You may have been reading The Boot Room’s matched betting diary and wondering, does this really work? We can say that yes it most certainly does. Check out this Wikipedia page for more information. It’s even been featured in the Guardian and Huffington Post as a way to make risk free cash. Read on to find out a little more about exactly how matched betting works.
How does Matched Betting Work?
Matched betting involved you placing 2 bets, one at a bookmaker and one at a betting exchange to cover all outcomes of an event. You cover all outcomes because the bet at the exchange is actually called a lay bet. A lay bet is you taking a bet from someone else, just like a bookmaker does. The effect being that the 2 bets cancel each other out. If your bet at the bookmaker wins you make money at your bookie account, but lose at the exchange, and if your bet at the bookmaker loses you win at the exchange.
How do You Make Money?
You make money by extracting the bonuses and incentives that bookmakers offer their punters to keep on betting. If you open a new account for example, you may get a £50 free bet when you place a £50 bet. By placing a bet at the bookmaker and a bet at the exchange, you can ensure that the qualifying bet placed with your own money only loses around £1, then you get the free £50 bet. You simply repeat this process, but the bet you place at the bookmaker is placed with the bookies money and not your own, meaning a guaranteed profit. You simply repeat this process over and over to make risk free profits.
How Much Can You Make?
If you don’t have any bookmaker accounts, you can make £1,200 from the signup offers alone. You could realistically expect to complete this within your first month. Then from on-going offers a realistic amount to make would be about £500 per month doing a bit most days.
Are there any downsides?
Mistakes can be costly. If you place your bet at the bookmakers and then find out you don’t have enough in your exchange account to place the bet there, you end up with an uneven bet and this will cost you.
You also need to keep track of your bets and balances at your bookmaker and exchange accounts, as money is always moving around. To be good at matched betting you do need to keep detailed notes so that you can work out your profit. This can be rather time consuming and a little dull.
Finding offers and working out your bets, is a pretty laborious, although you will get quicker with time. Sites like Moneysavingexpert forums post lots of offers, so check there.
How do I get Started?
There are a couple of good places that you can check out for free would be the moneysavingexpert board, as well as matched betting blog. They give plenty of information on the subject for you to read.
If you want to get started quickly and don’t like admin, then a fantastic option to try is Yesbets. They are a fairly new service, but they source all your bets and offers for you. They also show you what to bet on, but the really clever bit is the balance tracking solution. All bets and balances are updated with one click, so there’s no need for filling out spread sheets. Because all your balances are tracked for you they also tailor every bet to your budget, meaning less mistakes.
They offer a subscription to their service which is £14.99 per month, but you can trial 2 offers for free, to see if you like it. In our opinion you will make far more that the cost of the subscription so it offers really good value. Reviews so far have been positive from their members and you can check them out here. They also offer video step by step tutorials to get you up and running in no time.
If you want to earn an extra £500 per month and have fun doing it, definitely give matched betting a try. Once you understand the basics, we’re pretty sure you’ll be happy with the results.