Matched betting is one of the most prominent betting strategies due to its low-risk nature. It involves betting on both sides of an outcome, guaranteeing some returns. You must create an account with at least two bookmakers, which we would encourage anyway for bonus purposes, and you must ensure that at least one of these bookies is offering free bets. One of the benefits of matched betting is that it is not a convoluted, complicated strategy.
You can save a lot of time and research by using matched betting tools and software. When we reviewed these sites, we discovered that they clearly understand what matched bettors are looking for. They have been created by people who know users are looking to generate significant ROI, and are willing to invest a little in a subscription to do so.
What are Matched Betting Tools?
Matched betting tools are pieces of software that have been designed to find closely matched odds, track bookie offers, calculate the correct lay stakes, and manage your bankroll. These essential tools include:
- Calculators
- Odds Matching Software
- Offer Tracking and Reload Tools
- Odds value finders
- Betting Exchanges
Matched betting calculators are vital as they allow you to work out how much money you need to lay to get the highest possible matched betting profits. The calculators are free to use and ensure that you lay the exact amount and do not waste some of the ROI that could be generated. Lots of tools nowadays offer bet trackers, which show you where you have made the most money from your historical bets and where you need to improve. This allows you to refine your strategy moving forward.
Odds value finders are an excellent feature, and their usefulness extends beyond matched betting. These odds finders use a range of historical data and different statistics such as assists, goals scored, total runs etc, and put them into custom algorithms to create fair odds. They can also aggregate the odds provided at several bookmakers to find the juice and work out the ‘fair odds’. The main aim of value finders is to identify the most appealing +EV bets, so users can achieve a higher ROI on standard bets or accas.
Let’s take a look at these tools in more detail.
Matched Betting Calculators
A matched betting calculator UK guarantees you will make a profit regardless of the outcome. It acts as a lay stake calculator, working out the exact stake required when you are betting against a bookmaker’s offer. Matched betting calculators may also be referred to as a free bet calculator or a hedging calculator, depending on which site you are using.
These calculators support bet and get offers, free bets offers, qualifying bets, and exchange commissions. Not using a calculator increases your risk; the smallest error can wipe out any chance of a profit, so we would say it’s a no-brainer to use one.
Odds Matching Software
The matched betting process involves placing a back bet, which is backing an outcome to occur, and a lay bet, where you bet on the opposite outcome of the back bet for the same event. To do this effectively, you must conduct some research into the best bookmakers and exchanges and find at least one that offers bonus bets.
Finding matched betting software can save a lot of time. These software sites scan UK bookies and exchanges to find the closest matching odds, which maximise profit and minimise losses. The best odds matching tool will have fast refresh rates and offer bespoke features to improve your strategy.
The above matched betting UK software sites can all improve your matched betting strategy by saving you time and helping secure bonuses and free bets. These tools allow filtering by sport, bet type, and bookmaker and exchange. Searching for odds manually is slow and inefficient; these professional software sites find the best matches instantly.
These sites help you make significant profits. For example, the typical monthly profit on OddsMonkey ranges from £500-£1,000, while Outplayed helps users make £300-£600 every month.
Bookmaker and Reload Offer Tracking Tools
Reload offers play a crucial role in a matched betting strategy. Once you have claimed and used your welcome bonus, most of the profits then come from reload bonuses. UK bookies typically release these offers every week or month. Just keep your eye on the promotions page of whatever bookie you are using.
The best reload tools include bookmaker dashboards, reload calendars, and offer alerts. We feel Outplayed is one of the best matched betting tools available as it provides step-by-step guides, UK matched betting offers, estimated profits per offer, and live UK reload offers. A bookmaker offers tracker helps you keep all of these offers in one place, so you don’t get overwhelmed.
Odds Value Finders
Lots of tools provide functionality that identifies value bets, which help with matched betting. These finders do all of the manual work for you, considering implied probability vs true probability, comparing odds across bookmakers, and also using statistical models. The main aim of this feature is to find true value bets.
A value bet occurs when the bookmaker’s odds are greater than the true probability of an event occurring. The software will scan the market looking for odds that have been undervalued by bookies, which means you have a chance to make a profit in the long run.
Betting Exchanges
A betting exchange is required to hedge bookmaker wagers and lay bets. There are some things to consider before deciding which betting exchange you would like to use, including:
Commission rates: It may sound obvious, be always look for a lower commission rate as this will directly result in long term profits.
Ease of use: If you are just starting out, look for a beginner-friendly platform like Smarkets. Some of the more well-known platforms can be intimidating for newer traders.
Liquidity: This is the amount of money available in a market. A lay betting exchange UK with high liquidity ensures your lay bets will be matched quickly at the best prices.
Multiple accounts: Using several exchanges improves odds matching and will also give you a better chance of securing bigger profits.
The best betting exchange UK will depend on what you are looking for. For example, Betfair has the best liquidity, but their 5% standard commission rate is higher than both Smarkets and Matchbook, which are 2%. We would advise you to open up accounts with all of the popular exchanges. Also, matched betting sites such as Outplayed and OddsMoney offer specific promos through partner links with some exchanges.
Other Matched Betting Tools
We believe the tools listed above are the most important for your matched betting strategies to thrive. However, there are also some other tools that can help you build up that bankroll.
Matched Betting Profit Tracking Tools
Tracking profits is very important for several reasons. In terms of performance, having a matched betting spreadsheet UK set up and ready will optimise everything and keep things on track. A matched betting profit tracker also helps with giving bettors clarity on tax and minimising the risk of errors.
The best tracking options can typically be found on paid platforms, or you can create your own using Google Sheets or Excel spreadsheets. If you decide to create your own, there are plenty of matched betting templates you can follow.
Matched Betting Communities
As more and more people decide to undertake a matched betting strategy, techniques will evolve, and new processes will appear. Communities help bettors to stay updated and avoid making common mistakes. Joining a community also means that you will get:
- Real-time alerts
- Advanced matched betting strategies
- Advice and best practice tips
Some matched betting sites, such as OddsMonkey and Outplayed, provide forums where you can talk about anything and everything matched betting with like-minded players.
Free vs Paid Matched Betting Tools
There are new betting tools launching constantly, providing users with a raft of features to help them make smarter, more informed decisions. Most of these tools require a paid subscription to join, but some also have free tiers where you can still benefit from the software, but on a limited basis.
Apart from the obvious cost savings, the free tools are an excellent option for beginners. There won’t be any steep learning curve, and you won’t be overwhelmed with data. The drawbacks are that there will be limited odds matching and fewer reload offers.
Paid tools will give you far more scope to explore matched betting, with faster odds and higher profits. However, we would encourage you to always start with a free trial if one is offered. You can then decide if it’s suitable for you and choose to join. There are also tools out there that offer far more value for money than others. Consider how often you will be using these tools and if the price is worth it before committing.
What is the Best Matched Betting Tool in the UK?
This is entirely subjective and depends on a range of different factors. There is no ‘one’ tool that is the best for everyone. We certainly feel that there are two that stand out from the crowd, though, which are Outplayed and OddsMonkey.
They both cater for betting beginners and professionals, they provide accurate odds matchers, fast, reliable calculators, and also cover the most well-known UK bookmakers. They also offer strong support for all of their users, something we feel is overlooked too often in the betting world.
Summary
If you want to make your matched betting strategy work over time, finding the right tools is essential. Betting exchanges, calculators, odds matching software, and offer trackers will help streamline the whole process and make things far easier. Betting beginners are best to start with the free trial and work from there. Most users upgrade to the paid versions after 7-14 days when they realise they will make back more than they are paying in subscription costs.
