First things first, ignore the word “betting” in the title of this post and every other post I share about Matched Betting. Matched Betting is only betting by name, and because you use bookies to carry out the “work”. Here is an introduction to Matched Betting.
Secondly, if you have any previous gambling problems or an addictive personality then this is probably NOT for you. While Matched Betting is a fantastic way to make an income and completely risk-free in theory, if you can’t see it as work and just numbers then you put yourself at risk! It involves money, betting and the occasionally slot offer – please don’t start this if you have any issues with gambling.
So, What Is Matched Betting?
Matched betting has been around for an age. Even before the appearance of Matched Betting services, people with a good eye for numbers have been taking advantage of this very profitable idea. The sudden increase in services for Matched Betting have just made the whole thing easier and more readily available to those who really don’t have a clue.
Matched Betting is taking the offers provided by bookies and turning them in to guaranteed profit by “betting” on every possible outcome. You place a bet with a bookmaker and then place another bet with what is called and an exchange, this second bet is AGAINST the result of the first bet.
Bet 1: Liverpool WIN
Bet 2 (aka the lay bet): Liverpool DON’T WIN
How Does This Make Profit?
Bookies LOVE to dish out offers, especially signup offers, because they want to get your money. So you’ll sign up to a bookies, they’ll ask you to make a bet and in return they’ll give you a free bet. Well, Matched Betting is making the most of this free bet, and any other offers they throw at you.
For your initial bet, also known as a qualifying bet, you place a bet with the bookies and then the opposite bet at the exchange (as I mentioned above). Normally this qualifying bet will lose you a few pence/quid all depending on the odds and size of the bet. Once this bet has completed you’ll be given the free bet, for this you do the same but you’re only using your own money for one half of the process. So no matter the outcome of the bet, you’ll make some profit – the outcome just decides whether that is with the bookies or with the exchange.
Offers A Plenty
Now I’m not going to lie, THE BEST money is made during the original sign up offers. They take little time to complete and tend to be the higher paying offers. With that said, you can make a very good monthly income from Matched Betting if you have a few hours a day to spare, if you don’t then you can still make decent money – especially over the weekend.
After your initial signup offers you’ll be bombarded with reload offers, these are to entice you back to the site and have you “spend” more money. As well as these, many bookies have daily or weekly offers if you take part in accumulator (accas) bets – these normally take a few days to complete. These reloads and accas are how you can continue making money each month after the initial sign up period – for most people it takes around a month to burn through these.
This All Sounds Complicated
Trust me, once you’re actually doing it you’ll be a pro in no time. It really is just about putting the right numbers in the right boxes and following instructions. Using a Matched Betting service is highly recommended by most people who do this, including myself. You can go alone or source free services but I prefer having everything drip fed to me, with a community to turn to for advice. Picking your service is purely down to you and your preferences, good services do cost but that is money you make back each month.
With a Matched Betting service everything is given to you, from the actual bet to the calculator telling you what numbers to put where and recommendations on which offers to do.
There Are Some Risks
Matched Betting itself is risk-free, certainly. However, as you become more confident you might find yourself looking at offers with risks such as slot offers. There is no harm in doing these if you have your head screwed on and know when to stop. A lot of these offers require some of your money with no guarantee of making it back.
Your options here are to use your profits, so if you lose then it’s not money from your pocket. You can set aside a monthly amount for these kinds of offer. Don’t ever use your own money, only ever use profits.
Human error can be a risk too. Make sure you read and watch every piece of advice before placing any bets, if you’re not sure then reach out for help. Nobody is perfect, errors happen but being very careful minimises the risk.
Should I Give Matched Betting A Go?
If you’ve got this far, don’t have any history with addiction and you want to make money then YES! Even if it’s just the initial sign up offers then it’s worth having a go. You will need a small amount of cash to get started, £60-100 is the normal amount BUT you will not lose this (as long as you follow the instructions) – it is only for the initial bets. Most Matched Betting services offer a free trial, giving you a couple of offers to try which well net your around £50 profit.
Take a look at my Matched Betting services post to decide who you want to go with. Please note that they all offer a very similar free trial so the only benefit you get from signing up to them all is seeing what they look like behind the sign up wall. Make sure you read my advice and tips below – these are just personally points I think people should know first.
- Matched Betting is a great way to bring in an income and the fact that it is TAX-FREE is an added bonus but anyone advising, suggesting or encouraging you to leave your job to continue your Matched Betting journey is, quite frankly, a moron! There are people who have been Matched Betting for many years and they do bring in a healthy income from it, they may also have quit their job but like anything self-employed – what works for one may not work for another. All it takes is for a couple of the major bookies to close your account, also known as gubbing, and you have lost a vital part of your system. I was recently gubbed by one bookies and I can see the effect, they are currently offering many good deals and I cannot join in; imagine if you lost four or five. Don’t risk your guaranteed income or job security to matched bet unless you are planning on backing it up with other sources of income.
- Use a website to help you in your journey. There are many websites out there that will do the leg work for you in finding you offers, displaying the best odds and calculating your bets; some of them are free and other’s take a subscription fee. It doesn’t matter which option you take, but going this alone is more likely to cause errors and mistakes. I personally choose to pay a subscription fee to Profit Accumulator because I appreciate the work they do in to making my life easier and I feel they are one of the best sites; they have a large community, have been around one of the longest and have a healthy forum.
- Track your bets. There is a great spreadsheet available called Ultimatcher that is filled with an incredible amount of calculations to do all the work for you. Some Matched Betting services such as MatchedBets will also track your bets on your dashboard.
- Open a separate bank account. Although it isn’t necessary I highly recommend it as a way to keep your money separate – all you need is a basic account so you can deposit and withdraw.
- Don’t be scared of slots. There are some amazing slot offers that float around that can be really profitable. If you are using your profits to do these offers then technically you’re not losing any money as it is all profit and you’ll easily make it back elsewhere. You might not win, I think they most I’ve been down for an offer is about £47 but I’ve made hundreds elsewhere. It also puts you in good stead with the bookies and will see more offers being thrown your way. If the “wager £100/£1000 for xx spins” looks a little scary then stick to the no risk or low risk ones first. Like I said, there is a risk to slots but they’re not to be scared off – give them a try when your pot hits around £1000 profit.
- It might sound silly and obvious but CHECK the offers. I have seen many posts saying how people haven’t been able to get signup offers because they registered with PayPal or Netteller rather than a credit/debit card – almost all signup offers require a valid bank card to enable the offer. Check the minimum odds, check the wagering amount and check the rest of the small print – this minimises human error.
- Keep a diary or notepad next to you. There has been so many cases of me doing a qualifying offer then forgetting about the freebie such as free spins. I now have my diary sat next to me and I jot in the offers I need to do in advance. For example this week I’m betting £5 on the Champion’s League on Tuesday and Wednesday for a free bet on Thursday. I wrote in that I need to place Wednesday’s bet and that I’ll have a free one on Thursday (though I will get an email reminder about that). It means I can open up my diary and know what I have to do before checking new offers.
- Take a photo of your driving license/passport, a recent utility bill and the front/back of your card used to deposit (with the middle eight digits and the security code blanked out – easily done in paint) and keep them in a folder on your PC/Laptop. Some bookies will require additional ID checks to confirm that you are who you say you are, having these documents ready to go will ensure that you can work through a bookies offer quickly.
- For an added income boost, before signing up to a bookies check to see if TopCashBack or Quidco are offering any cashback. Going via cashback sites can add £100’s to your profits. They are also good to check for non matched betting offers such as signing up to Bingo sites – do take in to account that not all offers are credited, some take months and others need chasing so only sign up if you know you can wait this time to see a payment.
Q: Is matched betting gambling?
A: No!!! Gambling comes with the risk of losing so as long as you are doing it properly there is no risk to matched betting. The only risk involved that comes with it is if you decide to go down the casino/slots route as nothing is guaranteed on them. Placing the bets on events that have a clear outcome (win/lose/draw etc) will not see you out of pocket.
Q: Will matched betting affect my credit rating?
A: No. The bookies do not need to do a credit check as they’re not offering you any credit but they will leave a small footprint when they do standard check against your details; to confirm your name, address, age etc. This footprint can only be seen by you and not any creditors.
Q: Do I need a separate bank account for matched betting?
A: No, but it is recommended that you have a separate one. While matched betting won’t harm your credit rating, if a credit company wishes to see your bank statements then multiple transactions from your main bank account to bookmakers will look a little undesirable and they may assume the worst. A basic account with any bank will work fine and it will also keep your matched betting money separate to you regular money for things like bills, food and everyday expenses; means you don’t accidently spend your rent money.
Q: Is matched betting legal?
A: Yes, you are doing nothing illegal by taking up the offers at the bookmaker and laying the bet off elsewhere. This doesn’t mean that the bookmakers will like it, they are obviously in the business to make money so they will watch your transactions and may ban your account if they suspect you are matched betting. This is easy to avoid by placing “mug bets” which are little bets that don’t connect to an offer and look like normal betting.
Q: Is matched betting tax free?
A: Yup, you don’t pay tax on gambling winnings, and although it’s not technically gambling by definition (you are not risking any money) any earnings are classed as winnings.
Q: Can you make a monthly “income” matched betting, what happens when you run out of sign up offers?
A: This is a perfectly sustainable way of bringing in a regular income, though as stated above – don’t quit your day job in order to matched bet. The bookmakers will continue to offer you promotions to keep you coming back and as there are sports events almost daily you will never run out of ways of earning. Many matched betters move on to casino/poker/slot offers once they get used to the regular sporting bets; some of these are risk-free and others come with a risk but are completely optional and not required to continue earning.
Q: Do you need £100’s to get started matched betting?
A: No. A lot of people start on as little as £60, though it will take a little longer to get going as you will have to wait for money to return to your bank account to make the next bet but it can be started and be successful. Obviously the more you have in the pot the quicker you can advance onto the larger offers. NEVER use any money that you’ll need for something else – rent/bill/shopping money should NEVER be used as you could be waiting up to 5 days for the money to return to your account.
Q: Can you be ungubbed (banned) from a bookies?
A: Some bookies will lift the restrictions from your account, more often than not this can take weeks of placing regular bets – which might result in a loss. For some bookies it is worth at least trying but there is no guarantee. The Profit Accumulator forum (for subscribed members) has a thread dedicated to accounts being ungubbed.
I hope this has been helpful, if you have a question that isn’t covered in this post then please feel free to drop me a comment below or an email and I’ll answer it for you.