Describe Matched Betting.
Matched betting is utilizing free bet offers and carefully arranging bets on an event so that the winner wins regardless of the outcome.
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Match betting involves math rather than gambling because you have considered every scenario that could occur. Though betting operators try their best to prevent it, it involves taking advantage of signup and other bonus offers.
Match betting can range from being completely legal to being in a gray area, depending on how it is carried out. However, it is usually regarded as fraudulent because even its more basic versions frequently violate the terms and conditions of bookmakers.
Match betting involves complex calculations and multiple bets to cover all possible outcomes, similar to other forms of online betting on sports.
While some do this through betting exchanges, others will resort to more dubious means.
To do this, bettors typically violate the terms and conditions of accepting free bets by using them to conduct their business. To uncover even more opportunities, seasoned matched betting players frequently engage in bonus hunting. Multi-accounting for matched betting and/or arbitrage is even more illicit.
Match betting is a real threat to operators’ financial viability because most iGaming brands, such as casinos, bookies, bingo rooms, and the like, offer online betting markets. This is because persistent abuse can result in significant amounts of money (often in the hundreds or thousands) that each fraudster obtains illegally.
How Do Matched Odds Games Operate?
Look for a free bet promotion (such as an initial bonus).
Meet the requirements (such as placing a prior wager) in order to receive the free bet.
Take the bookmaker’s free bet (England to win, for example).
Locate the opposite wager on a betting exchange (England not to win, for example).
Put the opposing wager on the swap
Hold off until the event concludes.
Make money with the bookmaker or the exchange, regardless of the outcome.
Although some see matched betting as a kind of loophole, the great majority of bookmakers actively prohibit matched betting on their sites and keep up their efforts to limit the practice.
What Is Abuse of Matched Betting Bonus?
Because it always takes advantage of a free or bonus bet, matched betting is a form of bonus abuse.
All forms of bonus abuse, though, cannot be categorized as matched betting. Additionally, there is misuse of no deposit cash bonuses at online casinos, free bingo games, free spins on slot machines, etc. Scammers with experience have discovered ways to get past the rollover requirements that are always present when cashing out free bonuses.
Are Matched Betting and Arbitrage the Same Thing?
Nope. Similar mechanisms are employed by both, although matched betting makes use of bookies’ free bet offers, while arbers merely compute regular odds.
Bookies generally forbid matched betting, and they discourage arbitrage but handle it on an individual basis. Since player and bettor behavior in relation to bonus offers is constantly closely examined, the latter is also more difficult to spot.
Can Matched Betting Cause Financial Losses?
Matching bets can only cause someone to lose money if they make a calculation error. That being said, matched betting is expressly prohibited on bookmakers’ and casinos’ platforms because it always results in losses for them.
To identify and thwart attempts at bonus abuse, which matched betting is thought to be, they are increasingly turning to sophisticated iGaming fraud detection solutions. These solutions make use of technology like machine learning, heuristics, and device fingerprinting.
Therefore, if the operator finds out and closes your account, you could also lose money from matched betting.
Is it against the law to bet matched?
In short, it’s not strictly illegal to engage in matched betting. Nonetheless, it is highly probable that it violates the terms and conditions of an online bookmaker, which could land those who try it in hot water. This could involve being charged with fraud or even not being able to cash out.
It should be noted that although an operator’s rules or terms and conditions may not specifically mention or explain matched betting, the techniques used to carry it out—such as multiple accounts, using credentials that have been stolen, and abusing bonuses—always will.
Methods for Preventing Matched Betting Fraud
For a considerable amount of time, bookmakers have recognized that they must immediately reduce matched betting in order to protect their operational profits and ensure that bonus offers accomplish their intended purpose of luring in new, law-abiding players.
Tightening up the requirements for bonuses and rollovers
Maintaining the delicate balance between making sure freebies are appealing to potential users and sufficiently restrictive to prevent abuse is a challenge. Anything overly restrictive will lead to conflict and drive away brand consumers. To make matters more complicated, the iGaming industry is fiercely competitive.
Putting in Place Robust KYC Procedures
Nowadays, the majority of sportsbooks and other gambling operators must comply with basic know your customer (KYC) procedures; however, extra measures can be taken to offer greater clarity than simply scanning a form of identification.
Current Monitoring and Risk Rating
Utilizing cutting-edge technology to examine each user and account individually and combine information about their browser, device, location, submitted ID, card details, and other details to assign a risk score is the most efficient way for operators to stop matched bettors in their tracks.
Thresholds can also be set for manual reviews or auto-banning. For higher risk scores, heavy KYC procedures will be initiated, as opposed to light KYC for lower risk scores.
The most flexible and customizable option is fraud prevention platforms, which are always incorporating new technology and using machine learning to analyze past data as well as learn from cases that get lost in the system.