Top Mistakes Sports Bettors Make When Starting Matched Betting
1. Messing Up Your First Deposit
When transitioning from traditional sports betting to matched betting, experienced sports bettors might underestimate the importance of their first deposit. In matched betting, many promotions hinge on specific deposit requirements, such as a minimum deposit amount or the use of a particular payment method to qualify for a bonus. A common mistake is depositing less than the required amount or using a non-qualifying payment method, which can result in missing out on valuable promotional offers. This oversight can your profit from matched betting activities, as the first deposit often determines eligibility for the most lucrative welcome offers. DraftKings is a perfect example of this. 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.
To avoid this, new matched bettors should carefully read the terms of the promotion before making their first deposit. It’s essential to ensure that the amount deposited meets the minimum requirements and that the correct payment method is used. Additionally, some sportsbooks may require the first deposit to be made within a specific timeframe after account creation, so timing is also crucial. By paying close attention to these details, new matched bettors can maximize their initial bonuses and set themselves up for a successful betting experience.
2. Wasting The First Bet Sign-up Offer
The first promotional bet in matched betting is critical, and it’s easy for newcomers to make mistakes here, even if they have extensive sports betting experience. In most instances the sign-up offer is tied to the first bet you place with that sportsbook. The most common mistake is placing your first bet on an odds boost with a max bet of ~$50 for ~$50 profit instead of a properly converting a $1,000 Second Chance Bet worth ~$500. Another common error is placing the promotional bet on an event or market that doesn't qualify under the offer’s terms, such as betting on an excluded sport or market type. Another frequent mistake is misunderstanding the odds requirements, either betting on odds that are too low to qualify for the promotion or missing the mark when matching the hedge bet. These errors can result in disqualification from the bonus and a loss of potential profit.
To prevent these mistakes, it’s important to double-check the terms of the offer before placing the first bet. The primary thing to look for is if the sign-up offer is tied to your first bet. Next, make sure the selected event and market are eligible, and that the odds meet the minimum criteria specified by the sportsbook. Taking the time to get this right will ensure that the first bet is successful and that subsequent bets can be placed with confidence.
3. Wagering on Small Markets
Bettors new to matched betting might be tempted to place bets on small or niche markets where they have specialized knowledge. However, this can be a mistake, as small markets often have lower liquidity and can be more volatile, making those bets a potential red flag to the sportsbook trading/risk management team. Sportsbooks are more likely to scrutinize unusual betting patterns on small markets, increasing the risk of account restrictions. 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 generally better to focus on larger, more popular markets where odds are more stable and you can blend in with recreational bettors. Learn more in our Don't Get Banned guides.
4. Placing Second Chance Bets Against Each Other
One of the benefits of matched betting is the opportunity to use multiple promotions, including Second Chance Bets. However, a common mistake is placing these second chance bets in a way that they end up being directly against each other. For example, placing the first Second Chance Bet on Team A to win and another Second Chance Bet on Team B to win can cancel out potential profits. This most often happens when opening two new sportsbook accounts at the same time since the promotions are likely tied to your first bet.
To avoid this use a third sportsbook as a hedge for both the Second Chance Bets. Alternatively, you can learn more about Stacking Promotions in our guides. Please note that it can get complicated and using a third sportsbook is often the easiest method.
5. Immediate Withdrawals
Experienced bettors might be accustomed to withdrawing their winnings immediately after a successful bet, but this can be a mistake in matched betting. Making immediate withdrawals after winning with a promotional bet can raise red flags with sportsbooks, as it signals that the bettor may be primarily interested in exploiting bonuses rather than being a regular player. This behavior can lead to account restrictions, cutting off access to future promotions and reducing long-term profitability.
Instead of withdrawing immediately, it’s advisable to leave funds in the account and continue placing bets, both matched and recreational. This creates the appearance of a more natural betting pattern and helps to maintain account health. Spreading out withdrawals over time and mixing in non-promotional bets can reduce suspicion and ensure ongoing access to the sportsbook’s offers. By managing withdrawals strategically, new matched bettors can protect their accounts and sustain their matched betting activities. For most sportsbooks it seems that weekly withdrawals of $2,500 or less is less likely to result in limits.
6. Not Reading The Promotional Terms
Even experienced sports bettors can fall into the trap of assuming they understand a promotion without thoroughly reading the terms and conditions. However, matched betting requires a keen eye for detail, as promotions often come with specific conditions that can easily be overlooked. These might include minimum odds, restrictions on certain bet types, or the requirement to use the promotional bet within a set period. Failing to adhere to these conditions can result in missing out on the bonus or even losing the qualifying bet.
To avoid this mistake, new matched bettors should make it a habit to read the terms and conditions of every promotion carefully. Understanding the exact requirements and restrictions ensures that bets are placed correctly and that the full value of the promotion is realized. This attention to detail is especially important in matched betting, where small oversights can lead to significant losses. By thoroughly reviewing the terms, bettors can avoid costly errors and optimize their matched betting strategy.
7. Using The Wrong Bet Finder
Many new matched bettors rely on automated tools or bet finders to locate the best odds for their promotional and hedge bets. However, using the wrong bet finder or failing to adjust the settings can lead to placing bets that don’t lock in a profit, defeating the purpose of matched betting.
To avoid this, it’s crucial to understand Matched Betting Core Concepts. Ensure that you are using the correct bet Finder for your promotion and it is configured correctly, with filters set to match the terms of the promotion and the desired betting markets. Additionally, it’s important to double-check the suggested bets manually before placing them. By using the right Bet Finder and staying vigilant, new matched bettors can find the best opportunities and avoid costly mistakes.
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.