Thanks to Oddsmonkey, we’ve been able to provide their matched betting calculator right here on Guide to Matched Betting.
If you need to calculate your lay stake or figure out how much profit you will make from your matched bets then you can do so using the lay calculator above.
How to Use the Matched Betting Calculator
Not sure what you’re doing? That’s fine, we’ve got you!
Simply follow the instructions below to calculate your correct betting stakes and view your potential profits:
Calculating Your Qualifying Bet
To calculate your qualifying bet, you don’t need to change any settings on the calculator.
Your back stake will be the value of the bet that you place at the bookmaker. For example, if you bet £20 on Coral, then you would put ’20’ in the Back Stake box.
Your back odds are the odds of the bet you placed. For example, your £20 bet could have been placed on Manchester United to win at 1.8. Therefore, you put 1.8 into the Back Odds box.
The Back Commission box will almost always stay at 0%, unless you are placing your bet on a betting exchange.
The Lay Odds are the odds that you have laid your bet at on Betfair, for example Manchester United could have been 1.84 to bet against. So, you put 1.84 into the Lay Odds box.
The Lay Commission on Betfair is 5%, although this will reduce the more you use it.
The commission on other exchanges can vary, so be sure to update the commission accordingly if you decide to use a different site.
If you put in the numbers listed above as an example, the calculator should show a loss of £0.90.
Calculating Your Free Bet
If you are wondering how to make a profit on free bets, you need to change the Bet Type from ‘Normal’ to ‘Free Bet (SNR)’.
There will be very few occasions when you need to use SR, so personally I would never worry about that option unless they tell you on Oddsmonkey (free trial link here) that you need to.
So, using Free Bet SNR instead of Normal, you can now put in your Back Stake, Back/Lay Odds and Lay Commission for your free bet. Remember to use your free bets at higher odds – between 4.0 and 6.0 – and try to prevent using them on horse racing to reduce the risk of being gubbed.
For this example, we’ll say that we backed Watford to win at odds of 5.0 and laid them on Betfair at odds of 5.2.
With 5% commission included, the calculator shows that will make a profit of £14.75 from this match, regardless of who wins.
Take off the £0.90 that we lost on our qualifying bet, and from these two simple bets we’ve made a profit of £13.85.
Underlaying and Overlaying
With your bets, and with the matched betting calculator, you have the option to underlay or overlay your selections.
But what does this mean?
Well, on the ‘Simple’ version of the calculator (which is found under the ‘Mode’ dropdown below ‘Bet Type’) you are given one lay stake, which will guarantee you an equal profit or loss regardless of the outcome.
If you change ‘Simple’ to ‘Advanced’, you get underlay and overlay figures.
This means that the profit or loss you make can vary depending on the outcome of the event you bet on.
If you underlay, this means you’d want your selection to win at the bookmaker to make more profit. If the selection loses, you will have a bigger qualifying loss.
The underlay option is great if you’re completing rollover on an offer.
Overlay is the exact opposite.
If your selection wins, you will face a bigger loss. If it loses, you make more profit.
The overlay option is great for making some offers risk-free, whereby you need your selection to win to get an additional free bet.
There is also a slider on the advanced calculator.
If you move this up and down, you can see how much you would win or lose depending on what stake you lay and what the result is.