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As I progress through my matched-betting journey, there are certain things that have cropped up that I think would be useful to share, especially for people who are apprehensive about getting started, or are about to start but have some reservations. Here are my Matched Betting Top Tips below:
1. Know that it is not gambling.
I think this is one thing that puts people off. Especially those of us on a journey to become debt-free. Matched betting is risk-free, because although you need money for your bets and money in the exchange to cover your liability, you only make a minimal loss on each bet. This loss is then offset against the profit you make from utilising the free bet. As long as you place a lay bet for each back bet, you won’t lose any money. Your lay bet cancels your back bet, which is what removes the risk factor. Personally, I do not condone gambling, and would never encourage anyone to do it. I don’t even play the lottery! If you can view matched betting as a risk-free investment; as a way to grow your money, you’ll feel much more comfortable with it.
(Disclaimer: One thing I will mention is that if you have had a gambling addiction, steer clear of matched betting to avoid the temptation to place regular un-matched bets with the bookies.)
2. Start your pot with as much as you are able.
You can start with as little as £60.00 (as I did). But the more money you have available to begin with, the more offers you will be able to progress. One thing I found with having a small pot was that my money would be tied up between offers. If the money is in the exchange that’s not so much of a problem as you can leave that in there for your lay bets. But if your money wins into the bookies, you will need to wait a few days for the withdrawal to hit your bank account.
3. Use a separate bank account for matched betting.
This one is a really useful tip, and especially important if you’re trying to budget or get out of debt. Deposits and withdrawals are hard to keep up with at the best of times! If you’ve got a dedicated account for matched betting it’s so much easier to keep that money separate from your every-day bills and transactions.
4. Dedicate as much time as you are able.
I try to work on matched betting at least once a day. It’s not always possible with two young kids, working from home and managing money closely, but there’s always something to do. The learning never stops. I still have so much to learn through the training videos on the site I use. Even once you’ve completed all the bookie sign-up offers, there are reload offers and strategies to learn. And there’s the forum with loads of hints, tips and help. As with anything, the more, regular time you spend on something, the more successful it becomes.
5. Ensure you can cover wagering.
I’m sharing this top tip with you because it’s a problem I’ve encountered. One of the sign-up offers I’ve recently worked through is to deposit £100, and receive a £50 free bet. The combined total of your deposit and your free bet (£150) must be wagered 6 times, which equates to £900.
On the plus side, if your first bet loses into the exchange, you’re about £40 up and can move on to the next offer. On the downside, if your bets keep winning with the bookies, you have to continue the wagering until you have played through your bonus funds. In my case, my back-bets kept winning with the bookies. I deposited the available funds from my matched betting bank account into the exchange to cover my liability, and it won into the bookies again.
I was also therefore unable to place any other bets elsewhere, which hindered my progress.
6. Never stop learning.
Always watch the training videos. Read and participate in the forum. Complete all the offers. As mentioned above, there’s always something to do in Matched Betting and it can be a great side hustle (and is even a full-time job for some people!). So invest the time and attention and you’ll definitely reap the rewards.
If you want to know how to get started and see some more matched betting top tips, check out this post here.