Loss on Qualifying Bets in Matched Betting and How to Minimise It
This blog is for you if you want to know what a qualifying bet is, how it works, and how to minimise the qualifying loss in matched betting as a beginner.
What is a qualifying bet?
A qualifying bet is nothing but a bet that you place at the bookmaker website to qualify for a free bet or bonus. You need to place your own money before so that you can qualify for a free bet. For example, some bookmakers do provide offers like get £10 or £20 free bet if you bet £10 of your own money.
How qualifying for a bet works?
This is one of the very main aspects when it comes to matched betting, In order to qualify for a free bet at the bookmaker, you need to place a back bet on a suitable selection at the bookmaker and need to place a lay bet against the same selection at the exchange website.
There can only be one outcome with this qualifying bet, you can either win at the bookmaker and lose at the exchange or you can win the bet at the exchange while you lose at the bookmaker. Whatever the outcome is you will qualify for the free bet.
Why there is a loss on a qualifying bet and how to minimise it?
This is the most frequently asked question, why there is a small loss on qualifying bets? This small loss is due to the difference of back odds and lay odds at the bookmaker and the exchange. The small loss incurred on a qualifying bet is also referred as qualifying loss
How to minimise the qualifying loss?
Low odds play a very vital role when it comes to minimising your qualifying loss. Remember, if you are qualifying for a free bet, always place a bet at low odds at the bookies, and the exchange for a minimum qualifying loss.
If you place a lay bet at low odds at the exchange, it means you will have lower liability. In simple terms, it's the amount of money you need to have in your exchange account if you win a back bet at bookmakers. Besides low odds, you need to make sure that the back and low odds are very close if you want to minimise the qualifying loss.
I hope now you understand, how a qualifying bet works and how you can minimise the loss on a qualifying bet. Let's take a look at some of the frequently asked questions
How to calculate Lay stake for a qualifying bet?
Let's understand this will an example, suppose you want to place your qualifying bet on Chelsea at back odds of 1.67 and lay odds of 1.70. In order to calculate your lay stake at the exchange, you need to enter back stake, back odds, lay odds and lay commission which is generally 5%.
As per the Odds calculator at odds of 1.70 you should lay £5.06 and you will incur a liability of £3.54
Can I place a qualifying bet at high odds?
Yes, you can place a qualifying bet at high odds but that will incur you a higher qualifying loss and your liability will increase at the exchange.
Can I place a qualifying bet on any sport?
In most cases yes, though you need to terms and conditions at the bookmaker website
Can I place a lay bet first on a betting exchange?
No that's a very bad practice, the back bet should always be placed first as everything works off the odds of the back bet?
Can I place a qualifying bet on non-close odds?
No, if you are going for a qualifying bet, you need to make sure that back odds and lay odds are close together in order to minimise the initial loss.
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