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August 8th, 2023
How Matched Betting & Sporttrade Can Guarantee You Profit
Sportsbooks are falling over themselves to acquire customers. According to EGR, acquisition costs from Draftkings topped $2,000 for a single user. Fanduel and Pointsbet both spent over $1000 in order to get you to create an account and bet.
How do they do it? Besides the marketing, sportsbooks are willing to give away hundreds (if not thousands) of dollars to get you to try their product. While there are many requirements in order to collect these sign up bonuses, deposit matches, free bets, etc, you cannot withdraw them for cash. Only when you exploit their promos by using another sportsbook to hedge can you convert this into withdraw-able money. Yes, This is 100% legal.
In this how-to, we’ll show you how to leverage Sporttrade in order to Matched Bet an existing promo offer from BETMGM. Plus- you can watch the video above to see how Matt, a Sporttrade customer, made over $2,000 by Matched Betting.
All you need is:
A internet hedging calculator (or a subscription to DarkHorse Odds, a Sporttrade partner)
A $2,000 Bankroll
Here are the basic steps (detailed instructions below)
Create a new account at BETMGM and deposit $1,000 to enact the promo
Deposit $1,000 at Sporttrade
Using DarkHorse, use the Risk Free Bet Finder to find the bet that converts at the highest percentage between MGM and Sporttrade
Make the bets in the individual apps, checking to make sure the odds match with DHO’s listed odds.
Regardless of the bet’s outcome, you will profit $404 in the example below.
Matched Betting is a way you can convert sign up bonuses and promotions into actual cash. At Sporttrade, we welcome the hedge bets required in order to make sure you’re profiting.
Understanding Matched Betting
Matched betting involves placing bets on both sides of an outcome such that you’re never at risk. One bet will be at a sportsbook offering you some sort of bonus, and the other side of the bet will be at another venue. There is one simple rule of thumb; you always want the potential return of both bets to be nearly equal.
Unlike traditional sportsbooks, Sporttrade welcomes your hedge bets and won’t limit or ban players who are using the exchange for this purpose. Some of your matched bets will require specific dollar amounts in order to return the most profit. This activity could flag you at sportsbooks, leading them to limit your betting activity. This won’t happen on our exchange. Another important distinction to converting the most profit while match betting is finding odds in a synthetic two-sided market that are as close as possible. Sporttrade’s ‘Pinnacle-like’ pricing facilitates higher payouts.
Let’s walk through the types of bonuses/promotions sportsbooks offer.
Money Back Bets - Betting cash from your bankroll, but if it loses you get a refund in either site credit or a free bet.
Deposit Match- You receive site credit or a free bet based on how much you initially deposit.
Bet Matches: You receive site credit or a free bet based on how much your initial bet wins or loses.
Qualifying bet: To unlock the free bet, a qualifying bet is placed using real money. The qualifying bet ensures that you meet the bookmaker's conditions to receive the free bet. Basically, ‘Bet X amount to win Y’
Using DarkHorse Odds, a matched betting website and a Sporttrade partner, let's walk through an example of how you can make profit on a Money back bet from BetMGM.
This particular offer is for up to $1,000 paid back to you in bonus bets if your first bet loses with deposit.
We can now go to DarkHorse to see where we can place a bet against this $1,000 that will guarantee the most profit for us.
Making sure we’re on the ‘Risk Free Bet Finder’ tab on DarkHorse, we can see how many opportunities there are to hedge this $1,000 bet.
Choosing the top selection, we’ll choose to bet on the Runline of the Phillies and Marlins. The Phillies are +140 to cover a -1.5 spread, while the Marlins are -150 to cover +1.5 On the right side of the screen, we’ll see our bet slip. DarkHorse has mapped out exactly what we need to do in order to complete this matched bet correctly.
We use our $1,000 bet on the Phillies -1.5 runs at BetMGM and we'll hedge this at Sporttrade by betting the Marlins +1.5 at -150.
We clearly see we stand to make at least $404 profit from this bet. But how do we know? Let’s click the ‘i’ button for a full breakdown.
If your initial Bet MGM bet were to win, you’d profit $1,400 ($1,000 at +140 odds).
Once you subtract your losses from your hedge bet on Sporttrade ($996), you’re left with $404 profit.
If your hedge bet wins, you make $677.95 in profit, you pay $13.56 in commission on Sporttrade. DarkHorse assumes you'll be able to convert that free $1,000 bet at a 74% clip, worth $740. Added together, your profit is $404.39.
The fun doesn't stop there. Let's go ahead and assume your BetMGM bet loses. When it does, you're refunded in the form of 5 $200 bonus bets ($1,000 total) from MGM.
We can then go over to the 'Free Bet' finder and run the same search. Here, we're greeted with a hedge that will convert that $1,000 by 62.6% between the Pirates and the Braves. Less than the assumed 74%, but still not bad.
Using the same logic as before, we place the free bet on MGM on the Pirates moneyline +240 (important note here: Since you were refunded in 5 $200 bets, you just make this bet 5 times.) We can then go to Sporttrade and hedge by taking the Braves on the moneyline at -283. Let's hit the 'i' button for a full breakdown.
If your free bet wins, you profit $2,400 but lose $1,773 on your hedge, leaving you with a $627 profit.
Conversely, if your bet at Sporttrade wins, you profit $639.24 from the Braves winning, pay just $12.78 in commission and that's it. Since you've used free bets from MGM, you're not actually wagering anything of value on the other side. You've netted over $600 profit on this bet, meaning you've converted $1,000 in bonus bets that aren't withdrawal-able and have no real value into over $600 cash you can now take with you.
This is just one example of matched betting sign up bonuses and leveraging them on Sporttrade. For reference, New Jersey has 19 sportsbooks.
You can continue doing this with each sportsbook that offers you a sign up promotion until you’ve exhausted all of the ones available in New Jersey. Even after initial sign up periods, books will continue to offer ‘reload promos’ (albeit, in less amounts) for you to matched bet continuously.
Matched betting offers a great opportunity to guarantee steady profits without relying solely on luck.
As a rule of thumb, we recommend first placing your promotional bet elsewhere before hedging at Sporttrade to ensure you’re able get both sides of the matched bet down at the odds that will return you the highest amount.