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Matched betting in Sweden: the steps, the calculators and what applies
Matched betting in Sweden works like this. You take the welcome bonus at a bookmaker with a Swedish licence and place the bonus bet on one outcome. The other outcomes you cover at another bookmaker or on the betting exchange Smarkets. The result is locked in theory however the match ends, and the terms decide how much is left. Here are the steps, the worked example, the bonus rule in the Gambling Act, the calculators and how you keep track of which bonuses you have taken.
How matched betting works, step by step
Step one is the terms. Every welcome bonus has a minimum odds, a wagering requirement, a time limit and often a maximum stake that counts. Read the lines on the card in our list of sports bonuses before you deposit. The Swedish Gambling Authority writes that you must have at least 60 days to meet the terms of a bonus.
Step two is the qualifying bet. Most bonuses require you to bet your own money first. Place that bet on one outcome at the lowest odds allowed and cover the other outcomes at another bookmaker. Calculate the cover bet in the hedge calculator. Here you usually lose a little, because both odds carry a margin.
Step three is the bonus bet. Place the bonus or the free bet at higher odds and cover again. Now something is left, because the stake was not yours. The free bet calculator works out the cover and what is left. If you cover on Smarkets, you calculate with the lay bet calculator, which also handles free bets.
Step four is the wagering. If the terms say the bonus must be wagered several times, the wagering requirement calculator works out how much has to be played through. Every bet in the wagering you cover the same way as the qualifying bet.
Step five is the record. Save every bet, including the qualifying bet, so you can see what the bonus gave once everything is done.
A worked example with a 100 kronor free bet
Say the bookmaker gives you a free bet of 100 kronor and odds of 4.00 on player A in a tennis match. Another bookmaker gives 1.30 on player B. If A wins you get 300 kronor, because the stake in a free bet is not paid out. If B wins you get 30 öre for every krona you staked on B.
If you stake 231 kronor on B, the result is almost the same either way. If A wins you get 300 kronor minus 231, that is 69 kronor. If B wins you get 30 per cent of 231, that is 69 kronor. In theory you have turned a 100 kronor free bet into 69 kronor, however the match ends.
The qualifying bet takes some back. If you bet the 500 kronor deposit at 1.50 and covered at 2.90 at another bookmaker, that came to minus 9 kronor. That is the margin in the two odds, and it is the price of the bonus.
That is how it is calculated in theory. The bookmakers' terms can mean that a bet is voided or settled differently. The risk is smaller at bookmakers with a Swedish licence and larger at bookmakers without one. Read the terms and double-check every bet before you place it, otherwise you can lose a lot of money. The odds can also change between the first and the second bet, and then the sums no longer hold.
What applies in Sweden? The bonus rule
A bookmaker with a Swedish licence may only offer one bonus, the first time you bet with the licence holder. The Swedish Gambling Authority writes that a licence holder may only offer one bonus even if the licence covers several betting sites. Several brands on the same licence therefore count as one bookmaker.
The terms must be stated clearly in connection with the offer, and you must have at least 60 days. The bonus must be paid out as soon as possible once the terms are met. So it says at the Swedish Gambling Authority.
That makes matched betting a series of one-off opportunities in Sweden. 65 companies hold a licence for commercial betting, and 30 welcome bonuses for sport are in the app today. 12 betting licences have start dates within the last twelve months, and 9 of those companies have a bonus in the app.
Is it legal to exploit bonuses? We know of no law that forbids you from having bets on both sides of a match. What governs is the bookmaker's terms. Many terms say that bets that cover each other do not count towards the wagering, and the bookmaker can refuse new promotions or lower your maximum stake. That is called limiting.
Can you do matched betting in Sweden without a foreign betting exchange?
Yes, in two ways. One is to cover at another bookmaker with a Swedish licence. Then the odds have to fit together, and they do not always. The odds comparison shows the odds at 16 bookmakers with a Swedish licence side by side, so you see where the cover bet is best.
The other is Smarkets, the only betting exchange with a Swedish licence. There you place a lay bet, a bet against the outcome. You pay 2 per cent of the net profit per market instead of a margin in the odds. The exchange has deep markets on the big leagues and thinner ones on Allsvenskan and the lower divisions. The guide on Smarkets covers the commission, the lay bet and the liquidity.
Bookmakers without a Swedish licence we do not write about, and we never link to them.
Can the bookmaker take the bonus back if you hedge the bet?
The terms decide. Many say that bets that cover each other at the same bookmaker do not count, and some say the bonus can be withdrawn. If it says so on the card in our list, read it there before you calculate. So cover at another bookmaker or on Smarkets, not at the bookmaker that gave the bonus.
What the bookmaker can do afterwards is refuse new promotions, lower your maximum stake or close the account to bonuses. The guide on limited accounts goes through what applies then.
How do you keep track of which bonuses you have taken?
In My Bets you enter the welcome bonuses you have taken. In the app's bonus list they get a tick, so you see straight away which bookmakers are left. The system follows your wagering and marks when a bonus is complete. A bonus bet and the bet that covers it are both settled, and the app shows which one came in.
Is there something like OddsMonkey in Sweden? OddsMonkey is a tool for matched betting in the United Kingdom, and the guide on OddsMonkey goes through what that means here. Bonus Hunting in Edge Analytics is built for bookmakers with a Swedish licence: the list of welcome bonuses, the stake on both bets and the wagering. The system works out the stake for every bet, you copy it.
The calculators you need
The hedge calculator works out the cover bet for the qualifying bet and for every bet in the wagering. The free bet calculator works out the cover of a free bet at another bookmaker, and the lay bet calculator does the same on the betting exchange. The wagering requirement calculator works out how much has to be played through. If the match has three outcomes, you split the cover bet with dutching. All of them work without an account.
Do you have a problem with gambling?
A bonus is money from the bookmaker, but the stake in the qualifying bet and in the wagering is yours. If you bet more than you planned to get through a wagering requirement, that is a sign to take seriously.
Always seek help. Stödlinjen, the Swedish gambling helpline, answers on 020-81 91 00, free of charge and anonymously. Through Spelpaus you can exclude yourself from all gambling that requires registration with companies licensed in Sweden. Gambling for money is only for those aged 18 or over.
Further reading
How we produced the figures
The bonus rule, the 60 days and the payout were read on the Swedish Gambling Authority's page for players on betting on 3 November 2026. The worked examples were calculated by us with the odds stated in the text. The number of licensed companies, the bonuses in the app and the licences with start dates come from our own measurement, calculated on 30 October 2026. The information on Smarkets is in the guide on Smarkets, with sources. The odds comparison showed 16 bookmakers on 3 November 2026.
Common questions about matched betting
Matched betting in Sweden, how does it work?
You take the welcome bonus at a bookmaker with a Swedish licence and place the bonus bet on one outcome. The other outcomes you cover at another bookmaker or on Smarkets. The result is locked in theory, and the terms decide how much is left.
Bonus trading, how does it work?
Bonus trading is another word for the same thing. You turn a bonus into money by covering every outcome, and the steps above apply.
Is there something like OddsMonkey in Sweden?
OddsMonkey is built for British offers. Bonus Hunting in Edge Analytics is built for bookmakers with a Swedish licence and works out the stake on both bets for every welcome bonus. My Bets follows the wagering.
How do you work out the value of a sports bonus?
For a free bet: the odds minus one, times the free bet, minus what you stake on the cover. 100 kronor at 4.00 covered at 1.30 gives about 69 kronor. For a bonus with a wagering requirement, every round of wagering costs the margin in the odds. The wagering requirement calculator works out how much has to be played through.
How do you wager a sports bonus with as small a loss as possible?
Place every bet in the wagering at the lowest odds allowed and cover the other outcomes at another bookmaker or on Smarkets. The loss per round is the margin in the two odds, so pick matches where the odds comparison shows the smallest margin.
Which sports bonus has the lowest wagering requirement, and are there bonuses without one?
The requirement is on every card in our list of sports bonuses, on the line Wagering requirement, with the date we read the terms. We do not print it here, because it changes.
Can you take a welcome bonus at several different bookmakers?
Yes, one at every licence holder. Several brands on the same licence count as one bookmaker, and the bonus only applies the first time you bet there.
Is it legal to exploit bonuses?
We know of no law that forbids you from having bets on both sides of a match. What governs is the bookmaker's terms and the Gambling Act's rule of one bonus per licence holder. The terms often say that bets that cover each other do not count.
Can the bookmaker take the bonus back if you hedge the bet?
The terms decide, and some say the bonus can be withdrawn if you cover at the same bookmaker. Cover at another bookmaker or on Smarkets. Afterwards the bookmaker can refuse new promotions or lower your maximum stake.
Can you do matched betting in Sweden without a foreign betting exchange?
Yes. Cover at another bookmaker with a Swedish licence, where the odds comparison shows where the cover bet is best. Or place a lay bet on Smarkets, the only betting exchange with a Swedish licence.
How do you keep track of which bonuses you have taken?
In My Bets you enter the bonuses you have taken. The bonus list gets a tick, the wagering is followed and the app marks when the bonus is complete.
Is there a tool that works out the best bet for wagering a bonus?
Bonus Hunting in Edge Analytics works out the stake on both bets for every welcome bonus at bookmakers with a Swedish licence. My Bets follows the wagering.