Getting Started
What you'll learn:
- The three things you need before your first bet
- How bookmakers and exchanges differ
- How much starting bankroll you need
Before placing your first matched bet, you need three things: a bookmaker account, a betting exchange account, and a small starting bankroll. This guide walks you through each one.
Bookmaker Account
Where you place back bets and claim free bet offers. Start with 1-2 major bookmakers.
Exchange Account
Where you place lay bets to cover the other side. Smarkets or Betfair Exchange.
Starting Bankroll
£50–£100 float that moves between accounts. This isn't money at risk.
1. Bookmaker accounts
Bookmakers are where you'll place your back bets (betting on something to happen). Most of the major UK bookmakers offer sign-up free bets. You'll work through these offers one by one, extracting profit from each.
Common bookmakers with sign-up offers include Bet365, William Hill, Paddy Power, Betfair Sportsbook, and Coral. You don't need to sign up to all of them at once — start with one or two and add more as you gain confidence.
2. A betting exchange
A betting exchange is where you'll place your lay bets (betting against something happening). Unlike bookmakers, exchanges let you bet against outcomes by matching you with other punters.
The most popular exchange is Smarkets, which has low commission (2%) and a clean interface. Betfair Exchange is another option with more liquidity but higher commission (around 5% for new accounts).
You only need one exchange account to get started.
Which exchange should I pick?
| Bookmaker | Exchange | |
|---|---|---|
| Purpose | Place back bets (bet FOR an outcome) | Place lay bets (bet AGAINST an outcome) |
| Your action | Claim free bets and promotions | Cover the other side of your bet |
| How they profit | From customers who lose bets | Commission on winning bets (2–5%) |
| Examples | Bet365, William Hill, Paddy Power | Smarkets, Betfair Exchange |
3. Starting bankroll
You need money in both your bookmaker and exchange accounts to place bets. A good starting point is £50–£100. This isn't money you're risking — it's float that moves between your accounts as you complete offers.
Your bankroll will grow as you complete offers and extract profit. The more you have, the bigger the offers you can tackle and the faster your profits grow.
4. Keep records
Track every bet you place, every offer you complete, and your running profit. A simple spreadsheet works well. This helps you:
- Know exactly how much profit you've made
- Spot any mistakes quickly
- Stay organised when working through multiple offers
Tips before you start
- Use your real details when signing up to bookmakers. They verify your identity and will close accounts with fake information.
- Read the offer terms carefully. Pay attention to minimum odds, time limits, and wagering requirements.
- Start small. Do your first couple of offers with small stakes until you're confident with the process.
- Don't rush. Mistakes happen when you hurry. Double-check your bets before confirming.
Key takeaways
- You need a bookmaker account, an exchange account, and £50–100 float
- Smarkets (2% commission) is the best exchange for beginners
- Start with one or two bookmakers and add more as you gain confidence
- Keep records of every bet — a simple spreadsheet is all you need