Qualifying bet
lay stake = back stake × back odds ÷ (lay odds − commission)
20 × 2.00 ÷ (2.04 − 0.02) = $19.80
Gives the same small loss whichever side wins.
Guides · Matched betting
Matched betting on esports: how to turn a free bet into cash
Matched betting uses a bookmaker's free bet or bonus and covers the other side with a lay bet at a betting exchange, so the result of the match no longer matters. You keep most of the free bet's value as cash, minus small losses on the qualifying bet.
This guide gives the lay stake formulas and works a $20 esports free bet through to about $13.50 profit, then covers what is harder in esports: thin exchange markets, offers that exclude esports and accounts that get limited.
Formulas included
Worked $20 free bet
18+ only
By
Liam Fletcher
Updated Oct 8, 2026
Short answer
How much does matched betting make from an esports free bet?
Most of the free bet. In our example a $20 qualifying bet loses $0.59, and the $20 free bet at back odds 4.00, laid at 4.20 with 2% commission, locks in $14.07 whatever the result: $13.48 in total, 67% of the free bet.
Qualifying loss
−$0.59
$20 at 2.00 / 2.04
Free bet locked
$14.07
4.00 / 4.20
Net profit
$13.48
example
Share kept
67%
of the free bet
Formulas
Lay stake formulas
Free bet, stake not returned
lay stake = free bet × (back odds − 1) ÷ (lay odds − commission)
20 × 3 ÷ (4.20 − 0.02) = $14.35
Higher back odds keep more of the free bet.
Liability
liability = lay stake × (lay odds − 1)
14.35 × 3.20 = $45.93
What you need in the exchange account to place the lay.
Worked example
A $20 esports free bet, start to finish
Example odds and a 2% exchange commission.
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1. Qualifying bet
Back Team A for $20 at 2.00 at the bookmaker, lay $19.80 at 2.04 at the exchange. If A wins: +$20 − $20.59 = −$0.59. If A loses: −$20 + $19.41 = −$0.59.
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2. Free bet
Place the $20 free bet on an underdog at 4.00 and lay $14.35 at 4.20. If it wins: +$60 − $45.93 = +$14.07. If it loses: $14.35 × 0.98 = +$14.07.
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3. Result
$14.07 − $0.59 = $13.48 profit. The free bet kept 70% of its face value; the qualifying bet cost 3% of its stake.
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4. Check before you start
The offer must allow esports, the exchange must list the same market, and both must settle on the same rules for forfeits and remakes.
Example odds, not live prices.
Risks
Where esports matched betting breaks
Thin exchange markets
What it means: on smaller esports matches you may not get your full lay matched, or only at a worse price.
Exception: large events such as majors and world championships tend to attract more exchange money.
Back and lay odds drift apart
What it means: a wider gap between back and lay odds keeps less of the free bet. Lay as soon as the back bet is placed.
Exception: a free bet at higher odds keeps more value if the lay price stays close.
Responsible gambling
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Matched betting terms
- Back bet
- A normal bet that an outcome happens. So what: placed at the bookmaker with the offer.
- Lay bet
- A bet that an outcome does not happen, at an exchange. So what: covers the back bet so the result does not matter.
- Liability
- What you pay out if a lay bet loses. So what: must be in the exchange account before you lay.
- SNR
- Stake not returned: a free bet pays only the winnings. So what: use higher back odds to keep more value.
- Commission
- The exchange's fee on net winnings, often a few percent. So what: include it in the lay stake formula.
Matched betting FAQ
Is matched betting on esports legal?
Using legal bookmakers and exchanges is legal where online betting is allowed. Bookmakers can restrict bonus use or close accounts under their terms. Tax treatment depends on your country.
Is matched betting the same as arbitrage?
No. Arbitrage uses price gaps between bookmakers. Matched betting uses promotions and an exchange lay.
Can you lose money matched betting?
Yes, through mistakes: a wrong lay stake, a lay that is not matched, odds that move, or a market settled differently at each site. The qualifying bet also costs a little.
Will matched betting affect my bookmaker account?
It can. Accounts used only for offers can lose access to promotions or have stakes limited.
Do all bookmakers allow free bets on esports?
No. Some offers exclude esports or only count certain markets. Read the terms before the qualifying bet. See esports free bets.
Which esports work best for matched betting?
The games with the most exchange money, usually big CS2, League of Legends and Dota 2 matches. Two-way match winner markets are the simplest.