When it comes to matched betting techniques, underlaying and overlaying are useful and advanced techniques that every matched bettor should have in their arsenal. This technique is used when you don’t want to lose any money if your back bet wins. If the whole process is new to you however, we here at OddsMonkey will look at what underlaying is, how it can be used in matched betting, and how to utilise it strategically.
What Is Underlaying?
Underlaying is used when you don’t want to lose any money if your back bet selection wins. This is usually done after receiving a special promo or offer. For example, an offer such as “deposit £100 and get £50 free” is a signup offer that leaves the player with a balance of £150 after the player has deposited the first funds. However, you cannot withdraw the money until a certain set of criteria is met. Usually, the player must place a combined amount of funds on bets on the bookmaker’s site to ensure the player does not just use the funds somewhere else. Underlaying is essentially when the player is laying less than the standard lay amount. A lay bet is when the player bets on something not to happen, the opposite of a back bet. To make sure you are using your back and lay bets to full effect, you can check out our very own matched betting calculator!
Anyway, back to the example previously mentioned, the money cannot be withdrawn until the player wages the deposit and a bonus x8, meaning the player will need to wager a total of £1200 before the funds can be taken out of the account. If the 1st back bet wins, then the player is caught in the rollover cycle, with the need to get through £1200 worth of bets before you can withdraw any potential returns. This can only hurt you in your profit pocket every time you roll over. To learn more about this type of bookmaker mechanic, check out our piece on rollover bonuses.
With these types of offers, two things can happen if we underlay:
- The bet loses at the bookmaker – this means accepting a higher qualifying loss, but there is no more wagering to complete if the bet loses.
- The bet wins at the bookmaker – rather than chipping away at the profit made with each qualifying bet, the full bonus will be intact.
How To Underlay Bets Effectively
When using the underlaying technique, it is very important to remember to bet the full amount each time otherwise it will be less effective than it is. If the example were a 100% deposit bonus when you deposited £200, then the full amount would be £400 as it would be the £200 deposited and the £200 bonus you have received in free bets. Make sure you are also using Oddsmonkey’s calculator in the ‘Advanced Mode’ to ensure the right outcome. Enter the details of both the back bet and the lay bet odds and the commission for the lay bet. If you use a standard match, which is not underlaying or overlaying, then you will lose the same amount of money, no matter the outcome. If the back bet wins, then that is essentially worse in theory, as the player will still have to complete more wagering.
However, if you use the underlaying technique, if the bet wins, the player will not lose any money due to this technique. The bonus amount will still be intact, and the player can continue wagering; however, if the bet loses, the loss will be larger than the loss from a standard match, yet you will not have to worry about any further wagering requirements.
How Does Underlaying Link To Matched Betting?
With matched betting involving both back and lay bets, underlaying can only be used on bets that have a back and lay bet. It is strictly a technique that is only used for matched betting, directly linking the two together. To learn more about matched betting, check out our very own matched betting blog!
Underlaying and overlaying are both advanced techniques when it comes to matched betting, yet they can both become extremely useful for every matched bettor when it comes to receiving bonuses or offers that include wagering. Make sure to check out our other blogs on matched betting, such as our price boosts guide, to ensure you are making the most of your matched betting journey. Alongside this, we also have a look at understanding overlaying bets too, so make sure to check that out also!
