Get the Most of Bonus Bets
Matched betting is a strategy in which you turn a bonus bet into cash by hedging your bets. You are staking one side of a betting market with a bonus bet, and on another sportsbook, backing the other side of that bet with real money. If done right, then regardless of the outcome, you should make a profit. A simple concept, but putting it into practise is laborious and time consuming.
You should be on the lookout for bonuses constantly, and when you do find them, then you have to find wagers that you can lay at external sportsbooks – like arbitrage betting but with one bet staked by the house.
Usually, you would have to have a calculator handy, a good odds checker to look for high value, and you have to keep an eye out for bonus offers. With matched betting software, all of those steps are automated by one platform, and the matched betting software also includes bet trackers through which you can manage your bankroll distribution across your sportsbook accounts.
Best Matched Betting Software Sites
Matched betting, also called promo conversion, is not as widespread as arbitrage betting or value betting. As such, there aren’t many software sites that provide promo conversion software, and even fewer that do it well.
Below are the very best software that provide automated matched betting strategies, with quality hedged betting suggestions and premium features to help you make the most of your bonus bets. On top of that, the better matched betting software also has handy extras like bonus finders, to maintain a steady supply of incoming bonus bets.
#1. OddsJam
OddsJam offers a streamlined service for matched betting. It has a deposit optimizer, bet tracker and specialized promo conversion software. The basic package covers 20+ US sportsbooks, and from the main dashboard you can click on the Promo Finder portal to open all the ongoing promotions at sportsbooks and fantasy sports apps. The promo converter tool gives you a white glove service that even beginners can use. It sources the best hedged betting pairings to maximize your ROI on bonus bets, and with the in-built matched betting calculator, you can work out how much real money you need to hedge.
The bet tracker logs your progress, and you can sync your sportsbook accounts to see your cash balance on each one. OddsJam displays crucial info such as your risk-free profit, the percentage you beat the CLV by, your profit margin % per bet, and even the odds range you typically bet in. It is extremely comprehensive. OddsJam also provides value bets, sure bets, sharp odds and middles strategies in addition to its matched betting services, making it the best all-around software for US sports bettors.
OddsJam Pros:
- Unbeatable bet tracker with sportsbook syncing and charts
- High value matched betting with built in calculator
- Sources odds from sportsbooks and DFS platforms
OddsJam Cons:
- Expensive, not accessible to low budget bettors
- Some of the listed sportsbooks are not regulated in the US (international books)
#2. ProfitDuel
ProfitDuel is specifically designed for matched betting, as opposed to OddsJam, which is more of an all rounder. That being said, you also get arbitrage matchers, boost matchers, same game parlay calculators, early payout calculators and even basic EV betting tools. The company is an extension of the UK’s OddsMoney – a matched betting software that has over 500,000 and has been running since 2010. ProfitDuel caters to American bettors, with US sportsbooks and bonus finders that pick out opportunities for each state.
It is highly rated on Trustpilot (4.8/5), and the software comes highly rated. The software has a library of walkthrough guides, a massive community, adds new promos on a daily basis, and provides one to one support. You can easily source new bonus bets, stake your wagers, and log your progress in the Profit Tracker software. We like how it is cheaper than OddsJam, and provides a pretty expansive set of resources for matched betting. Outside that, the arb matcher and EV tools are not very comprehensive, but they are ample for bettors who only dabble in arbitrage bets occasionally and don’t really go into much detail where EV is concerned.
ProfitDuel Pros:
- Very affordable for a matched betting software
- Profit tracker tool to gauge progress
- Bonus finder for each US state
ProfitDuel Cons:
- Arb matcher and other tools are basic
- Could have more US sportsbook coverage
Do You Really Need Matched Betting Software
Through bonus conversion software, the process of finding bonuses, pairing hedged bets and reeling in the rewards is made simple. You don’t even need to be a sports bettor, we have found plenty of user feedback from people who don’t bet and used the matched betting software to snowball their bankroll.
First, we want to make it abundantly clear. Matched betting is not only possible with welcome bonuses. Sure, the newcomer sign on bonuses are generally the most lucrative and there are plenty of top notch US sportsbooks that offer epic deals.
Digging a little further, a lot of these sportsbooks also provide regular bonus bet deals and reload deposit offers for existing users. So if you are already signed up at sportsbooks, don’t write off matched betting just yet. The best software for matched betting also gives existing users options, and locates all the latest bonuses, so you can secure a steady flow of bonus bets, making multiple matched bets on a weekly basis.
Top Features for Promo Conversion Software
The efficiency of the matched betting software boils down to multiple factors, all of which we have taken into consideration in our reviews. All matched betting software will find hedged bet pairings for you, and provide some kind of calculation to help you work out how much to spend on each line.
But there are some nuances that distinguish an average matched betting software from the expert systems. Such as whether the matched betting software only sticks to newcomer sign on bonuses, or also entails existing member bonuses. Another aspect is the number of sportsbooks the software covers. The more sportsbooks, the more bonus bets.
And if you are signed up at more sportsbooks than you care to admit, the best matched betting software should also have tools to help you manage your deposits and distribute you bankroll. Below are some of the key criteria to be bear in mind.
Hedged Betting Pairings for Bonus Conversion
The hedged bets themselves are key to cranking up those ROI margins and getting the most out of your bonus bets. Matched betting can be profitable even without arbitrage style odds – where you use discrepancies between different sportsbooks.
But if you do have the additional discrepancies, you get far better value on your wagers. Imagine the following:
| Scenario 1 | ||
|---|---|---|
| Bet | Bonus Bet | Real Money Hedged Bet |
| Odds | -110 | -110 |
| Stake | $10 (bonus) | $4.76 |
| Returns | $9.09 (bonus stake not included) | $9.09 |
| Net Profit | $4.33 | $4.33 |
| Net ROI | 90.9% | 90.9% |
The profit is $4.33 from two spreads that come at completely even spread odds. Now imagine the software sourced a pair of contrasting wagers with a slight discrepancy.
| Scenario 2 | ||
|---|---|---|
| Bet | Bonus Bet | Real Money Hedged Bet |
| Odds | -110 | +100 |
| Stake | $10 (bonus) | $4.54 |
| Returns | $9.09 (bonus stake not included) | $9.08 |
| Net Profit | $4.55 | $4.54 |
| Net ROI | 100.2% | 100% |
We used very conservative numbers there, they wouldn’t even make a profitable arbitrage pair, with an ROI of around -2.8%. You make a profit just over the amount you put in, practically doubling up. Now let’s look at a third scenario.
| Scenario 3 | ||
|---|---|---|
| Bet | Bonus Bet | Real Money Hedged Bet |
| Odds | +107 | +110 |
| Stake | $10 (bonus) | $5.10 |
| Returns | $10.70 (bonus stake not included) | $10.71 |
| Net Profit | $5.60 | $5.61 |
| Net ROI | 109.8% | 110% |
That means, you can lock in a $5.61 profit with a $5.10 real money stake – a matched betting ROI of 110%. The difference may be just a few cents to over a dollar between the basic and the specialized bet pairings. But just consider this:
- The difference between Scenario 1 and Scenario 3 is $1.28 in profit
- If you get four $10 bonus bets per week, that is $5+
- In a month, you are $20+ up from those lines
This is why it does make a difference which bets the matched betting software looks for. Even the smallest discrepancies in the odds can crank up the ROI, and when these edges are continuously used, you will feel the difference.
Want to know how we calculated that? Check our betting calculators and find out.
Bonus Finders and Latest Sportsbook Offers
You may be thinking, four $10 bonus bets per week seems a bit optimistic. The truth is, it really isn’t. The best matched betting software scans sportsbook offers from loads of books – some going even beyond 20 or 30. While you won’t be signed up at every single one, you may create betting accounts with 5+ books.
Your matched betting software will constantly look for bonus bets and hot betting offerings. If you are signed up at the big dogs like DraftKings, FanDuel, Caesars, BetMGM, and Fanatics, you will easily receive a good handful of offerings on a weekly basis. The matched betting bonus finder software can be a good way to find out how regularly different sportsbooks deliver bonuses, and then you can sign up at the best ones that suit your needs.
Progress Tracker or Bet Tracking
But with every sportsbook you sign up at, you need to split your bankroll by one more multiple. It is a bit daunting to explain to newcomers or hedged betting beginners that this strategy can easily require you to divide your bankroll 4-ways, 5-ways, or even more.
The superior matched betting software sites that we have reviewed provide you with deposit optimizers, bet tracking, or progress diaries. These are designed to help monitor your bankroll distribution and help you see if there has been progress or not. The more advanced software may throw in ROI percentages, EV averages, and charts to clearly display your progress.
Support and Community Backing
Last, but not least, all worthy matched betting software should have guides and support should you ever need them. Walkthroughs, video guides, and tutorials can help demystify the procedure and help you recognize better opportunities when they come your way.
Having a community of matched bettors is also extremely useful. You can find insights into how to avoid detection from sportsbooks (they aren’t against matched betting to the same extent as arbing, but it is still frowned upon), and the community may give tipoffs, alert you to any upcoming offers, and help you tweak your strategy.
Summarizing Matched Betting Software
You may just require matched betting software for a limited time period, such as 4-6 months or 1 year. Some users just use it for a while to build their bankroll, cash out their winnings, and then stop matched betting altogether. For others, it can provide a longterm steady supply of income.
Just remember, you will have to join multiple sportsbooks, divide your bankroll that many ways, and be patient with the buildup. Another top tip is to sign up through our links to get discounted first subscriptions or free trials. Use our OddsPlays promo codes or matched betting software links, and you can test these platforms out for yourself, and see whether they work for you or not.
