange).
What happens if Watford lost to Tottenham? The exact same thing as what happened with the draw.
So HOW your lay bet wins in a Profit Bet doesn’t matter – the exact same thing happens for both outcomes. Your profit will end up in Smarkets, your Coral balance won't have changed.
SMALLER STARTING CASH FLOAT? If you had a small cash float to start matched betting with and your free back bet won, most of your money and profit will now be sitting in Coral. If you are unable to deposit more money into Smarkets, you may need to withdraw from Coral before you can do the next set of profit bets. If the free back bet lost and your money and profit are sitting in Smarkets, continue on with the second £5 free bet at Coral.
REMEMBER! For each Profit Bet we already know BEFORE the game/race even happens exactly how much profit we've made, and know it will be the SAME PROFIT WHATEVER THE OUTCOME of the game/race is. What we don’t know is WHERE the money, and our guaranteed profit, will be moved around to. The bookmaker or the exchange? We can’t know this until after the game/race has happened. Anytime the free back bet wins it ends up in the bookmaker. Anytime the lay bet wins it ends up at the exchange.
Before we continue with the other three £5 free bets and make some more guaranteed money it's best to add the Profit Bet we just did into our records. It's best to do this right after you have placed your Profit Bet.
If you click the tab in Excel for "Bet.Tracking.Records" you will see some example entries. Edit the first Profit Bet example with the details of your first Profit Bet. The record tracker is set up to record your overall profits from Matched Betting. We highly recommend not skipping these entries - it is very important in the long-term to track your bets for sustained and successful Matched Betting.
In our example above our total profit so far is currently our Qualifying Loss -£0.13, plus the profit from our first £5 free bet (+£3.94), which is £3.81.
We still have three more Profit Bets to do though, so let's continue!
Basically all you need to do now is go back to the start of Step 8 (the Profit Bet) and repeat the whole process again with your second free £5 bet at Coral. Once you finish that Profit Bet, try to understand what you've done and where the money will end up (Step 9) then add it to your tracking records (Step 10).
Then do this again with your third and forth £5 free bets at Coral.
On completing these free bets the tracker should now be showing your Total Overall Profit so far. This should be equal to your small qualifying loss PLUS the profit you have just made.
(There is also an example Mug Matched Bet on this tracker which is taking -52p off your overall total profit unless you've edited or deleted that line. You will see what a Mug Matched Bet is in the next section).
After completing all the steps above and inputting your results into excel your tracker should now be showing you the total overall profit you've made from this Coral offer. (If you've found good matches for all your free bets this profit should be at least £14).
Great isn't it?
This is just the very first offer in our guide and it is only the very beginning of what you can make with matched betting. By learning how to do matched betting and becoming a confident matched bettor you will be able to make a regular extra income each month just like we do.
OUR FINAL TOP TIP FOR THIS CORAL OFFER:
Coral is a great bookmaker for making long-term matched betting profits. If we look like a good 'mug' punter (someone who places regular bets each week) they just keep giving out the offers (from which we can then extract more guaranteed profits from). For example, every week they have a Bet and Get Club where if you bet £25 at odds of 2.0 or more between Monday and Thursday they then give you a £5 free bet to use. This is just the start of the offers they provide. Due to this we highly recommend (if you have any balance left in Coral after completing the welcome offer) to do what we call a 'Mug Matched Bet'. A Mug Matched Bet is EXACTLY THE SAME as doing a Qualifying Matched Bet. Therefore just follow along Steps 5 - 7 from the above and in your tracker afterwards edit the example Mug Bet row as necessary.