7 Common Mistakes New Matched Bettors Make and How to Avoid Them
Matched Betting is a way to mathematically guarantee a profit from sportsbook promotions by betting on both sides of an event. This ensures that one of your bets wins, and since one of the bets was a promotion, you profit regardless of the event's outcome. Learn more in our What is Matched Betting guide.
1. Incorrect First Deposit
One of the most common mistakes beginners make in matched betting is mishandling their first deposit. Many betting sites offer sign-up bonuses or promotions that are contingent on the initial deposit, and failing to follow the terms can lead to missing out on these bonuses. For instance, some offers may require a minimum deposit amount, or stipulate that the deposit must be made using a specific payment method to qualify for the bonus. If a new bettor deposits too little or uses an ineligible payment method, they may inadvertently forfeit the bonus, undermining their profit potential from the very start. To maximize the DraftKings 20% deposit match up to $1,000 your first deposit needs to be $5,000, but the first time you deposit on DraftKings it defaults to $200.
Additionally, beginners might rush their first deposit without carefully considering the maximum bonus amount they can receive. For example, if a site offers a 100% match on the first deposit up to a certain limit, depositing significantly less than that amount means leaving free money on the table. This kind of mistake can be particularly frustrating because it’s often irreversible, leaving the bettor without the full advantage of the promotion.
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2. Wasting Your First Bet
Another common pitfall for newcomers is placing their first bet incorrectly. This mistake can happen in various ways, such as misunderstanding the qualifying bet criteria for a promotion. Often, sportsbooks will specify that the first bet must be placed on a particular type of market or at minimum odds. If a new bettor places their first bet without meeting these criteria, they might disqualify themselves from the bonus, leading to unnecessary losses or missed profits. Bally Bet's sign-up offer requires that users "place your first sports wager with real money of $25+ on an event with minimum odds of -120 that settles within 28 days of registration." Most sportsbooks have minimum odds of -200 which leads to some users assuming the minimum odds of Bally Bet is also -200.
In other cases, beginners might waste their Second Chance Bet by placing a different bet first. Second Chance Bets are nearly always the first bet you place. New users may not realize this and place their first bet on something else. The two most common bets users waste their Second Chance Bet on is a futures bet, think Eagles to win the Super Bowl, or on an odds boost. Wasting a Second Chance Bet on an odds boost is particularly common when a sportsbooks newly launches in a state. They often have localized promotions such as the home team to score 1 point at +100.
3. Wagering on Small Markets
A major mistake many newcomers to matched betting make is betting on small or obscure markets, which can lead to getting their accounts limited by the sportsbook. Small markets tend to have lower liquidity, total amount wagered on them, and sportsbooks are more likely to notice and restrict accounts that consistently bet on these markets. This is because they may be perceived as arbing or taking advantage of incorrect odds. Once an account is limited, the bettor’s ability to place further bets at meaningful stakes is severely curtailed, significantly reducing their potential profits from matched betting. The first 20 bets you place with a sportsbook are the most heavily scrutinized by the risk management team to identify any patterns of profitable betting, such as consistently exploiting promotions or betting on niche markets. During this period, abnormal betting behavior can quickly lead to account limits or restrictions faster than bets once you have an established betting history.
To avoid this, it’s crucial for beginners to focus on betting on larger, more popular markets, particularly when they’re just starting out. These markets are less likely to attract the attention of the sportsbook's trading team, allowing bettors to maximize their profits before any potential limitations are imposed. Learn more in our Don't Get Banned guide.
4. Placing the Wrong Bet
Placing the wrong bet is a mistake that can quickly turn a profitable matched betting opportunity into a costly error. This can happen when a bettor selects the wrong event, market, or outcome due to misreading the options or rushing through the process. For example, they might place a promotional bet on the home team then mistakenly place the hedge bet on the same team in a different match. This kind of mismatch results in an unmatched bet, which means the bettor is exposed to the full risk of both bets without the safety net that matched betting is supposed to provide. Another common mistake can happen when betting the MLB double headers. New matched bettors might place the promotional bet on the home team for the first game, and then place the hedge bet on the away team for the second game.
To prevent this, it’s important to develop a habit of carefully reviewing all bet details before confirming any transactions. Double-checking the event, market, odds, and outcome ensures that the bet placed with the sportsbook aligns perfectly with the hedge. This step is especially crucial in fast-paced environments where odds can change quickly, and the pressure to act swiftly can lead to costly mistakes.
5. Withdrawing to Quickly
Many newcomers to matched betting make the mistake of immediately withdrawing their winnings or bonuses after a successful bet. While it might be tempting to cash out quickly, doing so can raise red flags with the sportsbook, leading to account restrictions or even closures. Sportsbooks monitor withdrawal patterns, and frequent or immediate withdrawals after bonus wins can suggest that the bettor is engaging in bonus abuse/matched betting.
To avoid this, it’s often better to leave funds in the account and continue betting in a way that mimics a regular recreational bettor. Placing a few more bets can help maintain the appearance of normal activity. This strategy reduces the risk of drawing unwanted attention and allows the bettor to continue benefiting from future promotions.
6. Not Reading the Terms and Conditions
Failing to read the terms and conditions of a promotion is a mistake that can cost beginners dearly. Each promotion typically comes with specific requirements that must be met for the bet to qualify, such as minimum odds, eligible markets, or min/max bet amounts. If a bettor places a bet that doesn’t meet these criteria, they may find themselves ineligible for the bonus, resulting in losing money from the failed Qualifying Bet and no promotion.
This mistake underscores the importance of thoroughly reviewing all terms and conditions before participating in any promotion. Taking the time to understand the requirements ensures that each bet placed is fully compliant, thereby maximizing the potential return from the promotion. Additionally, it’s wise to keep a record of the terms for future reference, as some promotions have complex conditions that may not be immediately apparent.
7. Not Understanding the Promotion
Another significant mistake is not fully understanding the promotion before placing bets. Promotions can vary widely, and some are more complex than they initially appear. For example, a bonus might require multiple steps to unlock, or there may be wagering requirements that must be met before any winnings can be withdrawn. If a bettor doesn’t grasp these intricacies, they might end up placing bets that don’t actually help them qualify for the full benefits of the promotion. In order to properly convert a promotion and maximize profit you need to Identify the Promotion you have and use the correct Bet Finder.
To avoid this, it’s crucial to take the time to fully comprehend the details of any promotion before engaging with it. Understand the differences between Bonus Bets, Second Chance Bets, Profit Boosts, and more. This means reading all the fine print and, if necessary, seeking clarification from the sportsbook's customer service. Understanding the promotion inside and out allows the bettor to plan their bets strategically, ensuring that they meet all requirements and maximize their potential returns.
Bonus Mistake: Ignoring Cash Back Rewards
Using the GBank Signature Visa Credit Card for sportsbook deposits can significantly enhance your matched betting profits through its cash back rewards. Every time you deposit funds into a sportsbook, you earn one percentage back, adding an extra layer of profit to your betting strategy. Since matched betting already offers guaranteed returns, the cash back increases the overall value of your bets without any additional risk. Over time, these small percentages accumulate and contribute to your bottom line, making each deposit more rewarding.