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Oddsmonkey v Profit Accumulator

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The Two Main Matched Betting Platforms

There are two main services in the industry for Matched bettors. The first and original was Profit Accumulator, and the second but more recent was Oddsmonkey.

Up until recently Oddsmonkey were just a company that supplied Oddsmatching software, but in the last year they merged with a small matched betting advisory site to become a fully fledged matched betting service.

There was a bit of trouble between Oddsmonkey and Profit Accumulator when Oddsmonkey launched their service. This was because Oddsmonkey actually supplied Profit Accumulator with the Oddsmatching software. This caused quite an upset and no-one is really unsure what happened behind the scenes but there were some serious accusations being made by the directors and staff over at Profit Accumulator. See this notice here: http://www.oddsmonkey.com/companystatement.aspx

Because of this, Profit Accumulator were left having to develop their own Odds matching solution, which to be fair, was extremely buggy for many months following. Profit Accumulator offered very little recompense to their loyal customers in the meantime which caused quite an upset in their matched betting community. You will note from the above legal statement that it appears that Profit Accumulator were copying or scraping the odds from Oddsmonkey server and placing it on their own!

Since that time, Profit Accumulator have further developed their software but it still lags behind Oddsmonkey in terms of bookmaker availability, speed, and accuracy. Furthermore, Profit Accumulator are way more expensive than Oddsmonkey, something like £45 per month compared to £15. Not just this but Oddsmonkey have a full suite of software including:

  • Each way matcher – for guaranteeing money placed on each way horse racing bets
  • Dutching software – more complicated matched betting
  • ACCA software – for placing ACCA bets and laying against the accumulator refund
  • Advanced bet calculator – for working out the lay stakes etc.

With Oddsmonkey being the main software supplier and knowing the bookmakers inside out, we would recommend anyone interested in matched betting to check them out first. From what we have heard, their support team is second to none, and they are now offering one on one support for people that are struggling with the basics.

Profit Accumulator have a large following, but many do not know of the full history and that there is another matched betting platform available.

What is a Betting Exchange

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Using a Betting Exchange to Lay Your Bets

Quite a common misconception of matched betting is that it is plain gambling. This is simply not the case. In fact, matched betting is completely risk free with the help of betting exchanges.

Under normal circumstances of gambling, a typical punter would be backing a certain event, for example:

  • For a team to win a match
  • For a player to score first
  • For a horse to finish first

This type of bet, a back bet, is quite straight forward. You’re gambling with your back stake for potential winnings.

The Lay Bet at the Betting Exchange

The betting exchange is where you would place a lay bet. A lay bet is different to the situations above, in that your placing a bet for something NOT to happen, for example:

  • For a team NOT to win a match (this bet would cover the other team winning, and the draw)
  • For a player NOT to score first
  • For a horse NOT to finish first

By placing a lay bet to counteract a bet with the bookmaker, essentially you are covering all outcomes.

Image showing example of a betting exchange (Smarkets)

Betting Exchanges and Matched Betting

Matched betting is called as it is because matched bettors always place a lay bet at the betting exchange to match their back bets at the bookmakers – hence a “matched bet”. Matched bettors never leave any bets un-matched as this would mean that risk is involved.

Cashing Out Free Bets

The betting exchange simply means you don’t win any money with your bets, but you don’t lose anything either. But if you use lay bets when placing your initial qualifying bets at the bookmakers, this will then unlock  your free bets. Carry out the same procedure, and BOOM, you’ve cashed out the free bet completely risk free.

Examples of Betting Exchanges

All of the exchanges are pretty much the same, but they will differ in commissions and what events and markets they trade with. You will find that Betfair has the greatest coverage.