Matched betting sounds like gambling, but in reality, it’s a much safer way to make a small amount of secondary income. You’ll still be placing bets, however the system you use will ensure that your losses are covered regardless of the outcome. It won’t bring in enough cash to change your life, but can be a great way to boost your spending money or plug smaller gaps in your income. Experts suggest that you beginners can expect to make a couple of hundred pounds each month.
How does it work?
Matched betting involves using the free bets and deals offered by bookmakers to place multiple bets on different outcomes. Many bookies offer free bets and sign up deals for new customers. You’ll need to make two bets: one ‘back bet’ (betting for a particular outcome), and one ‘lay bet’ (betting against that same outcome). As you’ll be using free money from the bookmaker to make part of your bet, you’ll be guaranteed a pay out at the end.
The important thing to remember is that matched betting is not a type of gambling. While nothing is ever completely risk free, the key difference here is that you’re not leaving the outcome to chance. However, it is more work – we recommend that anyone considering getting into matched betting spends some time watching the tutorial videos put out by well-regarded sites such as Profit Accumulator.
Do I need to be an expert?
You definitely don’t need to be an expert in the games that you’re betting on – this doesn’t require any specialist knowledge about sports, for instance. And you also don’t really need to be an expert in the way that the odds work, as there are many sites out there that will explain which bets you need to place. If you decide to pick it up as a long-term side hustle then you’ll want to expand your knowledge, but that is something that comes naturally over time.
What else do I need to know?
One real positive is the fact that money you make through matched betting is tax free – you don’t need to declare it, or pay anything off the top. There are a few negative points to consider, though. It can become quite time consuming, as the deals that are offered to new customers quickly dry up and you’ll need to start scouring the net for better offers. There’s a decent sized matched betting community out there to help with this.
Anybody who has struggled with gambling addiction should think very carefully before taking up matched betting. Although it is not a type of gambling, it will necessitate spending a lot of time on bookies websites, which can lead to a lot of temptation!
Finally, it’s important to be aware that, although matched betting is 100% legal, it’s not well-regarded by bookies. They could shut your accounts down, and will be well within their rights to do so (although you’ll still keep any profit that you’ve made). Most people in the matched betting community will face this at some point, although the range of different sites out there mean that it definitely shouldn’t be enough to deter you.