Matched Betting Calculator: FREE TOOL

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Oddsmonkey have provided us with the below Matched Betting Calculator. They’ve also given our Loyal Readers the chance to take on a Free Trial, where you can earn £50.

We’ve been granted special access to Oddsmonkey’s Free Matched Betting Calculator.

We’ve struck this deal so that you can learn exactly how to use the Oddsmonkey calculator before you register.

Today, we will be explaining exactly how to Back & Lay bets. 

We will do this using both simple and advanced mode, so you can have a full understanding of this matched betting tools full power.

Placing a Matched Bet using the Oddsmonkey Calculator

Today we are going to be simulating a matched bet using the following conditions:

  • A £20 Back bet (Bookmaker irrelevant)
  • Back odds of 2.5
  • Lay odds of 2.56
  • This will in turn release a £20 Free Bet. 

Let’s start off with placing a standard bet. This would be the strategy you’d go with, for placing most of your qualifying bets.

The Qualifying Bet

When placing a qualifying bet, in almost all cases you’ll have to have the calculator set to normal.

  • Set the Calculator to Normal
  • Enter Stake as £20
  • Back odds 2.5
  • Lay Odds 2.56

If you have entered this correctly, the calculator should now give you the following instructions. I’ve cropped it below.

Oddsmonkey Calculator Results

Without turning it to another training lesson, I’ve highlighted the lay amount and the liability amount. 

The liability is the amount you need in your exchange. 

For the above purposes, I’ve set the commission to 0% as Oddsmonkey have a partnership with Smarkets, where you pay no commission. You can still take advantage of the 0% commission offer.

Using the Free Bet

Now for the free bet, we are going to change the odds. Let’s use these parameters:

 To use the free bet, we need to prepare the calculator with the above info. We also need to ensure that Free Bet SNR is selected.Free Bet Results lay calculator
As this offer is laying £20 at 6.6, you’ll need just under £85 in your betting exchange account.After placing the back and lay bet, you will have made just over £15 total profit. 

Advanced Matched Betting

Underlaying Your Bets

 For some offers, it may be beneficial for you to underlay your bets. 

We are going to perform another example, placing the same £20 standard bet we first completed.

However, this time we are underlaying the bet.

Standard Lay vs Underlay

If you flick the Matched Betting calculator into advanced mode, it will also show you extra options. One of these is the Underlay.

As you can see with the standard lay bet, regardless of where the bet wins, you are going to lose £0.70 or £0.72.

With the underlay, you have a little bit more control over the qualifying losses. 

You can choose to lay a tiny bit less, which could leave you at break even if the bookmaker bet wins. 

Alternatively, if the Exchange Lay bet wins, your qualifying losses would be a little higher. 

It may be worth underlaying if you’re using bonus funds, if you have a good feeling about the result or if you are just willing to take the risks in order to avoid any qualifying losses.

It’s a very effective way to place lay bets, but you must understand your losses can increase if things do not result in your favour.

More Advanced Tips

Overlaying Your Bets 

We’ve discussed the Underlay, it would be rude not to mention the opposite! 
You guessed right! We are using the same initial £20 qualifying bet stake structure.Underlay or Overlay Matched Betting CalculatorI’ve compared the Underlay with the Overlay, so you can see the complete contrast between the two. 

When overlaying, you are banking on the Exchange Lay bet winning. If the bookmaker bet was to win, you would end up with slightly larger qualifying losses. 

I don’t like to overlay, as bets winning in bookmakers very rarely benefit you!

It either means you need to withdraw a lump sum, or you have extra wagering to do.


This Matched Betting Calculator should really help you, if you opt not to Join Oddsmonkey and use their services. 

I have most of the beginner guides on the Matched Betting Hub, but I can’t update them as frequently as Oddsmonkey do due to time commitments.

Plus, they’re getting paid for it, eh! 

If you need any further clarification regarding Underlaying, Overlaying or any help with the Matched Betting Calculator…

The comments are open & monitored frequently!

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