How to get started with Matched Betting
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One of my favourite ways to boost my income is with Matched Betting. To the unknown, the name in itself sounds daunting. But it really isn’t. You don’t need to know anything about football, or horse racing. You don’t even need to have placed bets before (I hadn’t before I learned how to do matched betting). Read on to discover how to get started with matched betting, and earn up to £45 for free in the process.
What is Matched Betting?
It’s important to note that matched betting is not gambling. Bookmakers often give away free bets for new customers signing up to their site, as well as existing customers to encourage them to return. Matched Betting is a process where we utilise these offers.
You would place a qualifying back bet with the bookmaker, and a lay bet with the betting exchange, which cancels out the back bet. The qualifying bet will trigger the free bet, and this is where we make the profit.
How does it work?
You place what is known as a ‘back’ bet with the bookmaker and place a subsequent ‘lay’ bet with a betting exchange. A ‘lay’ bet is the opposite outcome to what you are betting on.
For example, if you are betting on Chelsea v Tottenham, you place a back bet with the bookie for Chelsea to win. Then you would enter the same selection in the betting exchange but as a lay bet. This means you are betting for Chelsea to NOT win. A qualifying bet will result in a minimal loss (e.g. 8p), which you simply deduct from your profit from the free bet.
Once you have qualified for your free bet, you repeat the process. Place a back bet using the free money from the bookmaker, and a lay bet on the exchange. This is where you make your profit, as your bet will either win with profit at the bookmaker, or it will lose with the bookmaker and then you will win the money back in the exchange.
If the bookmaker bet wins, you’ll lose the money in the betting exchange that you used to cover your lay bet, but will gain – with a profit – at the bookmaker.
If the exchange/lay bet wins, you will lose your free bet at the bookmaker’s, but will win your money (plus profit from the free bet) back into the exchange.
Is Matched Betting legal?
It’s perfectly legal. All that’s happening is that you are placing a back bet with the bookmaker, and a lay bet on the exchange. It’s understandably not popular with bookies, as it means they’re losing money.
It’s also tax free. The downside is that it cannot be classed as an income if you were to apply for credit or make a mortgage application.
How much money do I need to begin with?
Most people get started with around £100, although I started with £60 which I’d accrued through selling some items, and you’ll need at least £60 to get started. This money will be used for placing your qualifying bets, and for any liability you need to deposit into the exchange when placing your lay bets. It’s important to remember that you won’t lose any money (you will lose a few pence from each qualifying bet, but you deduct this from the profit made from the FREE bet).
How do I get started with Matched Betting?
Profit Accumulator have a free, fully supported trial, where you can earn up to £45 (which is just the beginning of your earning potential). The free trial comes with excellent introductory videos and plenty of step-by-step guides on how to complete your first few offers. There’s no need to enter any payment details. Once you’ve completed the free trial, you can then decide whether to continue matched betting and upgrade to a platinum membership.
Many people love the feeling of being able to make their own money and readily sign up for the platinum membership, which is £17.99 per month (or you can pay an annual membership which works out cheaper). The membership covers clear, step-by-step training on how to complete each offer. In addition to this you have the odds-matching software, which helps you choose which bets to place. The software will also tell you how much you will need to lay in the exchange, as well as the amount of profit you can expect to make from any given offer.
With forums, a profit and money tracker and 24/7 support for any problems or questions you have, it’s certainly worth the membership. Profit Accumulator have been featured in The Guardian, The Telegraph, and The Huffington Post. They’re also the UK’s largest and most trusted Matched Betting website.
Will Matched Betting affect my credit rating?
As far as I am aware, matched betting will not affect your credit rating. Some bookmakers may do a ‘soft search’ on your credit file, but this doesn’t affect your credit score.
What else do I need to know?
Some bookmakers may require you to provide identity documents. I’ve only had to do this once prior to a withdrawal, and Profit Accumulator have a guide in their training archives about supplying this documentation.
Are there any tips for Matched Betting?
From me, personally, I would say treat it as an investment and dedicate yourself to it as you would any job. Give yourself the time to learn the offers, and do all the offers available. I spend about an hour, three times a week doing matched betting and have made £457 profit since mid-September 2018. There is scope for me to earn a LOT more, and I know of some members who easily make an average of £300-£500 per month from spending about an hour a day working through offers. Other members are earning £1,000 a month and more. The difference between a person who makes a lot of money and a person who makes a little money is purely on the amount of time they can allocate to it. If I can spare 3 hours per week, I’m sure you can, too!
As you progress during your matched betting journey, you’ll read recommendations from people to ‘grow your pot’, which simply means keep the money you earn so you can place larger bets and receive higher returns, although there’s no harm in withdrawing some funds when you need to, as long as you leave yourself enough money to continue doing the offers.
One other thing I would say is to keep a separate bank account for matched betting, purely for deposits and withdrawals and your Profit Accumulator fee. It’s easier to keep track of your money that way, as well as using the Profit Accumulator money tracker.
There’s nothing else for me to say now, other than good luck, enjoy it, and come back to let me know how you’re getting on. Alternatively, if you need anything clarifying, just pop me a message at firstname.lastname@example.org 🙂 Always happy to help.
Looking for more ways to make some extra cash? You can also check out 5 Easy Ways to Make Money.