In my attempts to boost my part-time salary I’ve been investigating other ways to make money and stumbled across Matched Betting.
I’d heard friends mention this before, but I’d never fully understood it and the fact that the word ‘betting’ was in there made me nervous. Gambling is a mugs game, right?
Then I stumbled upon Emma Drew’s brilliant money making blog and did some research. She writes about the ins and outs of Matched Betting better than I ever could, so if you want a more detailed account head over to her site to take a look. But I thought I’d give you my take on it.
Matched Betting isn’t gambling, as such. I mean it is. You’re placing bets with online bookmakers like Betfair and Coral. But you’re not technically making your money from the bet, you’re actually making your tax free money from the offers that the bookmakers give you to trial their site, or to keep using it.
In general you place a ‘qualifying bet’ to access the offer and a ‘lay bet’ (with another bookmaker) to offset any loss (if you bet on one team to win on one book maker and for the same team not to win (i.e. to lose or draw) on another site. You generally make a loss on your initial bet (of a few pence) but that’s fine because you soon make that back on your next bet where you use the offer (this might be something like a £5 free bet).
It sounds complicated but online resources like Profit Accumulator provide a step-by-step guide for each and every bet. Profit Accumulator gives you access to two free offers to whet your appetite and then you can choose whether to subscribe to receive access to further offers.
I completed both opening offers and made around £16 from the two offers. It would have been more but myself and Mr H both decided to start Matched Betting at the same time and some of the offer Ts & Cs only allow you to take advantage of each offer once per household (it monitors your IP address to do this) so I didn’t qualify unfortunately. And that is where my Matched Betting journey ends. Y’see although it’s a good earner it was too time consuming to read all the Ts & Cs to find out which offers both Mr H and I could do, so I handed the baton to Mr H – after all he’s better at all things mathematical than me and he doesn’t have a blog to look after, so has more time to devote to Matched Betting. So far he’s made £1,142 and he’s only been doing it since February.
And these are his top tips for making matched betting work for you…
- Devote some serious time to it – you can make some good money but you need to put the hours in if you want to see decent returns
- Devote even more time during major sporting events, such as Ascot or the Grand National when there are lots of offers which tend to be fast moving
- Keep a spreadsheet so you can tally how much profit you’re making, it can get a bit complex as you make a small loss initially. Plus, as you’re using different bookmakers it’s good to keep track of what bet is where and when you next need to take some action.
- Use a separate bank account for Matched Betting. This makes it easier to keep track of your profit and soon you will have enough profit in the account that you won’t need to dip into your own money.
- Don’t be afraid to exploit all the offers, even if they seem complex, Profit Accumulators step-by-step tutorials will guide you through.
- Use the Profit Accumulator forums for help on specific queries.
- Make sure you’re paying attention. The devil really is in the detail with Matched Betting and you need to make sure you’re putting the right bets on the right teams for the right amounts to make it work. Maybe get someone to work alongside you as a sanity check for your first few bets.
- Don’t get carried away! Matched Betting is a nice earner, actual gambling is a whole different game. If you think you’ll be tempted to bet outside of the offers, this probably isn’t for you.
Have you tried Matched Betting? How did you find it?