When it comes to matched betting, underlaying and overlaying are powerful tools that could significantly elevate your betting strategy if applied effectively. Overlaying, in particular, is a tactic that allows you to minimise your losses, potentially resulting in no losses at all if executed correctly. At OddsMonkey, we delve into the concept of overlaying, how to effectively implement it, and most importantly, how it can empower you to make the most of your bets or promotions you may have at hand.
What Is Overlaying?
Overlaying bets is essentially the opposite of underlaying. When we overlay, we do not lose any money if the selection loses, but we will lose a bit more if the selection wins. Overlaying is used when we want to make the most of an offer. For example, we might overlay an offer like ‘get a bonus if your selection wins’. A common ITV Racing offer might be a ‘Free bet up to £50 if you back a horse over 5.0 which wins’. By overlaying, we will not lose any money if the horse loses. If it wins though, you could potentially lose an amount of money. However, this will be more than covered by the bonus we will receive on the contrary. Using different types of these offers such as free bets can be hugely important, especially when it comes to certain strategies.
If the player did not use overlay or underlay, then the player would lose money no matter the outcome, meaning the importance of using these techniques is essential. Make sure when placing these overlays or underlays that the odds you are using are correct. To ensure this, use the matched betting calculator which tells you the exact liability and returns depending on the odds you are using. Make sure to use the calculator in ‘Advanced’ mode when calculating under and overlays.
Outcomes Of Overlaying Bets
With these types of overlayed bets, there are two outcomes that can happen:
- The bet loses at the bookmaker – The bonus will not be received, yet no money is lost at all
- The bet wins at the bookmaker – The bonus will be granted with the player losing a certain amount of money
Here, we take out the risk as if the bonus is not received, then no loss is made, and if the bet wins, then the money will be made back from the bonus we receive.
It’s crucial to remember that overlaying and underlaying are most effective when there’s an offer to exploit. Using these techniques on a standard matched bet offers no benefit. Therefore, it’s essential to be strategic and use overlaying and underlaying only when there’s a clear opportunity to enhance your returns.
How To Overlay Bets Effectively
Overlaying bets is used to make the most of offers, ensuring that if the bet loses, no money is lost. In turn, this means the risk is essentially taken out of the equation, as if the bet wins, the offer will bring a profit to the player if done correctly. Whilst underlaying is the opposite, overlaying when an offer is involved is much better than a standard profit option due to the chance of saving a loss.
How Does Overlaying Link To Matched Betting?
Overlaying links directly to matched betting and is similar to underlaying. The term used for both of these techniques comes from lay bets, which can only be made through betting exchanges such as Smarkets. Laying a bet is when you are betting on something not to happen, essentially taking the role of a bookmaker. Back bets and lay bets are the fundamentals when it comes to matched betting, as matched betting is all about placing a back bet and a lay bet to cancel out any chance of losses due to all outcomes being covered. If you are new to matched betting, take a look at our matched betting blog, which will help you start your matched betting journey!
There are arguments for and against using overlaying. In the long run, by using a standard match, you could be better off in theory as you lose a smaller amount per qualifying bet. However, using overlaying means you take all the risk out of the bet with the possibility of good value offers and promotions. It is worth factoring in though that a larger amount could be lost per qualifying bet. It is all about knowing which promotions and offers are good value.
