Matched betting (risk free) with bitcoins?

[mk3000]

I read a while ago about matched betting. In case you don't know about it, is a method you use to take advantage of "free bets" online gambling websites offer. it's a little tricky to understand, but the basic idea is that you bet on an event with two outcomes, in two different websites. you place one bet against the other, so no matter who wins, you'll win in one website and lose at the other. after this, you are awarded a free bet, and then do the same thing. but this time, since you are playing with the website's money instead of yours, you end up making a profit no matter who wins.  it's a 100% risk free method. which means, you aren't really gambling, because there is no chance of losing. The only way you can lose money is due to human error.

(In case you want to read all the details about it, this is one of the best guides I've found: http://matchedbettingblog.com/betting-exchanges-explained/)


The problem is, basically all these offers of "free bets" are either for UK citizens, or from websites that don't take take bitcoins.  which brings me to my question, what gambling websites do you know that offer free bets for new users AND that take bitcoins? the only one I could find was http://betballer.com/, which offers 50 usd bonus for first deposit.  also, they have some weird terms and conditions that I don't really understand:

In order to clear the rollover requirement of the bonus, players must rollover 5 times the deposit + bonus on odds greater than 2.00 in the sportsbook within 180 days from making their first deposit.

this would work but would be a one time proffit thing only. and if I understood correctly, for matched betting to be profitable, you need a constant stream of these kind of offers. sadly, there doesn't seem to be more of them online. so I guess only lucky UK citizens can exploit this gold mine

[olubams]

The conditions that comes with free things or bonuses is so tedious that makes it 'unfree' and you yourself will prefer to put your money and get to withdraw anytime rather than waiting to meet conditions that cannot be me. That being said, your analysis is good and also cool but you didn't take into consideration of the odds involved as they can never be the same for the two sites so if the odds I lose is more that the one I win the I still lost which means there is still risk and not risk free as you claimed but still its a way to reduce risk and Dont also forget there is always the third option which is draw which I could even entirely lose out if that happens... My 2 cents...

[Tstar]

In general this is true only if:

1. You are living in Class A country.
2. You are willing to provide all bookies your ID and Utility bill for KYC procedure.
3. It's only applicable once per bookie. Only in FIAT bookies. Only with KYC procedures.

So in Class A country you could make 1K-3K once per set of documents.

[maku]

If you want to know more about matched betting I recommend this site (among others): http://www.guidetomatchedbetting.co.uk/matched-betting-tips/making-a-living/
It is a nice comprehensive guide. But you won't find any info about bitcoin sites there. So I am not sure if serious profit could be earned from bitcoin powered sportsbooks.

[blueman44]

I have been matched betting for quite a while and the only bookies that offer bitcoin are very small and I would not risk my coin with them.  Unfortunately non of the big boys offer bitcoin options but maybe in the future.  Considering what you can use bitcoin for, you would have thought more bookies gave the option.

If you want a non sub matched-betting offers site, take a look at http://easy-matched-betting.co.uk 100% free and all the offers.

[smho_16]

I have been matched betting for quite a while and the only bookies that offer bitcoin are very small and I would not risk my coin with them.  Unfortunately non of the big boys offer bitcoin options but maybe in the future.  Considering what you can use bitcoin for, you would have thought more bookies gave the option.

If you want a non sub matched-betting offers site, take a look at http://easy-matched-betting.co.uk 100% free and all the offers.

At first I thought this was arbitrage betting but when I read the website you are suggesting, I find it pretty amusing and pretty easy to achieve. In fact if you follow a good tipster here which plays with minimum odds of 1.50 and higher your chances of making money with matched betting will be extremely high. I wonder how many people in UK do this as UK really has a ton of gambling websites in soccer like William Hill, Paddypower, Bet365 , betfair etc.

[utkarshm]

In general this is true only if:

1. You are living in Class A country.
2. You are willing to provide all bookies your ID and Utility bill for KYC procedure.
3. It's only applicable once per bookie. Only in FIAT bookies. Only with KYC procedures.

So in Class A country you could make 1K-3K once per set of documents.

Yes right and i believe i am not from class A country because in past i also tried to make some money with matched betting,and i tried to registed on different betting/gambling sites but because i was not from class A countries most of the casinos offers were not available to my country and that was all in wain only a couple of sites gives the offer and i earned some from that.
if i was from Class A country then i believe i could have made a lot more money through that.

[Superhitech]

In general this is true only if:

1. You are living in Class A country.
2. You are willing to provide all bookies your ID and Utility bill for KYC procedure.
3. It's only applicable once per bookie. Only in FIAT bookies. Only with KYC procedures.

So in Class A country you could make 1K-3K once per set of documents.

Also, even if you live in a class A country but you live in a place other than the UK, it's hard to profit from matched betting, as most fiat sportsbooks don't let Americans play, and there are no options for bitcoin.

Matched betting is a very good way to profit, but not everyone can do it, which is why online casinos aren't out of business.

[bitcoingimp]

Well, although there aren't many bookmakers out there that do accept bit coin, you can always sell your bitcoins and have the funds paid into www.skrill.com, kinda like paypal but most bookmakers accept Skrill. The good thing about skrill is that withdrawals from the bookmakers usually only take a couple of hours instead of a couple of days (when withdrawing to a debit or credit card for example).

Talking about Matched Betting, there's another platform out there with their own odds matching software - www.matchedbettingcentre.com, and it's all free as well. They don't show the regular offers but for those in the know, they're pretty much dead now. The sign up offers is where the money is at

On a side note, found an old wallet from a few years ago with the best part of one bitcoin in it, from when they were only worth £80 each. Completely forgot about it, nice start to the New Year!

[blueman44]

This is still going strong in the UK and a good easy way of making a few $'s.  As said above, you can always cash out some BTC or other alt coin and use that to fund your start.  Good number of sites giving the offers for free as above or you can pay a subscription but that seems pointless.

[KapitanDave]

Not sure if anybody is still doing this, but I have been arbitraging between bitcoin gambling sites recently and if you can avoid making a mistake it can be very profitable, there is some info about it here at http://matchedbettingoz.com/matched-betting-arbitrage-betting-bitcoin/

Has anybody else been doing this?

[pixie85]

In general this is true only if:

1. You are living in Class A country.
2. You are willing to provide all bookies your ID and Utility bill for KYC procedure.
3. It's only applicable once per bookie. Only in FIAT bookies. Only with KYC procedures.

So in Class A country you could make 1K-3K once per set of documents.

Additionally, there are risks such as :
1. Account banned/funds frozen if you're found out
2. Destroy your reputation (assuming you use real ID/information) and few casino share their blacklisted member, which makes further abuse impossible
3. At worst case, you will be reported to police

But nowadays, there's no thing such as risk-free bet/free bet on casino which accept Bitcoin, at least without crazy requirement such as requirement to wager the balance multiple times or deposit bitcoin previously.

The police won't do anything to you for abusing this. If they are offering free bets they must be aware of the fact that somebody can be playing against them in another casino.
Reputation? What reputation? Why would you care about what some random person in an online casino thinks about you?
The only thing they can do is ban your account but this won't happen at your first try. You'd have to keep playing at their expense for some time to get banned.

[acarli]

I read a while ago about matched betting. In case you don't know about it, is a method you use to take advantage of "free bets" online gambling websites offer. it's a little tricky to understand, but the basic idea is that you bet on an event with two outcomes, in two different websites. you place one bet against the other, so no matter who wins, you'll win in one website and lose at the other. after this, you are awarded a free bet, and then do the same thing. but this time, since you are playing with the website's money instead of yours, you end up making a profit no matter who wins.  it's a 100% risk free method. which means, you aren't really gambling, because there is no chance of losing. The only way you can lose money is due to human error.
........
this would work but would be a one time proffit thing only. and if I understood correctly, for matched betting to be profitable, you need a constant stream of these kind of offers. sadly, there doesn't seem to be more of them online. so I guess only lucky UK citizens can exploit this gold mine

I mean this with all due respect.

Oh Mk3000, you don't want to do this. This is abuse and some would make an argument for fraud. Only play at casinos or sportsbooks for entertainment. Don't be one of those guys who tries to exploit the system. If there is exploitation then the casinos will not offer these wagers to anyone. Windows of opportunities will close for the average player.

[pixie85]

Only applied for people like you who don't care about your own reputation. I clearly mentioned that other casino will blacklist you as well if you're found out cheating in a casino and i'm sure it affect your gambling life as well since there's less casino you could enter.

There's so many casinos out there that eventually getting banned from one of them leaves me with more than 50 other verified sites to choose from. It's surely worth the risk by my standards. Also, if you're a gambler with a reputation, meaning that you're well known and take part in tournaments, you won't waste time trying to cheat. You'll have enough of your own money to play with.

[acarli]

Hey guys,
Don't forget about honor. Even though someone may not know that you are taking advantage of a situation or you don't care about "reputation" don't' forget that holding yourself to a higher standard is important. It is not about right or wrong or some religious belief. It's about being honorable and trustworthy. It doesn't matter if it is a casino. I think at times people forget that their actions represent who they are. Especially with the anonymous nature of the internet.

How many youths hold themselves to that standard?. I have tried to instill this to my children as often as I can.

[yvesp110]

Hey guys,
Don't forget about honor. Even though someone may not know that you are taking advantage of a situation or you don't care about "reputation" don't' forget that holding yourself to a higher standard is important. It is not about right or wrong or some religious belief. It's about being honorable and trustworthy. It doesn't matter if it is a casino. I think at times people forget that their actions represent who they are. Especially with the anonymous nature of the internet.

How many youths hold themselves to that standard?. I have tried to instill this to my children as often as I can.

Yes one should have care about his actions as it show your values if we leave our honor just to win a game, then it is hard to become a good gambler and surely a good gambler should first be a good person. Small actions makes us respectable and disrespected so yes I read your views thoroughly and I do agree with you.

[coolcoinz]

Hey guys,
Don't forget about honor. Even though someone may not know that you are taking advantage of a situation or you don't care about "reputation" don't' forget that holding yourself to a higher standard is important. It is not about right or wrong or some religious belief. It's about being honorable and trustworthy. It doesn't matter if it is a casino. I think at times people forget that their actions represent who they are. Especially with the anonymous nature of the internet.

How many youths hold themselves to that standard?. I have tried to instill this to my children as often as I can.

That's a very interesting approach. In fact the Internet allows people to feel more free in the way that they aren't bound by their words, or afraid of losing face. Nobody can see you, you're standing hidden behind a wall, shouting over it to people on the other side, knowing that even if you go too far they won't be able to jump to your side. I'm doing my best to be righteous and not abuse this advantage, and I hope your Children won't let these values be forgotten. 
Unfortunately, In the Internet, good people usually end up with the short end of the stick.

[milewilda]

Hey guys,
Don't forget about honor. Even though someone may not know that you are taking advantage of a situation or you don't care about "reputation" don't' forget that holding yourself to a higher standard is important. It is not about right or wrong or some religious belief. It's about being honorable and trustworthy. It doesn't matter if it is a casino. I think at times people forget that their actions represent who they are. Especially with the anonymous nature of the internet.

How many youths hold themselves to that standard?. I have tried to instill this to my children as often as I can.

That's a very interesting approach. In fact the Internet allows people to feel more free in the way that they aren't bound by their words, or afraid of losing face. Nobody can see you, you're standing hidden behind a wall, shouting over it to people on the other side, knowing that even if you go too far they won't be able to jump to your side. I'm doing my best to be righteous and not abuse this advantage, and I hope your Children won't let these values be forgotten. 
Unfortunately, In the Internet, good people usually end up with the short end of the stick.

Most people do take this advantage but eventually a certain person who do have some good values and respectful on real-life wont really tend out to do such things even we do know
that no one can able to trace or known our face but our values will still retain on how we do react into things.This is already out topic and an old thread that shouldnt really be bumped out anymore.

[Barbut]

Sportbet and nitrogen have nice promotions, free bets, I`m on their mailing list so they send me this offers all the time. Betting in bitcoins is progressing, they offer more and more every year, before and now cant be compared. There are other places where you can find nice offers, I`m not so fun of taking bonus for sports betting, when you say bonus I mean slots, roulette, or some other lucky based casino games. Check this two sites, they usually have free bets, free promo bets when some championship is starting and many other options, good luck my friends.