It’s Black Friday, if you hadn’t already realised and everyone is talking about it – so I thought I’d join in! Who doesn’t love to save money and grab a bargain? I know I do, but what if I told you that I had a deal today that could save you money and then make you money? No I’m not crazy, keep reading about how you can save money to make money this weekend. Continue reading
You may have seen my post about Matched Betting a few weeks ago, if you didn’t then make sure you go check it out HERE. Basically Matched Betting is taking advantage of the free offers that bookies give out to their new and existing customers, in order to turn a profit. In this post I aim to give you a little more advice, tips and answer some FAQs in regards to Matched Betting.
- Matched Betting is a great way to bring in an income and the fact that it is TAX-FREE is an added bonus but anyone advising, suggesting or encouraging you to leave your job to continue your Matched Betting journey is, quite frankly, a moron! There are people who have been Matched Betting for many years and they do bring in a healthy income from it, they may also have quit their job but like anything self-employed – what works for one may not work for another. All it takes is for a couple of the major bookies to close your account, also known as gubbing, and you have lost a vital part of your system. I was recently gubbed by one bookies and I can see the effect, they are currently offering many good deals and I cannot join in; imagine if you lost four or five. Don’t risk your guaranteed income or job security to matched bet unless you are planning on backing it up with other sources of income.
- Use a website to help you in your journey. There are many websites out there that will do the leg work for you in finding you offers, displaying the best odds and calculating your bets; some of them are free and other’s take a subscription fee. It doesn’t matter which option you take, but going this alone is more likely to cause errors and mistakes. I personally choose to pay a subscription fee to Profit Accumulator because I appreciate the work they do in to making my life easier and I feel they are one of the best sites; they have a large community, have been around one of the longest and have a healthy forum.
- Track your bets. I didn’t do this from the start and I still don’t do it now, which I do regret. There is a great spreadsheet available called Ultimatcher that is filled with an incredible amount of calculations to do all the work for you. If you find it a little confusing then check out The Money Shed’s “A Beginner Guide to using Ultimatcher when Matched Betting” which explains the ins and outs.
- Open a separate bank account. Although it isn’t necessary I highly recommend it as a way to keep your money separate – all you need is a basic account so you can deposit and withdraw.
- Don’t be scared of slots. There are some amazing slot offers that float around that can be really profitable. If you are using your profits to do these offers then technically you’re not losing any money as it is all profit and you’ll easily make it back elsewhere. You might not win, I think they most I’ve been down for an offer is about £47 but I’ve made hundreds elsewhere. It also puts you in good stead with the bookies and will see more offers being thrown your way. If the “wager £100/£1000 for xx spins” looks a little scary then stick to the no risk or low risk ones first. Like I said, there is a risk to slots but they’re not to be scared off – give them a try when your pot hits around £1000 profit.
- It might sound silly and obvious but CHECK the offers. I have seen many posts saying how people haven’t been able to get signup offers because they registered with PayPal or Netteller rather than a credit/debit card – almost all signup offers require a valid bank card to enable the offer. Check the minimum odds, check the wagering amount and check the rest of the small print – this minimises human error.
- Keep a diary or notepad next to you. There has been so many cases of me doing a qualifying offer then forgetting about the freebie such as free spins. I now have my diary sat next to me and I jot in the offers I need to do in advance. For example this week I’m betting £5 on the Champion’s League on Tuesday and Wednesday for a free bet on Thursday. I wrote in that I need to place Wednesday’s bet and that I’ll have a free one on Thursday (though I will get an email reminder about that). It means I can open up my diary and know what I have to do before checking new offers.
- Take a photo of your driving license/passport, a recent utility bill and the front/back of your card used to deposit (with the middle eight digits and the security code blanked out – easily done in paint) and keep them in a folder on your PC/Laptop. Some bookies will require additional ID checks to confirm that you are who you say you are, having these documents ready to go will ensure that you can work through a bookies offer quickly.
- For an added income boost, before signing up to a bookies check to see if TopCashBack or Quidco are offering any cashback. Going via cashback sites can add £100’s to your profits. They are also good to check for non matched betting offers such as signing up to Bingo sites – do take in to account that not all offers are credited, some take months and others need chasing so only sign up if you know you can wait this time to see a payment.
Q: Is matched betting gambling?
A: No!!! Gambling comes with the risk of losing so as long as you are doing it properly there is no risk to matched betting. The only risk involved that comes with it is if you decide to go down the casino/slots route as nothing is guaranteed on them. Placing the bets on events that have a clear outcome (win/lose/draw etc) will not see you out of pocket.
Q: Will matched betting affect my credit rating?
A: No. The bookies do not need to do a credit check as they’re not offering you any credit but they will leave a small footprint when they do standard check against your details; to confirm your name, address, age etc. This footprint can only be seen by you and not any creditors.
Q: Do I need a separate bank account for matched betting?
A: No, but it is recommended that you have a separate one. While matched betting won’t harm your credit rating, if a credit company wishes to see your bank statements then multiple transactions from your main bank account to bookmakers will look a little undesirable and they may assume the worst. A basic account with any bank will work fine and it will also keep your matched betting money separate to you regular money for things like bills, food and everyday expenses; means you don’t accidently spend your rent money.
Q: Is matched betting legal?
A: Yes, you are doing nothing illegal by taking up the offers at the bookmaker and laying the bet off elsewhere. This doesn’t mean that the bookmakers will like it, they are obviously in the business to make money so they will watch your transactions and may ban your account if they suspect you are matched betting. This is easy to avoid by placing “mug bets” which are little bets that don’t connect to an offer and look like normal betting.
Q: Is matched betting tax free?
A: Yup, you don’t pay tax on gambling winnings, and although it’s not technically gambling by definition (you are not risking any money) any earnings are classed as winnings.
Q: Can you make a monthly “income” matched betting, what happens when you run out of sign up offers?
A: This is a perfectly sustainable way of bringing in a regular income, though as stated above – don’t quit your day job in order to matched bet. The bookmakers will continue to offer you promotions to keep you coming back and as there are sports events almost daily you will never run out of ways of earning. Many matched betters move on to casino/poker/slot offers once they get used to the regular sporting bets; some of these are risk-free and others come with a risk but are completely optional and not required to continue earning.
Q: Do you need £100’s to get started matched betting?
A: No. A lot of people start on as little as £60, though it will take a little longer to get going as you will have to wait for money to return to your bank account to make the next bet but it can be started and be successful. Obviously the more you have in the pot the quicker you can advance onto the larger offers. NEVER use any money that you’ll need for something else – rent/bill/shopping money should NEVER be used as you could be waiting up to 5 days for the money to return to your account.
Q: Can you be ungubbed (banned) from a bookies?
A: Some bookies will lift the restrictions from your account, more often than not this can take weeks of placing regular bets – which might result in a loss. For some bookies it is worth at least trying but there is no guarantee. The Profit Accumulator forum (for subscribed members) has a thread dedicated to accounts being ungubbed.
I hope this has been helpful, if you have a question that isn’t covered in this post then please feel free to drop me a comment below or an email and I’ll answer it for you.
We all know the saying “If it looks too good to be true, then it probably is” and this is something I’ve come to embrace over the years I’ve been working from home – either that or “If it’s too good to be true, then check The Money Shed to see if others are doing it”. One exception to this rule is Matched Betting because it really is that good, it’s turned around my online earnings instantly.
At lot of you will read the title of this post and your brain will focus on the betting part, automatically assuming that all I do all day is place bets on events and hope I win – don’t worry, I was exactly like this when the topic first caught my attention. I saw betting and avoided all of the posts that were to do with it, even having Jon (the guy who runs The Money Shed) telling me it is something I HAVE TO DO wasn’t convincing me. Months down the line I finally decided to start reading the Matched Betting thread over on TMS and had a proper chat with Jon.
I took his figures to my financial advisor aka The Husband and tried to explain the concept to him – it went over his head. He knew that Jon was a trustworthy source (he’s found me many opportunities and not let me down before) so I went ahead and gave the free trial over on Profit Accumulator a go. To get started I was told I’d need about £60 (if I had more then that was desirable) and that after completing the two offers on the free trial of PA that I’d be around £45 up. I watched the videos, twice, I read the instructions and double checked everything I was told because I can be a bit of a dim-wit. Sure enough, over that weekend I made just short of £40.
I then took that profit and invested half of it into the Platinum monthly membership fee (£22.99/month or £150 for the year). I was then given access to the whole of the beginners offer, advance offers and reload offers as well as the forum where you can get additional help or read about the offers. Month’s down the line and it has become a regular income for me, I don’t do it full-time but I do bring in around £500 a month which is tax-free.
How does it work?
Matched betting isn’t gambling in the sense of placing a bet with the chance of losing the money you used. You place a bet with a bookmaker and then place another bet with what is called and an exchange, this second bet is AGAINST the result of the first bet.
Bet 1: Liverpool WIN
Bet 2 (aka the lay bet): Liverpool DON’T WIN
This means that the bets cancel each other out so you technically don’t win or lose. The profit is then made by the free sign up bet the bookies will offer you, so you repeat the process and end up with profit. You then sustain your earnings by doing the multitude of offers that the bookies dish out after signing up.
It is a LEGAL, RISK-FREE and TAX-FREE way of earning some serious cash. My weekends have become a lot more productive since I started it.
Further up my post I mentioned a site called Profit Accumulator who I can’t recommend enough if you’re looking into doing Matched Betting.
Jumping straight into matched betting by yourself can be a huge risk, there is so much to get your head around and if you’ve never placed a bet in your life the whole odds calculations thing can leave you scratching your head.
As I said above, Profit Accumulator is a subscription service but for that fee they basically take away all of the leg work. The site searches and posts the sign up/reload offers as well as guiding you through how to use them.
It includes oddsmatching software which will find you the best events, with a filtering option so you can tell it which bookmaker to use, which exchange and specify the events you want to bet on.
The site includes a calculator which will not only work out how much profit you will make from your bet but also how much you need to lay at the exchange so you are only betting what you need to.
They’ll hold your hand all the way through with in depth videos and a forum (for subscribed members) where you can discuss offers or problems with those who have more experience.
There are other sites and services dedicated to matched betting, and they can offer more or less information/help than Profit Accumulator but Profit Accumulator offers a good balance of offers, step-by-step guides how to take part in matched betting and a forum for discussion. They are 10,000+ members strong which tells you something about the service they offer.
I get any doubts you might have but I’m a pretty cautious, my husband more so, but if you have a spare £60-£100 I highly recommend giving the free trial a go; you really have nothing to lose.
Do you matched bet? How do you find it and would you recommend it to others?