What Is Matched Betting?
Good question, and it’s probably one of the first phrases I ‘Googled’ when I discovered it, let me try and explain… We’re all aware that bookmakers do whatever they can to try and reel you new fish in (and potentially sharks, who spend thousands).
What seems to be a common practise across all bookmakers is they entice new users in with a free bet or free credit if you deposit a certain amount. However, what the basic principles of matched betting teaches you is how to lock in and cash out around 90% of that bonus credit the bookies offer us.
The bookmakers hate that users are doing this, but there is nothing they can do, as if they were to stop offering these bonuses then they would fail to attract real gamblers who would just use another bookmaker that does.
How Much Can You Earn With Matched Betting?
This is probably high up on the list of common questions that is frequently muttered when discussing matched betting. From simply signing up to all the bookmakers in the UK & Ireland, you’re looking at making just over £1,000 – which is a nice bit of cash to get you started. You probably need around £50 to get started with, which is a relatively small amount of cash, considering the cash involved.
Once you’ve sign-up to to all the bookmakers offers, you’d probably thinking thats the end of your matched betting career, and in fact you’d be right to assume this is where a lot of people drop out. However, for many wise soles this where they journey starts…
Once a bookmaker has you, they need to keep hold of you so they will bombard you with regular offers. I won’t lie, some require more effort that the signup offers, and some require a larger bank roll too but this is where many will earn £3,000 – £4,000 a month full-time.
On this article, I labeled just £500 a month, as it’s an easy target achieve even with someone doing it part-time.
How Does It Work?
Well, I’ll try and keep this as simple as possible but I won’t go in to too much detail. However, what I will do is list some links further down in this post that will guide anyone willing to start.
Okay, so we’ve established bookmakers attract users by giving them free credit. So, for this example lets assume Bookmaker A is giving a 100% free deposit bonus up to £100. What that means in lamers terms is if you deposit £10, they will give you a £10 bonus, bringing your total credit to £20 – or even depositing a maximum of £100, they’d credit your account with a further £100 bonus credit, bringing your total amount to £200.
At this stage, it’s important to note that you cannot just deposit £100, get your bonus and withdraw (if only it were that simple). I’m going to assume you have deposited £100:
- You Deposited: £100
- Bookmaker ‘A’ Bonus: £100
- Total Credit: £200 (£100 deposit + £100 bonus)
Now, the next question is how do you extract that cash?
It’s simple, we place a bet with the bookmaker e.g. Horse to win, and then what we do is use the betting exchange we can say for the exact same horse not to win! You must look for close odds on the bookmaker and the betting exchange, you can do this manually or you can use tools such as Odds Monkey to do all the hard work for you.
Here is a quick screenshot of what you can expect from using an automated too (the higher up the list the more profit you’re going to make)
What we can do now would be to place a £200 (£100 deposit cash + £100 bonus) on a horse on the bookmakers website, and then on the exchange place a bet for that horse to lose. Here is an example what the bet may look like (example odds used).
As you can see the calculator tells us exactly how much to place on the betting exchange, in this case £201.83. You may also notice a loss of £2.20, so that brings our total profit of £197.80, however £100 was our own money from depositing earlier on, so in fact our net profit is around £97.80. Not bad aye?
Not all bets would be as simple as this, some require you placing two or three bets to be able to withdraw your money.
I’d highly suggest using Odds Monkey to learn the basics on their free trial, and once you’ve gone through the basics it’s your choice if you want to take their premium member package up, or go it alone. Either way, it’s a very lucrative income stream, for potentially very little effort. It’s also ideal for first time ‘gamblers’ like I was, I had never placed a bet nor did I know what a betting exchange was.
I spent the full evening watching over videos and tutorials, and taking me about a week to get the guts to try my first offer.
Matched Betting is a stepping stone for most, and many move on to other lucrative niches/loopholes in the gambling industry when they understand the basics.
I’d like to point out matched betting is not gambling, but there is a risk of placing wrong bets due to human error – the risk is minimal if you’re careful but I’m obliged to mention this.
After you’ve mastered the basics of matched betting, it’s never going to become truly passive income but it does allow you to make money with relative easy whilst working from home.
You can check a small intro video below:
If you’re interested in starting matched betting, you’re going to need a Smarkets account, which is a betting exchange that offers just 2% commission. Which is really cheap, when comparing to Betfairs commission at 5%. You can sign up to Smarkets here.