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No matter which result occurs, there will always be a guaranteed profit because the bet was made free of charge. Once the free bet has been qualified, the same process is followed with the exception that a free bet is being used. The latter is required to offset any loss in the event that the result does not occur for instance, if a team loses. For this, a bet is placed on particular results occurring with the bookmaker and a second bet placed on the same result not occurring at the betting exchange. Generally, bookmakers incorporate terms by which bettors must first place a bet using their own money in order to qualify for the free bet. More advanced versions involve placing the bets on multiple bookmakers ( dutching) to avoid the commission charged for using an exchange. At its simplest, a matched bet involves placing a back bet using the free bet at a bookmaker while placing the opposing lay bet at a betting exchange. When the free bet is placed the other bookmakers or betting exchanges are used to hedge all the possible outcomes so that no matter what happens the value of the free bet is retained.

The concept of matched betting requires an account with two or more bookmakers or betting exchanges where at least one offers the user a free bet.

Its proponents considered it risk-free in theory-based probability.

Matched betting (also known as back bet matching, lay bet matching, or double betting) is a betting technique employed by individuals to profit from free bets and incentives offered by bookmakers.

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