OddsMonkey is one of the leading names in matched betting. The company started out by outsourcing their matched betting software to matched betting sites, eventually branching out to become a full matched betting service provider using their proprietary software.
Now, OddsMonkey offers a range of matched betting tools that when used alongside their core matched betting software the OddsMatcher, allows members to search for the best odds for matched betting and how to place the necessary bets to generate a profit.
One essential tool to ensure successful matched betting is the OddsMonkey calculator. This is available free of charge, so you don’t need to be a premium member to use the tool, although the entire matched betting process is much quicker and easier when used with the OddsMatcher.
What is OddsMonkey Calculator?
The OddsMonkey Calculator is a calculator that is used to work out the amount of money you stake on a lay bet when using a matched betting system.
A lay bet is an essential part of matched betting, where you place a bet on a betting exchange that is against the outcome of the back bet, which is the traditional bet placed at bookmakers.
In doing so, you cover both outcomes of the game using free bets to ensure you always generate a profit, which is the core concept of matched betting. Because free bets are used, it’s very low risk.
However, knowing the exact amount to place on your lay bet can be confusing without any prior betting knowledge. With the OddsMonkey calculator, you can automatically calculate how much money you need to place on the lay bet at a betting exchange to guarantee a profit from matched betting.
Because matched betting takes advantage of sign up deals and other bonuses from betting sites, there are different types of bets used, such as a qualifying bet, free bet where a stake is returned (SR), and free bet when a stake is not returned (SNR).
You can select each of these betting types with the calculator, which automatically adjusts its calculations and provides a suggested lay bet stake and the profit it would give you based on each bet type.
How to Use the OddsMonkey Calculator
The OddsMonkey Calculator is relatively straight-forward to use, although it’s even easier if you have access to software like the OddsMatcher, as this finds all the best back and lay bet odds for you.
Once you have matched betting odds for a game or race, head over to the calculator page to work out potential profits from these odds and how much you need to stake on a back and lay bet to win these profits.
Start by selecting the bet type from the drop-down menu. In most instances, you’ll use free bet with stake returns or free bets with stake not returned, as these offer the biggest profits by using free bets from bookie sites.
After this, enter the back odds and the lay odds in the appropriate boxes.
This information should be widely available on the OddsMatcher tool, which has the best odds from all major bookmakers and betting exchanges in one handy location, otherwise you can search for odds yourself using bookmaker and betting exhange websites.
Once the odds are entered, you can then place a back stake, which is the amount you’ll place at a bookie site for the outcome of a game. You can play around with different amounts or just enter the amount of your free bet.
With a back stake entered, the OddsMonkey calculator then works out how much to place on a lay bet to get a profit.
It will also show you how much the liability is for the lay bet and a profit breakdown that shows how much you win depending on whether the back or lay bet wins.
The amounts won should be the same whether it’s a back or lay bet, as the whole idea behind matched betting is that both outcomes are covered and will get you the same profit regardless of what bet wins.
You can adjust the back stake to see how much profit a higher bet generates and change the back and lay odds should they change before you place the bets.
Once you’re happy with the overall profit calculated, simply place the back and lay bets on the recommended websites and wait for the results to come in. If done correctly, you can expect a profit regardless of whether you win at the bookies or betting exchange.