How Does Matched Betting Work?
*Asterisks set out in this article relate to advertising and they indicate that the author receives a small share of sales through the related link.*
If you are wondering about what matched betting is and how it works, you wouldn’t be on your own! Making money from matched betting every time and not losing any money? Sounds impossible and really complicated, right?
Luckily…it’s not. And you can make quite a bit of money each month from it too. That’s another question that I frequently get – how much money can you make from matched betting?
Hundreds, if not thousands per month.
It sounds too good to be true, but I promise you that it is not – I have personally earned a lot of money that I used to pay off my debt, over a period of a few months.
Whenever I suggest this as a way of earning extra money to people, I do so because it’s something that pretty much anyone can do, for reasons such as:
- You don’t need any specific skills to do it
- You don’t need to be good at maths
- You don’t need to be good at betting/gambling (because that’s not actually what matched betting is)
- It is flexible – you can do it whenever you want, at any time
- You don’t need a huge amount of money behind you to start it
- You can stop it whenever you like
- The offers don’t dry up, so you can do it month after month
- Because it is technically classed as ‘gambling’, you don’t pay any tax on the money that you get from it
- Once you get a bit of practice in, you will get faster and faster at it, which means more money for less time spent on it
I don’t want to just sing the praises of matched betting – there are of course some cons as there are with everything. The only ones that I can think of currently though are:
- If you do something wrong, there is a chance you will lose some money. This is only if you do it wrong though – if you do it correctly this will never happen
- It’s boring. This is the reason why I don’t always do it – it’s very repetitive, but I concentrate my money making efforts elsewhere, such as blogging and dog boarding.
So, How Does It Work?
I will try and explain this firstly as simply as possible, because whenever I try to explain it to people they say they understand, but then repeat back to me what they think happens, and it’s usually wrong! I promise you, it’s incredibly simple once you get your head around it.
Let’s have a look at matched betting in simple terms:
- You sign up to a betting site like William Hill. They will offer you an incentive to sign up – such as £30 free bets.
- You also sign up to a betting exchange site such as Smarkets.
- You are going to place a bet on William Hill (or whichever betting site you are working on). Let’s say for example you are betting on England to win their football match. You place your £30 free bets on this.
- The next step that you do that makes it different to normal betting, is you then go onto the betting exchange site and you place the opposite bet – so you are betting for England to NOT win (meaning a draw or loss). You are using your own money to place this bet (it’s called a ‘lay bet’). But don’t worry – you will be getting your money back.
- It sounds like you it will just cancel each other out – which is correct – but because we are using the free bets on one of the sites, we will be getting this free bet money back – but in the form of real cash that you can withdraw from the site.
Does that all make sense? To go over it again – you are placing 2 opposing bets on 2 different sites (they have to be on 2 different sites in case they get wise to what you are doing – it’s not illegal but they won’t like that you are making money off them) – and getting the free bet money back in cash.
How Do You Find The Best Bets To Do?
This is where the website Profit Accumulator* come in – I couldn’t have done any matched betting without them. They have instructional videos which guide you through each of the new betting sites which is unbelievably helpful when you are a newbie.
In addition to this, they will find the best bets for you to use and search through. This saves a TON of time – because when you are placing the bets on the 2 sites, you want the bets to be as close as possible in terms of odds so that they equal each other out. This will be a time drain on you, unless you use their software to quickly find the best ones for you.
How Much Money Do I Need To Put On The Lay Bet?
This is where you need to be careful with the bets that you choose. I need to try and explain this as simply as possible…
When you are on a betting exchange site, the money that you will see is money that other people have put in – real human people! So when you are placing your lay bet, you need to check that there is enough money in there to cover you.
This is where a site like Profit Accumulator* will come in handy – they will explain all of this for you so that you understand what to look for, and they have calculators which will show you exactly how much you need to put into the lay bet to match the normal bet.
Sorry if I’ve made it all sound complicated, but it’s not – if you use the calculators you just put in the information (e.g. betting odds, free bet amount) and it will tell you exactly what to do.
Will The Free Bets Run Out?
This is something that always gets fired back to me whenever I suggest matched betting as a good way of making extra money – if you are using the free bets that you get when you sign up to them, surely once you’ve signed up to them all you can’t do any more matched betting?
You can actually do it for however long you want.
Because the betting sites will send you reload offers! They want to encourage people to keep betting, so they will send out offers all the time – you will be able to carry on doing this without fear of it running out.
Is Matched Betting legal?
Yep, it sure is! It’s just using a mathematical equation to get the free bets. However, the bookies obviously won’t want you doing matched betting, because in an ideal world for them you will be gambling tons of money every day – not being sensible and smart with it instead.
It is technically classed as ‘gambling’ – which is of course legal – and even better for us…it’s tax free!
When you start earning extra money, an immediate concern can be the additional tax that you will have to pay – but that’s the beauty of matched betting – you don’t have to pay any tax on it.
How Do I Get Started?
Honestly, the best way to do it is just to dive right in. Most people say that they will do it one day…but that day stretches out further and further.
Don’t worry – I was one of those people too! And like with all of the ways that I earn extra money, I kicked myself that I had not started sooner.
There is extra money to be earned now! The sooner you do it, the closer that you will be to your goals.
Sign up to Profit Accumulator* – they will guide you through the process (they have videos and will help you step by step on your first bets) – and start earning extra money today! What are your goals – paying off debt, saving for a house, saving for a holiday, car? I personally used matched betting to pay off my debt. And I don’t regret a thing!
Could you try matched betting? What are your thoughts on it?